All News articles – Page 139
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NewsBrit’s digital syndicate Ki names chief executive
Brit’s chief financial officer and group executive director Mark Allan has been appointed to lead its new digital Lloyd’s syndicate Ki. Allan has been leading the development of Ki over the past 18 months, and will “take on this pivotal leadership role to build the business and realise the ambitious ...
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News
Willis Re Reinsurance Market Report September 2020: Results for half year
Herewith the12th semi-annual publication of Willis Re’s Reinsurance Market Report which tracks the capital and profitability of the global reinsurance industry. The most visible features of global reinsurers’ 2020 HY operating performance and capitalisation have been the gradual emergence of COVID-19 losses and tremendous volatility in investment markets. Less visible, ...
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People & OpinionMegan Thomas Announced as CEO of Hamilton Re
Hamilton Insurance Group, Ltd. (“Hamilton;” “the Company”) today announced the appointment of Megan Thomas as Chief Executive Officer of Hamilton Re, Ltd., the Company’s reinsurance and insurance platform in Bermuda. Thomas will report to Group CEO Pina Albo and be based in Bermuda. Pending requisite immigration and regulatory approvals, her ...
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AnalysisAllianz: Five Liability Loss Trends for Businesses in the Face of the Coronavirus Pandemic
“Pricing in the liability insurance market may have turned in recent months, however social inflation trends and large court verdicts continue in the United States. This combined with expanded exposures for non-US companies doing business in the US and an increase in automotive part recalls are putting pressure on liability ...
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NewsInsurance quotes for ecommerce boomed as businesses pivoted during lockdown
Insurance quotes delivered between March and September 2020 for ecommerce businesses increased by 121% compared to the previous six months, reflecting how traditional retail organisations pivoted their operations to accommodate the Covid-19 lockdown, said business insurance specialist Superscript.
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People & OpinionNexus reorganises management team with new CEO
Managing general agent Nexus Underwriting has announced a reorganisation of its management team following the recent launch of Xenia Broking Group. As part of this reorganisation, Tim Coles is taking on the role of chief executive of Xenia Broking Group, having previously been chief operating officer of Nexus. Meanwhile, Tim ...
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NewsBritish theatres and live music venues can no longer get commercial insurance
British theatre and live music venues can no longer get commercial insurance due to the Covid-19 pandemic and are therefore calling on the government to provide a financial backstop. A handful of venues have reopened in Britain, but underwriters are excluding Covid-19 from cover meaning that there is no protection ...
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NewsOnline fraud and cyber scams soar during pandemic lockdown but insurance for it ‘fairly new’
A spike fraud and cyber scam in cases has exposed a new risk for the cyber insurance market, Insurance Times looks at what the industry is doing to protect vulnerable customers during the pandemic and why some many not be covered if they work remotely. Cyber scams and fraud have ...
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NewsIndonesia flood model launched
Climate change influences are likely to increase the impact of flooding over the near and medium term
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NewsCarrot Insurance urges government to incentivise young drivers’ telematics usage by removing IPT
Telematics provider Carrot Insurance is lobbying the government to reduce or remove insurance premium tax (IPT) for young and new drivers who are using black box insurance policies – the insurer believes this type of “fiscal nudge” will minimise the risk of this demographic being involved in road traffic collisions ...
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NewsChedid Capital and Ascoma Group join forces to create a leader in insurance broking in the Middle East and Africa
The Husson family and Chedid Capital entered into exclusive negotiations for the transfer of control of Ascoma Assureurs Conseils (“Ascoma”). The Husson family will maintain a sizeable stake in Ascoma and will participate in the transition and development of the new group. Completion of the transaction will only be subject ...
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NewsBennetts Motorcycling Services joins the Ardonagh Group
Specialist motorcycle insurer Bennetts Motorcycling Services is now part of the Ardonagh Group. It was purchased from its former parent company, Saga, on 7 August this year. The Competition and Markets Authority launched an investigation in July on Ardonagh’s acquisition of Bennetts - this formed part of the purchase process.
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NewsNavigating the harsh market
A “harsh” insurance market means risk managers need to adapt fast to conditions most have never seen before. Average double-digit hikes in commercial insurance pricing and broader exclusions have turned the screw in what was already a “harsh” market, according to John Ludlow, CEO Airmic. “The hard market has accelerated ...
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News‘Keen to make acquisitions’ – Gallagher chiefs discuss M&A strategy
Gallagher has a strong balance sheet and a track record of buying UK brokers. Gallagher UK underwriting and broking boss, and M&A head Olly Homer, discuss acquisitions. The duo insist a strong cultural fit is paramount in making a deal.
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NewsPandemic BI test case heads to NSW Court of Appeal
Test case was launched by the Insurance Council of Australia (ICA) to examine the application of certain infectious diseases exclusions in business interruption policies
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NewsMahnke “cautiously optimistic” over pandemic risk solution
GVNW president Alexander Mahnke warned of futher economic challenges to come at the association’s virtual symposium
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NewsCoronavirus lockdown causes 0.3% decline in home insurance premiums
Insurance premiums for buildings and contents policies have decreased by 0.3% over the last three months as the national lockdown, implemented to mitigate the spread of Covid-19, influenced a steep drop in recorded crime. However, average premiums for this line of business has increased by 3% over the last 12 ...
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NewsMunich Re-backed insurtech raises extra £1.6m for growth in new markets
Munich Re-backed insurtech Urban Jungle has raised an extra £1.6m for growth as it prepares to expand into new markets. Despite the pandemic having an impact on the insurtech sector, Urban Jungle has managed to raise funding yet again.
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NewsInsurers unveiled 107,000 fraudulent insurance claims in 2019
New figures published by the ABI reveal that insurers discovered a total of 107,000 fraudulent insurance claims in 2019, worth approximately £1.2bn – this is a 5% increase on the fraudulent claims detected in 2018. This equates to a new scam being revealed every five minutes last year, amounting to ...
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NewsSompo International to acquire Diversified Crop Insurance Services
Sompo International Holdings announced today that it will acquire Diversified Crop Insurance Services (“Diversified”), a subsidiary of CGB Enterprises, Inc. (CGB). The addition of Diversified to Sompo International’s existing global AgriSompo platform, which already includes ARMtech, currently the 6th largest underwriter of U.S., federally sponsored multi-peril crop insurance, will ...
