Sunday, 23 November 2014

 


Concessions welcomed by buyers as Pool Re votes in favour of new arrangements

Members of the UK terrorism reinsurer Pool Re have today voted in favour of a new retrocession arrangement following last minute concessions by its government over potential changes to the pool’s structure.

Solvency II to bolster not hinder captives says Nordic expert

The spotlight placed on captives under Solvency II will likely lead to the vehicles becoming more important risk management tools that garner increased attention from boards and top management on risk, according to a leading expert speaking at Commercial Risk Europe's latest Risk Frontiers seminar.

Regulatory risk threatens European power supply

The delivery of secure and affordable power across Europe is under threat because regulatory uncertainty is reducing investment in infrastructure, according to new research by Marsh.

New guidance from FRC is a shot in the arm for risk management

Experts have welcomed new guidance from the Financial Reporting Council (FRC) on risk management, internal control and related financial and business reporting that forms part of the updated UK Corporate Governance Code (the code) as a major boost for risk management.

Big growth in transactional risk market: Marsh

The use of transactional risk insurance to mitigate risk in mergers and acquisitions is on the rise, according to new figures from Marsh.

EC moves to stop spread of avian influenza

The European Commission this week adopted emergency measures to help contain an outbreak of avian influenza in Holland, the UK and Germany.

Open networks create huge cyber vulnerabilities for power sector warns Marsh

Open networks in the digital age have created huge cyber vulnerabilities for the power industry, Marsh warned this week as it released a survey showing that nearly three quarters (72%) of European power industry professionals are concerned about cyber risk.

Corporate round-up

Hamilton to take over Sportcover's managing agent and Kinetic, Mark Potter joins Aon's power practice in strategic role, Argo International launches contingency business line and RFIB appoints David O'Gorman as global head of analytics.

New solutions and territorial expansion key focus for insurers in 2015 shows survey

Risk managers will be pleased by findings of a Guy Carpenter survey that suggests risk transfer partners will focus on product development and expansion into new geographic markets to drive growth next year.

Positive rating picture from Zurich as softer phase forecast

Zurich Insurance Group reported a positive picture for risk and insurance managers this third quarter as the group reported a decent set of quarterly results in line with the sector but also admitted the environment is not getting any easier for insurers.

UK risk managers face more aggressive enforcement of competition rules warns regulator

UK companies are not giving compliance with competition law the attention it deserves and risk managers need to prepare for more aggressive regulatory enforcement action, Lord Currie, Chairman of the Competition and Markets Authority (CMA), warned this week.

Multinational captives prioritise claims services from fronting insurer: ACE

Research from ACE shows that 70% of European risk managers have increased their use of captives over the past three years to manage global risks and tend to prioritise effective claims handling and services when choosing a fronting insurer for their captive's multinational risk.

AGCS reports increased revenues and profits

Allianz Global Corporate & Specialty (AGCS) reported gross premiums written for the first nine months of this year of €4.2bn, an increase of €175m against the €4bn reported for the first three quarters of 2013.

European and global financial risks grow but experts say threat to business overhyped

While economic and financial market volatility has increased over recent months the extent of the risks may have been overstated, according to two economists at leading insurance and reinsurance groups.

Insurance buyers face 'upward pressure' on aviation rates–AM Best

Buyers of aviation insurance face higher prices in coming renewals because of the recent crash of the Virgin Galactic test flight and the Antares rocket explosion, according to credit rating agency AM Best.

Managing risk in the extended enterprise

Following the publication of the Institute of Risk Management’s (IRM) Extended Enterprise: Managing Risk In Complex 21st Century Organisations report, Commercial Risk Europe spoke to Richard Anderson, the institute’s chairman and principal consultant at AndersonRisk, for his take on its key findings and recommendations.