February 2017/2

The threat - and opportunity - of technology for the (re)insurance market was a consistent theme during discussions at The Insurance Insider's InsiderScope London event last week, as executives called for the market to embrace change wholeheartedly.

Friday night (10 February) brought a spectacular end to probably the most important insurance dispute of a generation as New York's Attorney General (AG) announced that former AIG boss Maurice "Hank" Greenberg had admitted to involvement in two fraudulent transactions during his decades-long tenure.

Proposed changes to the credit risk charge in the National Association of Insurance Commissioners (NAIC)'s risk-based capital (RBC) calculation could give the highest-rated reinsurers a competitive advantage.

Specialty insurer Ironshore is likely to significantly curtail its use of reinsurance following its sale to Liberty Mutual

Tom Bolt, Berkshire Hathaway Specialty Insurance's UK and Southern Europe CEO, has access to the biggest insurance balance sheet in the world and the mandate to build a sizeable specialty insurance business in London.

Berkshire Hathaway Specialty Insurance (BHSI) will not try to grow its business rapidly in Europe and will favour a slow and steady approach instead, according to UK and Southern Europe CEO Tom Bolt

First-round bids in the auction of specialist managing general agency (MGA) CFC Underwriting were submitted last week, with submissions coming solely from private equity houses, The Insurance Insider understands.

Riots in Mexico in January over the price of petrol are expected to cost the international insurance market between $200mn and $250mn, according to market sources.

I'm trying to work out what I think about the whole Greenberg trial and settlement

The war of words between former AIG boss Maurice "Hank" Greenberg and New York Attorney General (Eric Schneiderman intensified on Monday (13 February) as the two fought to get the better of the media coverage after the settlement on Friday of 12-year-old fraud charges