Friday, 06 March 2015

 


IUA and Airmic to cooperate on product innovation

UK risk and insurance management association Airmic has joined with the International Underwriting Association (IUA) in a bid to facilitate product innovation in the London insurance market.

Draft German Security Act lacks teeth bemoans Zurich

Zurich has criticised the German government's planned IT Security Act claiming it does not go far enough or cover the full spectrum of business activities.

Risk managers urged to intensify efforts to take control of ERM

European risk managers need to step up to the plate and take control of enterprise risk management (ERM) or they may well be marginalised as others take charge, according to Paolo Ribotta, Head of Global Corporate & Commercial at Generali Global Corporate & Commercial.

Marsh and ACE agree to deliver improved contract certainty in UK/Ireland

ACE has become the first insurer to sign up to Marsh's 'principles' clauses that give UK and Irish domiciled commercial insurance buyers improved contract terms and conditions. Marsh hopes other insurers will now follow suit.

SCOR says it will not be forced into M&A as it posts 2014 growth

Despite a tough reinsurance market, French reinsurance group SCOR SA saw further revenue growth in 2014 and says it will not be forced into market consolidation.

Survey finds 'significant minority' of insurers will miss Solvency II deadline

Close to one quarter of insurers could be unprepared for the implementation of Solvency II's Pillar 3 reporting and disclosure requirements, according to research carried out by business and financial adviser Grant Thornton UK LLP.

Low oil price greatest threat to political stability in 2015 finds Aon risk map

Increasing instability caused by low oil prices in already fragile oil producing countries such as Iran, Iraq, Libya, Russia and Venezuela is the number one political risk facing emerging market investors, according to Aon's 2015 Political Risk Map.

Fonseca warns over dangers of broker consolidation

Risk and insurance managers are the ultimate losers in the race for scale and critical mass by the big brokers, according to the head of one of the leading networks of independent brokers at the 3rd Asia Insurance Brokers' Summit in Kuala Lumpur, Malaysia this week.

Cyber solution teams with security specialist to improve mitigation and pricing of risk

IT intelligence, security and defence firm Falanx Group is teaming up with Lloyd's coverholder Principia Underwriting to encourage cyber risk management and better reflect such efforts in the cost of insurance.

Pool Re secures £1.8bn reinsurance from Munich Re

The UK's state-backed terrorism facility Pool Re has purchased £1.8bn of reinsurance cover in the private market, led by Munich Re.

Enstar reports Torus results back on track

Torus Insurance Holdings, the international insurer that was recently acquired by Enstar Group Ltd and the Trident V funds after reporting some difficult results, has reported full year pro forma net profits of $4.3m for 2014 compared with a pro forma net loss of $74m in 2013.

Political instability rising but risk can be managed: Beazley

Risk managers at European companies that seek growth opportunities in often politically unstable emerging markets should advise their companies to 'tread carefully' but this risk can be managed, transferred and opportunities still tapped, according to a specialist London-based insurer.

Corporate round-up

ACE appoints Tim Scott-Young as claims director for continental Europe, TT Club appoints regional claims director EMEA, Allied World teams with Airbus to offer integrated aviation solution and Cunningham Lindsey names David Aiston as head of Global Specialty Markets.

Marsh calls for collaborative effort to finally solve BI risk transfer problems

Marsh has called for the 'golden triangle' of buyers, insurers and brokers to work together to finally solve problems with business interruption (BI) cover. To kick off this campaign it has published new research suggesting ways to improve existing solutions and reshape buyers' options.

Diekmann reports another good year for AGCS but worrying macro outlook

Allianz Global Corporate & Specialty (AGCS), the industrial insurance arm of Munich-based Allianz group, delivered increased revenues and profitability in 2014 despite challenging market conditions and a number of major aviation losses, according to Allianz chairman Michael Diekmann.

Catlin and XL agree $4.1bn deal: a match made in heaven?

XL has formally announced its plan to buy Catlin in a $4.1bn deal. In a call to analysts last month XL CEO Mike McGavick and Catlin CEO Stephen Catlin made it sound like a perfect marriage for customers and shareholders. Logic suggests that a bigger, better capitalised group with a broader global platform and range of specialty underwriting capabilities is indeed good news for corporate customers.