News – Page 149
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People & OpinionEd expands professional and executive risk team with Michael Lock
Ed, the global reinsurance, wholesale and specialty broker, today announces the appointment of Michael Lock as divisional director in its professional and executive risk team, effective immediately. Michael will report to Niraj Perera, head of transactional risk.
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NewsUSD 30mn invested in Softlogic Life’s growth by Finnfund, NorFund and Munich Re
Norfund and Finnfund are impact investors funded by the governments of Norway and Finland and private capital markets whose objectives are to fund sustainable development through responsible and profitable businesses across the globe. What makes the transactions even more significant are that they are being executed amidst the ongoing COVID-19 ...
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NewsAM Best Affirms Credit Ratings of Emirates Insurance Company
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Emirates Insurance Company P.J.S.C. (EIC) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect EIC’s balance sheet strength, which AM Best categorises as very ...
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NewsTreasury initiates next five-year review of Pool Re
HM Treasury has confirmed that it will begin the latest five-year review of Pool Re, the insurance industry’s mutual for insuring terrorism risk in Great Britain. Conducted in liaison with Pool Re itself, as well as stakeholders across Whitehall, the Treasury will also consult with the UK (re)insurance sector in ...
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NewsSeopa and Freedom Brokers team up for van telematics
Freedom Brokers has teamed up with Seopa, the parent company of insurance comparison platforms Quotezone.co.uk and CompareNI.com, to bring its first telematics van insurance offering, initially focusing on light commercial van drivers. Seopa was the first comparison expert in the UK to offer van insurance across its aggregator system and ...
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People & OpinionWhite Oak names Lisa Perry as chief underwriting officer
White Oak Underwriting Agency is announcing the appointment of Lisa Perry as chief underwriting officer. Perry brings with her a wealth of experience and expertise as a market leader with a stellar reputation built up over 27 years in the industry, predominantly in underwriting but also in broking throughout the ...
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NewsZurich UK names new CEO as Tulsi Naidu moves to APAC
Following four years in tenure, UK chief executive Naidu will join the Zurich Group Executive Committee to take over as regional chief executive of the Asia Pacific region from the 1st January 2021.
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NewsTrue impact of lockdown reductions not shown in ABI’s claims data says By Miles
Pay-per-mile insurtech By Miles has pointed out the ABI’s new quarterly motor claims data that was published today does not demonstrate the true impact of lockdown reductions in claims. The insurtech said that it could therefore include potential “red herrings” for some of the values of claims that have ...
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NewsModern slavery risks surge in Asia manufacturing hubs
The risk is set to intensify further as the economic fallout from COVID-19 takes full hold, warns Verisk Maplecroft. Bangladesh, China, Myanmar, India, Cambodia, Vietnam and Indonesia are all at their lowest points in the ranking since 2017
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NewsMNK Re launches dedicated Residual Value Insurance Centre of Excellence
MNK Re Limited, a specialist Lloyd’s Broker headquartered in London, has announced the launch of a dedicated Residual Value Insurance (RVI) Centre of Excellence. Based in London, Robert Prince has joined MNK Re as Practice Leader to specialize in RVI business exclusively. Robert has over 20 years of experience in ...
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NewsFlood Re chief exec outlines next steps for addressing climate change risk
Flood Re’s chief executive Andy Bord outlined what should happen next to ensure that it can address climate change and reach a risk-reflective home insurance market by its exit in 2039. The flood re-insurer presented evidence to Parliament’s Environment, Food, and Rural Affairs (EFRA) Select Committee yesterday addressing the evolving ...
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NewsABI records 48% decline in motor claims between 2020’s Q1 and Q2
Trade body the ABI reported that new motor insurance claims fell by 48% in the second quarter of 2020, reflecting the national lockdown regime that was implemented to mitigate the spread of Covid-19. Across April, May and June, the ABI recorded 324,000 new motor insurance claims compared to 678,000 claims ...
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NewsLloyd’s of London becomes target for climate campaigners as underwriting room reopens
As Lloyd’s of London reopens its underwriting room today, campaigners voiced their concerns at its doors, urging the insurance marketplace to drop insurance and investments in coal and tar sands projects. Lloyd’s of London workers were met with some climate protesters raising their concerns as they returned to work after ...
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NewsCapsicum Re to rebrand in order to align with broader broking business
Specialist reinsurance broker Capsicum Re announced today (1 September) that it will rebrand to Gallagher Re, effective from 1 October, in order to align Gallagher’s reinsurance arm with its global retail and wholesale broking operations. Gallagher’s broking and underwriting chief executive describes this change as the ‘next iteration’ of the ...
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NewsAM Best Affirms Credit Ratings of Arab Orient Insurance Company
The ratings reflect gig-Jordan’s balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM). The ratings also factor in rating enhancement from gig-Jordan’s parent company, Gulf Insurance Group K.S.C.P. (GIG), reflecting the strategic importance of ...
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NewsFRISS launches Insurance Is A Beautiful Thing campaign
FRISS, the leading provider of AI-powered fraud and risk solutions for P&C insurance companies, known for its creative approach toward the insurance industry, launched an international campaign to regain a feeling of pride in the insurance industry. “Because insurance is anything but boring,” says FRISS. Jeroen Morrenhof, CEO and Co-founder ...
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NewsOne Concern Forms Strategic Partnership with Sompo for Resilience Solutions in Japan
One Concern, Inc., today announced a strategic partnership with SOMPO Holdings, Inc., aimed at bringing AI-enabled resilience solutions and disaster-risk reduction technologies to Japan. The non-exclusive agreement builds upon the companies’ successful pilot project in Kumamoto City, Japan. This week marks Japan’s annual national disaster prevention day, which commemorates the ...
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NewsAustralia - Black Summer losses to reach A$5.4 billion
Insurance Council of Australia says more than 83 per cent of bushfire claims have already closed
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NewsHurricane Laura claims up to $8 billion
Cat modelling firms peg insurance losses from the Category 4 storm at between $4 billion and $8.7 billion
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NewsGallagher and Pen Underwriting swap chief operating officers
Broker Gallagher has had a senior leadership reshuffle, sending the chief operating officer for its employee benefits and HR business to subsidiary Pen Underwriting, while MGA Pen provides the newest chief operating officer for Gallagher’s UK retail division.
