Difficult conditions for UK non-life insurers but most prepared for Brexit

Difficult conditions for UK non-life insurers but most prepared for Brexit

Difficult conditions for UK non-life insurers but most prepared for Brexit

UK non-life insurers have faced difficult market conditions in 2019, including strong competition and claims inflation, as well as political and economic uncertainty, according to AM Best, but most are well prepared for Brexit. The ratings agency pointed to changes in the discount rate used to calculate lump-sum personal injury compensation, claims inflation due to higher repair costs and challenging…

BIBA lobbies for lower regulatory burden on UK brokers and access to EU markets

BIBA lobbies for lower regulatory burden on UK brokers and access to EU markets

BIBA lobbies for lower regulatory burden on UK brokers and access to EU markets

The British Insurance Brokers’ Association (BIBA) is lobbying its government to reduce the regulatory burden on UK brokers, which it argues face unnecessarily high regulatory costs despite posing no systemic risk. Launching its manifesto for 2020 to ministers in the UK Houses of Parliament, BIBA said brokers pose low risk and regulation should be proportionate. Steve White, CEO of BIBA,…

Employers missing a trick by not selling employee benefits to new staff

Employers missing a trick by not selling employee benefits to new staff

Employers missing a trick by not selling employee benefits to new staff

Only 22% of UK employers communicate their employee benefits offering before day one of employment and only 18% before recruitment, according to the latest research from GRiD, an industry body supported by insurers, reinsurers and brokers and designed to promote group risk and provide a collective voice to government, policymakers and stakeholders. GRiD, currently under the chairmanship of Steve Bridger,…

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance, the Irish subsidiary of Liberty Mutual, has pulled out of commercial liability, commercial property and development bonds lines of business. The company said it will cease quoting for new business in these lines with immediate effect. The Dublin-based insurer said it will “continue to provide services and honour its commitments to existing liability, property and bonds customers for…

Pool Re appoints head of risk management for new unit

Pool Re appoints head of risk management for new unit

Pool Re appoints head of risk management for new unit

UK terrorism reinsurer Pool Re has appointed Chris Medhurst-Cocksworth as head of risk management for its new risk management services unit, Pool Re Solutions. He joins from Marsh Risk Consulting, where he was head of business development and risk partner. Mr Medhurst-Cocksworth also has a military background that includes strategic planning for counterterrorism operations. He will report to Steve Coates,…

Basics must come before innovation on cyber risk management: IRM

Basics must come before innovation on cyber risk management: IRM

Basics must come before innovation on cyber risk management: IRM

The IRM has advised companies to master the basics of cyber risk management before jumping to innovative solutions promised by AI and other new technology. Mark Clegg, IRM board member and director of safety, risk and resilience at NG Bailey, said companies should first focus on understanding what cyber means for their risk profile and communicating the business risk. He…

IRM warns of Brexit impact on UK construction sector

IRM warns of Brexit impact on UK construction sector

IRM warns of Brexit impact on UK construction sector

The UK’s exit from the European Union, set to take place at the end of January after numerous delays, will impede the free flow of materials supporting the country’s construction sector and threatens projects completing on time, according to a set of IRM Risk Predictions for 2020. The IRM also warned that Brexit will put pressure on skilled EU labour.…

New heads of international specialty and non-US international casualty at ArgoGlobal

New heads of international specialty and non-US international casualty at ArgoGlobal

New heads of international specialty and non-US international casualty at ArgoGlobal

Lloyd’s insurer ArgoGlobal has announced two senior leadership appointments with immediate effect. Jeremy Shallow has been appointed as head of international specialty, reporting to John Moffatt, active underwriter of Syndicate 1200. Ross MacDonald has been appointed as head of non-US international casualty, reporting to Nigel Mortimer, head of international casualty. “ArgoGlobal is gearing up for a strong 2020 as we…

Peter Child appointed as head of Artex European Operations

Peter Child appointed as head of Artex European Operations

Peter Child appointed as head of Artex European Operations

Artex Risk Solutions has appointed Peter Child as head of Artex European Operations. In this role he will oversee its Guernsey, Malta, Gibraltar and London offices. Mr Child will continue with his role of managing director of the Guernsey office and continue reporting to Nick Heys, CEO of Artex International. “Peter has been an integral part of our management team…

Hancock steps down as Lloyd’s performance director amid market reform

Hancock steps down as Lloyd’s performance director amid market reform

Hancock steps down as Lloyd’s performance director amid market reform

Lloyd’s performance management director Jon Hancock, who has been leading the market’s reform, has decided to step down from his role this year. The timing of his departure, as Lloyd’s pushes ahead with Blueprint One to change the way it operates as part of its Future at Lloyd’s modernisation plans, comes as some surprise. Mr Hancock joined Lloyd’s in 2016,…

1 2 3 162