All News articles – Page 102
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People & OpinionDAC Beachcroft continues international insurance drive with leading D&O partner hire in Madrid
International law firm DAC Beachcroft is pleased to announce that one of Spain’s leading insurance litigators, Pablo Guillén, has been appointed as a partner in the firm’s Global Insurance practice in Madrid.
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Fairfax Asia will not raise 35.35 cents cash offer for Singapore Reinsurance
Singapore Reinsurance on Tuesday (April 20) said offeror Fairfax Asia does not intend to increase its 35.35 cents offer price “under any circumstances whatsoever”.
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NewsCyber: Critical industries bombarded during pandemic
As firms scaled-up cloud computing during lockdown, they did not always scale up their security processes at the same rate
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NewsWarehouse risks in an age of e-commerce
How a surge in demand for warehouse storage may leave firms exposed to facilities which rely on sub-standard levels of risk protection
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NewsBrexit: Over 440 financial firms have relocated
Study finds over £900 billion in bank assets and £100 billion in insurance funds have been moved from the UK to the EU
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NewsRansomware costs to reach $20 billion in 2021
Only 40% of organisations report having adequate remote work strategies to manage the risks associated with WFH, finds Aon cyber report
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NewsAllianz reveals £65.8m worth of insurance fraud in 2020
Allianz Insurance, part of the Allianz Group, detected a record-breaking £65.8m worth of insurance fraud in 2020 as it took on claims’ farmers, rogue loss assessors and organised crime.
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NewsReport quantifies reputational impact of ‘grey swans’
In over 10% of crises in recent years - including COVID-19, 9/11 and the GFC - more than 50% of shareholder value was destroyed
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NewsAon launches innovative industry collaboration to protect global COVID-19 vaccine shipments
Aon has introduced a new solution, through broad industry collaboration, that will provide supply chain protection for global COVID-19 vaccine shipments.
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NewsAxis estimates first quarter catastrophe losses
The company is set to release its first-quarter results after the close of financial markets on April 28.
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People & OpinionArgus appoints Costas Miranthis and Garrett Curran to its board
David Brown, chairman of Argus, said: “I am very pleased to welcome Costas and Garrett to the Argus board. They bring a wealth of experience as well as expertise in the re/insurance and financial services sectors.
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United Insurance Holdings announces estimated current year cat losses incurred during the first Q
United Insurance Holdings Corp. today announced estimated current year catastrophe losses incurred during the first quarter ending March 31, 2021 of approximately $24 million before income taxes (approximately $19 million after tax), net of expected reinsurance recoveries. The Company’s first quarter catastrophe losses included claims from Winter Storm Uri, seven ...
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NewsArch Capital Group announces catastrophe loss estimates
The initial estimates for winter storms Uri and Viola are based on a range of industry insured losses of $14 billion to $16 billion. The losses are currently expected to be split approximately 80%/20% between the Company’s reinsurance and insurance businesses, respectively.
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NewsSwiss Re publishes its 2020 Financial Condition Report
Swiss Re today published the 2020 Financial Condition Report for the Swiss Re Group and regulated re/insurance legal entities domiciled in Switzerland for the reporting period ended 31 December 2020.
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NewsCity of London Brexit hit worse than expected, says study
Over 400 financial firms in Britain have shifted activities, staff and a combined trillion pounds ($1.4 trillion) in assets to hubs in the European Union due to Brexit, with more pain to come, a study from New Financial think tank said on Friday.
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NewsBank of England tells firms to promote own ‘RegTech’ products
Britain’s financial regulator called on Friday for the regulatory technology industry to press their own case for the greater adoption of cost-saving ways to automate compliance and spot money laundering, rather than expecting it to do so.
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NewsCredit Suisse sued over risk exposure to Greensill Capital, Archegos
A pension fund filed a lawsuit against Credit Suisse Group AG on Friday in a U.S. court, accusing the Swiss bank of misleading investors and mismanaging risk exposure to high-risk clients, including Greensill Capital and Archegos Capital Management. The pension fund, City of St. Clair Shores Police & Fire Retirement ...
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NewsTokio Marine Kiln refuses ‘any future underwriting’ for Adani coal mine
Lloyd’s of London syndicate Tokio Marine Kiln (TMK) has committed no longer participate in “any future underwriting” of Adani’s Carmichael coal mine.
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NewsThe Hartford agrees to settlement with The Boy Scouts Of America and pre-announces estimated first quarter
The Hartford estimates unfavorable prior year development of approximately $225 million, before tax, in first quarter 2021 that includes, among other items, a charge to increase reserves for the BSA settlement above the amount previously reserved for this exposure.
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NewsFitch Ratings: Reinsurance Sector Poised to Post Slight Underwriting Profitability in 2021
Fitch Ratings forecasts a 2021 reinsurance combined ratio of 99.1%, reflecting 9.0pp average catastrophe losses, 1.5pp for additional coronavirus losses and 1.0pp of reserve releases.
