International & Reinsurance News for March 2023
- R&Q’s Quilter Steps Down as CEO, Retires at Year-End; Spiegel Becomes New CEO
- Britain to Reform Accountability Rules for Senior Bankers, Insurance Executives
- People Moves: Everest Taps Chubb’s Chaves to Lead Mexico Operations; BMS Names Munich Re’s Tigleanu for Cyber Strategy; Miller Hires Dipati in Singapore Energy Team
- Gallagher Launches in Sweden Following Integration, Rebranding of 3 Acquired Brokers
- Porsche SE Wins Crucial Ruling in Stuttgart Investor Class-Action Lawsuit
- Britain Sets Out Next Steps to ‘Green’ its Financial System
- Richemont Builds Digital Platform to Help Police Fight Watch, Jewelry Theft
- People Moves: Everest Insurance Names Kendrick as Non-Exec Chair of European Board of Directors; OONA Insurance Appoints Marsh’s Zandueta as President, CEO
- Lloyd’s Lab Selects 13 Insurtechs for Its Next Innovation Accelerator
- Markets/Coverages: Reinsurance Tech Firm Tremor Launches Cat Bond Issuance Platform
- Russia Still Uses Western Insurance for Half of Tanker Fleet That Exports Its Oil
- Philips Expects to Reach Settlements This Year for Global Recall of Respiratory Devices
- Typhoon-Prone Philippines to Launch Insurance Plan for Infrastructure Losses
- BHP Group Seeks to Delay $44B Brazil Dam Court Case in London
- Swiss Re Faces $6.3M Claim Over Sex Discrimination, Unfair Dismissal
- Colombia, Peru Eye World Bank Catastrophe Bonds on Renewed Investor Interest
- Ermotti to Step Down as Swiss Re Chair to Take UBS Role; Interim Chair Named
- Brazil Miner Vale to Pay $56M to Settle SEC Charges Related to Dam Safety Disclosures
- UK’s Poor Climate Planning Risks ‘Cascading Failures’: Report
- Private Equity Investor AnaCap Sells Minority Stake in German Broker MRH Trowe
- Insurer RSA Exits UK Personal Lines Motor Market to Focus on Core Businesses
- UK MGA Aqueous Secures Capacity From Allianz, Setting Sights on Commercial SMEs
- Russia Has Successfully Rerouted Oil Exports Hit by Western Embargo: Energy Minister
- Regulator Tells Australian Banks to Boost Cyber-Attack Defenses
- Indian Tycoon Piramal, TPG Inc. Weigh Selling Stakes in Shriram General: Sources
- Climate Activists Tell Insurance CEOs to Stop Covering Carbon Projects ‘Immediately’
- Credit Suisse’s Catastrophe Bonds Should Outlive the Bank: DBRS Morningstar
- Hackers Breached UK Pension Protection Fund, Stole Employee Data
- People Moves: Acrisure Re Hires Ed Broking’s D’Arcy for Fac Team; MS Amlin Names Carpenter’s Turner to Lead Risk Analytics; Tysers Taps Primassure’s Moore for Energy
- HDI Global Specialty Launches Digital Platform for General Aviation in Canada
- Skyrisks Prepares to Launch as MGA for Advanced Air Mobility Sector
- Credit Suisse Bondholders Seek Legal Advice on Wipe-out of AT1 Bonds
- Ransomware Attack to Hit Revenue at India’s Top Drugmaker
- Aging Shadow Fleet, Shipping Russian Oil, Poses Disaster Risk
- Denmark to Salvage Unidentified Object in Nord Stream Blast Probe
- People Moves: Howden Tiger Names Ruff as Head of Legacy Division in Expanded Role; Markel Taps QBE’s Keens, SCOR’s Wong for Global Downstream Energy Team
- China Detains Staff, Raids Office of U.S. Due Diligence Firm Mintz Group
- Reinsurers Average 12.1% Premium Growth for Full-Year 2022: Gallagher Re
- High Inflation Hiked P/C Claims Costs Up to 7.5% in 2022
- Insurers Continue to Cover Ukraine Grain Corridor Shipments, for Now: Lloyd’s Chairman
- EU Regulators to Rethink Liquidity Risk After Credit Suisse Unravels
- Markets/Coverages: Mosaic Adds Litigation Liability Cover to Professional Lines Offering
- Long-Term Drought in Spain Expected to Bring More Heatwaves, Wildfires
- Lloyd’s of London Swings to 2022 Pre-Tax Loss on Investments but U/W Profits Up
- Japanese Shipping Firm Seeks Government Support for Russia Insurance Risk
- Oil Spills and Near Misses: Growing Numbers of Ghost Tankers Ship Sanctioned Fuel
- People Moves: Specialty MGA Nirvana Taps Sompo’s Mannsdorfer for European Underwriting; Verlingue Hires Hiscox’s Bethell as Head of Private Clients
- Chubb Announces Climate-Focused Underwriting Standards for Oil and Gas Extraction
- Natural Catastrophes Cost Insurers $125 Billion in 2022: Swiss Re
- EU Proposes Clampdown on Companies Using Misleading ‘Green’ Labels
- Commerzbank Executive Wins £300,000 in Sex Discrimination Suit
- Google Asks London High Court to Throw Out Lawsuit Over Medical Records
- Australian Lender Latitude’s Shares Slump After Hack Details Emerge
- People Moves: McGill & Partners Hires Gallagher Re’s Turner for Treaty Reinsurance Team; Howden Names KPMG’s Cox as Head of Energy Transition
- UK Businesses Face Risk of Underinsurance as Construction Costs Reach Record Highs
- Toxic Spills at Alberta’s Oil Sands Spur Canada to Boost Regulatory Oversight
- Russian Court Freezes Volkswagen Assets in Russia
- Ferrari Says Ransomware Attack Exposed Clients’ Names, Email Addresses
- Britain’s Financial Services Industry Plans Blueprint for Post-Brexit ‘Kickstart’
- People Moves: Tokio Marine Boosts UK Trade Credit Division With Underwriting Hires From Atradius, Coface; BHSI Promotes Ruddlesdin to Head of PI & Cyber in London
- ‘Climate Time Bomb Ticking’, Warns UN Chief, Urging Faster Cuts to Emissions
- Dangers of Disposable Vapes: Lithium Battery Fires, Plastic Waste and Health
- Chile Completes $630M Earthquake Insurance Deal With World Bank
- Update: Bank Shares Rise After Credit Suisse Rescue Eases Crisis
- Scratched EV Battery? Your Insurer May Be Forced to Junk the Whole Car
- London Market Insurers Publish Guidelines for Marine Casualty Claims
- Walmart Pumps $200M Into India’s PhonePe, to Build Insurance, Wealth Businesses
- IGI Completes Acquisition of Norway-Based MGA Energy Insurance Oslo
- Specialist Insurer Hiscox Launches Underwriting Academy in UK
- Microsoft Warns Russian Hackers May Plan More Attacks, Inside and Outside of Ukraine
- UK Bans Chinese-Owned TikTok on Government Phones on Security Concerns
- People Moves: Gallagher Promotes Kent to Lead Global Insurance Strategic Relationships; Wakefield Named CEO of Gallagher Re
- Citgo’s Lawsuit Against Lloyd’s Insurer Over Seized Venezuelan Oil Gets Go-Ahead
- Intangic MGA Launches Cyber Parametric Policy With Backing From AXA XL
- Dutch Court Finds Facebook Misused Data in Class Action Lawsuit
- Credit Suisse’s String of Crises: Spies, Money Laundering, Takeover
- Miner BHP Potentially Faces $44B Lawsuit in London Over Brazil Dam Collapse
- Australia’s Latitude Group and IPH Hit by Cyber Attacks, Continuing Wave of Hacks
- Update: Credit Suisse Secures $54 Billion Lifeline to Shore Up Investor Confidence
- Arthur J. Gallagher & Co. Buys UK Broker FE Protect
- Insured Losses From N. Zealand Floods Estimated at US$1.02B, With Profit Hit Expected
- China’s Ping An Insurance Reports 17.6% Drop in 2022 Profit
- Howden Acquires Liechtenstein-Based Broker
- UK Builders Face Ban Unless They Commit to Repairing Unsafe Cladding
- UK’s National Cyber Security Centre Reviewing TikTok Risks: Minister
- Ship With No Permit Causes Philippine Oil Spill; Cleanup Is ‘Logistical Nightmare’
- What’s Happening at Fukushima Nuclear Plant 12 Years After Meltdown?
- EU Prepares for Climate Stress Test That Includes Insurers
- People Moves: Lloyd’s Names James as COO, Taking Over From Keese Who Continues as CFO; Howden Tiger Builds Int’l Treaty Team With Appointment of Ed Broking’s Jani
- Philippines Increases Efforts to Contain Oil Spill From Sunken Tanker
- Specialist Risk Group Acquires Mid-Market Commercial Broker Consort Insurance
- Generali Hikes Dividend Payout After Posting Its Best Ever Operating Profit
- Ukraine Rebuffs Russia’s Offer of 60-Day Extension on Grain Deal
- Insurers Successfully Merge Lawsuits Brought by Lessors for Jets Confiscated in Russia
- Aon Updates Europe Windstorm, Severe Convective Storm Models
- Mosaic Insurance Opens Singapore Office, Hiring 2 Specialty Underwriters
- Markets/Coverages: Coalition Enters UK Excess Cyber Insurance Market
- Update: Swiss Regulator Monitors Banks, Insurers for Contagion After SVB Collapse
- Finance Firms Managing $136T in Assets Urge Boards for More Environmental Data
- Hong Kong’s FWD to File Again for IPO Application: Sources
- AM Best Downgrades SCOR’s Ratings
- Turkey’s Southeast Exodus After Deadly Earthquake Puts Manufacturing at Risk
- Lloyd’s Third-Party Managing-Agent Asta Opens Service Company in Singapore
- Allianz Restructures Global Commercial Insurance Unit as One Go-to-Market Business
- China’s Financial Regulatory Revamp Raises Hope, but Some Concerns
- Markets/Coverages: Specialist Re/insurer Apollo Announces Partnership With Praedicat to Harness Emerging Risk Insights
- UK’s Largest Companies Fail to Comply With FCA’s New Gender-Diversity Quotas
- European Central Bank to Test Cyber Resilience of Banks
- UK Specialty MGA Nirvana Launches With ‘Ambitious Growth Plans’
- Lloyd’s Expects 2022 Loss of $947.6M on Investments; Underwriting Results ‘Strong’
- Investors Aviva, M&G Urge Britain to Press Ahead With Financial Reforms
- Glut of Plastic Polluting World’s Oceans Is Growing Fast: Research
- Update: Britain Says Financial Reforms Will Be in Same ‘Orbit’ as EU, U.S.
- Russian Cyberwar Against Ukraine Stumbles, Just Like Conventional One
- Updated: Aviva CEO Says Demand for Private Healthcare Rising on NHS Woes
- New Reinsurance Brokerage, ReFlex Solutions, Launches in Bermuda
- People Moves: Childs to Retire as Chair of Hiscox; Optio Taps Munich Re’s Kennett as UK Head of Political Risk & Terrorism; Conduit Re Names BMS Re’s Binetti to Lead Casualty
- UK Insurtech Azur Group Sells Tech Services Unit to Senior Managers, Creating New Firm
- Cyclone Freddy Sets New Record as World’s Longest-Lasting Tropical Storm
- Canada Financial Watchdog Sets Rules for Insurers, Banks on Climate Risk Disclosure
- Swiss Re Closes $700M Alternative Capital Deal, Enabling Growth in Favorable Market
- Head of UK Employer Group CBI Steps Aside Over Allegations
- Markets/Coverages: Verlingue Launches Dedicated Media Practice in UK
- Climate Change to Cost Germany Up to €900B by 2050: Study
- Ukraine Holds Online Talks With Partners on Grain Export Deal Extension: Source
- Update: China to Launch National Financial Regulator in Major Supervisory Overhaul
- BOE’s Bailey Says UK’s Reforms of Insurance Capital Rules Increase Failure Risk by 20%
- FTX’s Crash Exposes Insurance Black Hole That Risks Impeding Crypto Sector Recovery
- People Moves: Aon Names Mgoqi as CEO for South Africa; Tokio Marine Kiln Appoints AIG’s Green to Head Aviation War Risks
- Arthur J. Gallagher & Co. Acquires UK’s Bay Risk Services From Optio
- Ariel Re Raises $270M of Capital to Support Growth Opportunities
- Ford Taps Vehicle Data to Attract Customers in Commercial Van Market
- Before Fatal Quake Collapse, Turkish Building Skirted Code, Thanks to Erdogan Policy
- Indonesia to Relocate Residents or Move Fuel Facility After Fire Kills 16
- Huge Fire Rips Through Skyscraper in Hong Kong Shopping District
- Canada Joins U.S. and EU in Banning TikTok From Government Phones
- Insurance Software on the Block as Private Equity Looks to Cash In
- Jensten Group Completes Basil Fry and Bellegrove Acquisitions in UK
- London Cyber Decoys Attacked 91 Million Times in January by Over 101,000 Hackers
- Turkey Issues Rebuilding Rules After Quake Leaves Millions Homeless, Kills Thousands
- Shell Wins Bid to Limit British Suit Over Nigeria Delta Oil Spill
- Aircraft Lessor AerCap Says Russian Airlines Proposing Settlements for Stranded Jets
- Fidelis Insurance Holdings Submits Draft Registration With SEC for Proposed IPO
- Russia Accuses West of ‘Shamelessly Burying’ Black Sea Grain Deal
- Financial Services Provider F88 Raises $47M Ahead of Planned Vietnam IPO
- People Moves: Ashley Promoted to Division President of Chubb Tempest Re Int’l; Argenta Taps TMK’s Groves as Head of Cyber; Mosaic Hires Chief People Officer
- China Eases Deadline Pressure for Multinationals’ Compliance With Data Security Rules
- Credit Suisse ‘Seriously Breached’ Risk Management Obligations in Greensill Case
- Britain Will Seek to Reset Relations Between City of London and EU
- Apple Supplier Foxlink ‘Working Hard’ to Resume Production After India Fire
- Update: Two Trains Collide in Greece, Killing at Least 38 People
- Markets/Coverages: CNA Hardy Launches 1st in Series of Products for Int’l Clients
- Jensten Group Acquires UK’s Specialist Schemes Broker Darwin Clayton
- Specialty Re/Insurer Canopius Expands in APAC, With Launch of Melbourne Office
- Howden Buys Specialist Entertainment Broker Franz Gossler in Germany
- Insurers to Pay Bangladesh Shipping Corp. $22.48M for Vessel Hit by Missile in Ukraine
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