Europe
Reinsurance rate decline slows at April renewals
The 1 April reinsurance renewals saw rate reductions range from flat to mid-single digit reductions, an improvement compared to the low double digit range seen 12 months ago, according to Willis Re.
Defective products are leading liability loss, says Allianz
Commercial insurer Allianz Global Corporate & Specialty has identified defective products and work as the leading global liability loss by studying the total value of claims over a five year period.
Brussels move will affect fewer than 100 staff at Lloyd's
Lloyd’s of London anticipates fewer than 100 staff will be needed to operate its European post-Brexit subsidiary, chief financial officer John Parry said.
Lloyd’s confirms Brussels as post-Brexit destination
Lloyd’s has confirmed it will be setting up a new European business in Brussels following the government’s decision to invoke Article 50.
Biba calls for EU free trade agreement as Article 50 is invoked
The British Insurance Brokers’ Association has called on Prime Minister Theresa May to make "urgent progress" in setting up a new free trade agreement with the European Union now that Article 50 has been invoked.
Live: Industry reacts as government triggers Brexit
Check out Post's live blog on industry reactions as the government invokes Article 50.
Ireland urged to ‘draw lessons’ from Lloyd’s Brussels decision
Ireland’s trade body for insurance said lessons need to be learned from Lloyd’s decision to pass up on Dublin as its European subsidiary.
Global insured disaster losses hit $54bn in 2016: Swiss Re
Natural catastrophes and man-made disasters in 2016 resulted in insured losses of $54bn (£43bn), an increase of 46%, according to Swiss Re's latest Sigma study.
HDI Global sees 42% rise in profit
German industrial insurer HDI Global SE saw a 42% rise in profit in spite of an “intense” rate environment.
VIG P&C business returns to profit
The Vienna Insurance Group has seen its property and casualty business return to profit after suffering a hit last year.
Credit insurers look to capitalise on Brexit fallout
Any hint of an economic downturn inevitably results in forecasts that demand for trade credit insurance will soar. So, predictably, Brexit has sent the PR machines of the major credit insurers into overdrive.
EU data laws 'could leave insurers vulnerable to fraud'
Insurers could face disruption to their pricing and anti-fraud capabilities due to the General Data Protection Regulations that are to be put in place next year.
XL Catlin appoints international head of cyber liability
Global insurer XL Catlin has recruited an experienced cyber insurance professional to head its international cyber and technology underwriting team.
Malta will be biggest beneficiary of Brexit, says MPG
Malta will benefit more than any other financial centre in Europe from Brexit, according Managing Partners Group.
FCA met government to discuss post-Brexit regulatory framework
The Financial Conduct Authority has met with the government to discuss a post-Brexit regulatory framework.
Lloyd's to announce post-Brexit hub by the end of March
Lloyd’s of London will reveal the location of its post-Brexit base by the end of this month, Post understands.
XL Catlin appoints Tim McMahon to property insurance CUO
XL Catlin has promoted Tim McMahon to the newly created role of global chief underwriting officer, property for insurance.
We Specialty and Hiscox collaborate on political risk
French managing general agency We Specialty has partnered with Hiscox to cover political violence, terrorism and political risk.
Global insurance M&A fell 13% in 2016, says Clyde & Co.
Last year the number of completed mergers and acquisitions of general / life insurers and reinsurers across the world fell 13% from 2015 according to global law firm Clyde & Co.
Brexit could drive mergers and acquisitions in 2017
Brexit could result in a wash of distressed insurance businesses, driving a rise in mergers and acquisitions, a report has warned.
XL Catlin granted Monaco licence
XL Catlin has received regulatory approval to write business in Monaco.
Asia drives growth as Prudential operating profit soars
Prudential, the international financial services group, has reported record group operating profit of £4.26bn in 2016 thanks to double digit-growth in Asia.
Intel makes £12.5bn driverless car software acquisition
US chipmaking giant Intel has bought Israeli software company Mobileye for £12.5bn ($15.3bn) placing a big bet on the future of driverless cars.
Chubb partners with low-cost airline to broaden European travel cover
Chubb has expanded its travel cover offering by signing an agreement with low-cost airline, Wizz Air.