IRM rolls out supply chain qualification

IRM rolls out supply chain qualification

IRM rolls out supply chain qualification

The Institute of Risk Management (IRM) has added a supply chain risk management certificate to its qualification portfolio. The professional body said the new certificate will equip risk professionals with expertise in how to manage supply chains, identify and mitigate risks. Students will look at global outsourcing and digital disruption, and how risk management tools and techniques can be applied…

Pioneer closes Lloyd’s syndicate

Pioneer closes Lloyd’s syndicate

Pioneer closes Lloyd’s syndicate

Pioneer Underwriters will close its Lloyd’s syndicate 1980 for the 2020 year of account, because the cost of capital is “no longer economically efficient”. The managing general agent (MGA) said Lloyd’s had approved its 2020 business plan that included a small increase in capacity, but since then it had concluded that the costs were simply too high. The syndicate closes…

Tokio Marine Kiln appoints CUO

Tokio Marine Kiln appoints CUO

Tokio Marine Kiln appoints CUO

Tokio Marine Kiln (TMK) has named Matthew Shaw as chief underwriting officer. Mr Shaw will join TMK from Chubb, where he was divisional president of global markets, in the first half of next year. TMK’s deputy CEO Brad Irick said Mr Shaw “brings a wealth of experience in the specialist markets in which we operate within Lloyd’s and the broader…

Best affirms financial strength rating of Italian energy firm’s Irish-based captive

Best affirms financial strength rating of Italian energy firm’s Irish-based captive

Best affirms financial strength rating of Italian energy firm’s Irish-based captive

The Ireland-based captive of Eni SpA, a multinational energy company based in Italy, has had its financial strength rating of A (Excellent) and the long-term issuer credit rating of A affirmed by AM Best. The outlook of these credit ratings is stable. The captive, Eni Insurance Designated Activity Company (EID) (Ireland), has a track record of strong operating profits, with…

Terror threat sees spike in right-wing attacks

Terror threat sees spike in right-wing attacks

Terror threat sees spike in right-wing attacks

More than a third of terrorist attacks (36%) in advanced markets were perpetrated by right-wing terrorists last year and have driven up casualty rates, according to data analysed by Pool Re in its latest threat report. The UK government-backed reinsurer says the “more active and lethal” right-wing movement has complicated the terrorist landscape. Such attacks are more likely to cause…

Lloyd’s Lab develops first innovative liability solution

Lloyd’s Lab develops first innovative liability solution

Lloyd’s Lab develops first innovative liability solution

Risk analytics firm Praedicat has unveiled the first casualty insurance product to be developed in London’s innovation hub, Lloyd’s Lab. Developed for global industrial firms, the liability cover will close current gaps in coverage for products and chemicals that are typically excluded or underinsured. The solution will cover new technologies such as 5G and nanotechnology, as well as chemicals in…

Willis appoints head of international property

Willis appoints head of international property

Willis appoints head of international property

Willis Towers Watson (WTW) has appointed Andrzej Danyluk as head of international property, London. Mr Danyluk joins Willis from JLT, where he was head of the London power broking team. In his new role, Mr Danyluk will take responsibility for growing WTW’s international property portfolio, which is placed in London for the broker’s worldwide offices. He takes up the post…

Pool Re launches new terrorism risk management unit

Pool Re launches new terrorism risk management unit

Pool Re launches new terrorism risk management unit

The UK’s government-backed terrorism reinsurer Pool Re has launched a specialist unit to house its risk management and risk modelling expertise to help build terrorism resilience. CEO Julian Enoizi said the launch of Pool Re Solutions marks a “turning point” in the relationship with terrorism risk. Pool Re Solutions will consist of a risk awareness team to provide analysis and…

PI rates sent sky-high in wake of Grenfell fire: Reuters

PI rates sent sky-high in wake of Grenfell fire: Reuters

PI rates sent sky-high in wake of Grenfell fire: Reuters

Professional indemnity (PI) buyers in the construction sector are facing huge hikes in premiums following London’s Grenfell Tower fire in 2017, according to a report by Reuters. Building contractors, architects and surveyors are among the professionals affected by the insurance industry’s response to the fire, which killed 72 people and has been blamed on external cladding fitted during a refurbishment.…

Vibe to close Lloyd’s syndicate

Vibe to close Lloyd’s syndicate

Vibe to close Lloyd’s syndicate

Vibe Syndicate Management will close Lloyd’s syndicate 5678 at the end of this year, after it failed to secure capital to grow the business. The syndicate, which wrote abroad range of insurance and reinsurance business, will be placed into run-off. Announcing the closure, CEO of Vibe Joe England said operating costs and regulatory requirements were too much for the size…

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