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Howden declares a ‘digital pandemic’ as ransomware attacks rise 170%
5th July 2021
Insurance broker Howden has released a report examining today’s cyber insurance market, one it says is being driven by rampant ransomware attacks, higher rates and shifting regulation. Declaring a ‘digital pandemic’, Howden says ransomware is now the predominant cyber threat confronting businesses of all sizes, with 170% more attacks having taken ... Read the full article
Lloyd’s syndicate Arcus 1856 rebrands to IQUW
1st July 2021
ERS Group's Lloyd's syndicate, Arcus 1856 has rebranded as IQUW as it looks to put into effect its vision to rebuild into a more diverse, multi-line insurer and reinsurer. Effective today, the new brand signals a shift from the previous branding of the syndicate and repositions the firm as it transitions ... Read the full article
South Africa asks for further divestments in Aon / WTW remedy package
29th June 2021
The Competition Commission of South Africa (CCSA) has required that brokers Aon and Willis Towers Watson (WTW) make a number of significant divestments to remedy competition concerns before their pending merger can be approved in the country. The regulator has asked that the brokers divest WTW’s entire global reinsurance broking business ... Read the full article
Marsh promotes Alex Guerin to Head of Office, London
28th June 2021
Insurance broker Marsh has appointed Alex Guerin as Head of Office, London, for its UK Corporate business, reporting to Andrew Wilton, Managing Director of UK Corporate’s South Region. In this role, Guerin will lead the London Corporate business team who advise clients on risk exposures and devise solutions to help them ... Read the full article
Pandemic BI dispute exposes insurer expectation mismatch: Moody’s
28th June 2021
Recent disputes between insurers and policyholders over the scope of coronavirus-related business interruption (BI) policies have highlighted the dangers of a mismatch between insurers' expectations and those of their customers, says Moody’s. The rating agency is predicting that EMEA insurers will need to focus on product innovation and risk prevention in ... Read the full article
Evolution of nat cat events remains a key challenge for the energy space: Munich Re Syndicate’s Timothy Lee
23rd June 2021
The increased unpredictability and severity of natural catastrophe events will continue to be the key challenges for the energy insurance sector, according to Timothy Lee, Energy and Engineering Underwriter, Munich Re Syndicate Singapore. In an interview with Reinsurance News, Lee noted that the energy insurance market continues to harden, although at ... Read the full article
LSM promotes Jennifer Quinn to Strategic Assets Underwriting Manager
21st June 2021
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has promoted Jennifer Quinn to Underwriting Manager Strategic Assets, London. Quinn will report to Terry FitzGerald, Head of FinPro Lines and have oversight of the London Strategic Assets book of business, which covers Cyber, Intellectual Property, and Property GAP coverage. She is responsible ... Read the full article
Cat bond growth propelled by strong investor demand: Moody’s
17th June 2021
Moody’s has reported that the catastrophe bond market saw record issuance in 2020 despite a brief pause in Q2 following a particularly tumultuous period for the financial markets. And looking ahead through 2021, the rating agency expects cat bond issuance to continue to grow with strong investor demand for the ... Read the full article
US DOJ files antitrust lawsuit to block $30bn Aon / WTW combination
17th June 2021
The U.S. Department of Justice (DOJ) has filed a civil antitrust lawsuit to block the proposed $30 billion combination of Aon and Willis Towers Watson (WTW), stating that the merger threatens to eliminate competition, increase prices, and ultimately create a "broking behemoth." In response to the DOJ's announcement, Aon and WTW ... Read the full article
TigerRisk names Jonathon D’Arcy as CFO
8th June 2021
Global insurance and reinsurance brokerage, TigerRisk Partners LLC, has announced that Jonathon D’Arcy will succeed Milan Radonich as the company's new Chief Financial Officer (CFO). D’Arcy joins TigerRisk from private equity startup in cyber risk analytics and insurance, ARCEO.AI, where he served as CFO. Earlier in his career, he spent 23 years ... Read the full article
DARAG announces key senior hires
3rd June 2021
European Legacy acquirer DARAG has announced key senior appointments to further broaden out its capabilities. The company has appointed Alastair Lauder as Group Chief Actuary who will be based in London. He most recently served as Syndicate Actuary at Arch Managing Agency (formerly Barbican), where he led the reserving team and oversaw ... Read the full article
Corvus receives additional $15m through series C extension round
3rd June 2021
Boston-based insurtech firm Corvus Insurance has announced that after raising a total of $100 million through its Series C funding round, it secured an additional $15 million through an extension. The round was led by venture capital firms FinTLV and Aquiline Technology Growth (ATG), and brings the firm's overall funding to ... Read the full article
Former AXA XL duo to launch Specialty Insurance Cell
2nd June 2021
Former AXA XL Executive Jonathan Beck and Underwriter Richard Spurrier are set to launch a new Specialty Insurance Cell focused on land-based and maritime Kidnap and Ransom, Fine Art, Jewellery and Classic Car risks. The Cell, named ANT Exceptional Risks, launches alongside Special Purpose ILS vehicle ANT Insure. Ant Insure has been ... Read the full article
Aon/WTW deal entering critical stage as US DOJ refuses to show its hand: reports
2nd June 2021
Reports emerging from specialist publisher The Capitol Forum describe The US Department of Justice (DOJ) as having adopted a dual-track strategy for its review of Aon's proposed acquisition of rival broker Willis Towers Watson. By simultaneously engaging in settlement talks and ensuring trial preparations are underway should it decide to mount ... Read the full article
Marsh promotes Desmond to lead UK & Ireland Construction Industry
1st June 2021
Insurance broker Marsh has appointed Andy Desmond as UK & Ireland Construction Industry Leader. In this role, Desmond will support Marsh's construction clients by bringing together the construction sector, technical, placement and risk management specialists from across Marsh UK’s national and London-based specialty businesses. Throughout his 25-year career, he has practiced as ... Read the full article