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Brokers, Capital Markets, Captives, Legal, Market Reform, North America, Regulation

Cayman Islands in push to attract Reinsurer

A range of incentives is being finalised by the regulators on the Cayman Islands as part of its bid to attract reinsurance capital.

Legal, Lloyd's, London, Political Risk, Regulation, Risk Management

London market strikes deal over UN-fair cover delays

After two years of negotiations, The Lloyd’s Market Association (LMA) has said it has ended over two years of negotiations and finally reached an agreement over the insurance of troops and equipment by the United Nations.

Europe, Legal, Mergers & Acquisitions, Regulation

Swiss Re to delist next month

Reinsurer Swiss Re has announced the dates for its delisting and the squeeze-out of outstanding shares in Swiss Reinsurance Company Ltd...

Claims, Financial Institutions, Legal, London, Losses, Market Reform, Risk Management

PPO future in doubt says IUA

The future of use Periodical Payments Orders (PPOs) remains uncertain, a new study by the International Underwriting Association has revealed.

Catastrophe, Claims, North America, Terrorism

9/11 ended the “gentlemen’s agreement" in cover placement

On the eve of the 10th anniversary of the attacks on the World Trade Center, a leading lawyer has said those events are responsible for changing the reinsurance market dramatically.

Financial Institutions, North America, Regulation, Risk Management

OIL changes learn the lessons of the past

The President and CEO of OIL Insurance said the mutual has changed fundamentally drawing on the lessons learned from the devastating hurricanes of 2005 and 2008.

Liability, North America, Offshore, Risk Management

Systemic risk must be addressed says Liberty President

The insurance industry must meet the growing challenge of the systemic risk for the benefit of both the underwriters and their clients delegates were told on the opening day of the Seminar.

Europe, IUMI, Marine, Regulation

IUMI discusses sanctions threat

Underwriters at the International Union of Marine Insurance (IUMI) annual conference in Zurich have been told they face a sanctions nightmare over Iran as the European member states look to implement the latest round of sanctions.

North America, RAA, Regulation

NAIC produce Reinsurance Modernisation Bill

The National Association of Insurance Commissioners' (NAIC) has agreed the proposed bill which will look to modernise the way in which reinsurance is regulated in the world’s biggest risk market

MENA, Rates, Regulation, Risk Management

Insurers warned they may be told to exit Iranian risks

A leading political risk analyst has warned that global underwriters could be dragged into the front line of the United States’ ongoing dispute with Iran over its nuclear ambitions.

Asia Pacific, Broking, Risk Management

Broker warns on new law changes in China

Changes to the Chinese insurance laws which come into force last week will force insurers and reinsurers to revisit their terms and conditions as the protection for policyholders continues to tighten

Claims, Liability, London, Losses

Working party warns of spiraling asbestos claims costs

Underwriters have been told they face a bill of up to £11 billion in compensation arising from asbestos-related claims in the UK alone over the next 40 years, although there are fears that the figure will continue to rise.

London, Regulation, Solvency II

IUA chairman warns of regulatory backlash

The London market has been warned that it faces the threat of a renewed wave of regulation as the fallout from the collapse of the global financial services markets continues.

Catastrophe, Europe, Losses, Risk Management, Solvency II

Debates over Solvency II catastrophe models

With less then two years to go before the planned implementation calls have been made for the European Commission which is master minding Solvency II to create a more streamlined process for the international models.

Catastrophe, Europe, Regulation, Solvency II

Guy Carp offers Solvency II success plan

Broker Guy Carpenter has warned that the impact of Solvency II cannot be seen to be restricted to those insurers operating within the European Union.

Market Reform, North America, Regulation, Solvency II

New Bill seeks Federal Reinsurance License

There are growing hopes that a new bill which would create a federal licence for reinsurers in the United States will gather support after it was proposed by Kansas Democrat Congressman Dennis Moore.

London, Mergers & Acquisitions, Regulation, Run Off, Solvency II

KPMG welcomes run off rules

As the debate continues over the timeline for implementation of Solvency II consultancy firms KPMG has said the run-off sector should be pleased with new concessions in the scheme

Broking, Claims, London, Regulation, Risk Management

London facing more than simply stormy first quarter

London may be the home of the modern insurance industry but 2011 find its markets in a state of flux with regulatory and industry challenges galore not to mention some debate over bribery thrown in.

Captives, Europe, Ratings, Regulation, Solvency II

Solvency II will challenge captives says rating firm

A M Best has issued a new report in the impact of Solvency II on the captive market and said it believed that that owners will look to pump more capital into the captives when solvency Ii is implemented in18 months.

North America, Regulation, Results

Record result for Hannover Re on US Court decision

Hannover Re has reported its 2010 results with a record result despite the cost of the year’s cat losses.

Europe, Losses, Regulation, Solvency II

CEIOPS warns of tough conditions in Europe

In what was almost its last act before it was replaced by the European Insurance and Occupational Pensions Authority (EIOPA, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), warned reinsurers face a number of challenges in the coming year on the back of falling rating levels and the highest level of insured losses in a decade

Europe, Financial Institutions

Court ruling creates delayed gender crisis for European markets

The decision by the European Court of Justice to ban the use of gender in the underwriting process while not unexpected will cause a rethink for the direct and reinsurance markets both in nonlife and life classes.

Claims, Europe, Liability, Risk Management

Industry buoyed by deafness ruling

Insurers have been given “reassurance” following a decision by the UK surpreme court over employee liability for hearing loss at work.

Europe, Financial Institutions, Risk Management

Corporate governance gaps are impacting effective cover

UK companies are exposing themselves to significant and unnecessary losses due to serious flaws in the way their corporate insurance policies are arranged according to a new study of commercial risk carried out by the specialist research firm Mactavish, in association with PwC.

Claims, Europe, Liability, Losses

Plural decision may cost industry £28 billion warns law firm

The re/insurance industry had reacted with shock at a decision which opens the gates for a flood of claims for the impact of asbestos on workers in Scotland

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