News
Semperis has launched an enterprise resilience platform. Ready1 is designed to bring together stakeholders, coordinators and technical teams in one secure platform, to support cohesive crisis response through preparation, collaboration and enterprise-wide communications.
Posted: 2025-04-25
Cyber insurer Cowbell has launched a new professional indemnity and cyber offering for technology companies. Aimed at companies with up to £1bn in annual turnover, and providing limits of up to £5m, Prime One Tech features a GenAI-powered tool that streamlines underwriting workflows.
Posted: 2025-04-24
Third-party risk management is compromised in many organisations because those holding the relationship with the third-party don’t escalate red flags to compliance teams reliably, according to research from Gartner. Relationship owners are most often mid-level managers, directors and senior vice-presidents who have a direct insight into multiple third parties that compliance leaders deem as high-risk.
Posted: 2025-04-24
The CII has advised the Treasury Select Committee that institutions and individuals be held accountable for decisions made using AI, and advocates a ‘skills strategy’ to support the use of AI within financial services. The membership body says professionals should “always be prepared to take accountability for the outcomes created by AI, either through design or monitoring”.
Posted: 2025-04-23
Commercial and residential real estate MGA Ventis is to launch on the Acturis e-trade platform. The strategic expansion will be led by newly appointed director of SME, Ian Newman and Jenny Attewell, SME lead underwriter.
Posted: 2025-04-23
Chaucer has launched a standalone third-party liability insurance product designed to address the evolving liability risks arising from AI system underperformance. Developed in collaboration with Armilla AI, the product is available to US insureds with global territorial limits, with the binder led by Chaucer. It will cover hallucinations, model drift, mechanical failures and other deviations from expected AI behaviour, and legal defence and liability protection for claims arising from such underperformance.
Posted: 2025-04-23
Apollo and Moonrock have announced the launch of a new drone, eVTOL and aviation innovation insurance facility. The facility will provide liability coverage of up to US$100m and property damage cover of up to US$22.5m. Led by capacity from Apollo, follow-on capacity will be provided by AEGIS London, AXIS, Beazley, Helvetia, IQUW and others, while Moonrock will underwrite and distribute the product to brokers.
Posted: 2025-04-22
Geocoding and property intelligence provider Addresscloud has partnered with address data and geocoding provider Smarty to develop a solution for underwriters that identifies property risks in the US.
Posted: 2025-04-22
Specialist re/insurance broker Miller has expanded its delegated authorities offering, with the launch of a new team dedicated to the European market. The team will be led by Laurie Gaitskell as head of European delegated authorities, alongside Anne-Sophie Petit and Ilenia Piszolitto – all former Alesco Delegated Authority insurance specialists.
Posted: 2025-04-17
The International Underwriting Association has announced the appointment of three new board members from the London company market professionals. The association’s board is responsible for overseeing all its work representing London insurers and reinsurers providing international and wholesale cover.
Posted: 2025-04-17
Pool Re has appointed Richard Roberts to the newly created role of chief finance and investment officer. Roberts reports directly to the organisation’s chief executive officer, Tom Clementi, and joined at the beginning of April.
Posted: 2025-04-17
Optio Group has today confirmed the completion of its acquisition of Norway-based MGA S Insurance. Headquartered in Bergen and with offices in Oslo, S Insurance specialises in marine hull, underwriting business globally, and with a particular presence in Europe.
Posted: 2025-04-16
The Chartered IIA and ISACA have urged the UK secretary of state for business and trade, Jonathan Reynolds, to urgently consider audit reform legislation to boost digital resilience. The two groups are calling for the rapid implementation of recommendations made by John Kingman in 2018 and Donald Brydon in 2019, including legislating to give the Financial Reporting Council enhanced powers.
Posted: 2025-04-16
FERMA has announced that Typhaine Beaupérin will step down from her roles as CEO and secretary-general of the federation in June. She took up the post of CEO in 2015 and became secretary general in 2019. FERMA said she had significantly enhanced its voice within EU institutions and elevated the profile of the risk management profession. It said a new CEO and secretary general would be announced in due course.
Posted: 2025-04-16
Business credit data provider CRIF has announced a new partnership with claims management solutions provider Crawford and Company. Using open banking technology, the partnership aims to reduce the time spent on claims management by 30%.
Posted: 2025-04-15
AEGIS London has doubled the level of Lloyd’s capacity for its terrorism cover from US$250m to US$500m. Available through OPAL, AEGIS London’s digital quote-and-bind platform, SHIELD (Terror) is designed for larger US organisations operating across multiple locations with significant exposure to terrorism risks.
Posted: 2025-04-15
Members of the Net-Zero Banking Alliance voted overwhelmingly today to loosen climate obligations, following a year-long strategic review of the UN-backed global initiative. The changes adopted by NZBA are a response to a changed external landscape, it said – one in which many of its 129 member banks are subject to “significant new external climate reporting requirements”.
Posted: 2025-04-15
RSA Insurance is to rebrand and trade as Intact Insurance. RSA was acquired in June 2021 by the Canadian insurer Intact Financial Corporation and Scandinavian insurer Tryg A/S. With a global team of 31,000 employees, Intact Financial Corporation writes CAD$24 billion in total annual DWP.
Posted: 2025-04-14
Nat cats and unmodelled extreme weather risks are emerging as a defining challenge for renewable energy markets worldwide, according to sector specialists at GCube. The insurer warns that the long-term viability of clean energy projects may be at risk as the industry scales.
Posted: 2025-04-14
DUAL Europe is expanding its marine business with a new team in Hamburg, Germany. This is the third marine hub opened by DUAL in less than two years, with the Rotterdam and Genoa hubs established in 2023 and 2024 respectively.
Posted: 2025-04-14
QinetiQ Ltd has been fined £800,000 after an employee was shot during testing of ammunition at a Ministry of Defence range in South Wales. The incident, which took place in March 2021 during a NATO ammunition quality assurance trial at the MoD's Pendine ranges, left the individual paralysed from the shoulders down after he was shot by a 5.56mm bullet fired from a gun, 570 metres away.
Posted: 2025-04-11
Cyber risk solutions provider Resilience is expanding its cyber insurance offering to cover UK enterprise clients with revenues over £10bn. The company has provided cyber liability and technology errors and omissions insurance in the US since 2020. This latest expansion is supported by a new partnership with Accredited Insurance, backed by a panel of global cyber reinsurers.
Posted: 2025-04-11
The UK Government has this week launched a new Code of Practice outlining standards for cyber governance, with the goal of improving cyber security in medium-sized and large organisations. The Cyber Governance Code of Practice sets out the most critical governance actions for which directors are responsible, rather than serving as guidance for those managing cyber security on a day-to-day basis.
Posted: 2025-04-11
Microsoft and Google are the two technology vendors whose products are most frequently targeted by threat actors, according to new insurer data. Apple and Linux ranked third and fourth respectively in Coalition’s list of most vulnerable vendors. Released today, the insurer’s Risky Tech Ranking was compiled to support better decision-making around the technologies businesses adopt.
Posted: 2025-04-10
Nikhil Rathi has been reappointed as chief executive of the Financial Conduct Authority for a second term. Since Rathi joined in October 2020, the FCA has undertaken reforms to strengthen the UK’s position in wholesale markets, including the most significant changes to the listing regime in over 3 decades.
Posted: 2025-04-10
Allianz Engineering has introduced a solar photovoltaic systems inspection service for businesses and industrial sites. The new service extends its existing Electrical Fixed Wiring Inspection to include regular checks and tests for solar PV systems. It can be used alone or alongside current wiring inspections.
Posted: 2025-04-10
An unsettled regulatory environment is the greatest risk for senior enterprise risk executives in Q1 2025, according to research published today. Increasing compliance complexity and costs due to regulatory authority changes moved from the third most cited spot in the second half of 2024, according to the Gartner study.
Posted: 2025-04-09
The digital healthcare industry has become a thriving sector, whilst facing escalating cyber threats and evolving regulatory challenges, according to research from CFC. The growing adoption of digital healthcare solutions has resulted in the specialist insurer seeing a significant rise in claims notifications. Two thirds of claims now stem from emerging sources such as advertising liability, IP or cyber crime.
Posted: 2025-04-09
ACORD has launched its next generation Global Reinsurance and Large Commercial Standards, providing an updated, global, digital-first approach to data messaging, enabling straight-through, end-to-end processing across the policy lifecycle and the re/insurance ecosystem.
Posted: 2025-04-09
The International Underwriting Association has launched a new online library of model insurance and reinsurance clauses. Freely accessible online, there are more than 1,000 items within the database, including explanatory notes and background papers, grouped into three main classes of business: aviation, marine and property and casualty.
Posted: 2025-04-07
Manufacturers view sustainability as more of an opportunity than a risk, and are embracing smart technologies to make production greener, safer and more efficient. This is amongst the findings of the latest Global Manufacturing Risk Index 2024 from risk advisory and broker Willis.
Posted: 2025-04-07
FERMA has issued an enterprise risk management consultation paper focused on the role of the corporate risk manager, as part of its efforts to progress the maturity of the enterprise risk management function.
Posted: 2025-04-07
MNK Group has announced the launch of its new, unified brand, integrating its broking, MGA and other entities. Introduced last night at the group’s annual Sky Garden gathering, the new group connects all underlying entities across the UK, Europe, North America, Latin America, Africa, the Middle East and the Far East.
Posted: 2025-04-04
Skyline Partners is partnering with the Business Applications and Space Solutions programme of the European Space Agency to explore the use of space assets and technology in the delivery of parametric insurance products for application to drought and wildfire risks.
Posted: 2025-04-04
Willis and The Nature Conservancy have unveiled a new insurance policy that takes into account efforts to mitigate wildfire risk. Structured by Willis, the US$2.5m wildfire resilience solution was developed for Tahoe Donner, a private homeowners association in California.
Posted: 2025-04-04
The Terrorism (Protection of Premises) Act 2025, also known as Martyn’s Law, received Royal Assent today. The legislation was developed in response to the 2017 Manchester Arena bombing, which claimed 22 lives, including Martyn Hett.
Posted: 2025-04-03
Willis has expanded its CyXS facility to offer USD/GBP/EUR115m of capacity via Lloyd’s syndicates and up to USD/GBP/EUR40m outside of Lloyd’s. The facility now includes the new CyXS Plus and CyXS Company offerings, each offering a further USD/GBP/EUR40m of capacity.
Posted: 2025-04-03
Gallagher has expanded its real estate practice with the acquisition of Bircroft Insurance Services. Bircroft is a commercial insurance broker specialising in the wholesale, retail and private client real estate segments.
Posted: 2025-04-03
Specialist insurer CFC has today announced the launch of a new cyber product designed for businesses with revenues up to £250m. Among the features of the new policy, Cyber Proactive Response offers interim payments for business interruption; income loss from lost or missed bids; and affirmative coverage for AI events. The policy also covers theft of physical goods and invoice manipulation; emergency continuity costs; and contingent bodily injury coverage.
Posted: 2025-04-02
Premium finance provider, PremFina has announced a new partnership with Ardonagh Advisory, expanding its reach through the UK marketplace.
Posted: 2025-04-02
Ecclesiastical Insurance is lending its specialist risk management expertise to support the National Emergencies Trust’s Appeal Partners Programme, whose mission is to provide support to those affected by national emergencies.
Posted: 2025-04-02
Businesses in the UK have less than a year to file any remaining Covid-19-related business interruption claims before they are time-barred. A half a decade has passed since the first lockdown was enforced.
Posted: 2025-04-01
The UK Government has today revealed the full details of the Cyber Security and Resilience Bill, outlining the scope of the new laws first confirmed in last year’s King’s Speech.
Posted: 2025-04-01
The Ardonagh Group has launched its new global data and technology unit. Ardonagh Intelligence will create a single view of the data and technological capabilities across the group, which now employs more than 100 data scientists and programmers including the Ardonagh Analytics Lab team based in Mullingar, Ireland.
Posted: 2025-03-31
PSG Equity has acquired a majority stake in risk solutions software platform, Protecht Group, for AU$445m. David Bergmark, co-founder and CEO of Protecht, said the investment marks a significant milestone for the risk software provider as it embarks on its next phase of growth.
Posted: 2025-03-31
Friday’s devastating, M7.7 earthquake in central Myanmar has so far claimed over 3,000 lives, with estimates suggesting the death toll may exceed 10,000, in what will be one of the deadliest natural catastrophes to hit the region.
Posted: 2025-03-31
A nationwide study conducted by the Copyright Licensing Agency has uncovered potential copyright infringement risks in the workplace. Conducted among 4,000 professionals in the UK, the study reveals that, of those who do use GenAI tools in the workplace, 82% have used third-party content in prompts for AI tools. While many UK employees acknowledge the potential risks associated with using third-party material in GenAI tools, a large proportion include this content in their prompts, often potentially infringing copyright.
Posted: 2025-03-28
Ordnance Survey has released data on over 40 million roofs in Great Britain into the OS National Geographic Database. The OS NGD provides buildings intelligence on commercial, retail and residential constructions including material, age, number of floors, address count and basement presence.
Posted: 2025-03-28
Specialist carbon insurance provider Kita is now authorised to insure transactions up to £22.5m in limit and up to 10 years in policy tenor. Kita has grown its product offering over the past 48 months and now offers four insurance policies, including carbon purchase protection cover for delivery risk and carbon political risk cover for political and host country risks. The company also offers a suite of risk assessment and monitoring services that provide insight and analysis to carbon market stakeholders.
Posted: 2025-03-28
The Federation of European Risk Management Associations has welcomed this week's Omnibus Sustainability Rules Simplification Package but has called upon the European Commission to provide a more pragmatic approach and clearer guidance to achieve sustainability goals.
Posted: 2025-03-26
Rokstone has secured a binder agreement with Lloyd’s Somers Syndicates 3705 and 5423, providing capacity for international facultative property, power and onshore energy. The MGA now underwrites in excess of US$300m GWP in worldwide property D&F business.
Posted: 2025-03-26
Sompo has been granted licences to write primary insurance locally in Belgium and the Netherlands, extending its commercial P/C insurance capabilities and product offerings in Continental Europe, where the insurer also operates in Germany, France, Spain, Italy and Switzerland.
Posted: 2025-03-26
The Lloyd’s Market Association, International Underwriting Association and London and International Insurance Brokers’ Association have today launched a joint training programme designed to address non-financial misconduct in the specialty insurance market. The move follows the publication of the Financial Conduct Authority’s 2024 report on non-financial misconduct in the wholesale specialty insurance market.
Posted: 2025-03-25
Chaucer has announced the launch of a new international D&F property smart consortium using InsurX’s exchange platform – enabling London Market brokers to access algorithmic capacity to follow Chaucer’s quotes. InsurX’s exchange statistics show that 61% of quotes are returned within 15 minutes, 84% within an hour and 99.7% within 2 hours.
Posted: 2025-03-25
Operational risk association ORX has launched a Reference Process and Service Library. The new resource consists of two separate but connected libraries – one focused on key business processes and the other on services. Developed with support from McKinsey & Company, the tool is based on 60,000 processes and services submitted by 50 banks and insurers.
Posted: 2025-03-25
MS Amlin has bound a reinsurance scheme that could provide up to €1bn in cover annually for Ukraine’s SMEs. Developed with the European Bank for Reconstruction and Development and Aon, the scheme aims to bolster Ukraine’s war risk insurance market by enabling local insurers to begin offering inland cargo and transport cover for SMEs.
Posted: 2025-03-24
Orbis Protect has launched a portable, solar-powered surveillance solution. RapidCam offers real-time monitoring and proactive threat detection using AI to filter false alarms, and featuring 4K ultra-HD footage, live audio and 24/7 monitoring.
Posted: 2025-03-24
The global construction industry is seeing a surge in datacentre projects due to rapid technological advancement and AI demand. At the same time, labour shortages and escalating material expenses are creating a difficult mix for both the construction and insurance domains, according to sector specialists at Willis.
Posted: 2025-03-24
Ignite Specialty Risk, which specialises in litigation risk insurance, is to offer its products to insureds in the European Economic Area. This includes after the event, and single risk and portfolio capital protection insurance. The move builds on Ignites existing presence in the UK and the US.
Posted: 2025-03-21
Axa XL has joined forces with Nature Positive to produce a guide for the risk management community to help identify, assess and mitigate nature-related risks. The report explores the opportunities and risks across seven industries with critical relationships to nature, including chemicals; construction, agriculture and renewable energy generation.
Posted: 2025-03-21
Howden Scotland has acquired the book of business of Edinburgh-based SKB Independent Insurance Brokers. Founded by CEO Satvinder Breeze, SKB provides insurance services to businesses throughout Scotland and the UK. SKB has been rebranded as Howden, and will be integrated into the existing Howden Scotland team based in Edinburgh.
Posted: 2025-03-21
Property and climate risk analytics provider ZestyAI has received regulatory approval of its Severe Convective Storm Suite in Oklahoma, North Carolina, Louisiana, Wisconsin and Arkansas – covering more than 12 million residential and commercial properties.
Posted: 2025-03-19
Geocoding and property intelligence solutions provider Addresscloud has launched its first North American product. Covering more than 150 million properties and assessing 20 natural hazards, Addresscloud consolidates detailed, location-specific insights on key risk factors, such as flood and wildfire vulnerability, structural characteristics and multi-peril hazard exposure.
Posted: 2025-03-19
Tokio Marine HCC International, Markel and Apollo are providing insurance capacity for Artio, to power its early-stage carbon credit delivery insurance product. The new cover will be available to businesses worldwide immediately.
Posted: 2025-03-19
Enterprise risk management teams could increase their efficiency and drive better risk insight and mitigation by using generative AI tools. Highlighting the ways in which typically resource-constrained ERM teams can increase efficiency, Gartner proposes that ERM professionals use GenAI as a communicator, notetaker, researcher, librarian and trainer.
Posted: 2025-03-18
Augment Risk is working with Skyline Partners to expand the availability of its hurricane insurance protection for businesses and residential condominium owners in Hawaii. Capacity is supplied by Kansas-based parametric specialist Vortex Weather Insurance under a binder arranged by Augment Risk. Policies are distributed by local producer ExcurInsure and Hawaiian Hurricane Group. Skyline Partners acts as capacity supplier with responsibility for product design, structuring and index calculation.
Posted: 2025-03-18
UK business insolvencies totalled 26,708 in 2024 representing a drop of 5% on the previous year, bucking the global trend. They are forecast to drop by 3% this year and 7% in 2026. In contrast, global business insolvencies were up 10% in 2024 with increases of 6% and 3% expected this year and next, according to the latest Allianz Trade Global Insolvency Report.
Posted: 2025-03-18
Commercial property insurance group FM today began construction at its new Science and Technology Centre in Luxembourg. The new facility will serve as its central hub for research, innovation and client engagement in EMEA. Luxembourg has been home to the group’s European headquarters since 2017.
Posted: 2025-03-17
Marsh has expanded the scope of its Cyber Echo facility. Launched in 2016, Cyber Echo offers up to US$125m of cyber insurance cover. Since its launch, the broker's facility has provided nearly US$50bn of cover to about 500 commercial clients globally.
Posted: 2025-03-17
US-based risk management association RIMS has published a new report outlining the steps risk professionals can take to proactively address risks, and foster greater risk management success using the pre-mortem method.
Posted: 2025-03-17
AEGIS London has appointed Charity Bare to the position of chief risk and compliance officer. Bare will be responsible for a team of 16 across AEGIS London’s Risk and Compliance team – incorporating risk, exposure management and compliance and regulation. She will report to Alex Powell, CEO of AEGIS London.
Posted: 2025-03-14
The Federation of European Risk Management Associations has this week published its position paper on the revision of the EU Public Procurement Directives, in response to the European Commission’s public consultation, which proposes a series of policy options designed to introduce greater flexibility for public sector companies when purchasing insurance.
Posted: 2025-03-14
A survey of insurance brokers has uncovered strong backing for the establishment of a dedicated regulatory framework for MGAs. 68% of the 147 specialist brokers polled by Corin Underwriting feel that the Financial Conduct Authority should regulate MGAs separately from insurers and brokers. Further, 67% of brokers indicated they would be more inclined to work with MGAs if such a framework were introduced.
Posted: 2025-03-14
Companies in the energy and natural resources industry are expected to spend over a third more on clean energy technologies in the next financial year, according to analysis by broker and risk advisory Willis. Against the backdrop of increased fossil fuel investment, the risk outlook is complex and interconnected, as companies balance conflicting priorities.
Posted: 2025-03-13
Each £1 invested in natural flood management schemes is expected to deliver £10 of benefits over 30 years. According to the Environment Agency, natural flood management is effective at reducing the overall damage from flood risk, and now fresh analysis from RSA Insurance and The Wildlife Trust uncovers wider benefits including improved biodiversity and enhanced carbon storage.
Posted: 2025-03-13
Organisations are more at risk of acute supply chain failure in 2025 as a result of heightened global geopolitical tensions and protectionist trade strategies, according to risk specialists at Marsh. The firm’s latest Political Risk Report also highlights the challenges presented by shifting market and political dynamics, especially as they relate to the energy transition.
Posted: 2025-03-13
The majority of ransomware claims submitted in 2024 began with threat actors compromising perimeter security, such as virtual private networks or firewalls. Remote desktop products were second-most (18%) exploited for ransomware attacks, according to insurer Coalition’s Cyber Threat Index 2025, published this week.
Posted: 2025-03-12
Climate risk professionals from the Institute and Faculty of Actuaries and the University of Exeter warn that climate policies must adapt to rising global temperatures to prevent catastrophic economic and humanitarian impacts.
Posted: 2025-03-12
HDI Global has launched a new service designed to help businesses assess and mitigate climate-related risks. Its new Climate Consulting offering is designed to help firms analyse location-specific exposure to chronic and acute physical climate risks, and to develop targeted measures to mitigate them.
Posted: 2025-03-11
Pool Re has today launched a market consultation to explore the reintegration of terrorism cover as a standard feature within commercial property insurance for SMEs. Running until the end of April 2025, the consultation will collect feedback from Pool Re’s members, re/insurance intermediaries, policyholders, industry bodies and the wider insurance market.
Posted: 2025-03-11
Commercial property insurer FM’s renewable energy operation insurance policy is now available to clients in Europe, the Middle East and Africa. FM Renewable Energy was formed last year, and focuses on research, standards development and loss-prevention engineering around utility-scale ground mounted solar, onshore wind power and battery energy storage systems.
Posted: 2025-03-11
QBE is expanding its warranty and indemnity presence in the Nordics.
Posted: 2025-03-10
Liberty Specialty Markets has teamed up with Baobab Insurance to develop an e-crime insurance product for SMEs. Bespoke coverage is available for sums of up to E5m.
Posted: 2025-03-10
From geopolitical uncertainties and climate change to the rise of artificial intelligence, the global risk landscape is evolving rapidly. Meanwhile, stakeholder expectations have never been higher. In this environment, strong corporate governance, ethical conduct and social responsibility are not optional – they are the foundation of resilience and reputation in the modern enterprise.
Posted: 2025-03-10
The winners of the 2025 National Insurance Awards were announced last night at a gala dinner and awards ceremony at the London Marriott Hotel, Grosvenor Square. Hosted by the brilliant Marcus Brigstocke, the fastest growing awards in the insurance industry highlight the very best in general insurance provision and management.
Posted: 2025-03-07
Global standards body Acord has said only 25% of major insurers have truly digitised their value chain and that 10% are still not appreciably leveraging digital technologies within their existing business process. It found that more than half were still exploring how digitisation could be best used within their operations.
Posted: 2025-03-07
WTW is partnering with the Karlsruhe Institute of Technology and NASA to explore the ways in which the understanding and modelling of hail risk may be improved. In the latest phase of its long-term collaboration with KIT, the risk advisory’s project will explore the challenges posed by hailstorms, with particular focus on the impacts of climate change.
Posted: 2025-03-07
I don’t suppose anyone thought 2025 was going to be quiet, but the speed of systemic change, uncertainty and risk has exploded. The truism of talking about VUCA now feels like quaint understatement as we grapple with dramatically different geopolitical realities and the disruptive impact of technological leaps.
Posted: 2025-03-06
A severe solar storm could cause global economic losses of £1.9trn over a five-year period, according to the latest Lloyd’s Futureset scenario report. Europe would account for £540bn of those potential losses, the report suggests.
Posted: 2025-03-06
Legislation and regulation are the factors that currently have the most significant impact on directors’ and officers’ insurance around the world, according to member firms surveyed for the latest report from Global Insurance Law Connect. Other key trends include the growing influence of environmental, social and governance factors, and the impact of macro-economic conditions on the insurance landscape. Our members report that globally this increased focus on corporate governance, and sustainability has increased the focus on directors’ liabilities.
Posted: 2025-03-06
Specialty MGA UK has entered the political risk market. Amir Hussain will lead the new division as head of political and credit risk. Hussain has worked as a credit analyst at Barclays, as well as underwriting for Lloyd’s syndicates including Brit and Hamilton. He specialises in political risk, contract frustration and credit risk.
Posted: 2025-03-05
Global professional services company Accenture has acquired UK-based Altus Consulting. Altus Consulting designs and delivers business and technology solutions for insurers focused on improving administration, customer experience and product design.
Posted: 2025-03-04
Specialist Australian underwriting agency Solution Underwriting will from this week trade under the CFC brand. CFC acquired the specialist underwriting agency, focused primarily on financial lines insurance products, in April 2024.
Posted: 2025-03-04
Perry Thomas has been appointed as Flood Re’s new CEO. Most recently non-executive director and chair of the Risk and Capital Committee, Thomas' background includes roles as CEO, CRO and group chief actuary at a number of financial institutions, including Lloyds Bank, HSBC and the Reinsurance Group of America.
Posted: 2025-03-03
Pool Re has completed placement of a new retrocession programme with more than 60 international reinsurers. Providing £2.75bn of aggregate excess of loss cover, increased from £2.4bn, the placement was brokered by Guy Carpenter, with Hannover Re and The Fidelis Partnership among those providing pricing guidance.
Posted: 2025-03-03
Optio Group has acquired Norway-based MGA, S Insurance AS, for an undisclosed sum. Headquartered in Bergen and with offices in Oslo, S Insurance specialises in marine hull, underwriting business globally with a strong market presence in Europe.
Posted: 2025-03-03
Denmark has proven its resilience for a second year in a row, as it sits proudly at the top of the annual global FM Resilience Index. The commercial property insurer’s 12th yearly ranking of 130 countries and territories incorporates proprietary data with that of third parties, including the International Monetary Fund and World Bank, to reflect a comprehensive picture of resilience.
Posted: 2025-02-28
Third-party risk was the dominant driver of cyber insurance claims and material losses in 2024, data from cyber risk solutions company Resilience has found. Threat actors have a track record of exploiting a single point of failure in one company to create a cascading effect of disruption and chaos downstream, as evidenced by recent incidents including the PowerSchool, CDK and Change Healthcare breaches.
Posted: 2025-02-28
More than one in four incidents reported to Willis’s crisis support team last year involved threats to individuals or client assets.
Posted: 2025-02-28
Beazley has entered the European property market, addressing the growing demand for specialty solutions in the region. Sara Foucher will lead the new offering from the insurer’s Paris office. She will report to Richard Montminy, group head of property risks.
Posted: 2025-02-26
Digital identity solutions provider Signicat has partnered with AML automation specialist Strise. The collaboration combines Signicat's Mint digital identity verification tool with Strise’s AML offering to provide an end-to-end KYC and AML solution.
Posted: 2025-02-26
The Financial Conduct Authority is concerned that organisations may not be acting quickly enough on a sufficiently wide range of operational risks. To counter this, it published a consultation on operational risk reporting that runs until the middle of March.
Posted: 2025-02-26
The transportation and logistics industry stands at a crossroads in 2025, with the potential to drive significant 'positive change'. This is the key message from Willis’s Global Transportation and Logistics Risk Report, which cites business interruption, supply chain disruption and cyber security as three of the top risks facing the sector.
Posted: 2025-02-25
Schneider Electric and EcoXpert Partners, on365, have rolled out a series of large-scale datacentre and critical power projects for Markerstudy Group.
Posted: 2025-02-25
Cyber risk analytics provider CyberCube is bolstering its product suite’s capabilities through a partnership with AI solutions developer Feathery. Feathery’s AI-driven automation extracts key information from mutual clients and inputs it into CyberCube’s Broking Manager or Account Manager tools via the CyberConnect API suite, with the goal of reducing friction and inaccuracies in the risk assessment process.
Posted: 2025-02-24
The deadline for the 2025 Business Continuity Awards has been extended by two weeks. Celebrating achievement in business continuity, security and resilience, the Business Continuity Awards are the most anticipated and celebrated event in the business continuity calendar, providing unrivalled networking, alongside a night of entertainment and celebration.
Posted: 2025-02-24
Deepfake scams have increased by 2137% across the financial and payment sectors over the last three years, as evolving AI-based techniques pose new security challenges for organisations around the globe. According to data from Signicat, account takeover is the leading type of fraud customers are exposed to, followed by card payment fraud and phishing.
Posted: 2025-02-21
Gallagher has found that more than a quarter of UK businesses were impacted by civil unrest in 2024. The intermediary spoke to more than 500 decision makers at businesses of different sizes and nearly two-thirds said the continuation of the issue was a major concern for the year ahead.
Posted: 2025-02-20
Next Insurance is rolling out a series of AI tools developed by property and climate risk analytics provider, ZestyAI. Under the agreement, the commercial insurer will adopt ZestyAI’s Z-Property and Z-Fire models to enhance its underwriting processes.
Posted: 2025-02-20
Broker Marsh has announced the addition of new capacity to its Fast Track facility. From 1 March, 2025, clients can access up to 10% automatic capacity across their entire property and casualty portfolios, as well as specialty risks.
Posted: 2025-02-20
CFC has launched a new service designed to automate quoting for up to thousands of policies. Initially available for the specialist insurance provider’s cyber products, UK brokers can bulk quote their entire books of business in a single process.
Posted: 2025-02-19
A report from WatchGuard has revealed a 300% spike in endpoint malware, as threat actors target legitimate web services and documents. Other findings from the provider’s Threat Lab Report flags include a resurgence of cryptomining malware, an increase in signature-based and social engineering attacks and a notable surge in attacks across EMEA.
Posted: 2025-02-19
As the third anniversary of the Russia-Ukraine war approaches, risk professionals are abandoning plans and contingencies drawn up earlier in the war, in response to fundamentally changed dynamics. According to this week’s Airmic Big Question poll, just 21% of risk leaders are following geopolitical risk contingencies drawn up earlier.
Posted: 2025-02-19
Apollo has expanded its drone offering to include product liability. As part of Moonrock’s existing binder with the insurer, the specialist MGA has introduced product liability coverage, catering to hobbyist, commercial and non-standard drone policies.
Posted: 2025-02-18
Specialty insurer and reinsurer IQUW has launched a ports and terminals product, providing coverage for physical loss or damage to marine property and cargo handling equipment, business interruption and third-party liabilities.
Posted: 2025-02-18
Aon has entered into a co-broking agreement with minority-owned broker Protecdiv, broadening its offering for small and local businesses. Protecdiv will collaborate with Aon to provide commercial insurance and reinsurance solutions for the private and public sectors.
Posted: 2025-02-18
Coffee farmers in Vietnam have received the first ever payout of a parametric insurance policy following losses related to low rainfall. Willis placed the parametric solution with Bao Minh Insurance Corporation in Vietnam in 2024 to protect coffee farmers’ revenue from yield losses caused by low rainfall during the critical flowering period.
Posted: 2025-02-17
Lockton has launched a specialised insurance facility designed to streamline coverage for battery energy storage system projects. As energy storage becomes an increasingly critical component of the renewable energy transition, the broker’s new facility promises competitive pricing through its full-follow structure, providing up to £250m in capacity and a pricing credit within 48 hours.
Posted: 2025-02-17
Sompo Holdings has announced the repositioning of its business into two global segments: Sompo Property and Casualty re/insurance (Sompo P&C) and Sompo Wellbeing. Effective 1st April, Sompo P&C will integrate the carrier’s insurance and reinsurance businesses together with its Japan commercial and consumer property and casualty operations.
Posted: 2025-02-17
Convex Group has received in principle approval to launch Lloyd’s Syndicate 1984, slated to commence underwriting in April 2025.
Posted: 2025-02-14
Global Insurance Law Connect has expanded into Malta with the addition of Mamo TCV Advocates to its growing network. Mamo TCV advises insurers on expanding their primary underwriting operations in Malta, as well as supporting firms leveraging EU passporting rights to grow across Europe. Its client base includes insurance trade associations, agents, brokers and other intermediaries.
Posted: 2025-02-13
MNK Re has launched an energy facility for SMEs across Latin America.
Posted: 2025-02-13
Risk professionals say their organisations are prepared for weather-related natural catastrophes, according to a survey published by Airmic this week. The risk association’s latest Big Question poll found that 85% of risk professionals felt either ‘very well prepared’ or ‘somewhat prepared’ for weather-related natural catastrophes.
Posted: 2025-02-13
McGill and Partners has announced the launch of Auton Green, an expansion of its digital, auto-follow facility, Auton, to include additional capacity for onshore renewable energy risks.
Posted: 2025-02-12
The International Maritime Cyber Security Organisation has released a cyber security testing methodology for maritime vessels looking to assess their risk and join its Cyber Risk Registry.
Posted: 2025-02-12
A new London Market committee for construction and engineering claims professionals has been established by the International Underwriting Association, reflecting a growing agenda for the specialism.
Posted: 2025-02-11
The Managing General Agents’ Association and the Association of British Insurers have signed a Memorandum of Understanding establishing a framework for collaboration across a number of mutually beneficial industry initiatives.
Posted: 2025-02-11
Gallagher Bassett has acquired global marine and transit claims management firm, W K Webster and Co Ltd, and its subsidiaries ITAL, ISA, Seawise and Pandi Claims. Established in 1861, WKW serves a global clientele from London, Singapore, New York and Rotterdam.
Posted: 2025-02-07
Accurex has joined Charles Taylor’s adjusting network as an associate partner, extending the latter’s regional coverage in Europe to include the Netherlands. Accurex provides claims management services across property, liability, business interruption, recall, financial lines, event cancellation, cyber, litigation support and catastrophe response.
Posted: 2025-02-07
The majority of risk leaders are involved in strategic decision-making in their organisations, with 66% of those who lead the function confirming their involvement in such decision-making, according to Airmic’s latest Big Question survey.
Posted: 2025-02-07
The UK’s Cyber Monitoring Centre has today launched its cyber event classification scale. In a world-first, the CMC’s framework will assess the severity of major cyber events as they occur, categorising incidents on an easy-to-understand scale from one (least severe) to five (most severe).
Posted: 2025-02-06
WatchGuard Technologies has joined the Amazon Web Services Independent Software Vendor Accelerate Program. The cyber security company has also announced that its platform is available in AWS Marketplace.
Posted: 2025-02-06
The National Cyber Security Centre, along with its Five Eyes cyber security agency partners in Australia, Canada, New Zealand and the US, has issued new guidance designed to help counter sophisticated malicious attacks targeting edge devices.
Posted: 2025-02-06
Global commercial insurance rates fell 2% in the fourth quarter of 2024 following a 1% decline in Q3 2024 – marking the second consecutive quarterly decrease following seven years of rising rates.
Posted: 2025-02-05
Aon has launched a new parametric insurance solution designed to address and mitigate losses from hurricane-related storm surge along the US coast. Developed in collaboration with Floodbase and Swiss Re Corporate Solutions, the new product is designed to help bridge protection gaps in traditional insurance policies, which may demand high deductibles or include significant exclusions in policy wordings for storm surge risk.
Posted: 2025-02-05
Databarracks has announced the launch of Air Gap Recover, its new cyber threat protection service for cloud-native environments. The new offering promises immediate cross-region failover to a segregated cloud account, ensuring instant recovery with near-zero downtime. With this new tool, data is stored in immutable, isolated cloud accounts to protect against ransomware and other cyber threats.
Posted: 2025-02-05
Burns and Wilcox has chosen Cardinus Risk Management as its UK MGA operation’s preferred supplier of property and casualty risk control surveys and property insurance valuations.
Posted: 2025-02-04
Addept Insurance Services has joined the Managing General Agents’ Association. Addept provides a range of ancillary insurance solutions designed to address the evolving needs of customers, brokers and other intermediaries.
Posted: 2025-02-04
A new AEGIS London-led Lloyd’s consortium is offering a solution for complex political violence risks with limits up to US$100m. AEGIS London’s Political Violence Consortium offers cover for the full spectrum of political violence and terrorism perils, including sabotage, strikes, riots and civil commotion, insurrection, revolution, war and civil war.
Posted: 2025-02-04
Global country risk showed “significant improvement” in 2024, according to Allianz Trade, with 48 economies upgraded and only five downgraded in its Country Risk Atlas, published today. The positive trend witnessed in 2023 is now even more pronounced, with upgrades more than doubling (+27) and downgrades remaining stable (+1), it said.
Posted: 2025-02-03
Howden’s corporate and commercial team has struck a deal with accident management services provider Auxillis to support commercial and SME clients in the event of a motor incident. Support will include vehicle recovery, repair management and vehicle replacement.
Posted: 2025-02-03
CFC has announced two senior promotions to unite its global teams.
Posted: 2025-01-31
Symphony Risk Solutions has announced two additions to its leadership team. Lee Stevenson has assumed the role of chief operating officer, while Josh Warren joins the firm as president of Symphony Transact, the firm’s specialty business focused on private equity and corporate mergers and acquisitions.
Posted: 2025-01-31
Chief audit executives are under increased pressure to provide assurance regarding risk management in 2025. According to research conducted by Gartner, audit committees need more risk insight from audit to support the board’s oversight responsibilities – in particular as they relate to the dual nature of AI as both a potential threat and a valuable business asset.
Posted: 2025-01-31
ARAG UK has appointed David Haynes as CEO of ARAG UK Holdings and ARAG Legal Expenses Insurance Company, in Bristol.
Posted: 2025-01-30
Ian Anson has been promoted to global CEO of Rokstone, whilst incumbent CEO, James Potter, becomes chairman and deputy CEO.
Posted: 2025-01-30
Global specialist insurer Hiscox has launched a new FI offering. Covering D&O, PI, E&O, crime and cyber, the expanded offering will be led by recently appointed senior underwriter, Joe Dearsley.
Posted: 2025-01-30
Healix has today launched its new medical and security on-demand service.
Posted: 2025-01-29
Large corporate clients of specialist insurer CFC will from today be able to access physical property damage caused by a cyber event.
Posted: 2025-01-29
MS Amlin has renewed its Phoenix Re sidecar for the fifth consecutive year, increasing the available collateralised capacity to more than US$$90m.
Posted: 2025-01-29
Ahead of today’s release of a report into the causes of the recent California wildfires, a cat modelling expert at Bayes Business School has called for a fundamental rethink of disaster insurance. Dr Eugenia Cacciatori argues that the current approach to insuring properties in disaster-prone areas is reaching "breaking point".
Posted: 2025-01-28
More organisations are re-evaluating their supply chains and business strategies to prepare for growing geopolitical risks, according to Airmic’s latest Big Question survey. Donald Trump’s return to the White House, and turmoil in tech stocks resulting from the arrival on the AI scene of China’s market-rocking DeepSeek technology are just two of the latest developments exacerbating geopolitical rivalries between the two superpowers, but with ramifications for organisations around the globe.
Posted: 2025-01-28
Inland waterways are increasingly subject to escalating climate risks, with cargo transport and other inland waterway operations at growing risk of worsening developments.
Posted: 2025-01-28
Ki has completed its separation from parent company Fairfax. The algorithmic Lloyd’s digital follow platform was created in 2020 and started writing business through its Syndicate 1618 in 2021, writing over US$1bn of GWP in 2024.
Posted: 2025-01-27
HDI MGA Falcon Risk Services has announced the launch of its latest cyber, technology E&O and MPL insurance solution, FalconFlight.
Posted: 2025-01-27
The Financial Ombudsman Service is predicting that more than 37,000 fraud and scams complaints will be submitted during the next financial year.
Posted: 2025-01-24
The Information Commissioner’s Office has announced plans to bring the UK’s top 1,000 websites into compliance with data protection law.
Posted: 2025-01-24
The European Consumer Organisation (BEUC) has written to EU enforcement authorities to share its concerns that Meta’s latest pay-or-consent policy in the EU may be infringing consumer and data protection law as well as the Digital Markets Act.
Posted: 2025-01-24
Around 60% of economic damage caused by catastrophes in 2024 was uninsured, according to a report by Aon which aims to identify global natural disaster and climate trends to quantify the risk and human impact of extreme weather events.
Posted: 2025-01-23
Axa XL is partnering with London GreenCity, the UK’s first accelerator for development-stage climate tech entrepreneurs, to offer expertise in insurance and risk management to the its members.
Posted: 2025-01-23
The public spending watchdog has estimated that the government’s maintenance backlog is at least £49bn, warning that government has much to do to bring property conditions to a satisfactory level
Posted: 2025-01-23
Ofcom has launched a digital toolkit to help businesses comply with new rules under the Online Safety Act.
Posted: 2025-01-22
The private and public insurance markets were hit with £125bn of losses last year due to natural catastrophes and severe weather, according to reinsurance broker Gallagher Re, which adds that such annual nat cat losses could become the new normal.
Posted: 2025-01-22
Cyber incidents such as data breaches or ransomware attacks, and IT disruptions like the CrowdStrike incident, are the biggest worry for companies globally in 2025, according to the latest Allianz Risk Barometer, with climate change also moving up to its highest ever level in the annual list of perceived threats.
Posted: 2025-01-21
Digital risk processing platform Cytora has teamed up with property data specialist Smarty to enhance property risk evaluation for insurers.
Posted: 2025-01-21
US insurer Mercury General Corporation has so far paid out US$80m (£65m) to policyholders affected by the recent wildfires in Los Angeles, mostly for living expenses and housing contents, but is yet to determine whether the fires are classified as a single event.
Posted: 2025-01-21
Payouts relating to property damage in 2024 are expected hit their highest level in 17 years, according to UK insurance sector analysis by Deloitte.
Posted: 2025-01-20
The Insurance Fraud Bureau is to combine its counter-fraud databases into a single platform which it says will enable members to make faster and more informed decisions on suspected fraud cases.
Posted: 2025-01-20
The Home Office has announced a public consultation seeking views on three proposals aimed at blocking some of the key business models utilised by ransomware criminals.
Posted: 2025-01-20
HealthKey has announced its first major partnership with UK construction accreditation body, Veriforce CHAS. The healthtech platform offers a suite of services, including virtual GP consultations, physiotherapy, preventative care and mental health support.
Posted: 2025-01-14
DARAG Group and Wefox Insurance AG have announced the transfer of a run-off portfolio, including motor damage and third party liability, private liability and property business across Germany, Italy and Switzerland. The transfer of the portfolio is related to the previously announced sale of Wefox Insurance AG to a group of Swiss companies led by BERAG.
Posted: 2025-01-14
Atrium Syndicate 609 has agreed a loss portfolio transfer with Enstar’s Lloyd’s syndicate 2008, covering discontinued portfolios. The transaction covers 609’s marine treaty reinsurance, property treaty reinsurance and US contractors general liability portfolios.
Posted: 2025-01-14
The Lloyd’s Market Association has set out a framework for Lloyd’s insurers to consider using when managing their exposure to lesser-known systemic cyber risks. While systemic scenarios such as the failure of a cloud service provider or a widespread ransomware attack have been extensively modelled, the rapid digitalisation of society is creating new cyber risks with which insurers are less familiar.
Posted: 2025-01-13
Miller has expanded its Asia presence with the launch of Miller Korea. The new division will be led by David Kim as head of Korea. Over the past 25 years, Kim has served in a range of leadership positions across the insurance sector, including as CEO of Marsh Korea. Prior to this, he worked for ten years in the investment industry, including at Morgan Stanley in Japan.
Posted: 2025-01-13
Moody’s has announced its acquisition of Ai-powered geospatial insight provider, Cape Analytics. Cape Analytics creates property intelligence analytics through computer vision, machine learning and geospatial imagery, providing immediate, detailed risk assessments for properties on an individual address basis throughout the US, and in large parts of Canada and Australia.
Posted: 2025-01-13
Multiple wildfires have caused tragic loss of life, widespread destruction of property, and mass evacuations in California. According to the California Department of Forestry and Fire Protection, the largest of those fires (Palisades and Eaton) are still uncontained, as strong winds and extremely dry conditions continue to maintain the threat of extreme fire spread.
Posted: 2025-01-10
Charles Taylor has opened a new adjusting office focused on the natural resources sector in Rio de Janeiro, reflecting its growing presence in Latin America. The company’s Natural Resources Team, which offers tailored services for complex claims in the energy, mining and natural resource sectors, will be run by Manuel Tarantino.
Posted: 2025-01-10
McGill and Partners has launched a new AI-powered war risk reinsurance facility for commercial property in Ukraine. The new offering leverages Lloyd’s Lab insurtech, FortuneGuard’s technology to assess the likelihood of war damage and to support risk presentation, analysis and underwriting.
Posted: 2025-01-09
American International Group has appointed Christopher Flatt, currently head of AIG North America Alternative Channels, as global chief underwriting officer. Prior to joining AIG in 2017, Flatt held a number of leadership roles at Marsh McLennan, where he worked for 15 years. Previously he served in senior underwriting positions at GE Capital and ITT Hartford, where he began his career.
Posted: 2025-01-09
Grant Smith has been appointed to lead Markel’s transport and logistics team, with immediate effect. Smith has spent more than 17 years of his career working in various underwriting and leadership positions across these classes of business. Prior to joining Markel, he worked as portfolio manager, specialty at QBE European Operations – a position he held since 2014.
Posted: 2025-01-08
Commercial property insurer, FM has announced its acquisition of excess and surplus insurance provider Velocity Specialty Insurance Company. With the increasing frequency and severity of secondary perils and other emerging risks, businesses are seeking E&S coverage for risks that traditional insurance is less likely to cover.
Posted: 2025-01-08
The chief executive officer of Lloyd’s, John Neal, is to leave the insurance marketplace this year to join Aon as global CEO of reinsurance and global chairman of climate solutions. During his six years at Lloyd’s, Neal led a reset in the strategic direction of the world’s largest insurance marketplace. He also set up Lloyd’s strategic agenda to deliver digital, operational and cultural change at the Leadenhall institution.
Posted: 2025-01-08
Axa XL is funding research funding at the Institute for Science, Innovation and Society in partnership with the Smith School of Enterprise and Environment at the University of Oxford.
The 18-month project is aimed at understanding the private sector's approach to achieving net zero emissions in developing countries.
The 18-month project is aimed at understanding the private sector's approach to achieving net zero emissions in developing countries.
Posted: 2025-01-07
Aon is bolstering its credit risk management offering through a collaboration with Moody’s. Under the new agreement, Aon’s Credit Solutions teams will refer its clients to Moody’s to identify ways in which data and analytics tools can unlock credit risk insights.
Posted: 2025-01-07
Brokerslink has added Puerto Rico-based General Insurance Brokers to its affiliate network.
Family-owned GIB is among the largest domestic brokerage firms in Puerto Rico offering a range of commercial lines, personal lines and health and benefits products.
Family-owned GIB is among the largest domestic brokerage firms in Puerto Rico offering a range of commercial lines, personal lines and health and benefits products.
Posted: 2025-01-07
Solace Global Risk is advancing its artificial intelligence capabilities with its acquisition of AI platform provider, Nuraling.
Posted: 2025-01-06
International drinks manufacturer Diageo has been fined half a million pounds after an employee sustained burns to over 30% of his body. The mechanical engineer had been repairing a defective pump when he was burned by pot ale – a liquid which had a temperature of 104C.
Posted: 2025-01-06
Earnix is the latest provider to join the Managing General Agents’ Association as a Supplier Member. The MGAA represents over 400 managing general agents across the UK and the Republic of Ireland, advocating on their behalf and addressing key issues such as regulatory challenges and market opportunities.
Posted: 2025-01-06
RIMS has appointed Kristen Peed as its president for 2025. Peed is head of corporate risk at Sequoia, where she is responsible for the placement of corporate insurance programmes, claims management and the implementation of risk mitigation strategies.
Posted: 2025-01-03
After an extended period of rate increases across the re/insurance sector, the availability of deployable capacity signals a new phase in the cycle, marking a significant shift from recent trends. This is amongst the findings of Howden’s 2025 market report, Past the Pricing Peak, which reflects the more favourable supply dynamics across both the commercial insurance and reinsurance markets over the last 12 months.
Posted: 2025-01-03
Cyber security and corporate intelligence consultancy, S-RM, has agreed a new channel distribution partnership with cyber security solutions provider and distributor, Distology. S-RM responds to over 500 incidents a year. The UK team is supported by full-service incident response teams in the US, Netherlands and Singapore, enabling a ‘follow the sun’ model and 24-hour support for incident response. It says a dedicated incident response team can be assembled in as little as six minutes.
Posted: 2025-01-03
BMS Group has completed the acquisition of UK broker David Roberts and Partners.
Posted: 2024-12-23
Alps has announced the appointment of Michelle O’Reilly as managing director.
Posted: 2024-12-23
McGill and Partners has appointed Andre du Preez as head of emerging technology.
Posted: 2024-12-23
Volt Underwriting has signed a US$37.5m binding authority for US and international onshore power and renewable energy risks, marking a 50% capacity increase for 2025. The binder continues to be led by Dale Underwriting Partners’ Lloyd’s Syndicate 1729, with support from SiriusPoint Syndicate 1945.
Posted: 2024-12-19
DARAG Group has completed the sale of its North American and Bermuda business entities to the RiverStone Group, following regulatory approval.
Posted: 2024-12-19
Aon is partnering with Fathom to augment the flood risk capabilities of its Climate Risk Monitor tool. As part of the collaboration, high-resolution data will bolster the tool’s functionality across flash flooding, river flooding, coastal flooding and rising sea levels. The solution can now assess US, UK and Japan flood risk at a resolution of 10 square meters, and 30 square meters for other regions.
Posted: 2024-12-19
Lockton has announced the launch of a global parametric insurance team. The new team offers expertise across multiple regions to support insureds through bespoke risk assessments, leveraging data scientists and advanced analytics to identify triggers that can address potential losses.
Posted: 2024-12-18
NorthStandard and NIORD have announced a strategic partnership to build their offshore renewable energy underwriting business. Under an agreement that comes into effect on 1st January 2025, global marine insurer NorthStandard will provide US$30m in additional capacity to insure fixed and floating wind farms as well as renewables devices.
Posted: 2024-12-18
American International Group has led on the launch of a new reinsurance syndicate at Lloyd’s. Syndicate 2478 will commence underwriting from 1st January 2025, and will be a multi-year participant on AIG’s outward reinsurance programme.
Posted: 2024-12-18
Ongoing geopolitical tensions are elevating security risk ratings in an increasingly fragmenting world. This is the key message from security and health risk services company, International SOS, as it releases its annual Risk Map today.
Posted: 2024-12-17
Lloyd’s welcomed the UK Chancellor of the Exchequer, Rachel Reeves, and Secretary of State for Business and Trade, Jonathan Reynolds, to its Lime St headquarters today for the inaugural meeting of the UK Government’s Industrial Strategy Advisory Council.
Posted: 2024-12-17
Insurers in the European Economic Area are sufficiently capitalised to deal with the economic fallout from a “severe but plausible" amplification of geopolitical tensions. This is the conclusion drawn by the European Insurance and Occupational Pensions Authority, whose 2024 Insurance Stress Test results were published today.
Posted: 2024-12-17
CyberCube has signed a multi-year partnership with Mathison Insurance Partners, whereby the Mississippi-based wholesale brokerage will integrate CyberCube's Broking manager tool into its operations.
Posted: 2024-12-16
Alessandro Lezzi has been appointed group head of cyber risks at Beazley. He has been the insurer’s head of international cyber for more than a decade, prior to which he held underwriting roles at Tokio Marine HCC and Markel.
Posted: 2024-12-16
Amid shifting market dynamics, facultative reinsurance is increasingly considered a core element of risk management strategies, but it is not always straightforward. Further to a survey conducted by WTW, the broker and risk advisory says insurers may face significant barriers accessing capacity as supply continues to fluctuate with cyclical market forces.
Posted: 2024-12-13
TT Club has welcomed the recent cross-party parliamentary debate on the issue of security and policing, and its subsequent impact on freight crime. The specialist freight transport insurer argues that the National Vehicle Crime Intelligence Service is under-supported and under-funded.
Posted: 2024-12-13
Ecommerce businesses could face average potential losses of £2m per hour throughout December due to malicious bot traffic and fraud attempts, according to figures from US-based API security and bot management provider, Cequence.
Posted: 2024-12-13
The team behind digital risk processing platform Cytora has partnered with international weather information and data management provider Pelmorex Corp on a climate and weather predictive modelling tool for commercial property insurance underwriters.
Posted: 2024-12-12
Charles Taylor Adjusting has announced a new associateship with New Zealand-based Carter Briggs Hurle Adjusting, extending its regional coverage in Australasia. CBH provides claim management services to clients across New Zealand, Australia and the Pacific Islands in property, liability, business interruption, construction, financial lines, event cancellation, litigation support and catastrophe response.
Posted: 2024-12-12
The British Insurance Brokers’ Association’s annual conference will set out in 2025 to once again define the market’s emerging needs, and explore what brokers want the future of the industry to look like.
Posted: 2024-12-11
Lloyd’s has released a new scenario in its series of systemic risk models. The latest scenario explores the potential global economic loss of a hypothetical but plausible human pandemic.
Posted: 2024-12-11
Cyber security and compliance solutions provider MetaCompliance has launched a tool designed to help organisations identify, manage and mitigate cyber vulnerabilities in the workforce.
Posted: 2024-12-11
Supply chain long-cons may become the norm in 2025, as threat actors increasingly adopt long-term infiltration strategies, targeting lesser-known software dependencies to exploit vulnerabilities while maintaining a façade of legitimacy. This is amongst the trends forecast to dominate in the new year.
Posted: 2024-12-10
A survey conducted by ORX, involving some of the largest banks and insurance companies worldwide, reveals that almost half are using at least one mainstream Generative AI tool to enhance their risk management strategies. An equal proportion of firms are planning to implement operational risk applications using large language models within the next 18 months.
Posted: 2024-12-10
The latest Political Risk Index from WTW has highlighted the growing threat faced by grey zone targets from acts of aggression that aim to weaken a country but fall short of being seen as acts of war. Such targets include vessels, undersea cables and offshore oil installations.
Posted: 2024-12-10
As the deadline for compliance with the Digital Operational Resilience Act, or DORA, draws near, global cyber security and investigations consultancy S-RM has identified five steps for financial institutions and their ICT providers to follow in order to achieve compliance. DORA establishes an EU-wide oversight framework designed to ensure the financial sector can withstand severe operational disruptions.
Posted: 2024-12-09
FullCircl has launched a new onboarding solution. Offering unified risk and compliance checks on companies and individuals, the new tool is designed to provide regulated businesses with fast end-to-end screening and onboarding automation covering UK businesses and their directors.
Posted: 2024-12-09
Amidst an ongoing backdrop of permacrisis, the most significant risks for organisations relate to conflict, geopolitical tensions, mental health and social or political unrest. This is amongst the findings of the International SOS 2025 Risk Outlook report.
Posted: 2024-12-09
The use of warranty and indemnity insurance grew to record levels during the first half of 2024.
This is amongst the findings of a study carried out by specialist transactional risk insurance broker, HWF Partners, which shows that 1,540 policies were placed in the first six months of 2024. At the same time, claim numbers under W&I policies have increased alongside payments to insured parties.
This is amongst the findings of a study carried out by specialist transactional risk insurance broker, HWF Partners, which shows that 1,540 policies were placed in the first six months of 2024. At the same time, claim numbers under W&I policies have increased alongside payments to insured parties.
Posted: 2024-12-06
Social engineering and ransomware attacks are expected to dominate the cyber risk landscape in 2025, according to security operations consultants at Arctic Wolf Labs. It says weaknesses in identity and access management systems, alongside a continued rise in voice phishing techniques, will also continue to be exploited to gain unauthorised access to target networks.
Posted: 2024-12-06
Businesses can expect a continued influx of class action cases as we move into 2025, according to dispute resolution lawyers at Fladgate, with a perceived unfairness among consumer and consumer rights activists the major driver.
Posted: 2024-12-06
The Lloyd’s Market Association has launched an International Bodily Injury Index, a unique resource that tracks personal injury awards in more than 80 jurisdictions worldwide (excluding the US).
Posted: 2024-12-05
Disaster recovery firm Belfor UK has been awarded the Neutral Carbon Zone Gold Certification for sustainability excellence. The NCZ Gold Certification is awarded to organisations that demonstrate exceptional progress in carbon management, measuring and reducing their greenhouse gas emissions in line with international standards.
Posted: 2024-12-05
EigenRisk has reached an agreement with address data solutions provider Smarty to make its location intelligence and geocoding resources available through the cat risk management platform.
Posted: 2024-12-05
Risk engineering and data solution provider Risk Solved has announced that Andy Bills (pictured) has stepped into the newly created role of chief revenue officer. He has more than 30 years of sales and consulting experience including senior positions at firms such as Nortel Networks, Global Crossing and RETN Capital.
Posted: 2024-12-04
Professional indemnity rates have seen a surprise fall, according to the latest UK PI Market report from Clyde and Co. Over half of the respondents to the research expect there to be a levelling off of the market after two years of increases – with zero rates increases in 2024. However, rates have subsequently fallen at unprecedented speeds, driven by the entry of new carriers or MGA capacity.
Posted: 2024-12-04
Ports, terminals and logistics facilities are not designed to accommodate the trend towards the use of e-bikes and e-scooters. The vulnerability of these smaller, less visible vehicles makes traffic management and the prevention of human-machine collisions much more difficult at these facilities, where terminals were designed for large vehicles.
Posted: 2024-12-04
Zurich Resilience Solutions, the commercial risk advisory and services unit of Zurich Insurance, has launched an interactive digital solution that utilises climate data to provide businesses with insights to better anticipate, mitigate and manage their climate risks.
Posted: 2024-12-03
Enterprise risk management software provider Protecht has released a new controls management solution which it says helps organisations to design, implement and maintain a robust controls framework to aid compliance and operational efficiency.
Posted: 2024-12-03
The UK is underestimating the risks it faces from hostile states and gangs and must take collective action against an increasing complex set of threats. The warning from Richard Horne, CEO of the National Cyber Security Centre, accompanies the launch of the NCSC’s annual review which highlights a growing threat from state actors.
Posted: 2024-12-03
Almost two decades on from the devastating 2004 Indian Ocean tsunami, scientists, engineers and disaster managers say more needs to be done to improve resilience against future incidents, calling for funding for a permanent research facility that could help improve understanding of tsunamis and how to better protect against them.
Posted: 2024-12-02
Allianz Commercial has announced Delvin Tillett as its new head of cyber for large corporate business in the UK, effective immediately. He will be based in company’s London office and report to Sharanjit Chaggar, regional UK head of financial lines.
Posted: 2024-12-02
The Lord Chancellor has announced that the Personal Injury Discount Rate in England and Wales will change to +0.5% on 11th January 2025, matching the rate change already applied in Northern Ireland and Scotland.
Posted: 2024-12-02
Despite improvements in fraud awareness among charities, half of all detected charity fraud is still committed by internal perpetrators, according to a new report from business advisory firm BDO and the Fraud Advisory Panel.
Posted: 2024-11-29
Sedgwick has expanded its EFI Global claims management and loss adjusting subsidiary with a new forensic solutions and resources offering across the European market.
Posted: 2024-11-29
The FCA has published the second phase of its consultation on proposals for increased enforcement transparency after ‘significant concerns’ were raised by financial firms.
Posted: 2024-11-29
The 2024 Risk Management Awards took place last night at the London Marriott Grosvenor Square. Hosted by comedian Maisie Adam, the event honours cross-industry risk leaders in this dynamic field. Congratulations to all our finalists and especially to Mott MacDonald, which took away three trophies in a hugely successful year for its teams.
Posted: 2024-11-28
Political instability has overtaken extreme weather as the biggest risk concern for businesses, according to a new survey from global security and healthcare risk management business, Healix.
Posted: 2024-11-28
Freight crime in Italy has seen a significant increase, with incidents quadrupling in the last two years, according to a report by freight insurer, TT Club, which highlights that almost a third of claims have been from vehicles parked insecurely or at the roadside.
Posted: 2024-11-28
Zurich Resilience Solutions has launched an interactive digital solution that leverages climate data to provide businesses and public entities with insights to better anticipate, mitigate and manage their climate risks.
Posted: 2024-11-27
Research published today highlights the areas of England most vulnerable to climate risks posed by extreme weather, with more than half of the businesses and individuals working and living in those areas feeling ill-equipped to deal with it.
Posted: 2024-11-27
More than half of businesses have suffered at least one cyber attack in the past five years, leading to around £44bn of lost revenue, according to a report by Howden.
Posted: 2024-11-27
McGill and Partners has launched a new trade disruption insurance facility in collaboration with Tokio Marine Kiln and Convex, offering limits of US$95m. Led by TMK, the new offering harnesses the power of AI-enabled technology provided by Altana, to support the understanding and underwriting of trade disruption risk.
Posted: 2024-11-26
The Lloyd’s Market Association has announced new board members from two of its managing agents’ members. Vivek Syal, CUO of Tokio Marine Kiln, will be taking over from Matthew Shaw as the TMK representative, and John Owen, CEO of AXIS Managing Agency, will replace Mark Gregory of the same firm ahead of his upcoming retirement.
Posted: 2024-11-26
Oak Re’s Lloyd’s Syndicate 2843 has received permission to underwrite business incepting from 1st January 2025. Oak Re was founded by CEO and active underwriter of OAK Syndicate 2843, Cathal Carr. It has built out its executive team to include Alex Winfield as chief capital officer and head of strategy, Kirsten Mitchell-Wallace as chief risk officer, Irfan Haq as CFO, Harriet James as COO and Karl Stanley as CTO. It is forecasting US$300mn GWP for 2025.
Posted: 2024-11-26
The FCA has fined Barclays £40m for failing to properly disclose arrangements with Qatari entities during fundraising efforts amid the 2008 financial crisis. The fine follows Barclays' decision to withdraw its appeal against the regulator's findings, and its proposals of a £50 million fine in 2022. While agreeing to pay the reduced fine, the bank maintained its opposition to the watchdog's decision.
Posted: 2024-11-25
Crawford & Company has opened three new offices in Seville, Zaragoza and Bilbao, and added its Cortes y Botella, Tecse and Inarges teams to its Spanish subsidiary – taking its presence in Spain to nine offices.
Posted: 2024-11-25
The Health and Safety Executive and the Environment Agency have developed guidance for registrants on meeting the toxicological and ecotoxicological information requirements laid out in Annexes 7-10 of UK REACH, outlining ways in which new tests on animals might be avoided or minimised.
Posted: 2024-11-25
Over the past decade, the MGA market has continued to grow globally, defying predictions of market saturation. Insurers appreciate the agility and innovation opportunities that MGAs offer. The growth of MGAs has been primarily driven by the US and UK, with most major global insurance markets following the trend over the past decade. Recently, less developed insurance markets have observed the innovation that MGAs can bring to end customers and some have taken steps to encourage their own MGA ecosystem to develop.
Posted: 2024-11-22
In the pursuit of efficiency, many organisations prioritise streamlined processes, remove excess capacity, and adhere strictly to norms. While these strategies may yield short-term gains, they often overlook the benefits of disorder, particularly in fostering resilience and sustainability. Embracing disorder can lead to more adaptive organisations.
Posted: 2024-11-22
Howard Dean, a partner at Keoghs, has been elected the new president of the Forum of Insurance Lawyers. Dean currently sits on both FOIL’s Costs and CPR and Protocols SFTs, and has been involved in Civil Justice Reform for over 25 years, with a particular focus on the impact of civil procedure rules, litigation funding and the digitisation of civil claims.
Posted: 2024-11-22
Just two in 10 key decision makers believe their organisation will be able to respond adequately to risks that might emerge in the next 10 years. This is amongst the findings of a survey conducted by broker and risk advisory WTW.
Posted: 2024-11-21
CFC has expanded its European footprint with the opening of a new office in Amsterdam. The new operation will focus on developing the insurer's transaction liability offering to brokers and their clients in Northern, Central and Eastern Europe.
Posted: 2024-11-21
There is no escaping it. Cyber security is no longer something that can just be passed to the IT department to deal with. Managing the risk is a team effort – from the frontline to the boardroom. This is a guide for members of the latter.
Posted: 2024-11-21
Crawford & Company has announced the promotion of Paul Lofkin to president, UK & Ireland.
Lofkin will report to Andrew Bart, CEO, International Operations, and will be responsible for the strategic direction and operational performance of the UK and Ireland business.
Lofkin will report to Andrew Bart, CEO, International Operations, and will be responsible for the strategic direction and operational performance of the UK and Ireland business.
Posted: 2024-11-20
Chartered commercial broker Konsileo has completed a £8m fundraise to accelerate its plans to expand across the UK. The fundraise is a mixture of debt and equity financing led by long-term shareholders Committed Capital, together with specialist growth finance provider, ACF Investors Growth Lending. The investment will be used to continue its recruitment of broking professionals and technology development.
Posted: 2024-11-20
Secondary perils such as floods, fires and severe convective storms now make up a larger portion of catastrophe losses in recent years than the insurance industry's peak perils of tropical cyclones and earthquakes. This is amongst the findings of a report published today by S&P...
Posted: 2024-11-20
CMC has entered into an agreement with aviation analytics provider Cirium to understand the effects of cyber events on the UK aviation industry. Cirium delivers global data and analytics solutions to organisations in finance, aerospace and travel, as well as government bodies. On any given day, it manages more than 300 terabytes of data covering schedules, routes, aircraft configurations and passenger record numbers. Cirium data provides insights on more than 35 million flights per year.
Posted: 2024-11-19
Failure to consider risk interactions and interconnectedness may pose the greatest threat to a company, according to RIMS new Executive Report. Authored by RIMS Strategic and Enterprise Risk Management Council members Michael Zuraw and Tom Easthope, the Understanding Interconnected Risks report explores the importance of developing a holistic view of the interconnected risks facing the organisation.
Posted: 2024-11-19
PPL has today launched its new underwriter dashboard, designed to support users as they address high volumes of business activity. The revised dashboard structure and user interface is designed to aid underwriters in finding work items and signalling outstanding tasks.
Posted: 2024-11-19
Commercial property insurer FM has named Randy Hodge (pictured) as its incoming chief operating officer. He will take over the role from Bret Ahnell who is retiring from the business in March 2025. The appointment is effective from 1st December 2024. Hodge joined FM in 1990.
Posted: 2024-11-18
Tokio Marine Group is to provide expertise and support to the Resilient Cities Network’s Resilience Finance Taskforce. Tokio Marine Group will serve as the inaugural underwriting partner of the new Resilience Finance Taskforce. With financial support provided by Tokio Marine Kiln, the Taskforce aims to develop frameworks and methodologies to scale urban resilience finance.
Posted: 2024-11-18
The global risk and cyber security consulting services market it expected to grow by 8% this year to pass £80bn in revenues for the first time. This is amongst the findings of research carried out by Source Global Research, which also predicts that the continued strong growth in cyber security services will lead to a £24bn market in 2025.
Posted: 2024-11-18
Re/insurance managing general agent Rokstone has secured a regulatory licence from the Dubai Financial Services Authority, enabling it to set up shop within the Dubai International Financial Centre. Rokstone said the move would enable it to capture regional business that is not currently going to London.
Posted: 2024-11-15
Software provider Insurity has partnered with ICEYE to offer insurers access to real-time natural catastrophe data for faster response times on disaster events.
Posted: 2024-11-14
Nearly two-thirds of decision makers in large UK businesses are worried that employees will be targeted by fraudsters, with 50% of respondents fearing staff could become an ‘insider threat’, according to research from fraud prevention service Cifas.
Posted: 2024-11-14
Only 41% of businesses have plans in place to manage climate risks, with some of the worst offenders being the biggest emitters, according to the latest EY global climate action barometer.
Posted: 2024-11-14
UK financial regulators have detailed new rules intended to bolster the resilience of technology and other third parties providing key services to financial firms. In a joint policy statement, the Financial Conduct Authority, Bank of England and Prudential Regulation Authority have set out how they intend to use new powers to oversee the resilience of the services third parties provide to the financial the sector.
Posted: 2024-11-13
The UK National Cyber Security Centre has issued an alert highlighting an increase in cyber attackers exploiting previously unknown vulnerabilities to compromise enterprise networks.
Posted: 2024-11-13
A study on efforts to address climate risk governance has exposed contrasting approaches to managing key issues at board level for financial and insurance firms.
Posted: 2024-11-13
Crawford & Company has launched a new renewable energy solution following the addition of an experienced team from Renewable Energy Loss Adjusters. The new service will provide a range of loss adjusting services to insurers of commercial scale renewable energy projects as well as risk advisory services for both insurers and investors.
Posted: 2024-11-12
Larger businesses are experiencing far higher levels of fraud than smaller businesses as fraudsters seek to exploit vulnerabilities in organisations with higher numbers of employees, according to a survey by accountancy and advisory firm BDO.
Posted: 2024-11-12
The ICO has warned organisations of the need to ask key questions around data and fairness when procuring AI tools to assist with their staff recruitment processes. Firms could be at risk of breaking the law if AI tools negatively impact jobseekers through unfairly excluding them from roles or having their privacy compromised.
Posted: 2024-11-11
The average consumer product contains three green claims according to a study by the British Retail Consortium and Provenance, which warns that too many efforts to highlight eco-friendly benefits could cause confusion and weaken trust.
Posted: 2024-11-11
The Pacific Catastrophe Risk Insurance Company has collaborated with WTW to renew its portfolio of policies for governments and government-affiliated entities in Pacific Island countries and territories, and associated reinsurance placement.
Posted: 2024-11-11
The Association of British Insurers and Lloyd’s of London have co-published a guide for re/insurers on how to approach defining a major cyber event.
Posted: 2024-11-08
The UK government has published guidance aimed at helping organisations prepare for the introduction of the new corporate criminal offence of ‘failure to prevent fraud’. Introduced last year as part of the Economic Crime and Corporate Transparency Act, the offence is intended to hold large organisations to account if they profit from fraud.
Posted: 2024-11-08
Publishing a target date for the completion of dangerous cladding remediation works and providing greater transparency on remediation performance are two key recommendations from a new National Audit Office report.
Posted: 2024-11-08
Parametrix has launched new product designed cover the cost of digital interruption in the enterprise.
Posted: 2024-11-07
The Cyber Monitoring Centre has partnered with the British Chambers of Commerce to gather data and insights on the impact of cyber events on UK businesses. In 2024, polling has been conducted for three cyber events, including most recently the CrowdStrike incident. The resulting data provided unique insights across industries, including the manufacturing and construction industries.
Posted: 2024-11-06
As the world’s urban conurbations confront challenges in climate change, public health and shifting demographics, a new report finds that resilience planning can position cities to attract investment.
Posted: 2024-11-06
A series of Freedom of Information requests made by Apricorn to local councils and government departments across the UK point to a low take-up of cyber insurance. Just two of the 41 local councils questioned have a cyber insurance policy in place.
Posted: 2024-11-06
Risk engineering and data solution provider Risk Solved has entered into a partnership with inspection management software provider Papertrail.
Posted: 2024-11-05
Tokio Marine HCC has bolstered its UK Professional Risks team with the appointment of Dan Browne as a professional indemnity underwriter and Chloe Pitchford as a PI development underwriter.
Posted: 2024-11-04
Lloyd’s has appointed Nathan Adams as its chief people officer. Adams will join Lloyd’s early next year, and will report directly to John Neal.
Posted: 2024-11-04
Antares Global Management has confirmed the details of its underwriting operations restructure, as it splits all its business units across a retail division and a commercial division. The new retail division will be led by newly appointed CEO Pantelis Koulovasilopoulos. This division includes the recently launched UK-based insurer, Antares Insurance Company, which will focus on retail business primarily through established MGAs in the UK.
Posted: 2024-11-04
The first human case of a new, more dangerous strain of mpox has been found in the UK, the UK Health Security Agency has said. Detected in London, the individual has been transferred to the Royal Free Hospital High Consequence Infectious Diseases unit. The case had recently travelled in Africa.
Posted: 2024-10-31
RiverStone International’s previously disclosed agreement with QBE to provide a loss portfolio transfer reinsurance for various QBE subsidiaries, including their Lloyd’s syndicates, has closed after receiving all requisite approvals.
Posted: 2024-10-31
Portions of eastern and southern Spain have been significantly impacted this week by persistent, extreme rain, triggering one of the nation’s worst natural disasters in recent history.
Thus far, the event has resulted in at least 158 deaths, according to Aon’s Impact Forecasting Cat Alert.
Thus far, the event has resulted in at least 158 deaths, according to Aon’s Impact Forecasting Cat Alert.
Posted: 2024-10-31
WTW has launched a new tool to help insurers and reinsurers enhance accuracy and efficiency in P/C reserving. ResQ Machine-led Reserving uses proprietary algorithms that optimise the core reserving methods in ResQ to create fully automated and independent loss estimates.
Posted: 2024-10-30
Dublin-based MGA, Service First, is set to roll out perils data from LexisNexis Risk Solutions to enhance pricing decisions in e-traded commercial property insurance.
Posted: 2024-10-30
WWF and Themis have together launched a toolkit to help financial institutions reduce exposure to environmental crime. Launched today at the COP16 nature summit in Cali, Colombia, the new, open access platform is designed to equip firms in better detecting and monitoring illicit activity related to land conversion and deforestation, by highlighting red flags and risks connected with different types of environmental and financial crimes.
Posted: 2024-10-30
Employers in the UK now have a legal duty to take reasonable steps to prevent sexual harassment and create a safe working environment. The Equality Act 2010 also covers other types of harassment, including less favourable treatment because of how someone responded to previous sexual harassment.
Posted: 2024-10-29
Macquarie has launched a rent-a-captive insurance solution for property casualty-related risks.
Captive insurance has seen steady growth in recent years and now represents nearly 25% of the overall commercial insurance market, according to the EY 2024 Global Insurance Outlook.
Captive insurance has seen steady growth in recent years and now represents nearly 25% of the overall commercial insurance market, according to the EY 2024 Global Insurance Outlook.
Posted: 2024-10-29
Some 280 notable global natural disaster events in Q1-Q3 resulted in economic losses of at least £199bn and insurance losses equivalent to £79bn, according to the latest Global Catastrophe Recap report from Aon.
Posted: 2024-10-29
Miller is to license CyberCube's Broking Manager and Prep Module tools to support its ability to quantify and help mitigate cyber risks for its clients.
Posted: 2024-10-24
Managed testing service provider Resillion has partnered with the University of Strathclyde’s PNDC innovation centre, ScottishPower Energy Retail and QualityLogic to carry out real-world environment performance testing of demand side response energy systems.
Posted: 2024-10-24
Lloyd’s has developed a disaster resilience vehicle with the United Nations Capital Development Fund to deliver disaster risk financing to Small Island Developing States in the Pacific.
Posted: 2024-10-24
Fifty MPs attended an educational drop-in event in Parliament last week held by Flood Re to discuss the flood insurance scheme, the Build Back Better initiative and the mechanics of property flood resilience. The majority of MPs and researchers attending the session were newly elected or appointed following this year’s General Election.
Posted: 2024-10-23
The UK Government’s Cyber Essentials scheme turned ten this year, and has had a marked impact on organisational resilience for businesses of all sizes, but it should not be considered a panacea, security experts warn.
Posted: 2024-10-23
Premium Credit has announced the appointment of Rohit Ghai as chief risk officer. Ghai will lead Premium Credit’s risk, compliance and legal functions. He joins the company from PayPal UK, where he was most recently interim chief risk and compliance officer. Prior to PayPal, he held multiple risk and compliance leadership roles at Visa Europe and GE Capital across a range of geographies. Ghai began his career with GE’s Corporate Leadership programmes.
Posted: 2024-10-23
The 2025 Business Continuity Awards are open for entries. Celebrating achievement in business continuity, security and resilience, the Business Continuity Awards are the most anticipated and celebrated event in the business continuity calendar, providing unrivalled networking, alongside a night of entertainment and celebration.
Posted: 2024-10-22
WTW has published the latest edition of its Climate Reporting Comparative Table, with the goal of providing a comprehensive overview of climate-related financial disclosure requirements across key global jurisdictions.
Posted: 2024-10-22
Specialist insurer Beazley has today launched a new consortium providing combined civil liability, crime/fraud and cyber cover for financial institutions. Offering limits of up to E/US$50m, Flex is available either via Lloyd’s or Beazley’s European insurance company paper, to financial institutions across the globe, excluding US domiciled businesses.
Posted: 2024-10-21
The Lloyd's Market Association has appointed John Levett to the position of head of regulatory affairs. Levett joined the LMA in October 2023 as senior executive, regulatory affairs and has worked on a broad range of consultations with bodies such as the Financial Conduct Authority and Prudential Regulatory Authority, as well as chairing the LMA committee for environmental and climate litigation.
Posted: 2024-10-21
Send Technology Solutions has announced a partnership with Deloitte to deliver Send’s underwriting workbench platform to commercial and specialty carriers worldwide.
Posted: 2024-10-21
There are no shortcuts for buyers of governance, risk and compliance tools, who must navigate a complex and time-intensive process to identify and select the right tools for their businesses. This is the conclusion drawn by Gartner in its latest analysis of the GRC market, published this week.
Posted: 2024-10-17
Total private market losses from Hurricane Milton could reach between US$22bn and US$36bn, with a best estimate of US$26bn, according to the latest figures from Moody’s RMS Event Response.
Posted: 2024-10-17
Kroll has appointed Katherine Keefe as managing director and global cyber insurance industry lead. Keefe previously served as the US cyber incident management leader at Marsh, where she was responsible for leading cyber response and event management, including data breaches and ransomware attacks.
Posted: 2024-10-17
Over a quarter of IT professionals have seen an employee fired after falling for an online scam. This is amongst the findings of security provider Arctic Wolf’s Human Risk Behaviour Report, which analysed the risk behaviours of 1,500 security professionals and end-users globally.
Posted: 2024-10-16
Financial institutions should invest more to build agile scenario programmes or risk falling behind, as the pace of change in business needs and regulatory pressures threatens firms’ ability to manage risk effectively. This is the message from operational risk association, ORX. In its biggest ever benchmarking exercise on the end-to-end scenario process, the operational risk association worked with 90 global financial institutions to examine the maturity, advances and challenges of their scenario process.
Posted: 2024-10-16
The Ardonagh Group has completed the acquisition of PSC Insurance Group Limited. The acquisition sees PSC’s operations in Australia and New Zealand now combined with The Envest Group, Ardonagh’s platform in the region, led by CEO Greg Mullins.
Posted: 2024-10-16
Fenchurch Law has announced plans to offer its specialist legal support across the Nordic region, with the launch of its new Denmark office. The new office will be run by Morten Christensen, supported by his colleague Maria Bitsch.
Posted: 2024-10-15
FERMA has today issued a policy note on the EU’s Artificial Intelligence Act, providing guidance on the practical implications of the risk-based approach underpinning the legislation, and considering the potential insurance impact.
Posted: 2024-10-15
Coalition has launched a service dedicated to recovering funds stolen by cyber attackers. The cyber insurer’s new UK ‘clawback’ service is designed to intercept funds in the banking system before an attacker can move them. The insurer says its new programme was recently proven a success with the recovery of £1.4m for a policyholder.
Posted: 2024-10-15
The deadline for entries for the 2025 National Insurance Awards is now four weeks away. Celebrating excellence in the field, the National Insurance Awards highlight the very best in general insurance provision and management in the UK. Judged by an independent panel of experts for exceptional performance, the awards provide an opportunity for organisations and individuals to showcase their strategies, software and successes from the past year.
Posted: 2024-10-14
Law firm Shoosmiths has teamed up with governance, risk and compliance solutions provider, Enzai to develop an artificial intelligence tool for regulatory compliance. AI Comply is designed to provide legal guidance, technology governance and operational support for oversight and control of AI ecosystems.
Posted: 2024-10-14
Just 15% of risk professionals in the UK have confidence in the Government’s ability to mitigate and address geopolitical instability. This is amongst the findings of Axa’s latest Future Risks Report, which points to heightened concern about geopolitical risks and their knock-on effects on security, financial and energy markets, and cyber security.
Posted: 2024-10-14
Munich Re Specialty expects to begin underwriting primary commercial insurance in the Spanish market next year, adding to the carrier’s existing operations in the UK, Ireland and Germany. To achieve this, it has set up a Spanish branch of Munich Re Risk Solutions Ireland Limited which holds regulatory approval to passport into Spain.
Posted: 2024-10-11
S&P Global Ratings has upgraded FM’s financial strength rating to AA- from A+. The upgrade reflects S&P's view that the group will maintain strong operating margins that compare favourably with its AA-rated peers.
Posted: 2024-10-11
Re/insurance group Africa Specialty Risks has appointed Amit Khilosia (pictured) as its chief distribution officer. Khilosia has experience of the Lloyd’s market dating back to 1989. Most recently, he held the position of regional Lloyd’s head for Africa and chairman of Lloyd’s South Africa.
Posted: 2024-10-11
Cyber security and data privacy represent the top risk across the technology, media and telecoms sectors, as they become increasingly reliant on novel technologies, including artificial intelligence, to drive growth. This is amongst the findings of WTW’s 2024 Technology Media and Telecoms Risk report, published today.
Posted: 2024-10-10
Nearly one in five UK employees report being aware of conduct in the last year that violated either the law or their organisation’s ethical standards, yet one in three did not report it. This is amongst the findings of a report published today by the Institute of Business Ethics.
Posted: 2024-10-10
The Financial Conduct Authority has fined TSB Bank £10,910,500 for failing to ensure customers who were in arrears were treated fairly. The bank also lacked suitable systems and controls to secure fair outcomes, according to the watchdog.
Posted: 2024-10-10
A State of Emergency has been declared across 54 of Florida’s 67 counties in anticipation of a major hurricane. Milton is expected to make landfall on the west coast of Florida by mid-week. Whilst the precise location and intensity at landfall are uncertain, areas up and down the western coast will be preparing for a major event, with strong winds, heavy rain and life-threatening, catastrophic storm surge anticipated.
Posted: 2024-10-09
Hard market conditions in the property and business interruption are starting to turn, according to the WTW Power Market Review, published today. While lower-level attritional losses remain a constant in the power sector, the absence of larger losses in 2023 and 2024 is expected to lead to more competitive pricing.
Posted: 2024-10-09
Around 235,000 commercial properties sit in the direct path of Hurricane Milton, according to analysis from Moody’s. The value of the potentially exposed properties, including apartment buildings, offices, industrial buildings, hotels and retail sites, is US$1.1trn.
Posted: 2024-10-09
Professional services and technology business Davies has opened an office in Milan from which it will provide its third-party administration claims service and loss adjusting solutions to Lloyd’s underwriters, local Italian insurers and international carriers operating in the country. Enrico De Micco joins the firm to head up the new Italian office.
Posted: 2024-10-08
Beazley has launched a new cyber consortium providing cover for large corporates with a turnover in excess of US$1bn, infusing US$100m of new capacity into the cyber market.
Posted: 2024-10-08
Polygon and Inclusive Guarantee have joined the Brokerslink ecosystem. Based in Sweden, and operating across 19 countries, Polygon specialises in the prevention, control and mitigation of the effects of water, fire and climate-related damage.
Posted: 2024-10-08
The Cyber Monitoring Centre is partnering with cloud risk analytics service provider Parametrix Analytics on a project that seeks to better understand the impact of cloud outages on UK organisations.
Posted: 2024-10-07
Analysis of HM Courts and Tribunals data suggests that the significant problems in the employment tribunal system are getting worse. The latest data, for the first quarter between April and June, shows that the open caseload of single claims was 18% higher than in the same period last year. The total number of single claims and lead cases in multiple claims was just under 44,000, also 18% higher than in 2023.
Posted: 2024-10-07
Simply Business is partnering with Markel UK to offer Contractors Combined insurance for businesses with ten or more employees and a turnover of £750,000 or more. Simply Business offers insurance to sole traders, microbusinesses, landlords and small businesses across more than 1,200 different trades and professions.
Posted: 2024-10-07
Liberty Mutual Reinsurance and Safehub have partnered with the University of California to protect campuses from the risk of earthquake damage. It is the first sensor-triggered parametric earthquake coverage to be purchased in the US.
Posted: 2024-10-03
Starling Bank Limited has been fined £28,959,426 by the Financial Conduct Authority for financial crime failings related to its financial sanctions screening.
The British bank also repeatedly breached a requirement not to open accounts for high-risk customers, according to the watchdog.
The British bank also repeatedly breached a requirement not to open accounts for high-risk customers, according to the watchdog.
Posted: 2024-10-03
Two-thirds of respondents to Airmic’s latest members’ poll believe that the Personal Injury Discount Rate for England and Wales should match the new PIDR for Scotland and Northern Ireland, which came into effect last week.
Posted: 2024-10-03
Global Insurance Law Connect’s report Innovation Abounds: Opportunities for growth in the global MGA market, suggests that, in certain markets, MGAs can fill capacity gaps and introduce niche underwriting ideas, while in others they can help larger insurers stay innovative or showcase and support outsourcing models for claims and distribution.
Posted: 2024-10-02
The Chartered Insurance Institute has published its 2025 qualifications brochure, offering a range of career and educational pathways for both current and future insurance professionals.
Posted: 2024-10-02
Specialist re/insurance broker Miller has completed its acquisition of Madrid-based commercial insurance broker, Bruzon Correduría de Seguros y Reaseguros. Established in 1990, Bruzon is focused on the structuring and placement of direct and reinsurance risks.
Posted: 2024-10-01
RSA Insurance has launched a new directors’ and officers’ insurance product to complement its existing financial risks offering. Available via the insurers’ mid-market commercial lines business, the product is aimed at UK domiciled or headquartered companies, large domestic and multinational businesses, private companies with a turnover of over £250m and publicly traded companies.
Posted: 2024-10-01
Some 78% of businesses are concerned about cyber threats, with more than half of them expecting a cyber event in the next 12 months. Despite this, a third do not have an incident response plan. This is amongst the findings of a report published this week by QBE.
Posted: 2024-10-01
Markel has launched an enhanced insurance proposition designed to meet the evolving needs of the UK's tech sector. MarkelTech is aimed at start-ups, SMEs, mid-market and high-growth companies engaged in the innovation, design and support of technology products and services.
Posted: 2024-09-30
Specialist Risk Group has today announced the completion of the transaction for the majority of its shares to be acquired by Warburg Pincus, a global growth investor, and Temasek, a global investment company headquartered in Singapore.
Posted: 2024-09-30
Insurance provider CFC has opened its first office in Spain, adding to the moves made earlier in the year to extend its reach in both North America and Australia. To develop the new hub in Madrid, CFC has appointed Filippo Cibin as team leader, Southern Europe for CFC’s transaction liability business.
Posted: 2024-09-27
Tokio Marine Kiln and Marsh have launched a new insurance facility for ports and terminals. Available to Marsh clients, the standalone cover is global in scope and offers capacity up to US$50m for BI losses associated with trade disruption, such as the impact of geopolitical events and weather-related incidents.
Posted: 2024-09-26
Network Rail’s public wifi network was hacked at several railway stations across the UK this morning, with passengers accessing the system being displayed a screen with details about terrorist attacks in Europe.
Posted: 2024-09-26
This decade looks set to be unlike any other in recent history. A short time after the world emerged from the Covid-19 pandemic, armed conflict erupted in Europe for the first time since World War II, and a major war flared up in the Middle East. At the same time, hostilities have escalated between both autocratic and ostensibly democratic nations, creating tensions around the world. As we explore in this issue of the magazine, so-called high-impact, low probability events are in fact a lot more likely than they once seemed.
Posted: 2024-09-25
Geospatial Insight has teamed up with Bluesky International to develop a database of rooftop solar installations across the UK. The new platform, LOCATE PV, seeks to address this challenge by providing a detailed, machine learning-derived database that identifies and maps existing solar arrays using Bluesky’s high-resolution aerial imagery.
Posted: 2024-09-25
Sompo has launched a new national marine insurance proposition for the UK. As of today, the insurer will for the first time be writing marine cargo, and transport and logistics policies across all regions.
Posted: 2024-09-25
Storm Boris could trigger some of the worst flood losses in central and eastern Europe for insurers in decades, according to data from Bloomberg Intelligence. With parts of the Czech Republic, Poland, Austria, Slovakia, Hungary and Romania submerged, flood losses like those in 1997, 2002 and 2013 are possible (€2-€4bn in 2023 values), according to BI's analysis.
Posted: 2024-09-24
I am pleased to announce the launch of the Institute of Risk Management’s new International Certificate in Operational Risk Management. This qualification is accredited by Ofqual at Level 4, adding to the IRM’s wider suite of regulated qualifications. ICORM is designed to introduce students to the fundamental theory, management and application of operational risk management, to underpin sustainable organisational success.
Posted: 2024-09-24
As Benjamin Franklin famously said in 1789, “In this world, nothing is certain except death and taxes”. Truer words have never been spoken, particularly in the context of the evolving landscape of US bankruptcy, and the limbo in which insurers find themselves when seeking finality and protection from underlying tort plaintiffs.
Posted: 2024-09-24
The vast majority (81%) of risk professionals are using the Task Force on Climate-Related Financial Disclosures among their climate reporting frameworks, while a further 56% use the Science Based Targets initiative – despite the carbon offset controversy surrounding SBTi earlier this year.
Posted: 2024-09-23
Mass communications solution provider, Audiebant has today announced the release of Audiebant Outdoor, a solar-powered mass communications system designed to provide area-specific instructions to support public safety efforts in emergency situations at concerts, sporting events, festivals and other public gatherings.
Posted: 2024-09-23
In August, Jonathan Reynolds, the new Secretary of State for the Department for Business and Trade, called on insurers to make sure that businesses affected by rioting across the country “receive the cover that they are entitled to through their insurance policies as swiftly as possible”.
Posted: 2024-09-23
Financial services companies are calling out for clearer and proportionate regulations covering artificial intelligence and ESG – a lack of which is hampering innovation and technological change. This is amongst the findings of a survey carried out by law firm DLA Piper, in which 58% of respondents cite regulation complexity around technology as a key challenge globally.
Posted: 2024-09-20
QBE has named Mario Díaz-Guardamino as the next managing director for QBE Iberia. Díaz-Guardamino has more than 20 years' experience in financial services, having started in insurance as a broker before progressing to credit lines underwriting at AIG Spain and then becoming head of EMEA Trade Credit Insurance.
Posted: 2024-09-20
HDI Global has appointed Michael Ahn as CEO of HDI Global SE Hong Kong.
Posted: 2024-09-20
QBE has this week officially opened its new office in Leeds. Situated in West Village, Wellington Street, increasingly referred to as Leeds’ insurance district, the move reflects a £3.6m investment in the West Yorkshire city.
Posted: 2024-09-19
BIBA has called for larger commercial customers to be removed from the scope of the Consumer Duty. Setting out its position in its response to the Financial Conduct Authority’s discussion paper DP24/1 on the regulation of commercial and bespoke insurance business, BIBA said this approach would help reduce the regulatory burden on insurance brokers.
Posted: 2024-09-19
Sir Charles Roxburgh is to become the next chair of Lloyd’s, replacing Bruce Carnegie-Brown in May 2025. Roxburgh recently stepped down from his role as second permanent secretary at the Treasury from July 2016 to June 2022. Prior to this, he was the director-general, financial services from February 2013 to July 2016. Throughout his time at the Treasury, he had regular contact with the insurance industry and engagement with Lloyd’s.
Posted: 2024-09-19
WTW has this week launched a document protection platform designed to protect the sharing and storage of sensitive files. Indigo Vault is a combination of cloud and local document management systems that is designed to offer protection against insider threats, AI system exposure and cyber theft.
Posted: 2024-09-18
Increasing public opposition and regulatory pressure over fire safety are delaying or putting wind farm projects at risk of cancellation, underscoring the importance of fire suppression systems and technology to the expansion of wind power.
Posted: 2024-09-18
New rules brought in to ensure that businesses and individuals that rely on cash can continue to access it are proving successful in local communities, according to the Financial Conduct Authority.
Posted: 2024-09-18
Altea Insurance is now writing business across the European Economic Area with the opening of a new hub in Ireland. The healthcare and medical sector specialist MGA can now deliver bespoke combined insurance and risk management solutions for healthcare professionals and organisations throughout the EEA.
Posted: 2024-09-17
Aon has announced the appointment of Mona Barnes (pictured) as global chief claims officer, effective immediately. In her new role, Barnes will report into Joe Peiser, chief executive officer of the firm’s Commercial Risk division.
Posted: 2024-09-17
Swiss Re is rolling out Mea’s generative artificial intelligence tool across its P/C reinsurance operation, building on a collaboration initiated last year with the Corporate Solutions business.
Posted: 2024-09-17
Overall premium income for the London company market increased by around 10% in 2023, according to data published today by the International Underwriting Association. A total of £48bn was earned, comprising £43bn underwritten in London, plus a further £5bn of controlled business, written in other locations.
Posted: 2024-09-16
Specialist marine MGA, Amphitrite Underwriting London, has received final approval from Lloyd’s of London to become an approved coverholder.
Posted: 2024-09-16
Norwegian startup 7Analytics has joined forces with Fremtind to develop a model that provides new insight into stormwater risk, and how it proliferates alongside urbanisation and climate change.
Posted: 2024-09-16
TfL is in the process of contacting around 5,000 customers amid concern that their email and bank account details may have been compromised in a cyber security incident which has affected the organisation’s systems this month.
Posted: 2024-09-13
The UK government has classed UK datacentres as ‘critical national infrastructure’, which it says will make them less likely to be compromised during outages, cyber attacks, and adverse weather events. Putting datacentres on an equal footing as water, energy and emergency services systems will mean the datacentres sector will receive greater government support in recovering from and anticipating critical incidents.
Posted: 2024-09-13
Markel has launched a new FintechRisk+ insurance policy, offering financial services and technology liability, directors and officers liability, theft and cyber protection for UK and international fintech businesses with limits up to US$20m.
Posted: 2024-09-12
Specialist underwriter Tokio Marine Kiln has formed a new specialty reinsurance division. It will be led by Phil Taylor who takes on the role of head of specialty reinsurance as part of the company’s growth plans.
Posted: 2024-09-12
Specialist insurer Hiscox has introduced Personnel Security Plus, a new product designed to complement an existing Hiscox kidnap and ransom insurance policy, and provide businesses with additional protection for their employees who are becoming increasingly vulnerable to a wide range of risks.
Posted: 2024-09-12
Nearly a quarter of global boardrooms are unprepared for cyber risks as AI strengthens the hacker’s toolbox, according to research from insurer Beazley. The survey of 3,500 business leaders also found that 24% plan to invest in cyber security measures this year as perceived preparedness falls.
Posted: 2024-09-11
As the renewables sector enters a new wave of global construction activity, the build out of projects continues to be jeopardised by contractor errors and defects, nat cats and extreme weather events, all potentially driving up construction claims, according to a report by GCube Insurance.
Posted: 2024-09-11
Over half of organisations were impacted by cyber threats in the past 12 months with a significant number of incidents leading to job losses, according to research by Databarracks. Of 500 UK IT, resilience and cyber security professionals surveyed, 37% reported that cyber attacks resulted in dismissals.
Posted: 2024-09-11
Howden Re, the reinsurance and risk advisory arm of Howden, has published a report on the growth of the renewable energy sector and its associated opportunities and risks from a re/insurance perspective.
Posted: 2024-09-10
A combined tool approach as part of a best practice approach to portfolio management is key to assessing cyber risk, according to a report by reinsurer Lockton Re.
Posted: 2024-09-10
Moody’s has acquired casualty insurance analytics provider Praedicat. The acquisition adds casualty and liability modelling to Moody’s insurance industry offering.
Posted: 2024-09-10
The number of hailstorms has more than doubled in the past year – surging 104% to 11,808 storms according to figures from the European Severe Weather Database – and specialty re/insurance group Chaucer warns this is causing increased damage to solar energy installations.
Posted: 2024-09-09
Rahul Gumber has been appointed chief risk officer at Axa UK & Ireland, joining from Aviva Canada where he is CRO responsible for leading the second line risk and compliance team. He previously held the same post at Aviva Ireland.
Posted: 2024-09-09
FERMA has urged the EU to set up an expert group on climate protection gaps following the publication of a major study which it says underlines the need for a permanent body to advise on EU adaption strategy.
Posted: 2024-09-09
Cyber insurance is set for exponential growth over the coming decade but it remains a capital-intensive peril that requires structural innovation, according to analytics provider CyberCube.
Posted: 2024-09-06
Almost half of companies in the FTSE 100 made prior year adjustments to their previously reported climate and sustainability metrics this year, according to analysis by Deloitte.
Posted: 2024-09-06
Satellite monitoring provider ICEYE has expanded its data licensing agreement with Aon to include flood insights data globally and wildfire insights data for the US.
Posted: 2024-09-05
Water company bosses in England and Wales could face up to two years in prison under government proposals to ensure that firms provide prompt data over sewage pollution incidents. The move is one of a number of measures which also include giving regulators the power to block bonuses for senior executives who fail to meet high standards of environmental or financial conduct.
Posted: 2024-09-05
CSIS Security Group has acquired Security Alliance Limited. Founded in London in 2007, SecAlliance, a CREST certified provider, delivers managed threat intelligence services, intelligence consultancy and advisory services.
Posted: 2024-09-04
Tokio Marine HCC – Specialty Group has announced the launch of a malicious cyber event extension to its event cancellation product. Available through both its Lloyd’s syndicate and HCC International Insurance Company, policyholders also receive a unique post-binding cyber vulnerability scanning service.
Posted: 2024-09-04
A claim triggered by Hurricane Beryl has been paid to the Jamaican Co-operative Credit Union League. The payment was due under a parametric insurance policy first issued in April 2022, and subsequently renewed by Munich Re, providing coverage that protects farmers by allowing them to take a payment holiday in the event that extreme weather, a common cause of debilitating crop damage, impairs farmers’ ability to repay micro loans.
Posted: 2024-09-03
Miller is taking its sports and entertainment business into the Asia-Pacific market. Led by newly-appointed Siva Krishnan as head of sports and entertainment, Asia, the new team’s focus will be on live events, sporting events and tours, sport associations, film and TV.
Posted: 2024-09-03
The occurrence of four major incidents aboard container ships within the last four months has prompted TT to reiterate its call for greater diligence in the classification, packaging, declaration and handling of cargoes.
Posted: 2024-09-02
US risk management society RIMS has teamed up with global broker network Brokerslink to develop the RIMS-Certified Risk Management Professional (RIMS-CRMP) certification (ANSI National Accreditation Board accredited under the ISO/IEC 17024 standard).
Posted: 2024-09-02
Aon has appointed Rob Kemp as head of its Commercial Risk Solutions division for the UK. Effective 1st October, Kemp will report to Jane Kielty, UK CEO at Aon, and Luca Tassa-rotti, head of Commercial Risk Solutions for Europe, Middle East and Africa (EMEA) at Aon.
Posted: 2024-09-02
Portfolio risk of systemic cloud outage events can be materially reduced through geographical diversification, according to a new report. Despite the fact that cyber risk does respect ‘borders’, the nature of cloud service delivery means that the impact of systemic loss events can be minimised, according to a joint report from Parametrix and Aon.
Posted: 2024-08-30
Agile Underwriting Services has established a presence in New Zealand – the first of its kind for a Lloyd’s syndicate.
Posted: 2024-08-30
Berkshire businesses are being warned to prepare for climate activist group Extinction Rebellion’s planned occupation of Windsor Great Park. The size and scale of the planned protests mean significant disruption is likely, according to professional security organisation, Assist Security Group, which is sharing detailed intelligence with businesses and the police on XR's intended three-day demonstration.
Posted: 2024-08-29
A lack of consensus over who owns AI risk in the organisation represents a key governance risk for the UK, as rules around AI usage are still being hashed out.
Posted: 2024-08-29
Flood Re has teamed up with the British Insurance Brokers’ Association as part of its plans to improve understanding across the broking community of the mechanics and benefits of its ‘Build Back Better’ property flood resilience scheme.
Posted: 2024-08-28
WTW has announced the creation of a fintech and digital assets division to help clients address the unique risks to this complex ecosystem of assets.
Posted: 2024-08-28
With 68 days to go, and a high degree of uncertainty surrounding the impact of the upcoming US presidential election, businesses are being urged to prepare now for a range of different scenarios, if they have not done so already.
Posted: 2024-08-28
Hiscox Ltd has named senior independent director Colin Keogh as interim chair of the company. The appointment follows the sudden and unexpected death of Jonathan Bloomer who lost his life last week when the yacht he was on sank in a violent storm just off the coast of Sicily.
Posted: 2024-08-27
Howden has agreed to a multi-year roll-out of FullCircl’s SmartBroker software. Driven by CEO Carl Shuker, the initiative will underpin a consistent Howden client experience across the National Branch Network, serving 2,000 Acturis users.
Posted: 2024-08-27
A residential tower was evacuated after a fire engulfed the entire building in East London yesterday. Some 40 fire engines and around 225 firefighters tackled the blaze at the building, which was known by the London Fire Brigade to have numerous fire safety issues.
Posted: 2024-08-27
Pool Re has awarded Aon Securities and Howden Capital Markets and Advisory an insurance linked securities advisory contract. The terrorism insurer has previously used cat bonds to source reinsurance protection, having successfully obtained an aggregate of £175m of ILS capacity from UK domiciled special-purpose vehicle Baltic PCC via cat bond issuances in 2019 and 2022.
Posted: 2024-08-22
The 2024 Risk Management Awards finalists have been announced. Now in its 15th year, the annual Risk Management Awards are the pinnacle of achievement in the field.
Posted: 2024-08-22
More companies went bust in the past year than did during the Global Financial Crisis, according to figures from Forvis Mazars. Company insolvencies hit 25,551 in the year to July 2024, according to the audit firm – 1.4% higher than the total number of companies that went insolvent in the same period during the GFC (25,186 in 2008/09).
Posted: 2024-08-21
Verisk Specialty Business Solutions has introduced an offshore renewable energy module within its exposure management system, Sequel Impact. This latest enhancement leverages the worldwide offshore windfarms dataset curated by the research arm of shipping services provider, Clarksons, and gives insurers a granular and sophisticated understanding of their sites, including the number, make, location and size of the turbines. Enhanced reporting capabilities have been developed in the tool.
Posted: 2024-08-21
Marsh has launched a US$50m port blockage insurance facility, covering shipping ports and terminals. Developed following the collapse of the Francis Scott Key Bridge and subsequent disruption at the Port of Baltimore, the insurance facility can be purchased independently or used to supplement existing cover.
Posted: 2024-08-21
The number of claims made against cyber insurance policies has fallen by over a third in the past two years, despite a rise in the number of policies being taken out. Claims have fallen from 58% in 2022 to 36% in 2024, despite the take up in cover rising from 51% in 2022 to 66% in 2024, according to the latest Data Health Check from Databarracks.
Posted: 2024-08-19
Cytora has partnered with environmental data specialist, GeoSmart Information, to bolster its flood and climate risk data toolset for property insurers.
Posted: 2024-08-19
Rokstone has announced a multi-year, multi-strategy capacity agreement with Accredited Insurance Program Management. Including both the US and international business, the agreement will enable Rokstone to offer a wider range of products and services to its clients, whilst also enabling Accredited to expand its portfolio and diversify its risk profile.
Posted: 2024-08-19
Commercial re/insurance and Lloyd’s accredited broker ATL Marine & Energy has appointed Álvaro Mier as the firm’s joint chief operations offices and chief financial officer. Established in 2014, the broker has offices in London, Madrid and Miami.
Posted: 2024-08-16
The Financial Conduct Authority has fined PwC for failing to report their belief that London Capital & Finance might be involved in fraudulent activity. It is the first time the City watchdog has fined an audit firm.
Posted: 2024-08-16
Marsh has launched a new insurance solution for the transportation and storage of carbon dioxide. Created by Marsh’s energy and power team and underwritten by Canopius, the solution will enable upstream energy operators to meet their financial security obligations when captured CO2 is being transported and injected into suitable geological structures.
Posted: 2024-08-15
Earlier this year, Mark Read, the head of WPP, the world’s biggest advertising group, was the latest target of an elaborate deepfake scam that involved an artificial intelligence voice clone. Criminals created a fake WhatsApp account with a publicly available image of Read and used it to set up an online video meeting that appeared to be between him and another senior WPP executive. Using a voice clone, the scam attempted to acquire money and personal details.
Posted: 2024-08-15
Freight and logistics insurance specialist TT Club has warned that operators in the container market supply chain are not putting enough focus on container seals and thus reducing their efficacy as a defence against theft, one of the top three losses in the sector.
Posted: 2024-08-14
Threat actors evolved their tactics in 2024 to take advantage of business and technology consolidation, according to a report from cyber risk solution company Resilience. Increasing M&A and reliance on ubiquitous software vendors created new opportunities for threat actors to unleash widespread ransomware campaigns by exploiting a single point of failure, according to the Midyear 2024 Cyber Risk Report, published today.
Posted: 2024-08-14
Flood Re has announced the appointment of Dr Tony Ballance to its board of directors.
Balance is currently chief strategy and regulation officer at Cadent Gas, as well as chairman of The National Forest Company and a trustee at The Soil Association.
Balance is currently chief strategy and regulation officer at Cadent Gas, as well as chairman of The National Forest Company and a trustee at The Soil Association.
Posted: 2024-08-13
Arch Insurance North America has partnered with digital risk processing platform, Cytora, to further digitise its risk intake and streamline underwriting workflows, expanding on its partnership in the UK.
Posted: 2024-08-13
Hiscox has gone live with what is thought to be the London insurance market’s first lead underwriting model enhanced by generative AI to provide sabotage and terrorism insurance quotes.
Posted: 2024-08-12
The average probable maximum loss from a cyber event targeting intangible assets is 43% higher than the anticipated PML for tangible assets. This is amongst the findings of Aon’s 2024 Intangible versus Tangible Risks Comparison Report, which points to an insurance gap in EMEA, where 54% of businesses experienced a material security threat or data breach at least once in the past 24 months.
Posted: 2024-08-12
Whitespace has announced the launch of new library and contract builder capabilities. The new functionalities introduce major evolutions to Whitespace’s user interface and allows designated users to create and manage a library of company-specific contract clauses, wording and headings with standardised tagging and formatting. Existing Whitespace templates and contracts can also be added to the library.
Posted: 2024-08-09
The ABI has issued a statement following recent outbreaks of violent disorder across the UK, as attention shifts to the commercial damage, and the impact on the insurance industry. Demonstrators, some reportedly affiliated with, or mobilised by, far-right groups, clashed with police officers and counter-protesters in multiple locations across the country in recent days...
Posted: 2024-08-09
Global insured losses from nat cats at £47bn in first half of 2024
A high frequency of small to medium-sized events resulted in global insured losses from natural catastrophes of £47bn in the first half of 2024, according to preliminary estimates from Swiss Re Institute.
A high frequency of small to medium-sized events resulted in global insured losses from natural catastrophes of £47bn in the first half of 2024, according to preliminary estimates from Swiss Re Institute.
Posted: 2024-08-09
Gen Z newcomers to the insurance industry have identified social media, specifically TikTok, as one of the key influential media for joining the industry. Communicating climate commitments was also identified as a key way for the industry to appeal to potential new Gen Z recruits.
Posted: 2024-08-06
Brokerslink has appointed Maurizio Castelli as the new leader of its risk management practice. Castelli is the CEO of the Milan-based risk management consultant Augustas Risk Services SpA, and the former director of group risk management at Pirelli, and CEO of the group’s captive. He is also a former general secretary and president of FERMA, and a past president and chairman of IFRIMA, the Worldwide Federation of risk management associations.
Posted: 2024-08-05
Arch Insurance International has promoted Marie Penberthy to the position of chief financial officer, following the departure of Jason Kittinger from the role.
Posted: 2024-08-05
Seventeen Group broking subsidiary, James Hallam, has opened a new Cyber and Technology Hub at Exeter Science Park. The Exeter opening extends James Hallam’s branch network in the South West to four, joining Plymouth, Penzance and Torbay.
Posted: 2024-08-05
Incident response plans were found to have underperformed in response to the recent CrowdStrike outage. According to a snap poll of risk professionals conducted by Aon, 83% of risk professionals said their organisation had an incident response plan in place, of which 24% said these plans underperformed.
Posted: 2024-08-02
Lockton has appointed Sung Wook Han as regional head of marine for Asia.
Posted: 2024-08-02
The QualRisk Cyber Insurance Centre has launched a cyber MGA market monitoring tool.
Posted: 2024-08-01
Marine consultancy firm, Van Ameyde Marine, has welcomed the Government’s £1.5 billion funding pledge for clean energy at a “pivotal moment” in the country's transition to renewable energy.
Posted: 2024-08-01
Specialist re/insurance broker Miller has appointed Edward Cheak as head of credit and political risk insurance (Asia).
Posted: 2024-08-01
The number of successful cyber attacks against UK utilities companies rose 586% to 48 in 2023, while data breaches increased by 714% over the same period, affecting some 140,000 individuals. Last year, regulator Ofcom said it had faced an average of 30,000 attempted cyber intrusions per week.
Posted: 2024-07-31
Anders Malmström is to succeed John Dacey as group chief financial officer of Swiss Re as of 1st April 2025.
Posted: 2024-07-31
Fusion Risk Management has today launched a new AI-powered tool designed to transform the way organisations test their resilience strategies.
Posted: 2024-07-31
The renewable energy sector is showing remarkable resilience despite prevailing conditions, as climate issues, supply chain disruption, casualty deterioration, social inflation and geopolitical conflicts together create a complex landscape for the class.
Posted: 2024-07-30
Concern about artificial intelligence-enhanced malicious attacks has topped Gartner’s emerging risk rankings in the second quarter of 2024 – for the second consecutive quarter.
Posted: 2024-07-30
Prestige Underwriting has welcomed the government’s intention to legislate to reduce the fire risks associated with electric power-assisted bicycles and lithium-ion batteries. The recent King's Speech included an undertaking to introduce the Product Safety and Metrology Bill, which in part aims to address the fire risk associated with e-bikes and li-ion batteries...
Posted: 2024-07-29
Cyber risk company, Resilience, has appointed Killian Brady as chief underwriting officer. In the role, Brady will direct and oversee all aspects of the underwriting function for Resilience’s portfolio of middle market and large enterprise clients.
Posted: 2024-07-29
The NHS has issued an Amber Alert over a shortage of blood supplies following the recent cyber attack on Synnovis. An Amber Alert is a part of the NHS’s business continuity plan for blood stocks that triggers hospitals to implement their emergency measures to minimise usage; move staff to laboratories to vet the use of all O type blood; and use patient blood management systems to minimise use of O type blood.
Posted: 2024-07-29
Global insured losses from last week’s CrowdStrike outage could sit somewhere between £310m and £1.2bn for the standalone cyber insurance market, according to data from CyberCube. The faulty CrowdStrike Falcon Sensor update and subsequent outage would represent a loss ratio impact of roughly 3-10% on global cyber premiums of £12bn today.
Posted: 2024-07-26
Advent Risk Management, Coverys and Munich Re Specialty are the latest three firms to join the International Underwriting Association, bringing the IUA’s representation to a total of 81 firms. Apex Insurance Company of Uzbekistan has also joined as an associate member.
Posted: 2024-07-26
A new resource designed to help standardise the way in which underwriters ask clients about sustainability data has been published by the Lloyd’s Market Association and the International Underwriting Association.
Posted: 2024-07-25
The average monthly cost to an SME of putting in place a full range of cyber security measures is £4,962, equating to an annual spend of £59,566, according to data from insurer CFC. To arrive at these figures, the cyber specialist reviewed a number of cyber security solution costs from a range of third party providers to calculate the cost to an SME in the UK employing 100 staff.
Posted: 2024-07-25
Climate change is causing a dramatic increase in the frequency of temperature extremes and number of temperature records the UK experiences. Analysis conducted by the Met Office in its report State of the UK Climate shows that extremes of temperature in the UK are most affected by human induced climate change. This means the UK is seeing, on average, more frequent periods of hot weather and suggest an increase in rainfall extremes.
Posted: 2024-07-25
The Future of Risk & Resilience with AI & Data
CLDigital's Co-Founder, Tejas Katwala, joins CIR Magazine to discuss how CLDigital is transforming enterprise risk and resilience. By integrating business processes, AI and data-centric strategies, organisations can move beyond compliance to proactive risk management – simplifying operations, strengthening resilience, and driving business performance. Listen now to explore the future of intelligent risk management.
Communicating in a crisis
Deborah Ritchie speaks to Chief Inspector Tracy Mortimer of the Specialist Operations Planning Unit in Greater Manchester Police's Civil Contingencies and Resilience Unit; Inspector Darren Spurgeon, AtHoc lead at Greater Manchester Police; and Chris Ullah, Solutions Expert at BlackBerry AtHoc, and himself a former Police Superintendent. For more information click here
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