Articles by Carolyn Cohn and Jonathan Saul

U.S. Sanctions Likely to Ban Use of Lloyd’s IT Platform for Processing Iran Insurance

New U.S. sanctions are likely to prevent the use of a Lloyd’s of London IT platform for any Iran insurance, adding to difficulties for European insurers providing cover for the country. European insurers, reinsurers, brokers and shipping firms have been …

UK Banks, Insurers Support Global Standards for Regulation After Brexit: Watchdog

Britain’s banks and insurers want to stick to global standards on financial regulation after Brexit and are not calling for a “race to the bottom” to win business from European rivals, the head of Britain’s financial watchdog said on Wednesday. …

UK Regulator Warns Insurers, Banks About Responsible Use of Customers’ Big Data

Britain’s banks and insurers must take the lead in spelling out how they will use data collected from customers or they could face new rules, Financial Conduct Authority Chair Charles Randell said on Wednesday. Financial firms have been using Big …

Russia World Cup Insurance Premiums Rise on Risks of Terrorism, Hooliganism

The risk of terror attacks and damage from hooligans has pushed up premiums for businesses and players buying insurance for the soccer World Cup in Russia compared to the previous event in Brazil, brokers and insurers say. The insured value …

Europe’s New Data Privacy Law Boosts Cyber Insurance Sales

Data privacy rules coming into force this week are giving Europe’s fledgling cyber insurance market a boost as they make companies more aware of the risks caused by customer information breaches. Europe’s General Data Protection Regulation (GDPR), which takes effect …

Global Insurers Reassessing Iran Business In Light of Sanctions Threat

Global insurers are taking stock of how the U.S. withdrawal from an international agreement to deny Tehran nuclear weapons, and threatened sanctions against companies that do business with Iran, could affect them. Insurance broker Arthur J. Gallagher & Co. said …

Zurich Insurance CFO: ‘We Don’t Exist to Do M&A’

Zurich Insurance has no plans for a big merger, it said on Wednesday, despite speculation of a pick-up in dealmaking in the industry and that the Swiss company could get involved. The insurer’s comments came as it beat analysts’ forecasts …

Insurers Advance Post-Brexit Hub Plans Despite Promises of Transition

Lloyd’s of London, AIG, Allianz and other insurers are ignoring assurances and establishing new hubs in Britain and the European Union before Brexit in March 2019 to ensure access to customers. The moves come despite a “standstill” transition agreement struck …

Global Insurers Favor Private Equity Investments

Thirty-two percent of insurers plan to maintain or increase their investments in private equity in the next 12 months to boost returns, a survey of 300 executives overseeing more than $10 trillion in insurance assets showed on Tuesday. Insurers have …

Brexit Effect: Fewer UK Financial Services Jobs Expected to Shift to EU, Says Reuters

The number of finance jobs to be shifted out of Britain or created overseas by March 2019 due to Brexit has dropped by half compared to six months ago to 5,000 roles, firms employing the bulk of UK-based workers in …