The plane hit the runway at a 50% greater descent velocity than the...
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MS Amlin binds landmark Ukraine reinsurance facility
Under the scheme, MS Amlin has committed EUR 80 million in...
Regulatory breaches emerge as top risk for Asian Boards, Willis & Clyde & Co survey
While the risk of data loss and cyber-attacks remains among the top...
Swiss Re sells 6.6% in Phoenix for $610 mlnmillion
The sale was done in the context of a regular review and rebalancing of Swiss Re’s investment portfolio and is consistent with the Group’s overall investment strategy across equity and alternative investments.
Hybrid SIRC planned in 2021, Current EC of Singapore Reinsurers’ Association re-elected for 2021-22
“With the global roll-out of the COVID-19 vaccines, we are cautiously optimistic that by the time the 17th SIRC is staged in November, some of the Safe Management Measures and travel restrictions that are currently in place will be eased so that we can welcome some of our loyal international supporters back to our shores. Hence, our Secretariat is already drawing up plans for a ‘hybrid event’, combining a virtual segment similar to the SIRC 2020 Re-Mind event that was organised last year, with a scaled-down ‘live event’ that will incorporate all health and safety protocols aligned with the prevailing SMMs mandated by the relevant authorities.”Marc Haushofer, Chief Executive Officer, Asia Pacific & Executive Vice President of Validus Reinsurance Company, who has also been reelected as the SRA Chairman, for 2021-2022
New compensation offer made over Suez canal blockage
The Suez Canal Authority (SCA) demanded $916 million in compensation to cover salvage efforts, reputational damage and lost revenue, before publicly lowering the request to $550 million.The Ever Given’s Japanese owners Shoei Kisen and its insurers have disputed the claim and the ship’s detention under an Egyptian court order.
CFC Syndicate 1988 opens for trading
Unlike traditional syndicates, Syndicate 1988 will be futuristic – it will not have a box at Lloyd’s and through the application of technology will be operated with a lower level of resources than traditional syndicates. Matt Taylor, of CFC, is the Active Underwriter.
European Insurers’ Body warn about market access barriers in India, Argentina, Brazil, Indonesia and Canada
Removing these barriers is vital to reduce protection gaps and to avoid dangerous concentrations of risk in these jurisdictions. Furthermore, to avoid a build-up of climate-related risks in any one jurisdiction and to facilitate the sharing of natural catastrophe risk across (re)insurance markets, it is more important than ever that discriminatory barriers to trade and market access be removed.
Howden Australia appoints Matt Bacon as CEO
Matt, Stuart and Nick join a strong cohort of industry leaders at the firm, driving forward the ambitious growth objectives of Howden Australia, which only launched on 1st March 2021. It is focused on specialist industry and product segments such as Financial Lines, Corporate Risks, Commercial and Affinity, Workers Compensation, Group Risk and Alternative Risk Transfer Solutions.
4 major Korean insurers cut exposure to coal power
Top Korean non-life insurers DB Insurance, Hyundai Marine & Fire Insurance, Hanwha General Insurance, and Hana Insurance, which have provided nearly half of the total US$52 bn coal underwritings by Korean insurance companies — say no more insurance for both construction and operations of coal plants
UN office says Sri Lanka ship fire causes significant damage
“An environmental emergency of this nature causes significant damage to the planet by the release of hazardous substances into the ecosystem,” U.N. Resident Coordinator in Sri Lanka Hanaa Singer-Hamdy said in a statement late Saturday. “This in turn threatens lives and livelihoods of the population in the coastal areas.”
Sri Lanka has already submitted an interim claim of $40 million to X-Press Feeders to cover part of the cost of fighting the fire, which broke out on May 20 when the vessel was anchored about 9.5 nautical miles (18 kilometers) northwest of Colombo and waiting to enter the port.
8 global reinsurers to provide £650 million cover to Lloyd’s Central Fund for 5 yrs
The £650 million protection has been structured and placed by Aon. It is a layered structure supported by newly created cell company Constellation IC Limited** – financed by investment bank J.P. Morgan – as well as a panel of eight well-regarded and respected reinsurers, namely Arch, Berkshire Hathaway, Everest Re, Hannover Re, Munich Re, RenaissanceRe, Scor and Swiss Re.
China’s worse-than-Suez ship congestion set to widen global trade chaos
“There are bottlenecks in ports all over the world because of Covid outbreaks — people are not going to work in the same numbers and aren’t working at the same speed as they did before the pandemic,” says Bjorn Hojgaard, CEO of Anglo-Eastern Univan Group, a company that manages operations for a fleet of 700 ships globally, including everything from tankers to bulk to container ships.