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Modest market hardening across global specialty lines at 1/1: Willis Re
15th January 2018
Across multiple global specialty lines, a modest hardening of rates is expected in 2018, however, new capacity has entered the market in anticipation of the hardening market and will thus reduce the impact on rate growth, according to Willis Re's viewpoint report on January renewals. In the global specialty markets signs of ... Read the full article
Willis appoints Alex Steele & Russell Nicholson to Guernsey Financial Institutions Practice
15th January 2018
Willis Towers Watson has announced the appointment of Alex Steele and Russell Nicholson to their Guernsey Financial Institutions practice. Steele and Nicholson will assume joint responsibility for Client Relationships in Guernsey, while Anthony Kay will undertake the same role in Jersey. Chris Jackson, Global Head of FINEX FI Middle Market commented on ... Read the full article
AXIS Managing Agency takes oversight of Novae syndicate and SPS
9th January 2018
AXIS Managing Agency Ltd., the managing agent arm of international insurance and reinsurance firm AXIS Capital that oversees the group's Lloyd's of London operations, has now taken over management and oversight of the Novae operations at Lloyd's. AXIS Capital acquired Novae Group in 2017, inheriting new Lloyd's operations to add ... Read the full article
InsurTech to open up opportunities in historically excluded risks
21st December 2017
Epidemic risk modeller Metabiota predicts that in 2018 insurers will focus more on speed with increased appetite for risk to reach the needed returns and innovation in the InsurTech space will make this possible, opening up opportunities in historically excluded risks such as terrorism and pandemics. Metabiota Head of Data Research ... Read the full article
Nearly a third of U.S. businesses experienced a data breach: Survey
13th December 2017
According to a recent survey for The Hartford Steam Boiler Inspection and Insurance Company (HSB), a division of global reinsurer Munich Re, 29% of U.S. businesses experienced a data breach in the previous year. The survey was conducted by Zogby Analytics for HSB, as part of a continuing effort by HSB ... Read the full article
Defective product risk among biggest perils to business: Allianz
11th December 2017
Tougher regulation, global supply chains, materials from fewer suppliers and consumer awareness are contributing to a rise in recalls making defective product risk an increasing peril for companies, according to Allianz Global Corporate & Specialty (AGCS) report. While the average cost of significant recall is $12 million, "ripple effect" events can ... Read the full article
Declan Durkan named Commercial & Placement Director of THB UK Risk Solutions
7th December 2017
Specialist re/insurer THB has named Declan Durkan as commercial and placement director of THB UK Risk Solutions, the combined fleet and commercial operation of THB in the UK. Durken will take up his new role on 2 January 2018, reporting to Darren Nightingale, CEO of THB UK Risk Solutions. Nightingale commented on the ... Read the full article
Hiscox Re hires Megan McConnell as Director of Underwriting
5th December 2017
Megan McConnell, who as we reported yesterday is departing the Paraline group, is to emerge in a new reinsurance role as Director of Underwriting at Hiscox Re in London. McConnell had worked for International Catastrophe Insurance Managers, LLC (ICAT) since 2005, but it was announced yesterday that she is leaving ... Read the full article
AGCS expands in China & Indonesia
22nd November 2017
Allianz Global Corporate & Specialty (AGCS), a division of global insurer and reinsurer Allianz, has expanded its presence in China and Indonesia as it looks to take advantage of opportunities from growing regional insurance markets. AGCS has announced that it's started operations in Beijing, China, as a division of Allianz China's ... Read the full article
Social engineering attacks on the rise but hacking & malware still dominate: Beazley
2nd November 2017
Social engineering attacks are on the rise across numerous industries as cyber attackers increasingly look to deceive in order to scam, according to London re/insurer Beazley's Q3 2017 Breach Insights report. The most prevalent cause of data breach during the first nine months of 2017 remains hacking and malware, which amounted ... Read the full article
Fidelis’ Radius MGA launches, begins operations from November 1st 2017
1st November 2017
Fidelis Insurance has launched its first managing general agent (MGA), Radius, and has announced that it will be led by Rob Ashton, who joins from reinsurer Hiscox Re. It was announced in July, 2017 that the specialist MGA would begin writing business from January 1st, 2018, but this has now ... Read the full article
Swiss Re Corporate Solutions adds Head of Casualty, NA, to Summerville’s role
31st October 2017
Swiss Re Corporate Solutions, the large primary commercial insurance arm of global reinsurer Swiss Re, has announced the appointment of Jeff Summerville as Head of Casualty, Financial & Professional Services, North America, effective immediately. Summerville has effectively managed Swiss Re Corporate Solution's Financial & Professional Lines businesses in North America since 2014, and ... Read the full article
Dr. Pierre Wiart to lead RMS’ new Sydney office
25th October 2017
Global catastrophe risk modelling firm, RMS, has opened a new office in Sydney, Australia, and named re/insurance and insurance-linked securities (ILS) specialist, Dr. Pierre Wiart, as Managing Director of the new operation. The new office strengthens the firm's client support across the Asia-Pacific, and supports expansion in the Australian and New ... Read the full article
Emerging ransomware attack ‘Bad Rabbit’ hits Europe
25th October 2017
An emerging ransomware attack, Bad Rabbit, has infected systems across Russia and Ukraine and is spreading across the globe - even as firms are still recovering from recent widespread disruption caused by the devastating WannaCry and Petya cyber attacks. Bad Rabbit encrypts computers' contents and asks for a payment of 0.05 ... Read the full article
Premium growth forecast for German market: Hannover Re
23rd October 2017
Hannover Re forecasts modest market growth for its subsidiary, E&S Rueck, with rate increases for loss-impacted programmes and increased demand in cyber and telematics risks, in the upcoming January 1st renewals. Rate improvements are expected in motor insurance lines; prices for natural catastrophe covers are predicted to at least remain stable. "When ... Read the full article