United States of America (USA)
Storm surge losses likely to be higher than wind losses in US
There is a 20% chance that storm surge losses will be greater than wind losses for any US hurricane that makes landfall, catastrophe modelling firm RMS has said.
Tysers hires trio to form North American PL team
Tysers has appointed David Doe, Jonathan Doel and Sue Korth to form a North American professional liability team.
Aon faces $1m Superstorm Sandy lawsuit
A New York based-contractor is suing Aon Risk Services for more than $1m for allegedly failing to obtain adequate coverage for the firm, which suffered losses following Superstorm Sandy.
Aon sued for $1m over Superstorm Sandy coverage gaps
Aon Risk Services is being sued by Uberto, a New York-based contractor specialising in home renovation, over allegedly failing to obtain adequate coverage for the firm, which suffered losses following Superstorm Sandy.
Quindell takes 19% stake in US telematics provider
Outsourcer Quindell has completed a deal for a 19% stake in Himex, as US provider of usage-based insurance products.
Greenberg launches Spitzer defamation suit
Maurice “Hank” Greenberg has filed suit against former New York state governor and attorney general Eliot Spitzer, accusing the politician of a campaign of defamatory statements.
US could freeze foreign insurer assets new Iran sanction rules
US authorities could freeze any local assets of foreign insurers if they contravene new sanctions on Iran which came into force at the start of this week.
Insurers risk US asset freezing under new Iran sanction rules
Insurers could be subject to freezing of any US assets if they contravene new US sanctions on Iran which came into force at the start of this week.
Law Society’s motive behind new PI scheme called into question
Brokers doubtful scheme will mitigate threat posed by unrated insurers.
Direct Group to create 200 jobs following office relocation
Direct Group will create 200 new jobs in Doncaster following the opening of a new purpose-built head office in the town.
Octo Telematics moves frontline operation from Rome to London
Italy-based telematics systems provider Octo Telematics has relocated its frontline operation from Rome to London in a bid to take advantage of opportunities in the burgeoning UK telematics market and to build stronger ties with both the insurance and…
Towers Watson reveals insurers unprepared for emerging tech trends
Insurers feel less prepared to deal with threats arising from social media and big data than they do about more familiar ones.
Cooper Gay hires global M&A head
Cooper Gay Swett and Crawford have hired Oliver Homer as global head of mergers and acquisitions, effective 17th June 2013.
Berkshire Hathaway Specialty Insurance begins trading
Warren Buffett’s latest venture has started trading, with its sights firmly on the US excess and surplus market.
Market Moves: Broking sector has quiet week apart from a new COO role created at BMS
The recruitment merry-go-round produced a mixed bag of hires this week, with Covéa taking a lead role on behalf of insurers. The broking sector, usually a hive of market hiring activity, threw up little of note – although BMS Group proved the exception…
Ex-Marsh pair form leadership team at Integro UK subsidiary
New York-based international insurance brokerage Integro has appointed a leadership team that will oversee the firm’s UK operating subsidiary, Integro Insurance Brokers.
Brit enters political & credit risk market
Brit has entered the political & credit risk market with the appointments of Peter Jenkins and John Lentaigne as co-heads of the new division.
Willis names new directors ahead of Plumeri board retirement
The Willis board has nominated Francisco Luzón and Jaymin Patel as directors of the company, which completes the slate of directors that will be presented to shareholders at the upcoming annual general meeting.
Deadly May tornado season in US results in huge losses
Record breaking tornadoes and hail in the US caused billions of dollars of damage and many fatalities in Oklahoma and Texas in May.
Risk managers urged to reassess insurance of US exposures
Insurance managers of European multinationals need to reassess how they insure US exposures as part of global programmes, Ace has warned in a new report.
Generali agrees to sell US life business to Scor
Italian insurer Generali has continued its policy of disposing of non-core assets with the sale of its US life reinsurance business to French reinsurer Scor.
US affiliate tax is simply “revenue grab” says trade body
Trade bodies representing the European and Bermudian reinsurance community have condemned the US attempt to introduce a tax on affiliate reinsurance.
RMS estimates Oklahoma losses could reach $3.5bn
Risk Management Solutions has put insured losses from the Moore, Oklahoma tornado at $2bn to $3.5bn.
Intense hurricane season warning for US
Insurers have been warned that above-average hurricane activity is on the way for the period between 1 June and the end of November.