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Nexus adds Denise Socrates to expand FI capabilities
17th February 2021
Independent specialty Managing General Agent Nexus Group has announced that Denise Socrates has joined its US Management & Professional Liability team as Vice President. Socrates brings over 16 years’ experience in management and professional lines and was previously employed by Hiscox USA, where she managed their financial institutions business in the ... Read the full article
Selective says reinsurance costs outpacing primary rate increases
15th February 2021
Selective Insurance has reported that its reinsurance renewal prices at January 1 were in some cases higher than it expects to generate on the underlying insurance policies it sells. The company warns that the accelerating cost of reinsurance will likely impact its underwriting profitability over 2021, At the same time, it has ... Read the full article
ABIR announces new industry leaders
15th February 2021
The Association of Bermuda Insurers & Reinsurers (ABIR) has made several appointments to lead its committees and working groups. The entity's Policy Committee, which reviews public policy and re/insurance regulation in Bermuda and internationally, will be led by co-chairs Edward Mishambi, Senior Vice President, Chief Risk Officer of Europe at Renaissance ... Read the full article
QBE launches new Custom Property product
11th February 2021
The North American division of global insurer QBE has launched its new QBE Custom Property product. The product includes a First Party Cyber coverage, which provides coverage for business interruption, data recovery and incident response service expenses, per network security event. It also has other features such as crime coverage, which covers ... Read the full article
Lloyd’s launches resilience platform for systemic risks
8th February 2021
Insurance and reinsurance marketplace Lloyd’s of London has announced the launch of Futureset, a new platform and community designed to drive greater societal and economic resilience to some of the largest and most complex global risks. The platform will bring together different perspectives and foster cross-country dialogue to help communities, businesses ... Read the full article
Beazley expects reinsurance disputes after Supreme Court ruling, says Horton
5th February 2021
Andrew Horton, Chief Executive Officer (CEO) at Beazley, has said the company is expecting disputes around reinsurance coverage following the Supreme Court's ruling on business interruption (BI) losses linked to COVID-19 in the UK. Speaking during a Q4 earnings call, Horton explained that there has been a long-held expectation in the ... Read the full article
Gamestop drama will increase social inflation pressures: AM Best
5th February 2021
Analysts at AM Best have argued that the recent stock market frenzy and social media outrage surrounding GameStop, AMD, AMC and other stock could cause an increase in class action lawsuits. The rating agency noted that disclosures provided by Robinhood will be under intense scrutiny by lawyers. And although it may be ... Read the full article
Beazley’s combined ratio deteriorates to 109% on COVID & ransomware
5th February 2021
Beazley has reported that its combined ratio deteriorated to 109% in 2020 on the back of first-party COVID-19 losses and elevated ransomware reserves, as the firm announces a loss before tax of $50.4 million for the year. The more than $50 million loss for the period compares with profit before tax ... Read the full article
Imperative for businesses to change priorities after COVID: Aon
4th February 2021
A new report by re/insurance broker Aon shows that 82% of global firms did not rank a pandemic or other major health crisis within their top 10 risks prior to the outbreak of COVID-19. Additionally, less than 30% of EMEA respondents to a survey by Aon said they had a pandemic ... Read the full article
Mitch Blaser launches next-gen specialty insurer Mosaic
4th February 2021
Mitch Blaser, founding executive of Bermuda-based Ironshore, has established Mosaic, a next-generation global specialty insurance company with operations in Bermuda, London, the U.S., and Asia. Mosaic combines newly-formed Lloyd's of London Syndicate 1609 with sophisticated underwriting talent. The new specialty insurer is backed by private equity investment firm, Golden Gate Capital, who ... Read the full article
New entrants filled capacity gaps at 1/1 renewals: Lockton Re
4th February 2021
Following somewhat muted rate increases at the January 1 reinsurance renewals, Ross Howard, Global Executive Chairman at Lockton Re, has attributed the suppressed dynamic to new market entrants plugging gaps in capacity. Prices increased at 1/1 on the back of a hardening re/insurance market, but rate increases were generally more modest ... Read the full article
Zurich North America launches new risk service
3rd February 2021
Zurich North America, a division of Zurich Insurance Group, has launched a new risk services unit in the US intended to provide businesses with advisory services, solutions and tools. In the US it will include the risk engineering team and make services available to both current Zurich customers, as well as ... Read the full article
Casualty renewals see underwriting tighten against stress factors: GC
21st January 2021
Reports from re/insurance broker Guy Carpenter (GC) show that casualty reinsurance renewals varied widely at January 1, 2021, with negotiations influenced by individual circumstances such as loss experience, covered lines and classes written. But despite this divergence, analysts believe that every placement experienced some degree of continued reinsurance underwriting rigor. This trend ... Read the full article
Pandemic-related risks front and centre for corporates in 2021: Allianz
20th January 2021
The 10th annual Allianz Risk Barometer reveals that exposures related to the ongoing COVID-19 pandemic are considered the top business risks in 2021, with business interruption (BI) taking the top spot for the eighth time. A significant 41% of responses see BI as the top risk to business in 2021, followed ... Read the full article
Astaara makes three leadership hires as part of expansion
20th January 2021
Risk management company Astaara has employed three new senior members of staff as part of the company's expansion. Victoria Knowles has joined as Chief of Staff, while Asti Rogers and Gemma Smyth take on the roles of Head of Operations and Head of Analytics. Knowles has over 20 years of experience in ... Read the full article