terrorism insurance News

RSA Begins Trading on London Market Placing Platform, PPL

International insurer RSA has begun trading on the London insurance market’s electronic placing platform, PPL (Placing Platform Ltd.), which enables brokers and underwriters to quote, negotiate, bind and endorse business using one market-wide system. RSA’s Profin underwriting team is now …

Ironshore International Hikes Capacity to $400M for Terrorism & Sabotage Cover

Ironshore International has increased capacity for Terrorism & Sabotage programs to US$400 million, an increase from the current U$375 million limit, effective immediately. Ironshore’s Terrorism & Sabotage cover provides insurance protection for clients against damage to commercial and residential property, …

New York Businesses Advised to Check Insurance in Wake of Chelsea Terrorism Bombing

New York Governor Andrew Cuomo has identified the incident where a bomb went off from inside a dumpster in New York’s Chelsea neighborhood, injuring 29 people, as an act of terrorism. “I said yesterday I believed it was an act …

New York Bombing Suspect in Custody, Investigation Continues

A suspect has been taken into custody in connection with a bomb that went off from inside a dumpster in New York’s Chelsea neighborhood, injuring 29 people. Mayor Chris Bollwage of Elizabeth, New Jersey, said Ahmad Khan Rahami was taken …

XL Catlin Updates Active Assailant Cover to Include Use of Road Vehicles in Attack

XL Catlin announced it has updated the wording of its “Active Assailant” coverage to include the use of road vehicles in an attack. Stephen Ashwell, XL Catlin’s chief underwriting officer for Crisis Management, said: “The tragic events that took place …

Low Prices Ultimately Could Bite London Market Insurers: A.M. Best, PwC Reports

The business outlook for the London insurance market is a familiar one across other global markets: underwriting profits are under pressure as ongoing soft market prices begin to take a toll. In separate reports on the London market, both A.M. …

Allianz Names XL Catlin’s Posner Senior Underwriter for Terrorism Insurance in North America

Allianz Global Corporate & Specialty (AGCS) reported that Adam Posner has been named senior underwriter for Terrorism & Political Violence insurance. Posner will be based in New York and he will report directly to Marcos Garcia Norris, regional practice group …

London Market’s Electronic Placing Platform Binds 1st Standalone Terrorism Risk

London Market Group (LMG) announce that the first standalone terrorism risk was bound on PPL – the London Market’s electronic placing platform – within the first hour of trading yesterday morning. The broker was Marsh and the underwriter was Chaucer. …

Treasury Recommends Some Terrorism Premiums Be Retained for Future Claims

In a report that concludes that the federal terrorism risk insurance program “remains an important mechanism” for ensuring that terrorism risk insurance is available and generally affordable, the U.S. Treasury Department also calls for changes including requiring participating insurers to …

XL Catlin Expands Crisis Management Product Suite in UK, Asia Pacific, Germany

XL Catlin has introduced “Active Assailant” coverage to its crisis management product suite to respond to the threat of physical attack faced by businesses and public service providers. “Active Assailant coverage will initially be underwritten in the U.K., U.S., Germany …