News – Page 108
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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.
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NewsBroker targets international growth with AFL deal
Towergate is to enhance its international operations with the acquisition of AFL Insurance Brokers’ (AFL) corporate retail book.
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NewsPrevisico and Zurich to plug flood risk for big corporate customers
Insurtech flood forecaster Previsico will be teaming up with insurer Zurich to strengthen a major corporate customer’s resilience against flood risk.
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NewsBought by Many makes US debut
Pet insurer, Bought by Many has made its debut in the US under the brand name, ManyPets, following on from its expansion on Sweden under the same name.
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NewsAviva to sell Polish unit to Allianz for €2.5bn
Aviva plc has agreed to sell its entire shareholding in Aviva Poland to Allianz for €2.5bn.
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NewsSCOR condemns a groundless move by the Covéa Group
SCOR points out that its board of directors unanimously decided not to proceed with this unsolicited proposal and that it approved all the decisions related to it.
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NewsRoyal Gazette: Burt hints Bermuda could plough a new constitutional furrow
Mr Burt told the global reinsurance and insurance industry site that he rejected the term “independence” because it “conveys something in people’s minds it is not”.
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NewsTokio Marine expects no material impact in 2021 from Greensill
Tokio Marine Holdings Inc said on Tuesday it currently expects no material impact on its results for the fiscal year starting next month as a result of its exposure to the fallout of Greensill Capital’s collapse.
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NewsSuez Canal blocked by container ship
It has the potential to create more than $40 billion dollars of trade disruption, with implications for retail and automotive sectors among others
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NewsBCPs must explicitly address civil unrest
Civil unrest is now the main political risk exposure for companies, with COVID-19 likely to fuel further disturbances
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NewsOECD: Insurers need “skin in the game” on pandemics
Insurance sector needs to play more active role in future pandemic solutions, says OECD secretary-general Angel Gurría
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NewsBoards have “fragmented” approach to cyber risk - WEF
Boards have made gains in recent years by recognising cyber as an enterprise risk, but greater resilience is needed
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NewsFCA extends pricing remedy implementation until end of 2021
The regulator has confirmed the amended timetable to ensure firms can ‘plan their change programmes effectively’, however the CII believes ‘this may not be enough time for firms to get all practices in place’
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NewsNSW flood claims reach 11,700
SE Queensland floods also declared a catastrophe as large parts of the Hawkesbury-Nepean Valley remain inaccessible
