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Global political risks becoming increasingly volatile: Aon
17th April 2018
Aon has reported that global political volatility is leading to increased political violence and political risk, with the likelihood of interstate conflict, terrorism, and general political and economic disruption all increasing. Aon’s 2018 Risk Maps report found that political violence risks are rising globally due to geopolitical tensions, a weakening of ... Read the full article
EY partners with InsurTech company Concirrus on AI-driven marine solutions
13th April 2018
EY has announced that it will collaborate with InsurTech company Concirrus to support the adoption of behavioural-based underwriting and risk management in marine insurance, using artificial intelligence (AI) powered software. The partnership is intended to help modernise the marine sector’s traditional demographic based underwriting models, which rely on data like the ... Read the full article
Sompo International launches retail platform to facilitate global integration
10th April 2018
Sompo International Holdings Ltd. (SI) has announced plans to establish a new retail platform that will facilitate its integration of all international operations outside of Japan that belong to Sompo Holdings. The integration expands the Sompo universe now under the direction of industry veteran John Charman. Sompo International has already completed the ... Read the full article
Howden to acquire majority stake in Turkish broker ACP
9th April 2018
Howden, part of the Hyperion Insurance Group, has announced that it plans to purchase a majority stake in ACP, Turkey’s largest independent re/insurance broker. The transaction will considerably expand Howden's operations in Turkey, adding sites in Ankara, Bursa, and Izmir to the company’s existing office in Istanbul, which was established in ... Read the full article
InsurTech start-up Wrisk makes three leadership appointments
9th April 2018
InsurTech start-up Wrisk has expanded its leadership team with the appointments of Nimeshh Patel as Chief Operating Officer (COO), Stewart Duncan as Chief Data Officer, and Sima Patel as Head of Marketing. Nimeshh Patel has already served as a member of Wrisk’s advisory Board, and will support the company's goal of ... Read the full article
Adverse weather in March drives $3bn economic loss in the U.S: Aon Benfield
6th April 2018
According to reinsurance broker Aon Benfield's catastrophe risk modelling unit, Impact Forecasting, active weather events in March are expected to cost the U.S. economy $3 billion, with approximately $2 billion of this being assumed by insurers and reinsurers. Impact Forecasting has released its March 2018 Global Catastrophe Recap report, which states ... Read the full article
Canopius AG names Rebecca Marsden as credit & political risk underwriter
3rd April 2018
Canopius AG has announced the appointment of Rebecca Marsden as credit and political risk underwriter, set to join Canopius later in the year from a similar role with AXA Africa Specialty Risks. Marsden boasts extensive experience across broking and underwriting, as well as debt and equity capital markets sales and trading. Bernie de ... Read the full article
Steve Murphy appointed Head of Santam Reinsurance
20th March 2018
South African insurer Santam has announced the appointment of Steve Murphy to Head of Santam Reinsurance, with effect from 1st April 2018. Murphy joined Santam Re on 1st July 2011 as the firm's representative in South East Asia, he worked to establish and develop Santam Re’s activities and business in China, ... Read the full article
Strong re/takaful growth prospects for Islamic finance sector, reports Moody’s
20th March 2018
Moody’s has predicted that the Islamic finance and re/takaful sectors are likely to continue to exhibit strong growth in the coming years, largely driven by fertile growth prospects in Southeast Asia and North Africa. The takaful market, which is the Islamic alternative to insurance, attracted gross premium contributions of US $14.9 ... Read the full article
Rothesay Life reinsures £12 billion annuity book for Prudential
14th March 2018
Life, annuities, pension and longevity re/insurer Rothesay Life has reinsured a £12 billion chunk of Prudential plc's annuity book managed under the M&G Prudential brand. Prudential today announced that it will be demerging its UK & Europe business M&G Prudential from the overall Prudential plc group, resulting in two separately-listed companies. The ... Read the full article
Prudential Corporation Asia hires new Chief Operating Officer
13th March 2018
Prudential Corporation Asia (PCA), the Hong Kong-based life insurance business unit of Prudential plc, has announced the appointment of Robin Spencer as Chief Operating Officer. In his new role as a member of the PCA Executive Team, Spencer will be responsible for supporting an efficient operating model for the company, optimising ... Read the full article
Profitable growth for re/insurers in the CIMA zone: A.M. Best
12th March 2018
Ratings agency A.M. Best has reported that insurers and reinsurers within the Conférence Interafricaine des Marchés d’Assurances (CIMA) zone, exhibited steady profitable growth despite a challenging operating environment characterised by significant economic and political headwinds. The agency’s report notes that, although this lower economic activity has reduced growth, relatively low claims ... Read the full article
Sanlam acquires SAHAM Finances in $1bn deal
8th March 2018
South African life insurer Sanlam Ltd has announced plans to acquire the remaining 53.4% stake in SAHAM Finances, the insurance subsidiary of SAHAM Group, in a US $1.05 billion acquisition deal. Sanlam already owns a 46.6% stake in SAHAM Finances, and the companies have been partners since February 2016. With a market ... Read the full article
Nicola Harris named Head of Energy, EMEA, XL Catlin
6th March 2018
XL Catlin’s insurance operations has appointed Nicola Harris to Dubai-based Head of Energy, EMEA, to head up the provision and design of insurance solutions for the Energy sector across EMEA, while leading a team of underwriters based in Dubai, Paris, Amsterdam and Madrid. Huw Jones, Global Head of Energy at XL Catlin, ... Read the full article
Multinationals cite major concern over growing political risk: Marsh
27th February 2018
Geopolitical instability remains a top concern for multinational businesses in 2018 with events such as the North Korea missile crisis, Euroscepticism, and increased trade protectionism, driving political risk that could boost demand for credit and political risk re/insurance. Marsh's 2018 Political Risk Map found regions facing political turbulence or increased protectionist trends ... Read the full article