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- September 6 2024
RVS Monte Carlo: Reinsurer returns will remain attractive despite expected softening of rate – Aon
In a briefing ahead of the Monte Carlo reinsurance summit, the broker forecasts an increase in pricing competition in 2025, and that insurers will begin to see greater flexibility around capacity provision and coverages.
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- September 5 2024
Lloyd’s logs best interim results since 2007 as H1 underwriting profit up 24%
The market’s COR improved to 83.7% from 85.2% a year ago, as its underwriting profit rose to US$4.07bn, thanks to premium growth and better investment returns.
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- August 30 2024
Aon’s White Rock sues China Construction Bank over Vesttoo fraud, claims US$140m
The lawsuit is another step to maximise recoveries for clients impacted by the Vesttoo fraud and make the bank accountable for the harm it has caused, Aon spokesperson told IAN.
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- August 30 2024
South Africa’s Santam to expand into Asia: report
The move follows the success of the general carrier's parent Sanlam in India, where it has been in partnership with Shriram Capital Group since 2005 and is recording about 17% of profit.
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- August 29 2024
Bruce Dettling to oversee Australia as Gallagher’s global head of mining and heavy industry
In this newly created role, London-based Dettling who joins from Aon will report to Malcolm Payton, CEO, property & casualty insurance solutions and head of global fac at Gallagher Specialty.
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- August 27 2024
Opinion: Mpox cases with deadlier strain send jitters across Asian P&C market
While the number of cases is still limited in the region, a potential spreading of the virus, especially the mutated clade 1b strain, could disrupt fragile supply chains already impacted by the curtailment of shipping in the Red Sea and result in potential BI losses.
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- August 23 2024
PSC Insurance FY2024 revenue up 15.5% on UK business growth
The ASX-listed broking group said it expects to complete its US$1.5bn sale to The Ardonagh Group by October 11.
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- August 22 2024
Climate change exposes banks to ‘silent’ risks as insurance gets more unaffordable: Aon
Banks can leverage on tools and datasets that insurers have been using for pricing climate risks. Alternative risk transfer tool such as parametrics can also provide additional protection, the broker said.
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- August 19 2024
AUB doubles down on UK retail expansion with Movo acquisition
The London-based broker is the second acquisition by the company in the UK after it picked up a 40% stake in AR network Momentum in June this year.
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- August 9 2024
QBE strikes US$1.6bn loss portfolio transfer deal with Enstar, RiverStone
Enstar’s subsidiary will assume US$376m out of total net loss reserves for US commercial liability and workers' compensation risks, effective July 1, and will provide approximately US$175m of cover in excess of the ceded reserves.
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- August 8 2024
Cyber wordings, limits set to tighten as CrowdStrike points to ambiguity in cover
The industry needs to address accumulation risks, data gaps and further threats from large-scale events that are becoming more frequent.
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- August 2 2024
Lockton promotes Chris Brown to CEO of Lockton International
In his new role, London-based Brown will drive Lockton's strategy and growth across Europe, Latin America, Asia, Pacific (Australia & New Zealand), Middle East and North Africa.
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- July 31 2024
APAC and Africa account for 33% of US$120bn global nat cat losses: Munich Re
The costliest natural disaster in the first half of the year is the Noto earthquake in Japan that amounted to an estimated US$10bn in losses.
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- July 31 2024
Cyber market is in need of more buyers, says QBE’s Serene Davis
The market is at an inflection point amid predictions that it will undergo significant growth as the world recovers from the CrowdStrike outage, but underwriters will have to look at new countries and clients to hit those projections.
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- July 30 2024
Up to US$40bn additional property cat limit purchased in H1: Guy Carpenter
Greater market stability, and moderating pricing in a number of segments, provided cedents with better ability to budget for additional levels of coverage, the reinsurance broker said in it mid-year report.
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- July 30 2024
HDI’s Asean and Australasia regional manager Willem van Wyk to head new Dubai office
The new hub will initially offer engineering, construction and property insurance products with other lines such as liability and marine being written from the insurer's Singapore office.
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- July 29 2024
Space insurance scrambles amid billion-dollar+ claims, scarce premium pool
While the market has seen a doubling of rates recently, shrinking underwriting capacity and technology changes add further challenges to the industry reeling from recent large losses.
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- July 29 2024
CrowdStrike IT outage could be earnings event, impact multiple carriers: AM Best
Since insurers have been tightening underwriting standards through increased retentions, manageable limits, shifting their focus to small and medium-size enterprises, the use of reinsurance, the event has potential to be a contracted claims and legal process, according to the rating agency.
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- July 26 2024
Opinion: China’s onshore oil & gas expansion throws spotlight on risks for insurers
With China's new exploration projects, questions remain over which (re)insurers will benefit at a time when the backlash against failure to exit from fossil fuels underwriting grows louder.
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- July 24 2024
Criterion secures capacity from Bridgehaven Specialty to target waste management and recycling
The "A" rated capacity enables the MGA to offer "significant line sizes" to the underserved demand for sustainable recycling covers across UK, Australia and New Zealand.
