Wednesday, 08 July 2015


ACE buys Chubb for $28.3bn to join international insurance 'elite'

ACE has announced that it will acquire Chubb Corporation for $28.3bn to create a global insurance group generating over $30bn in net written premiums based on the two groups' 2014 numbers.

Willis merger with Towers Watson welcome news for risk managers in need of global alternatives

London-based global broker Willis and US-based employee benefits consulting firm Towers Watson have signed a definitive merger agreement to create a firm named Willis Towers Watson worth $18bn.

IRM launches risk manager certification scheme

The Institute of Risk Management (IRM) launched its risk manager certification scheme yesterday awarding its first members the title at an event in London.

Ferma elects Canameras and Wegener to board: De Felice steps down

Ferma has elected AMRAE's past president Gilbert Canameras and DVS' Dirk Wegener to its board of directors. The federation also announced that former vice president and board member Alessandro De Felice did not seek re-election and has stepped down.

Insureds and carriers face immediate dangers from Grexit warns lawyer

The insurance industry and its customers face huge uncertainties in the face of a potential Greek exit from the euro, according to law firm CMS, with 'immediate dangers' for all concerned.

No panic for European insurers over Grexit: Fitch

European insurers should be able to absorb the potential shocks from a Greek exit from the eurozone, according to Fitch. The main risk would be from contagion to other peripheral eurozone nations but this form of systemic crisis is unlikely, it said.

French terror attack does not signal inherent risk increase for companies: Maplecroft

Last week's terror attack at a gas plant in France does not necessarily signal an increase in terrorism risk for companies, according to a leading risk consultancy.

Next president to place Ferma at heart of Europe and continue certification push

Certification and gaining influence in Europe's corridors of power are key priorities for Ferma's next president Jo Willaert.

Signs of peak cat zone reinsurance price stabilisation: Willis Re

There are early signs that reinsurance rates are stabilising in peak property catastrophe zones, according to Willis Re. It noted however that competition remains 'intense' for non-peak zones.

Willis' Steve Hearn to join Cooper Gay Swett & Crawford

Willis' deputy CEO Steve Hearn is to leave the brokerage and take up a new role as group CEO at Cooper Gay Swett & Crawford (CGSC).

FM Global sees uptick in property cyber claims

Specialist property insurer FM Global has seen an increase in cyber claims. The firm is working with risk managers to raise awareness of cyber cover under its property damage and business interruption policies.

Asset managers not ready for Solvency II finds survey

Captive owners will be concerned to hear that more than one in three insurance professionals and fund managers (36%) believe that asset management companies are not prepared to provide the level of detailed data that their insurance clients will require under Solvency II.

Corporate round-up

XL Catlin appoints Brendan Plessis as head of emerging markets, Peak Re names Eckart Roth as CRO and Skuld recruits Willis man to head Bergen office.

DVS criticises key aspects of recently passed German IT Security Bill

German risk and insurance manager association DVS has criticised aspects of its country's IT Security Bill that was recently passed by Germany's lower parliamentary house the Bundestag.

AMRAE pledges to support French version of risk management

AMRAE will compete with other risk management organisations to lead the development of the profession around the world, according to its new leader.

Corruption risk reaches new heights in Brazil as Petrobras scandal deepens

Corruption risk facing corporations in Brazil appears to have reached a new high as two of the country's most influential businessmen were arrested on 19 June under accusations of bribery related to the long-running Petrobras scandal.

Financial firms turn to op risk cover as traditional solutions lose appeal

Large financial institutions are turning to operational risk insurance as traditional products fail to adequately cover increasing regulatory and technological threats.