Saturday, 25 April 2015


Willis to buy Gras Savoye for €550m

Willis Group announced last night that it has made a firm offer to buy the remaining 70% that it does not currently own of Gras Savoye, the leading French insurance broker.

Zurich launches easy access, slimmed down supply chain cover to meet buyer demand

In a bid to broaden the appeal of supply chain insurance and respond to buyer concerns, Zurich is launching a slimmed-down supply chain offering in Europe and the US, while continually working to improve its original and more comprehensive product.

Munich Re and HP partner on cyber risk to strike balance between mitigation and transfer

Munich Re has joined forces with technology firm Hewlett-Packard (HP) to allow large companies to better assess their digital risks and find the best balance between mitigation and transfer.

Germany consults on IT security bill as survey reveals huge impact of cyber risks

As the German government consulted on its draft IT security bill this week, a new survey by the country's Federal Association for Information Technology, Bitkom, revealed that every second German company has been attacked by hackers in the last two years and that the costs of cyber risk amounts to €51bn per annum.

Brussels sends strong message of control through Gazprom and Google investigations

European risk managers at leading international companies need to be aware that bureaucrats in Brussels appear just as keen to regulate them as their peers in Washington DC for infringements of competition laws.

Gallagher opens Asia-Pac practice to push boundaries of rep risk management and takes major stake in Chilean firm

International broker Arthur J Gallagher has launched a new reputational risk practice in the Asia Pacific and strengthened its Latin American position by purchasing a majority shareholding in independent Chilean retail broker Bareyre Corredores de Seguros SA (Bareyre).

Insurers listening to customers on emerging risk but more attention needed, survey suggests

Customer demand is increasingly driving insurers to push the boundaries of insurable risk and provide solutions to emerging threats, according to a joint Operational Risk Consortium (ORIC) International and Institute of Risk Management (IRM) survey. But client demand is still only taken into account at 16% of respondent insurers.

Good news for primary buyers as reinsurers set to continue drive into corporate market: AM Best

European risk managers will continue to be courted by reinsurance companies in search of primary business as they struggle to cope with intense competition from capital markets this year, according to ratings agency AM Best.

Southeast Asia suffers over half of world's piracy attacks in 2015

Southeast Asia accounted for over half of the world's marine pirate attacks in the first quarter of 2015, the International Chamber of Commerce (ICC) International Maritime Bureau (IMB) has revealed.

Lloyd's beats Europe in 2014 but 2015 forecast not so good: KBW

Lloyd's insurers outperformed the rest of the European insurance market in recent months fueled by consolidation activity and consensus-beating capital repatriations. But the specialist investment bank Keefe, Bruyette Woods (KBW) is concerned about the 'direction of underlying fundamentals' in the sub-sector.

Corporate round-up

Mike Garceau named COO, EMEA at AIG, QBE Europe changes operating model and names first chief underwriting officer, ACE Global Markets increases fine art and specie insurance capacity, Beazley expands UK marine team, Skuld appoints Singapore head from Aon and Alun Hansen joins JLT Re as senior vice president.

JLT vows to vigorously defend Willis action for Fine Art team loss

JLT's ongoing aggressive global expansion drive into the specialty business that followed the merger of JLT Specialty and Lloyd & Partners last year has sparked a legal fight with rival broker Willis that JLT says it will defend 'vigorously'.

Pool Re to reward risk management and retentions from October

Following government approval of plans to modernise UK terrorism reinsurer Pool Re last month, the facility is set to introduce credits for deductibles and risk management from October.

De Felice named as new president of Anra, Rubini stays on board

Alessandro De Felice, Chief Risk Officer at Prysmian, the Italy-based international cables and systems manufacturer, has become the president of Anra, the Italian risk management association.

Scottish Bill to recover medical costs of asbestos disease from insurers comes under fire

A proposed Scottish Bill to recover medical costs for the treatment of asbestos-related illness that would allow retroactive extension of insurance policies has been criticised by the insurance industry and legal community as unfair and likely illegal.

MultaQa 2015 conference report

MENA insurers at crossroads as competition hits rates/Promising outlook despite price pressures