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Lucien Mounier to head Beazley’s Asia Pacific operations
11th April 2018
Beazley has announced the appointment of Lucien Mounier as Head of its Asia Pacific operations, a region the specialist insurer has identified significant growth opportunities for its products. The appointment sees Mounier move from Paris to be based in the firm's Asia Pacific hub in Singapore, and he will have responsibility for ... Read the full article
Artificial Intelligence risks may outweigh benefits, reports Allianz
29th March 2018
In a new report, Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, has claimed that the advantages offered by increasingly integrated Artificial Intelligence (AI) applications in the re/insurance industry may be outweighed by the potential threats they bring. AGCS claims that increased vulnerability to malicious cyber-attacks and ... Read the full article
Beazley’s Dirk Froese elected to LMA Aviation Committee
29th March 2018
A recent Lloyd’s ballot has elected Dirk Froese, Head of Aviation at Beazley, to the Lloyd’s Market Association’s (LMA) Aviation Committee for a term of four years. Froese will join re-elected committee members Peter Wakefield, Head of Aviation at Chaucer, and Christopher Collins, Head of Aviation at Talbot, in providing a ... Read the full article
Ascent Underwriting names James Weatherstone as non-executive chairman
23rd March 2018
Ascent Underwriting has announced the appointment of James Weatherstone as non-executive chairman, subject to regulatory approval. Weatherstone joins Ascent from Arch where he was responsible for building the UK & international direct underwriting operations as Chief Executive Officer (CEO) of Arch Insurance London (AICE) and Arch Underwriting at Lloyd’s (AUAL). Prior to ... Read the full article
Pool Re terror cover to expand as UK Gov changes law
22nd March 2018
Pool Re has commended the UK Government on its commitment to amend the 1993 Reinsurance (Acts of Terrorism) Act to allow the company to cover non-damage business interruption losses that result from acts of terrorism. Currently, in the event of a terrorist attack, Pool Re is only able to reimburse businesses ... Read the full article
Munich Re’s digitisation to “enhance core business & push back boundaries”: Joachim Wenning
22nd March 2018
As Munich Re invests in digital transformation, Chairman of Munich Re's Board of Management Joachim Wenning said in his letter to shareholders, the strategy is not to imitate business models of data and internet companies but to enhance core business and push back boundaries by adding digital elements. The reinsurance giant ... Read the full article
Liability insurers’ D&O rates set to decline further in 2018: Fitch
21st March 2018
Property/casualty insurers active in the directors & officers (D&O) liability market could have difficulty maintaining underwriting performance in 2018 as market pricing remains highly competitive, and claims' trends point to challenges ahead, according to Fitch Ratings. As a niche segment in the U.S. insurance market D&O insurance has seen a trend ... Read the full article
Lloyd’s market falls to £2bn pre-tax loss on catastrophes
21st March 2018
The Lloyd's of London insurance and reinsurance market fell to a £2 billion pre-tax aggregated loss across the market in 2017, due to the impact of the major catastrophe loss events. This compares to a pre-tax profit of £2.1 billion achieved in the more benign catastrophe year of 2016. The hurricanes and ... Read the full article
MarketScout launches new Social Support facility
14th March 2018
U.S electronic insurance exchange and MGA incubator MarketScout has announced the launch of a new facility aimed at Social Services providers, called Social Support. Social Support will provide professional liability, general liability, property, cyber and limited auto coverage and will underwrite on behalf of Lloyd’s of London. The facility will provide coverage ... Read the full article
Validus Specialty develops commercial D&O policy
12th March 2018
Validus Specialty Underwriting Services, Inc. has announced that it has added an admitted, private company Commercial Directors and Officers (D&O) policy to its product portfolio, and that, concurrently, Julianne McAdams has joined the company as Senior Underwriter of Commercial Directors and Officers Liability. The new customisable policy will provide broad coverage ... Read the full article
LMA Marine Committee elects new members
9th March 2018
A recent ballot of Lloyd’s managing agents has elected three new members to Lloyd’s Market Association’s (LMA) Marine Committee, in addition to re-electing seven others. The committee will now welcome James McDonald, who serves as Global Head of Marine and Energy at Talbot, Richard Tomlin, who is currently Atrium’s Class Underwriter ... Read the full article
Premium prices rise after 3-year decline: CIAB
5th March 2018
The Council of Insurance Agents & Brokers (CIAB) has reported that average premium rates have risen for the first time in 13 quarters, according to its fourth-quarter Commercial Property/Casualty Market Index Survey. 2017’s third-quarter saw a series of massive catastrophes and cyber events occur, which led to a decrease of 1.3% ... Read the full article
Asta completes sale of Pelican MGA to Manchester Underwriting Management
5th March 2018
Lloyd's third party managing agent, Asta Capital, has announced the completion of the sale of its Pelican Underwriting One Limited managing general agent (MGA) to Manchester Underwriting Management Limited. Pelican was established in 2015 in partnership with reinsurance giant Munich Re, which acted as the MGA's capacity provider. The MGA specialises ... Read the full article
Validus launches new Fintech package policy
2nd March 2018
Validus Specialty Underwriting Services, Inc. has announced the launch of a new comprehensive package policy aimed at private U.S Fintech companies. The policy is designed to address Fintech’s complex risk management needs, which Validus claims have thus far been inadequately served by unsuitable policy forms. Cathy Cossu, Validus Specialty’s Senior Vice President ... Read the full article
Hiscox expects continued rate momentum, eyes growth in 2018
26th February 2018
In what was a challenging year for the global reinsurance industry, re/insurer Hiscox saw its Hiscox Re & ILS segment remain profitable in 2017, with management anticipating further rate increases in 2018, as well as growth across all parts of the business. Hiscox saw its overall, pre-tax profit fall to £30.8 ... Read the full article
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