Reinsurance

American Financial Group announces exit from Lloyd’s of London market

International News       Jan 08, 2020

  CINCINNATI: American Financial Group, Inc.announced that it plans to exit the Lloyd’s of London insurance market in 2020. It has initiated actions to place its Lloyd’s subsidiaries including its Lloyd’s Managing Agency, Neon Underwriting Ltd., into run-off. AFG will work with Neon and Neon’s regulators...

Ukrainian Boeing 737 with 180 aboard crashes in Iran after take-off

International News       Jan 08, 2020

  Tehran: A Boeing Co. 737 jet crashed in Iran shortly after takeoff Wednesday morning, killing all passengers and crew, the head of the Iranian Red Crescent’s Relief and Rescue Organization said on state television.   It wasn’t clear how many people were on board but local...

Pool Re makes terrorism cover more accessible to U.K. businesses

International News       Jan 06, 2020

  London: Pool Re, Britain’s leading terrorism reinsurer, has taken steps to help reduce costs and improve the accessibility of terrorism insurance for businesses in the U.K., in part by expanding the definition of small and medium-sized enterprises (SME).   “Pool Re recognizes that different buyers have...

Capsicum Re launches aviation reinsurance team

International News       Jan 06, 2020

  London: Capsicum Re, the specialist reinsurance broker, today launches its aviation reinsurance team led by David Bell.  Bell is based in London and reports to Matt FitzGerald, Managing Partner of the London Property and Specialty division. Matt FitzGerald, Managing Partner of the London Property and...

January 1, 2020 reinsurance renewals reflect asymmetrical market:Guy Carpenter

International News       Jan 02, 2020

London: Reinsurance renewals at January 1, 2020 were shaped by deteriorating loss experience, a lack of new capital inflows and increasingly challenged environments in the primary insurance and retrocession markets, according to Guy Carpenter.   In its initial view of the January 1, 2020 renewal, Guy...

Reinsurance markets diverge at 1.1 renewal:Willis

International News       Jan 02, 2020

  London:Singapore:  Reinsurers have been judicious during the 1.1 renewal period, leading to significant pricing and capacity variance depending on geography, product line, loss record, and individual client relationships. As a result, the renewal season has concluded later than in previous years, according to the latest...

Eight Crew Members Kidnapped from Greek Tanker Anchored Near Cameroon

      Jan 01, 2020

Five Greeks, two Filipinos and a Ukrainian were abducted by unidentified assailants from the Greek-flagged tanker ‘Happy Lady’ while the vessel was anchored two nautical miles from Limboh port in Cameroon.   The attack on the 28 crew-member ship took place in the early hours Tuesday,...

Australia’s wildfire crisis intensifies as Locals, tourists seek refuge on beaches

International News       Jan 01, 2020

Australia’s wildfire crisis intensified on Tuesday as coastal towns across the southeast caught ablaze, forcing thousands of stranded tourists and locals to seek refuge on beaches.   Thick black smoke billowing from infernos in Victoria and New South Wales states turned the morning sky pitch black...

Long-awaited U.S. drone safety rules call for extensive tracking network

International News       Dec 28, 2019

All but the smallest civilian drones would have to broadcast radio tracking data to ensure greater safety and prevent terrorism under a sweeping proposal unveiled by U.S. regulators Thursday.   The long-awaited draft rules call for a massive new tracking network for everything from toys to...

Bank of England enhances scrutiny of Lloyd’s whistleblower systems

International News       Dec 23, 2019

  London: The Bank of England has stepped up its monitoring of Lloyd’s of London’s whistleblowing systems, the central bank said on Monday, after reports this year about sexual harassment and bullying at the 330-year old insurance market.   The Prudential Regulation Authority (PRA) said the insurance...