International News

UK SMEs Face BI Coverage Gaps After Terrorist Events: Pool Re Report

Many terrorism insurance policies are triggered when there is physical damage to a property. As a result, commercial insurance buyers may find that they are unprotected against business interruption losses if there is minimal or no damage to their properties …

Ironshore’s New Iron-Excess MGA Is Based on Iron-Starr Excess Agency Model

Using a Bermuda joint venture between Ironshore and C.V. Starr & Co. as a model, Ironshore announced the launch of Iron-Excess on Monday. Ironshore, a Liberty Mutual company, describes Iron-Excess as an expansion of the Iron-Starr Excess underwriting agency business …

Uber CEO Apologizes to Londoners for Taxi App’s Mistakes

Uber’s new boss Dara Khosrowshahi apologized to Londoners for the taxi app’s mistakes and pledged to make changes as the Silicon Valley firm tries to overturn a decision to strip it of its license in one of its major markets. …

Pioneer Underwriters & Lloyd’s MGA Asta Get Initial Nod to Set Up Lloyd’s Syndicate

Pioneer Underwriters and Asta, the third party managing agent at Lloyd’s, announced they have received “in principle” approval from Lloyd’s to establish a syndicate. Pioneer commenced underwriting in 2011 and has built a hybrid underwriting operation in the Lloyd’s market, …

Insured Losses in Caribbean from Hurricane Maria Estimated at $40B-$85B: AIR

Industry insured losses for Hurricane Maria in the Caribbean will be between US$40 billion and US$85 billion, according to catastrophe modeling firm AIR Worldwide. Puerto Rico alone accounts for more than 85 percent of the loss, said Boston-based AIR, which …

Lloyd’s Appoints SCOR’s Mitchell-Wallace as Head of Risk Aggregation

Lloyd’s, the specialist insurance and reinsurance market, announced Dr. Kirsten Mitchell-Wallace has been appointed as the head of Risk Aggregation. The role reports to Jon Hancock, the director of Performance Management, and is responsible for leading the strategy and day …

AXIS Capital to Complete Acquisition of Novae Group in October

AXIS Capital Holdings Ltd. said it will complete its acquisition of London-based Novae Group plc in two phases, beginning with the acquisition of Novae shares, which is expected on Oct. 2, 2017. This will be followed by management control and …

Deloitte Targeted by Hackers Accessing Data From Internal Email Platform

Following record results that flagged the growth of its cyber security business, Deloitte LLP has revealed that it has been successfully targeted by a cyber attack that let hackers access data from an internal email platform. The auditing and consulting …

Chubb’s Launches Business Pack Insurance for Australian SMEs

Chubb has launched a package insurance solution called Chubb Business Pack Insurance for small and medium enterprises in Australia. This solution aims to provide broad coverage for property and liability exposures to help protect business owners from a range of …

S&P Assigns Odyssey Re Europe with ‘A-‘ Rating, Stable Outlook

S&P Global Ratings has assigned its ‘A-‘ long-term financial strength rating to Odyssey Re Europe S.A. (ORESA), with a stable outlook. The rating on ORESA is based on an explicit guarantee provided by Odyssey Reinsurance Co., which has an ‘A-‘ …

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