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MGU Fidelis Partnership concludes $2bn refinancing transaction led by Blackstone for business growth
The MGU plans to expand in the Middle East, Africa, Asia and Latin...
French reinsurer CCR Re changing name to Arundo Re from next Jan 16
CCR remains a minority partner with a 25 per cent stake in the...
Lloyd’s first Digital Syndicate Ki goes live, announces list of broker trading partners
The creation of Ki was first announced in May 2020. Ki aims to significantly reduce the amount of time taken for brokers to place their follow capacity.
Ki’s algorithm, developed with support from University College London, will evaluate Lloyd’s policies and automatically quote for business through an always available digital platform, built by Google Cloud and accessed directly by brokers.
Aon develops $70mn in alternative capital capacity to transfer systemic cyber risk
The cover allows for limits of up to USD 70 million and will protect against increasing cyber loss aggregations on re/insurers’ balance sheets. The product is structured to protect the cedent from the effects of catastrophic cyber market losses stemming from events such as self-propagating malware or wiperware, distributed denial of service, a significant cloud outage or certificate revocation.
Aon Launches Asia Pacific Capital Advisory Unit to support Re/insurers
“In the current environment, many Asia Pacific re/insurers are experiencing low growth, low underwriting margins and low investment income, while facing higher capital requirements due to regulatory and rating agency obligations,” said Rupert Moore, CEO of Japan for Reinsurance Solutions,, AON
Santam loses virus-linked test case for S. African insurers
The court agreed with the approach of the UK Financial Conduct Authority in settling business-interruption claims as a result of COVID-19 restrictions and ordered Santam to pay Ma-Afrika Hotels and Stellenbosch Kitchen for losses for an 18-month period, according to the judgment on Tuesday.
Tysers ramps up its Asia and Australasia Marine and Aviation Team
As a senior client manager for Swiss Re Asia in Singapore, Jane covered Southeast Asia, India and Dragons
Roberts to lead Global Renewable Energy biz of Marsh JLT SpecialtyLondon:
“There is renewed political will as we approach the end of 2020 to move towards greater decarbonization and more sustainable energy sources.As traditional energy companies continue to decarbonize their footprints – and market challengers seek to redefine the energy landscape – Marsh JLT Specialty’s Global Renewable Energy team will play a key role in supporting our clients and communities as they transition towards more sustainable and carbon-neutral futures,”said Roberts
U.S. lifts Boeing 737 MAX flight ban after crash probes, tough hurdles remain
Questions remain over how quickly other regulators, especially in China, will lift their flight bans.
The U.S. planemaker’s best-selling jet will make its comeback facing headwinds from a resurgent coronavirus pandemic, new European trade tariffs and mistrust of one of the most scrutinized brands in aviation.
Lloyd’s of London sees global pandemic insurance losses above previous estimate
Lloyd’s has proposed a “Black Swan” reinsurance scheme to governments globally to ensure better cover during circumstances such as the pandemic and other disturbances to business, but Carnegie-Brown said it was hard to get government attention on the topic so far.
“The challenge for governments of course is that they are very short-term focused… (it is) very difficult for them to lift their heads above the parapet and think about the future,” Carnegie-Brown said.
Canada’s Intact, Denmark’s Tryg agree to buy British insurer RSA for $9.6 billion
Best known in Britain for its more than brand, RSA provides home, motor and commercial insurance and also has large operations in Canada, Ireland and Scandinavia.
AXA XL launches Risk Scanning
Maxime Ambourg, Risk Consulting Manager for Innovation & Business Development at AXA XL Risk Consulting, commented: “Traditional loss prevention programmes usually focus on a company’s primary locations. They can neglect the risks associated with smaller sites that are rarely visited by risk engineers, despite being where losses most often occur. By leveraging both the experience of our consultants and new technologies, Risk Scanning allows for a more exhaustive and therefore precise assessment.”