News – Page 141
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NewsU.S. Treasury warns cyber insurers payments to hackers may violate sanctions
Cyber insurers and other financial institutions that facilitate payments to hackers to end cyberattacks risk running afoul of sanctions rules, the U.S. Treasury Department warned on Thursday. The warnings, which referenced malicious programs known as ransomware, came in advisories from Treasury’s Office of Foreign Assets Control (OFAC)and Financial Crimes Enforcement ...
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NewsFCA test case appeal confirmed for Supreme Court
However Ecclesiastical and Zurich have bowed out, while Qatar Insurance Company has been denied the right to intervene
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NewsGerman court rules insurer must pay restaurant’s lockdown claim
A German court has ruled that a Munich restaurant’s insurer must pay out a claim for losses caused by the state-imposed COVID-19 lockdown earlier this year, the first prominent such case in Germany in which the court found in favour of the plaintiff. There are hundreds of similar lawsuits pending ...
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NewsJubilee Insurance and Allianz forge strategic partnership
Jubilee Holdings , East Africa’s largest insurance group, and Allianz, one of the world’s leading insurers and asset managers, have signed an agreement to establish a strategic partnership in the five African countries where Jubilee Insurance currently operates. The partnership covers the general insurance business (also known as the ...
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NewsStart of a European-wide comparative study on diversification in internal models
On 1 October 2020, the European Insurance and Occupational Pensions Authority (EIOPA) launched a European-wide comparative study on diversification in internal models. The objective of the study is threefold: to gain an overview of the current approaches in the market and, on best effort basis, analyse and compare the ...
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People & OpinionArgo Group Appoints Allison Kiene to Serve as Group General Counsel
Argo Group has announced the appointment of Allison Kiene to serve as the company’s general counsel. In this role, Kiene will be responsible for the company’s legal and compliance teams and will report directly to Chief Executive Officer Kevin Rehnberg. “Allison joins Argo with a wealth of experience in all ...
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People & OpinionAXIS Insurance Expands Management Liability Team With Four Senior Underwriting Hires
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS), today announced the hiring of four experienced underwriters to its U.S. Management Liability team. Christina Segreti, Drew Kushnick, Matthew Holzinger and Sherry Alexakis have joined AXIS as Senior Underwriters to help support the Company’s profitable ...
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People & OpinionOrganisational changes at SCOR global P&C
After absorbing the impacts of COVID, SCOR Global P&C approaches 2021 with a positive outlook and is making a number of changes to better accompany this anticipated improving market. We aim at being more agile to faster adapt to the evolutions of markets with different levels of socioeconomic maturity, varied ...
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NewsBest’s Market Segment Report: Nigeria’s Insurance Market Offers Significant Potential Despite Headwinds
Nigeria’s substantial oil and gas reserves, its young and growing population and its position as Africa’s largest economy continue to point to significant development potential for its insurance sector. However, Nigeria has failed to deliver on that potential historically due in part to the volatility of growth in the country’s ...
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NewsAfrica Reinsurance Corporation (Africa Re) Group selects DIFC for Middle East expansion
Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region has welcomed Africa Reinsurance Corporation (Africa Re) Group. The business will operate as Africa Re Underwriting Agency Limited (Africa Re) and the DIFC presence is their first office outside Africa.
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NewsChedid Capital acquires 80% of ASCOMA
Chedid Capital Holding (Chedid Capital) has acquired 80% in ASCOMA’s (Ascoma Assureurs Conseils) insurance brokerage business in Africa – a network of 21 subsidiaries and 780 employees across 21 African countries, with an office for international affairs in Paris.
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NewsCrawford & Company acquires claims company in Chile
Crawford & Company is pleased to announce the acquisition of Crawford Carvallo and its individual business units (Graham Miller, Crawford Marine & Transportation, Crawford Affinity Chile, Crawford Affinity Colombia, Legaltec, and Quality Surs), a leader in the provision of loss adjusting, claims management solutions and legal services in Chile. Crawford ...
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NewsSCOR announces the appointment of Ian Kelly as Chief Financial Officer
SCOR announces the appointment of Ian Kelly, currently Head of Investor Relations, as Chief Financial Officer, with effect from October 2, 2020. Ian Kelly will join the Group Executive Committee on this date. Mark Kociancic has decided to pursue a new direction in his career, having successfully served as Group ...
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ViewpointsAI won’t save us from a cyber catastrophe
Vinton Cerf, an American internet pioneer and one of the ‘fathers of the internet’ recently shared his thoughts with Airmic deputy CEO and technical director Julia Graham during Airmic Fest
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AnalysisBriefing: £11bn lost revenue … astonishing costs of FCA price reform
It is enough to make the mind boggle. Looking through the FCA’s pricing reform papers, some startling predictions are made by the regulator. The revenue lost to UK General Insurance is huge, putting this regulatory event as possibly the most costly industry event in the recent history of this ...
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ViewpointsFuture of insurance: Non-damage business interruption
Special edition: Future of business. In The Future of Business series, sister title StrategicRISK, in association with Swiss Re Corporate Solutions, look at the scale of change in the industries that are driving real innovation and shaping the future of business, and consider the impact from a risk and insurance ...
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NewsBI test case heard by NSW Court of Appeal
Insurance industry argued that the intention of pandemic exclusions in commercial property policies that contain business interruption cover is clear
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People & OpinionOneglobal: Duncan Urquhart appointed as Executive Director
Oneglobal, the broker that revolves around its clients, is pleased to announce the appointment of Duncan Urquhart as Executive Director. Duncan will join the Group Executive Committee and will report to Oneglobal’s CEO, Mike Reynolds. His appointment is effective immediately. Duncan Urquhart is a senior insurance leader with over 30 ...
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NewsWhite Mountains to significantly expand capitalisation of Ark Insurance Holdings
White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that it has entered into a definitive agreement to invest fresh capital in and to acquire a majority interest in Ark Insurance Holdings Ltd, the ultimate parent company of Ark Syndicate Management Limited. Ark is a leading Lloyd’s platform well positioned ...
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NewsPool Re launches strategy paper “Guaranteeing Great Britain: Managing Terrorism Risk & Building Resilience”
Pool Re, Britain’s leading terrorism reinsurer, has announced the launch of its forward looking strategy paper entitled, “Guaranteeing Great Britain: Managing Terrorism Risk & Building Resilience”. The launch coincides with the recent announcement by the government of its latest five year review of Pool Re, which will include discussion around ...
