Friday, 18 April 2014

 


Risk disclosure demands rise as European Parliament adopts new directive

The European risk management community was given a potentially significant boost this week as the European Parliament adopted the directive on disclosure of non-financial and diversity information.

TRIA takes encouraging first steps towards renewal

The future of US government-backed terrorism insurance looks more positive after legislation extending the Terrorism Risk Insurance Act (TRIA) was introduced into the Senate last week. However, insurers have expressed concerns over plans to increase their exposures under the legislation.

Aspen rejects Endurance bid based on 'red herring objections': Charman

Endurance Chairman and Chief Executive John Charman stated this week that Aspen's 'summary rejection' of the $3.2bn bid made for the company by fellow Bermuda insurer Endurance Specialty is based on a 'series of unsubstantiated red herring objections'.

Heightened political risk hits the Brics

Political risk has increased in leading emerging markets, most notably in the so-called Brics countries that have prospered in the post-crisis global economy and represent a large share of worldwide output, according to Aon.

AMRAE delivers its latest evaluation of risk management software

AMRAE has launched the 2014 edition of its annual risk management software survey that takes a broad look at the products and services on offer to its members and the wider risk management community.

Aviation market to soften despite underwriting loss: Aon

Despite higher claims than premium in the aviation market last year the price of cover is set to continue to fall, Aon said this week.

Malta open for reinsurance special purpose vehicles business

Becoming the first European member state to establish reinsurance special purpose vehicle (SPV) regulation and attract related investment is a key target for Malta, delegates at a recent seminar at Bloomberg's London offices were told.

Alvarez & Marsal beef up European risk operations

European risk and insurance managers in need of independent advice on the effectiveness of their risk and insurance programmes can expect to hear more from privately held US advisory firm Alvarez & Marsal (A&M) as the company beefs up its European operations.

Willis warns of severe gaps in cargo cover and launches new facility in response

Willis has warned that in recent years over $100m of cargo losses have not been recovered under traditional cargo policies due to 'critical exposures' being excluded.

Middle Eastern risk managers striving for independence

Risk managers at Middle East financial institutions are increasingly able to assert their independence thanks to better awareness of corporate governance. The relationship between board members and risk managers was one of the central themes discussed at Risk Middle East 2014 held in Dubai.

Corporate round-up

ACE establishes global cyber risk practice, Brokerslink expands Mexican ambitions with new Monterrey member, Guy Carpenter names new head of operations in Turkey and Catlin to lead General Aviation Consortium at Lloyd's Asia.

Product contamination offering launched for food and drinks sector

Global broker Willis this week announced the launch of a product contamination insurance proposition for the food and beverages sector that explicitly recognises risk management standards achieved by customers.

Growing interest in fine art market

As the art world attracts increasingly wealthy investors and prices for art skyrocket the number of insurers in the market is also growing. As a consequence rates are under pressure despite new challenges posed by increasing values.

New EC studies hint at future toughening of ELD

New European Commission (EC) studies have recommended potential revisions to the Environmental Liability Directive (ELD) now under consideration ahead of an official review of the directive later this year. If incorporated into the ELD the revisions would see a sharpening of the polluter pays principal enshrined in the directive and place increased liability on business.

AIG announces new EMEA structure and key personnel changes

AIG has announced a new structure to its Europe Middle East and Africa (EMEA) operations and made senior appointments to implement the new regime.

A job well done–Robert Benmosche, AIG

Following the financial crisis of 2008, AIG received a $182bn loan from the US government and taxpayers to save its business, which had been severely damaged by a foray into the credit default swap business and the global economic meltdown. Four years later, in December 2012, AIG announced that it had repaid its entire debt, plus a positive return of more than $22bn, to the US government.This restructuring and repayment was led by AIG president and chief executive officer, Robert Benmosche.