News – Page 104
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NewsClass of 2020-21 start-ups propel Abir to record membership
Conduit Reinsurance, Canopius Reinsurance and Mosaic Insurance are the newest members of Abir, expanding the organisation’s membership to 29, the highest total in its 28-year history.
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NewsVarney Re launches in Bermuda
The Bermudian-based reinsurer has been launched by Varney Insurance Agency, a family-run business based in Maine that serves clients and retail brokers across North America, including Puerto Rico to Canada.
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NewsAs Tesla takes the plunge, wary insurers watch crypto craze from the sidelines
If Elon Musk’s Tesla wanted to insure all of its recent $1.5 billion bitcoin investment against the myriad of pitfalls it could encounter, like hacks, theft and fraud, it would be out of luck.
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NewsU.S. rolls out first update to flood insurance pricing in 50 years
The agency said that, over the coming year, it will phase in a price-setting method that marks an epochal shift in the National Flood Insurance Program (NFIP), which was set up in 1968 to cover property in flood-prone areas.
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NewsArdonagh announces new international arm following US acquisition
Chief executive David Ross says the move signals ’an exciting new chapter in our story’
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NewsLloyd’s accentuates the positives despite cloud of Covid-19
Although Covid-19 payouts blew a £6bn hole in Lloyd’s of London’s reported 2020 performance, the market’s chief executive John Neal emphasised that below the surface, progress was continuing.
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NewsWhat does the UK’s economic rollercoaster means for the property market – Tokio Marine HCC
After what has been a year like no other for the property market, many insurers, brokers and clients will be questioning what challenges the year ahead will bring, Tokio Marine HCC’s underwriting manager Marc Brewer reviews the latest government initiatives and the being risks faced, read more in Insurance Times’s ...
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NewsWhy more data is not always better – InsTech London
More data is not always better, InsTech London has warned in its latest report on location intelligence.
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NewsFailing to prepare for emerging risks has led to ‘resilience death’ – Marsh
Business models pre-coronavirus were too focused on efficiency and growth, leading to a “resilience death” when companies were then faced with new and emerging risks, such as Covid-19
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NewsSuez Canal blockage leaves ‘(re)insurers significantly exposed to business interruption risks’
As the Suez Canal reopens, the insurance industry is bracing itself for huge losses ‘made up of compensation for delays’ and covering ‘potential damage to cargo’
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NewsQ Underwriting announces renewal deal with long-term insurance partner
As Q Underwriting celebrates its’ second birthday, the MGA has announced a renewal deal with a long-term A rated partner.
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NewsInsurtech partners with Amazon on small business insurance proposition
Insurtech Next Insurance has partnered with Amazon Business in a bid to provide eligible members with the opportunity to access customised small business insurance.
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NewsInigo – the London market startup with ‘people and data’ at its core
At the end of 2019, when Richard Watson retired and stepped down from his role as chief underwriting officer at Hiscox, he realised that a startup culture was very appealing to him.
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People & OpinionWilliam Spiegel succeeds Ken Randall as Executive Chairman
Ken Randall retires 30 years after co-founding the Company.
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NewsAspen reports results for the twelve months ended December 31, 2020
Mark Cloutier, Group Executive Chairman and Chief Executive Officer, commented: “COVID-19 meant that 2020 was a year more challenging than many of us can remember with both profound human and economic consequences.”
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NewsLloyd’s of London sees ‘large loss’ due to Suez Canal blockage
The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.
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NewsLloyd’s reports 2020 full year results
Lloyd’s today announced an aggregated market loss of £0.9bn for 2020 (2019: £2.5bn profit), including net incurred COVID-19 losses of £3.4bn after reinsurance recoveries.
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NewsJapanese owner of container ship stuck in Suez Canal says it has received no compensation claims
Shipping was on the move again late on Monday in Egypt’s Suez Canal after tugs refloated the Shoei Kisen’s 400-metre-long (430-yard) Ever Given which had caused a huge build-up of vessels around the waterway.
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NewsSuez chaos leaves shipping companies counting the ‘lost expenses’ cost
The owners and charterers of ships unable to sail through the the Suez Canal for nearly a week face at least $24 million in expenses they will be unable to recoup as their insurance policies do not cover them, industry sources say.
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NewsCNA Hardy hit by ‘sophisticated’ ransomware attack
Commercial insurance provider CNA Hardy was hit by a “sophisticated” ransomware attack on 21 March.
