International & Reinsurance News for October 2023
- People Moves: Markel Hires Senior Leaders for Casualty, Professional, Financial Risk Teams in Australia; BHSI Promotes Regan to Head of Casualty, Ireland
- Tech Update: AXA XL Launches Solution to Evaluate and Manage Water Risks
- Western Europe Braces for Worst Storm of Season With Hurricane-Strength Wind Gusts
- Deadly Explosion off Nigeria Points to Threat From Aging Oil Ships Around the World
- Threat of Haywire Artificial Intelligence Prompts Calls for Development Pause, AXA Says
- London SPAC to Test Shareholder Appetite for Lloyd’s of London Venture
- 5 Brokers Report Strong Revenues During Q3 as Favorable Market Climate Continues
- Marsh & McLennan Cos. Intends to Delist From London Stock Exchange
- Panama Removed From Gray List of Financial Crime Watchdog FATF
- Otis Likely to Be One of Costliest Hurricanes for Mexico Insurance Market: Gallagher Re
- Chinese Online Insurer Shouhui Weighs Hong Kong IPO in 2024
- NFP Buys UK-Based Resolute Insurance Services
- Re/insurer SiriusPoint and MGA Banyan Risk Extend Capacity Relationship
- UK Warns of Fake Ozempic Pens After Hospitalizations
- Three Baltic Pipe and Cable Incidents ‘Are Related’: Estonia
- Crypto Firms Are Failing to Spell Out Risks to Consumers: UK Watchdog
- Ant-Backed Rural Lender and Micro-Insurance Firm, Chongho, Eyes $500M HK IPO
- Acapulco’s Economic Losses Seen at $15 Billion as Hurricane Otis Death Toll Rises
- People Moves: Lockton Re Names Aon’s Wilkinson in New Role as International Head of Analytics; DUAL Deutschland Hires Former Gothaer Exec Huy as Managing Director
- Australia Court Rules Carnival Negligent Over Cruise’s COVID Risks in Landmark Ruling
- Probe of Damaged Baltic Sea Pipeline, Telecoms Cable Focuses on Chinese-Owned Ship
- World’s Ghost Fleet in Focus Over US Russian Price-Cap Crackdown
- Israel’s Ashdod Port Toils Under Threat of Rockets as War Risk Insurance Rates Soar
- Ukraine Sees Russian Cyberattacks Growing More Sophisticated
- People Moves: QBE Germany Appoints 2 Marine U/Ws; BHSI Names Jaghbir as Underwriting Manager in Queensland, Australia
- Israeli Firms Try to Cope With Trauma, Worker Shortages, Missed Deadlines
- Hurricane Otis Makes Landfall Near Acapulco as Category 5 Storm
- GE, Safran Find Bogus Parts on More Jet Engines in AOG Probe
- Catastrophe Bond Market Headed for Major Surge in Issuance
- Update: Rescuers Call Off Efforts to Find Missing Sailors After Cargo Ship Sinks
- People Moves: Marsh Names Thurston CEO, UK Risk Mgmt; Lockton Hires Parle, Patrick and McKay in London; MS Amlin Promotes Cleary to Head of Crisis Mgmt
- Howden Buys Portfolio of Broker in Luxembourg, Acquires Belgium Broker WDR
- Faster Melting of the West Antarctic Ice Sheet Is ‘Unavoidable’
- Munich Re Lifts Target as Lower-Than-Expected Claims Fuel Profit
- Vesttoo Creditors Say Bankrupt Israeli Insurance Startup Should Liquidate
- Viewpoint: Get Ready Now for the Soft Market (Because It’s Coming)
- People Moves: Sompo Int’l Taps Generali’s Conde-Salazar for Distribution & Client Relationships, AIG’s Marcén to Lead Professional Lines in Iberia
- Chemours Faces Dutch Criminal Probe on Emitting Forever Chemicals
- Hannover Re’s Germany Unit Expects Further Price Hikes at January Renewals
- UK Broker Jensten Acquires London-Based Berns Brett
- Tech Update: AXA XL Launches Virtual Reality Training Solution for Risk Managers
- Pacific and Atlantic Hurricanes Norma and Tammy Hit Mexico and Barbuda
- UK Staff Coming Into the Office Now Outnumber Hybrid Workers: Survey
- R&Q Insurance to Sell Insurance and Program Management Unit to Canada’s Onex
- People Moves: Allianz Commercial Taps AIG’s Valencia to Lead Portfolio Solutions; Sompo Int’l Taps Allianz’s El Oulhani for Distribution & Client Mgmt. in France
- Markel Takes Minority Stake in UK-Based Tax MGA
- Insured Losses From Severe Convective Storms in US Top $50B for 1st Time: Aon
- Biggest Polluting Firms Failing on Short-Term Emissions Goals: Investor Pressure Group
- Storm Babet Hammers Scotland With Warnings of Risk to Life, Flooding
- Rhine River’s Low Water Levels Provide ‘Further Evidence’ of Climate Change
- Oil Tanker Sails to Israeli Red Sea Port to Avoid Conflict
- Storm Babet Sparks Red Alert as Scotland Braces for Flooding
- People Moves: Lockton Taps Aon Veteran Guffanti as Head of Continental Europe; Markel Australia Appoints Rogers From AXA XL as Head of Queensland
- UK Financial Watchdog Says Some Funds Mislead Investors With ESG Label
- Aviation War Insurers Cancel Cover for Airlines Domiciled in Israel, Lebanon: Sources
- ‘Urgent Need’ to Understand Single Points of Failure in Digital Supply Chains: Report
- Startup Climeworks Battles Big Oil for the $1 Trillion Future of Carbon Capture
- Derisking Dilemma: How German Companies Are Tackling China Risk
- People Moves: Zurich Nordic Promotes Fritz to CEO; Arch Taps Cyber U/Ws From Tokio Marine and AIG; Liberty Names RSA’s Furlan as Head of Casualty, Europe
- Net-Zero Investor Group Reports Financing Activities Lead to Emissions Decline
- Markets/Coverages: Digital Lloyd’s Syndicate Ki Partners With Travelers and Aspen to Expand Follow Capacity
- Ukraine’s Risky Bet on Black Sea Shipping Corridor Pays Off as Ships Stream Into Ports
- Major Cyber Attack Could Cost Global Economy $3.5 Trillion: Lloyd’s
- Evergreen Line Declares Force Majeure on Israel Shipment: Customer Note
- Oka Gets ‘In Principle’ Approval to Launch Lloyd’s Syndicate-in-a-Box 1922
- NFP Acquires UK-Based Cronin Insurance Consultancy Ltd.
- Banks Told to Review Clients in Historic ESG Crackdown in EU
- Trump Sues Ex-British Spy Over Dossier Containing ‘Shocking and Scandalous Claims’
- Markets/Coverages: Howden Launches Climate Parametrics Practice to Help Clients Derisk Net-Zero Climate Transition
- Artificial Intelligence Startup Helps Insurers Spot Cognitive Decline in Older Drivers
- New FERMA President Plans to Amplify Voice of European Risk Managers at EU Level
- UK Commercial Property Defaults Rise as Rate Hikes Hit Borrowers
- People Moves: WTW Risk & Broking Names Marsh’s Powell as Chief Claims Officer; QBE Europe Promotes Keller as Head of Liability
- Markets/Coverages: Howden Launches Innovation Hub With £500M of Delegated Underwriting Capacity, Commits £10M for Insurtech Funding
- Israeli Cyber Professionals Band Together to Fight Hacktivist Activity Amid Gaza War
- Deadly Indonesian Cough Syrup Was Almost Pure Toxin, Prosecutors Say in Court Filing
- UK Watchdog Fines Equifax $13.4M for Role in ‘One of Largest’ Cyber Breaches
- Catastrophe Bond Market Defies Global Selloff With Record Returns
- Buffett Watchers Tout Japan Insurers, Banks as Next Potential Value Targets
- Tech Update: Xceedance Offers Cat Modeling Services to Reinsurers During Renewals
- KPMG Hit With Record Fine in UK for ‘Textbook Failure’ in Carillion Audits
- Banks in EU Get World’s First ESG-Related Rewrite of Capital Rules
- Baltic States Beef Up Infrastructure Defense After Suspected Pipeline Sabotage
- Generali to Sell TUA Assicurazioni to Allianz in $295M Deal
- Israel to Provide $6 Billion War Insurance Cover for Israeli Airlines
- Fidelis MGU and Castlelake Launch Aviation-Focused ‘Itasca MGA’
- People Moves: BHSI Taps Allianz’s Fuertes as Head of Energy and Construction in Spain; Allianz Commercial Hires AIG’s Vagenende to Lead New Benelux & Nordic Region
- Update: Airlines Wrestle With Safety Risks of Evacuation Operations in Israel
- Promotions, Raises Await Workers Who Come Back to the Office: Canadian CEOs
- Brink’s Sues Air Canada After $17 Million Heist of Gold and Cash
- Key to Proactive Cyber Security Is Management of Third-Party Vendor Risks
- Airlines Face Israel Insurance Alert in Wake of Weekend Attacks
- Shipping Traffic Slows at Israel’s Ports as Insurance Premiums Soar
- Global Economic Losses From Extreme Weather Could Hit $5 Trillion: Lloyd’s
- Finland Says Damage to Gas Pipeline, Telecoms Cable Likely Result of Deliberate Act
- Spanish Airline Air Europa Hit by Data Breach of Credit Card System
- Oil Tanker Adrift in Indian Ocean Is Latest Reminder of Dangers of Shadow Fleet
- India Insurance Startup Raises Funds at $650 Million Valuation
- Use of Weather Derivatives Surges as Extreme Climate Events Rock the Globe
- People Moves: Gallagher Re Taps RenRe’s Allard as Head of Global Credit & Political Risk; Sompo Int’l Names Heads of Claims, Distribution & Client Relationship Mgmt
- Markets/Coverages: Irish MGA iSure Launches Professional Indemnity Facility
- Odey Asset Management to Shut Wealth Business in Wake of Sexual Assault Allegations Against Founder
- Hacked Philippine Health Insurer Didn’t Have Cyber Protection Software
- UK Financial Services’ Firms Caught in Crossfire of Labour-Tory Business Battle
- Hacking Groups, Including Some Tied to Russia, Are Attacking Israeli Websites
- Economic Losses From China Disasters Reach $42B in First Nine Months of 2023
- UK Closer to Mandatory CO2 Disclosures With New Guidelines
- People Moves: Aon Appoints Reinsurance Leaders in Brazil, Peru; Markel Names Styles Head of Cargo; Arch Global Mortgage Group Promotes Fearon to CEO, Int’l Mortgage
- Aon Plc Acquires India’s Global Insurance Brokers
- Brazilian Prosecutors Seek to Ban Popular Herbicide Atrazine
- 2023 on Track to Become Hottest Year on Record: EU Climate Service
- Typhoon Koinu Strengthens as It Heads Toward Hong Kong
- Germany to Send Air Defenses for Kyiv to Guard Grain Routes
- From Ukraine to Taiwan, Satellite Firms Wrangle With Geopolitics in Space
- Record Heat Unleashes Deadly Floods – From US to Libya
- Markets/Coverages: Coalition, MS&AD Insurance Offer Cybersecurity Solutions in Japan
- Low Water Levels Hamper Rhine River Shipping in Germany
- Jet Engine Maker CFM Says Suspect Parts Reached its Own Repair Shops
- RBS Loses UK Appeal Over ‘Unfair’ Commissions on Payment Protection Insurance
- People Moves: DUAL Launches Marine Hub in Rotterdam, Hiring 2 Former MS Amlin Underwriters; Generali Taps Allianz’s Terzariol to Lead Newly Created Insurance Division
- Philippines Coast Guard Identifies Marshall Islands Oil Tanker in Fatal Collision
- September Broke Global Heat Record by ‘Gobsmackingly Bananas’ Margin: Scientist
- Central Bank Test Lab Develops Global Bitcoin Mapping System
- 4 Billion Pieces of Paper Keep Global Trade Afloat but Fraud Fuels Push to Digitize
- Hong Kong’s Typhoon-Related Insurance Claims Set to Top Record $500M in 2023
- Viewpoint: Reflecting on 30 Years of Transformation in the Re/Insurance Sector
- People Moves: Lockton Europe Taps WTW’s Rowley as Head of N. American Property; Sompo Int’l Names Faugas From AGCS as France Country Manager, Insurance
- Rapid Shocks in Store for Insurers in New Bank of England Stress Tests
- Typhoon Koinu on Track to Hit Taiwan Before Heading to Hong Kong
- MGA Skyrisks Officially Launches With Investment, Capacity From Convex Group
- PE Firm Cinven Eyes Sale of German Life Insurer Viridium: Sources
- China Bars Executive at US Firm Kroll From Leaving Mainland: WSJ
- SMBC Aviation Receives Cash Insurance Settlement Over Jets Stranded in Russia
- Howden Rebrands UK Units, A-Plan and Aston Lark
- Polo Managing Agency Assumes Management of Coverys Syndicate 1975
- Freight Rates for Grain Exports via New Black Sea Corridor Fall Sharply, Ukraine Says
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