“The perception among shipowners is that due to the convoluted...
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Fairfax appoints Amitabh Kant as a senior advisor
Canadian billionaire Prem Watsa's company Fairfax Financial...
Howden ventures into the Saudi Arabia, to drive strategic growth opportunities
David Howden CBE, CEO, Howden said: “We have already built up a...
Swiss Re plunges into losses of $442 million in Q3 2022
Swiss Re's Group Chief Executive Officer Christian Mumenthaler said: "The first nine months of this year were marked by a confluence of events affecting Swiss Re's financial performance: from turbulence in the financial markets, to an increase in natural catastrophe...
Cyber insurance remained challenging in Asia, average rate rises by 25% or more: Marsh
“The global business environment remains tough for clients. Ongoing inflation and geopolitical instability are affecting all sectors and we expect even more challenging conditions in the already strained property catastrophe market following Hurricane Ian,” commented...
APAC reinsurers face single digit growth rate, declining investment income, higher claims: S&P Global Ratings
"We expect most of the rated regional reinsurers to revise asset allocations amid rate hikes in certain countries, capital market volatility, and inflationary pressures on hedging costs. Regional reinsurers continue to have relatively higher allocation to risky assets...
Dubai Aerospace, with 19 jets stuck in Russia, sues 11 insurers in London
The High Court claim also names Fidelis Insurance Ireland, HDI Global Speciality, Abu Dhabi National Insurance Company , Great Lakes Insurance, Global Aerospace Underwriting Managers, Starr Europe Insurance and Axis Speciality Europe Aircraft leasing firm Dubai...
China’s Fosun weighs options for Hong Kong-based Peak Re: Sources
Fosun is working with a financial adviser as it considers options including the potential sale of its majority stake or a minority interest in the reinsurer, the people said, asking not to be identified because the matter is private. A transaction could value Peak Re...
IRDAI allows repatriation of 20% excess assigned capital by FRBs and Lloyd’s once in a yr
Almost 10 FRBs along with Lloyd's of London who are now operating in India for last fours years have an average capital of Rs 1000 crore and going by the new regulation after ensuring solvency ratio, the FRBs can return 20 % excess capital to their parent companies...
Re/insurers face tough issues over large potential claims From Nord Stream Pipeline Blasts
Munich Re and syndicates within the Lloyd’s of London market are among the major underwriters for Nord Stream 1 and it was unclear whether they would renew its cover If the insurance is not renewed, the prospect of the pipeline bringing gas to Europe under the Baltic...
Bank of England fines MS Amlin Underwriting $10.84 million various for lapses
The penalty reflects the seriousness of MSAUL’s failure to meet the expected standards in this case, and should deter similar conduct by other firms,” Bank of England Deputy Governor Sam Woods said in a statement. London: The Bank of England said on Thursday it had...
Munich Re warns on target after $1.6 billion hit from Ian
Ian hit Florida in September and was one of the strongest hurricanes to ever make landfall in the US. It carved a trail of ruin across southern Florida, downing bridges, inundating roads and shattering homes. Insured losses have been estimated at more than $60 billion...
Blunck to succeed Jeworrek as chair of Munich Re’s Reinsurance Committee
Thomas Blunck Munich Re has also appointed Clarisse Kopff (49), with effect from 1 December 2022, and Mari-Lizette Malherbe (38), with effect from 1 January 2023, as new members of the Board of Management Munich: The Supervisory Board of Munich Re on Thursday has...