Regulation
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Sources approve of Labour’s plans around regulatory accountability.
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A total of 8% of issuers under criteria observation received negative rating actions.
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The deal will create a personal lines firm controlling £3bn in premiums.
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Bermuda liquidators had earlier objected to out-of-court agreements between parties.
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Long-term confidence in the market depends on the details of the new tax rule.
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Existing taxes could be lowered under a potential new structure.
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The agency stressed the physical impact of climate risk on companies.
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DDM is due to be removed as a core central service on 13 September.
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The LMG chair also discussed the need for tailored regulations.
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The changes lift the threshold for companies reporting in the Solvency UK regime to £25mn.
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The guide was developed collaboratively by the ABI’s AI Working Group.
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The approval takes account of several out-of-court settlements.
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The end of the waiting period effectively clears the path to close in the US.
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The ratings agency said the reinsurer had a “very weak” balance sheet.
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The Lloyd’s chair warned that clients, capital and talent “will not wait”.
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The watchdog says the wholesale market has “a way to go” on D&I.
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All parties interested in the case have agreed to participate in the process.
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The regulator is calling for comments on the deal by 13 February.
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The consultation will close on 26 April, with the PRA expecting to implement changes in Q4 2025.
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The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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Speaking to a Treasury committee, Rathi explained that the FCA is not proposing to enforce social policy, but to provide data for firms to evaluate themselves.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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The association will also explore the impact of AI and continue its #BackToEC3 campaign this year.
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The regulatory body laid out its priorities which will focus on themes including credit, liquidity and cyber risk.
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The trade body also urged a proportionate approach to regulation of the broking sector.
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The Corporation is cracking down on LOC exposure following the Vesttoo scandal.
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Finance minister describes the activity as “widespread, repeated and continuous”.
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The provision was made as part of the Berne Financial Services Agreement signed by Chancellor Jeremy Hunt today.
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Robert O’Leary, managing executive officer at Tokio Marine Holdings, has resigned from the company.
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Under the proposal, the tax would be effective from 2025.
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An affiliate of the Chinese investment group has a 33% shareholding in the carrier.
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The rating is the market’s highest ever from S&P.
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The metrics will measure the regulators’ performance in promoting the financial sector’s competitiveness.
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The 200-year-old firm is not the only one to be caught up in watchdogs’ investigations into corruption and bribery controls.
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The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The UK government has set out a re-energised international development agenda which has highlighted the potential for greater disaster risk financing.
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From 16 December, Next Gen will be the only platform available to quote, bind and endorse risks.
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The move will allow the Swiss carrier to continue writing UK specialty lines business beyond post-Brexit deadlines.
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Marsh cites its primary listing on the NYSE, along with the costs and administrative burdens of listing on LSE, as reasons for delisting.
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Investors are beginning to push insurers harder to deliver on diversity and inclusion, but the culture around speaking out and recruiting talent suggests new ideas or broader execution is needed.
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The proposals, published in July, would have placed additional reporting burdens on large UK firms.
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The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.
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The carrier has received approval from the UK Financial Conduct Authority for the £550mn sale.
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The minister stated that it is time for insurers to step up and increase their risk appetites and reduce prices in response to the reforms.
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The test will involve simulating a sequential set of adverse events over a short period of time, the watchdog said.
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The firm announced plans in May to decommission the original PPL v3 platform by the end of 2023.
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The facility will initially lend to insurance company and pension funds and might extend to other non-bank financial institutions over time.
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Survey participants said "much work remains post-implementation".
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The two associations will work together on six matters, including climate change, cyber risks and taxation.
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Firms have until 18 December 2023 to provide input before publication next year.
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Insurance Insider has compiled a digest of a complex web of regulatory reforms that will take shape during the next 18 months.
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PPL has confirmed a previously announced deadline that London firms must switch over to its Next Gen placement by 1 October.
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The regulator plans to start disclosing results for individual insurers from stress tests, as it draws on new legal powers to enhance testing of financial resilience.
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The Prudential Regulation Authority has set out elements that will underpin the implementation of its new objective to harness the financial sector's competitiveness.
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The PRA's Sam Woods said that, after the Solvency II reforms take effect, the government will need to monitor whether insurers invest £100bn in green infrastructure investments.
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Nicholas Lyons plans to champion the London market's expertise on cyber and climate risk, and discuss ideas for a consolidated systemic risk pool.
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In May, S&P Global Ratings estimated that its proposed new criteria for its insurer ratings methodology will lead to rating actions on up to 10% of rated carriers, but Litmus Analysis has stated that it expects that this estimate is not intended to represent the upper limit of possible rating changes.
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The independent brokerage, founded in 2019, will now be able to sell reinsurance risks from across Latin America directly to London underwriters.
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The Inside P&C Research Team has examined the impact on 2025 earnings for Bermudians of a proposed corporate tax rate of 15% for large multinational firms in Bermuda.
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The APRA intends to review reinsurance settings in the Australian prudential framework over the course of 2023 and the first half of 2024.
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The Treasury has set out four options to take effect when insurers, outside the Lloyd's market, are at risk of collapse.
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Japan’s Financial Services Agency has ordered an investigation into the carriers’ practices.
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Rosewell has extensive experience in infrastructure and financial services, and also chairs M6 Toll and Atom.
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The Data Council has allocated roles for London market firms around data assembly and approval for open-market placement and endorsements that will underpin the Lloyd's modernisation programme.
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The company said the new operation would focus on financial and professional lines, construction and commercial property.
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New data on the FCA's operational performance shows improvements in some aspects, though response rates are still slow on senior appointment casework.
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The agency said it will take rating actions where warranted.
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The letter also called out California insurance companies for investing more than $536bn in the fossil-fuel industry in 2019 alone.
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Graeme Trudgill was acting as executive director and has been a member of Biba’s main board for 10 years.
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The Association of British Insurers has also appointed Clare Bousfield, CEO of retail and savings at M&G, as deputy president.
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The landmark legislation is designed to make regulation of the City more globally competitive.
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The new reforms will mean the PRA cutting red tape for insurers to foster competition while maintaining Solvency II standards.
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The Financial Services and Markets bill is expected to gain royal assent next week after months of consultation.
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The UK government is aiming to introduce its changes to the Solvency II regime as soon as practicable.
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The regulator said there is a risk some carriers may have released reserves too early.
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The exercise, which will include insurers, will provide insight into shocks to the UK financial system.
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The investigation enquires into how the US insurance industry evaluates, invests in or underwrites fossil fuel expansion projects.
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Analysts claimed the relative lack of transparency will allow carriers to earn higher margins for longer.
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A total of 92 organisations responded to the consultation, representing 73% of the risks placed in the London market.
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Lloyd’s CEO John Neal said the Corporation now has ‘breathing space’ to consider improving individual investors’ access to the market.
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In this second of a two-part analysis on the proliferation of ChatGPT and similar generative AI tools, Insurance Insider explores the risks inherent in using them.
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In the latest threat to the NZIA, 23 state AG have warned members that collaboration on decarbonisation targets may not square with federal law.
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Interest in distribution mechanisms such as facilities are seeing something of a resurgence in the regional SME market.
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The Brazilian reinsurer agreed to pay $5mn in compensation to the US Department of Justice to resolve a fraud probe.
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Reforms to the UK listing regime may enhance prospects of an insurance firm opting to IPO in London in future, but several broader problems, including liquidity issues, will also affect such a decision, according to industry sources.
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The executive is the longest-serving CEO in Biba’s 47-year history.
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The ratings agency repeated its expectation that 10% of ratings in the (re)insurance sector will be affected by its new criteria.
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LMG CEO Caroline Wagstaff said the consultation would help the UK government to “hold regulators properly to account”.
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Sean McGovern, chair of the London Market Group, outlined why it is critical for the trade body’s outreach programme to build the market’s talent pipeline and attract data science expertise.
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The FCA wants streamline listing rules in the UK to attract a wider range of companies to IPO in London.
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The UK Prudential Regulation Authority plans to publish an annual report showing how it has implemented a statutory duty to enable economic growth and the financial sector’s competitiveness.
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What you need to know about the changes to international accounting standards for insurance contracts, which became effective at 1 January.
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At Trading Risk’s London ILS 2023 conference, the PRA’s head of division for London markets, Andrew Dyer, explained how the PRA is executing its plans to bolster the UK ILS market.
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The Brazilian reinsurer falsely disclosed that Berkshire Hathaway was a shareholder in the company to prop up the share price.
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A group of Conservative MPs has launched the Regulatory Reform Group to push the agenda.
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The authority will be investing £12.7mn to implement regulatory reforms that will see it focus on economic growth as a secondary objective.
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The new 15-strong committee is to provide underwriting guidance to the wider market.
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Reliable ESG information is increasingly important, as an estimated $33.9tn of global assets under management will consider ESG factors within three years.
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The PRA will undertake work to understand liquidity risk across insurers, after liquidity crises that have engulfed Silicon Valley Bank, Signature Bank and Credit Suisse.
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Therese Chambers and Steve Smart will share the role soon to be vacated by Mark Steward.
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The regulator has faced criticism over its approval times and operations, and it has since invested in extra staff.
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The Corporation’s sustainability director Rebekah Clements will sit on the scheme’s steering committee.
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The regulator called the descriptions of data sources used by ratings providers “particularly poor”.
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Not only could raising venture debt become increasingly difficult for the sector, but InsurTech companies could also struggle to access their credit lines.
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In the Spring Budget, chancellor Jeremy Hunt said he would also look to help the AI sector prosper in the next decade.
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S&P plans to publish a capital model prototype with its revised proposals for ratings methodologies, in its latest move to seek market feedback.
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The regulator has set out priorities for monitoring climate risks for the financial system and how it will address climate-related gaps in the regulatory regime.
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The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.
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S&P published its first consultation on proposed changes to its risk-based capital adequacy methodology in December 2021.
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The regulatory reform will require the PRA to change the shape of what the directorate does, according to BoE’s Sam Woods.
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The annual risk of failure for life insurance firms increases from 0.5% to 0.6% using the government’s proposed reforms.
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The regulator will propose quantitative metrics that Parliament could use to hold the regulator accountable for achieving a new growth objective.
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The committee will represent the views of managing agents and provide guidance and advice to the underwriting community.
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The GWP threshold for companies governed under proposed new frameworks is set to triple.
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The PRA’s Charlotte Gerken has set out the regulator’s initial thinking on tracking inward investment to the London market, among other measures, to implement its new economic growth duty.
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In a discussion paper the regulator has highlighted good practices on sustainability-related governance and competence, as it seeks more consistency among financial firms.
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The ratings agency said the weakening of the group’s performance in the first part of the year continued into the third quarter.
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City Minister Andrew Griffith has outlined hopes for the Financial Services and Markets Bill, which will enact various regulatory reforms, including a new competitiveness objective.
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The regulator made the comments in correspondence with MPs amid ongoing discussion on Solvency II reform.
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The Spanish branch is part of Everest’s strategic expansion into international insurance.
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The UK Treasury has set out proposals for a new resolution regime that would be triggered when insurers are on the verge of insolvency.
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The network’s report into how regulators process approvals is the latest study to unearth operational failures at the Financial Conduct Authority.
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The association allowed managing agents to select the most suitable candidates in this election cycle.
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The regulator examined carriers’ ability to model nat-cat and cyber events, with mixed results.
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The downgrades were linked to a reduction in CEA’s claims-paying capacity to 1-in-360 years, from 1-in-400 years, and reinsurance market challenges.
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The consultation is aimed at supporting the implementation of Blueprint Two’s digital solutions.
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The proposed reforms could free wholesale brokers from rules designed for retailers.
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The industry group has launched its first target-setting protocol.
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In a House of Commons Treasury select committee meeting, PRA CEO Sam Woods and Bank of England governor Andrew Bailey discussed proposed insurance regulation reforms with MPs.
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Senate Bill 2A addresses key concerns in the Florida property market, including one-way attorney fees and assignment of benefits, the ratings agency said.
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The regulator has implemented several changes, which it says will increase UK competitiveness and bolster participation in the UK’s ILS market.
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Florida has been seeking legislative reform amid a breakdown of the functionality of its insurance market.
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In a review of financial services firms’ D&I policies that highlighted shortcomings, the regulator said policies need to be holistic, and not generic.
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The state’s legislature has published its reform bill to be debated in the special session this week with wide-ranging reforms to tackle high litigation costs.
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The government will consult in Q1 2023 on pulling ESG ratings providers into the FCA’s perimeter.
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Chancellor Jeremy Hunt has written to both financial regulators instructing them to consider government policy to bolster the UK’s competitiveness as a global financial centre, as part of major reforms announced today.
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The ‘Edinburgh’ package of reforms include a loosening of Solvency II requirements for insurers.
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The session, which will take place from December 12 to 16, will need to consider how to make Florida attractive to national insurers and reinsurers.
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The agency has also cut the carrier’s long-term issuer default rating to A-.
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Several structural factors, including the pricing cycle, make insurers more insulated from US activist states.
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Authorities in the UK, Ireland, Belgium and Bermuda have rubberstamped the ambitious restructure.
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In the past two years, the broker has seen more captive uptake than any point since the 1980s.
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Following a delay from former chancellor Nadhim Zahawi, City Minister Andrew Griffith has now removed the intervention power from the Financial Service and Markets bill entirely.
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Earlier this year, Superscript opened an office in the Netherlands and gained accreditation to operate across the EEA.
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Prior to approval, the commercial carrier owned 47.3% of the Chinese insurance group.
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The reforms include changes to balance-sheet requirements – to help insurers invest billions more in growth assets – and plans to aid new entrants.
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The regulator’s CEO and chairman issued stark warnings to MPs about regulatory intervention powers for ministers that could be inserted into a reform bill.
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The Treasury is yet to clarify its plans to introduce ‘call in’ powers against regulators, or detail how regulators will be held accountable over a new growth duty.
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MPs have criticised the Treasury’s move to delay the introduction of a call-in power against regulators, in a bill passing through Parliament.
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In a speech last night, the PRA CEO issued the regulator’s latest warning to MPs about regulatory reforms.
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After the new Cabinet was formed and ministerial appointments announced, Andrew Griffith has retained a portfolio that includes financial services regulation.
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Nikhil Rathi plans to address in a speech tonight regulatory reforms in the Financial Services and Markets Bill, now being debated in Parliament.
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Senior officials from the UK Treasury and Prudential Regulation Authority agreed measures with US Treasury officials to ensure transatlantic access to reinsurance is opened up.
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The ratings agency cited the impact of inflation on P&C underwriting profitability and expects a deterioration in P&C carriers’ combined ratios.
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The regulator has set out how tech companies such as Amazon and Apple may expand in UK financial services through M&A and other means.
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The regulator has seen various levels of embedding climate risk management processes among insurers and banks, and called for more progress by “all firms”.
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The failings occurred during the period between September 2014 and December 2019.
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The opportunity to set in statute meaningful powers and metrics to hold financial regulators accountable will reach a tipping point in the coming weeks, as the Financial Services and Markets Bill progresses through the next parliamentary stages.
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The watchdog is seeking views on topics such as where there are barriers to the safe and widespread adoption of AI.
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The regulator is now reviewing a voluntary objective to determine 85% of approved person applications in five days.
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Darren Lednor will become managing agent, while Mark Pickett will be active underwriter.
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UK insurers have now paid out £1.2bn in final settlements for claims relating to pandemic closures.
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The MGA received regulatory approval for its new London and Dublin companies.
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Sarah Pritchard, executive director for markets at the FCA, set out the regulators’ moves to improve efficiency and enable innovation at a speech.
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The PRA’s executive director of prudential policy Vicky Saporta has outlined how a new competitiveness objective will be put into practice.
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Financial Secretary Andrew Griffith will have oversight of reforms to FCA and PRA operations, but how far he’ll take that mandate is an open question.
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As financial secretary, Andrew Griffith MP will take responsibility for regulatory reforms, including to Solvency II, as well as the City’s competitiveness.
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The FCA’s CEO said the regulator is making progress on clearing the backlog, in a response to a Treasury Committee report on regulation and accountability.
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The government has also resisted any new accountability measures that would impact the regulators’ independence, in a response to an MPs’ report.
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The International Underwriting Association’s CEO Dave Matcham believes certain Blueprint Two projects can be vital in attracting more business to the London market.
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The ratings agency placed the carrier’s ratings on negative review earlier this year, prompting broker and cedant scrutiny.
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Plus the latest on the FCA backlog, exclusive people moves and all the top news of the week.
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A Freedom of Information Act request has uncovered delays insurance firms face when waiting for FCA case officers to start work on approvals.
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The leadership contender is said to be privately critical of the FCA, which has been beset by strikes and delays.
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The new rules will apply from 31 March 2023, with LMA wordings permitted.
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In a letter to the Treasury Committee, Bank of England Governor Andrew Bailey said the bank does support proposals to enhance regulatory accountability.
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The new rules are designed to ensure principal firms enhance oversight of systems and controls across appointed representatives.
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The watchdog will also base its digital delivery centre in the Yorkshire city.
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The ratings agency said the proposed restructure posed execution risk, but regulatory approval would alleviate short-term uncertainty.
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The Financial Conduct Authority and Financial Reporting Council have published two reports on findings from a review of listed firms’ climate disclosures.
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Joe Petrelli said Demotech would continue to follow its independent methodology, despite outside pressure.
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The regulator has released data that shows it is failing to meet certain voluntary and statutory operational targets.
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The Corporation will segment the market into 10 working groups to progress market reforms.
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The authorities have launched a discussion paper on how “critical” third-party suppliers can be regulated, including with skilled-person reviews.
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A long-awaited bill to reform regulatory oversight and impose a new growth duty on the watchdogs may fall short of the accountability measures hoped for.
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Government reforms to drive competitiveness in regulatory frameworks have been delayed.
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The regulator has submitted a formal request to the Treasury for an extended remit to regulate ESG data providers.
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In the Financial Services and Markets Bill – set to be brought before Parliament today –regulators are expected to be made responsible for promoting the competitiveness of Britain’s financial sector.
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The regulator has published data showing its performance against processing targets, amid criticism about its operations.
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The carrier is working with the ASIC after a review found evidence of unfair policy pricing.
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The appointment comes after a slew of ESG initiatives at Beazley and across the wider London market.
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The bill is expected to allow MPs to question regulatory decisions they do not like.
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The Financial Services and Markets Bill could be published next week.
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The Bank of England has warned that data gaps and inconsistencies in ESG ratings are impacting insurers’ responses to climate risk.
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The ratings agency said macroeconomic conditions could constitute a similar challenge to that posed by the pandemic.
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The PRA’s CEO Sam Woods this morning rebuffed reports claiming Boris Johnson was frustrated over the speed and transparency of the Solvency II reforms.
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The ratings agency said the move reflected a strong operating performance and favourable business profile.
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This is the latest of 27 ministerial and civil service resignations so far, as the PM battles on.
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The FCA’s executive director of authorisations Emily Shepperd has described how the watchdog is resolving a lengthy case backlog.
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Plus, an in-depth look a pressure on the FCA and PRA and all the top news from the week.
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The Prime Minister believes the PRA is being too cautious in bringing in new rules.
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The redomicile is part of a diversification strategy to broaden the carrier’s focus from Continental Europe to Lloyd’s and North America.
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With Anna Sweeney due to leave, the PRA is now looking to fill one of its most influential roles for insurance supervision.
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As the Treasury falls under pressure to ramp up oversight of the FCA and PRA, Insurance Insider explores what this should mean in practice.
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More than 60% of respondents to an ESMA survey believe the level of methodological transparency is still unsatisfactory.
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Under the scheme, insurance services would only be available if the price ceiling was observed by the importer.
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Firms in the EEA must gain approval to do business in the UK before the end of 2023.
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A new sub-committee of MPs and a financial services unit will scrutinise how the FCA and PRA adopt new post-Brexit powers.
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SVP and regional head of insurance in Asia Ben Carey will lead the operation.
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The penalty relates to activities in Colombia.
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The newspaper reported that the US is urging European capitals to ease the ban in a bid to tame inflation.
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Insurers have expressed concerns about hitting the 2023 deadline for the regime.
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The committee also warned against any inappropriate weakening of the UK’s regulatory standards.
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The Glasgow Financial Alliance for Net Zero has published for consultation a framework for insurers and banks to create net-zero transition plans.
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The watchdog is proposing rules that would require actuaries to consider climate risks in technical work.
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The regulator has criticised London market brokers and MGAs on four key areas, warning them that they have a “long way to go” on diversity.
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Whitehall plans to give regulators a suite of new powers to oversee critical technology providers to insurers and banks.
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The Financial Conduct Authority is facing a perfect storm of a backlog of approvals, striking staff and an urgent need to transform operations.
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Bill Wharton has also been installed as chair of the diversity committee.
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Charles Randell steps down early from his five-year term.
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The sanctions were only agreed following the UK’s involvement, shutting Moscow out of the Lloyd’s market.
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The committee will also assess the work of the Glasgow Financial Alliance for Net-Zero.
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The tacit tying of inwards business flows to shares of outwards programmes creates real exposure to a crusading Attorney General looking for a target.
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Amid concerns around increased digitalisation in the insurance sector, the PRA will soon publish a discussion paper on new measures.
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Plus latest people moves and all the top news of the week.
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The EU, meanwhile, is proposing a law that would allow EU governments to confiscate assets of companies and individuals that try to avoid EU restrictions against Russia.
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The industry body has proposed benchmarks to measure how reforms are working.
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The FCA is aiming to simplify listings rules to help boost conditions for competitiveness around IPOs.
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The regulator is proposing changes to suitability assessments for insurers, incorporating sustainability measures.
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State senators will vote on the bill on the Senate floor tomorrow.
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The Financial Reporting Council has found evidence where audits of insurers’ financial statements have not been rigorous enough.
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A key plank will be a Reinsurance to Assist Policyholders (RAP) program providing a $2bn reinsurance layer below the FHCF.
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Insurers and brokers have been cutting their ties with Russia following the country’s invasion of Ukraine.
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(Re)insurers are steadfast on the need for underlying tort and roofing reform – but failures might mean emergency measures are also on the table.
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Sources close to the industry are calling for litigation reform as a priority, while Florida Hurricane Catastrophe Fund expansion is also on the cards.
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Biba’s chairman said the UK regulator was affecting “competition, productivity and the ability to innovate”.
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An FCA letter to the government suggests various ways to resolve issues around soaring pricing on medium- and high-rise properties with multiple occupancy.
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Prince Charles’ speech to open the next parliamentary session referred to a new bill that will introduce a competitiveness objective for the financial regulators.
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Replacement changes will be made by Q4 2022 after a warning from the DoJ.
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The Australian buyer’s deal disclosures reveal details around regulatory probes into the London market wholesaler.
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Plans to ban the shipping of Russian oil met with strong opposition from Greece, which has a large shipping industry.
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The department said that the changes appear to automatically lower the ratings of assets solely rated by S&P’s competitors.
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The bloc’s sixth round of sanctions are expected to prohibit insuring vessels transporting Russian oil.
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The consultation unveils the details on a new mobilisation regime for insurer start-ups, along with plans to cut reporting burdens.
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Conditions for SPAC D&O are likely to remain turbulent, amid the heightened SEC scrutiny and uncertainty concerning claims resolution.
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The insurance trade body said the OECD’s proposal “lacked the appropriate clarity”.
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ABIR is pushing back on behalf of the Bermuda cohort of companies, whose debt is significantly impacted.
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The regulator plans to review applications from wholesale insurance firms initially on the basis of preliminary information.
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The PRA said that rising costs stemmed largely from the need to establish a robust post-Brexit regulatory regime.
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The rules will apply to listed companies for financial accounting periods starting from 1 April 2022.
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The regulatory body also underlined the need to manage risks and uncertainties relating to the war.
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The state Governor’s goal is ‘to have a functioning market’ for property insurance in Florida.
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The FCA has proposed performance-related pay and new salary ranges.
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The Florida governor said action was needed to prevent more carriers from failing.
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The European Insurance and Occupational Pensions Authority said in a statement that it had observed a number of issues in the supervision of run-off portfolios.
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The government acknowledged it would be unfair for shareholders to continue to benefit financially when insurers fall into insolvency.
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The comments follow an extensive inquiry into the regulation of the London market.
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The watchdog has appointed two directors of authorisations as it continues to recruit 95 roles for the authorisations unit.
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Economic secretary to the Treasury John Glen appeared at a session of the House of Lords inquiry into market regulation this morning.
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The EU has clarified that (re)insurance provided by EU-based carriers for non-Russian airlines flying to and from the country is not prohibited under its sanctions.
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The Treasury acknowledged that maintaining an unlimited guarantee remains essential to Pool Re’s operation.
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Scor’s Malcolm Newman, Axa XL’s Sean McGovern and Aon’s Richard Dudley gave evidence to the Lords committee on regulation.
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President Putin has signed off on a new law that has banned Russian carriers from ceding risks to reinsurers in "unfriendly states".
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The new sanctions, which came into force at 17:00 UK time yesterday, give insurers until 28 March to cancel all existing direct or indirect contracts with Russia.
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The Prudential Regulation Authority’s CEO appeared at the House of Lords inquiry into London market regulation this morning.
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Whether the sanctions are effective immediately remains unclear.
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Government departments have published guidance on trading activities with Russia, including insurance of certain entities, that will now be prohibited.
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Hiscox’s non-executive chairman Robert Childs has told a House of Lords London market inquiry how a new competitiveness objective could be measured.
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Amid pressure to adopt a remit to promote growth, the UK’s financial regulators may be forced out of their comfort zone.
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The ruling deemed that the restaurant group was entitled to separate payouts for multiple premises.
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The regulators set out their views to MPs on a proposed statutory objective to focus on the UK financial services sector’s competitiveness.
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City Minister John Glen has outlined new Solvency II measures to reduce bureaucracy and relax regulation in the insurance industry.
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UK branches could become less attractive to European reinsurers if additional supervisory requirements are introduced, the lobby group told a House of Lords inquiry.
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The Bank of England governor indicated how Solvency II reforms could create opportunities for carriers to support investment.
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At root, London and Lloyd’s needs to strengthen its value proposition for four distinct groups: capital providers, multi-platform carriers, brokers and cedants.
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Industry veteran argues that the culture of the UK regulator is stifling growth.
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The FCA has hired 60 staff this year alone, with more than 200 set to join by the end of the quarter, including 95 on its authorisations team.
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Absent more significant reform, any changes this year look set to simply shift the timing of burdens falling on the public purse.
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The Italian insurer’s board has experienced a string of resignations in recent weeks.
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FCA employees who are Unite members have voted to back industrial action, after CEO Nikhil Rathi upset staff with proposed changes to pay and work practices.
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Two legal academics, giving evidence to the House of Lords inquiry into London market regulation, highlighted the need for a climate-focused duty for regulators.
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Multiple government and regulator reviews have launched at a time when the cost of compliance is already piling pressure on brokers.
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Secretary of state Michael Gove claimed the market is “failing some leaseholders”.
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The association will also work on cyber risks, cladding and reducing regulation this year.
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Chris Croft and Caroline Wagstaff will help to assess the UK sector’s competitiveness.
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The London Market Group’s CEO Caroline Wagstaff has set out how the approach of regulators needs to evolve, amid regulatory reforms.
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The Axa XL executive said a parliament inquiry into London market regulation provides a platform to raise issues around the absence of UK captives and domestic reinsurers.
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Data obtained from PRA and FCA shows fewer Skilled Persons Reviews in recent years – but the tool remains a valuable one for regulators.
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The Lords Industry and Regulators Committee probe follows the group’s calls for legislative changes.
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The House of Lords Industry and Regulators Committee will explore whether regulatory policy is well-designed and proportionate for (re)insurers.
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The regulator said it does not seek to either “incentivise or disincentivise” legacy transfers.
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Jonathan Clark takes up the role with immediate effect, replacing Sian Fisher, who is leaving after six years.
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In a Dear CEO letter from Charlotte Gerken and Anna Sweeney, the regulator has set out expectations on climate change, systemic risks, and a stress test for later this year.
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The ratings agency said that long-tail classes could be hit by reserve deficiencies.
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The European authority’s stress test on 43 carriers found that a section of the market still relies heavily on transitional measures.
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The regulator said increased home-working and digitalisation had heightened levels of cyber risk.
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New rules for short-term export credit insurance will apply from 1 January 2022.
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The Stephen Catlin-led business will now be able to write business across the EEA from London.
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The status will allow the Stephen Catlin-led business to write US reinsurance without posting reinsurance collateral.
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Senior managers will be able to use the FCA’s powers to vary or limit a firm’s permissions and impose requirements.
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Charlotte Gerken said Solvency II had proved a constraint to certain investments, with lengthy approval processes.
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Gallagher has pushed retention and equity awards unusually far down the organisation as it looks to keep the team intact.
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The watchdog had been due to announce a decision on a further inquiry by 29 November.
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European regulation on dividends is a “disaster” for the insurance industry and “shouldn’t repeat itself”, according to Allianz CEO Oliver Bäte, speaking during the S&P Global Ratings European insurance conference.
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Hannah Gurga joins as the new director general, replacing Huw Evans.
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The London market has been encouraged by proposals to give the FCA and PRA a statutory objective to promote competitiveness and growth.
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Regulators must be less demanding around data requirements from brokers as intermediaries make the shift towards net-zero, the London & International Insurance Brokers Association (Liiba) says.
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The Financial Services Compensation Scheme (FSCS) has confirmed it will not be calling for a supplementary levy for the remainder of the 2021-22 financial year.
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The UK Supreme Court has ruled in Google’s favour in a data protection case that could have sparked millions of payouts for Apple iPhone users and left insurers exposed to liability and cyber claims.
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The proposals include changes to the regulators' statutory objectives and enhanced accountability mechanisms.
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Financial authorities must ‘massively expand’ risk-sharing pools.
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The UK’s largest firms including insurers and brokers will be mandated to disclose climate-related financial information from April.
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The regulator plans to switch its supervisory approach from assessing the implementation of climate-related expectations to “actively supervising against them”.
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Insurance Insider takes a deep dive into the challenges facing the #2 run-off player following a regulatory probe, management turnover and a big 2020 loss.
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The regulator has flagged to London carriers the risks arising from transformation programmes across the market.
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New FCA rules apply to all personal and commercial general insurance products but does exclude large risks and reinsurance.
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Arguments will be heard from 8 November in the case.
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The ratings agency said the island would continue to provide a beneficial environment for carriers overall.
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The chair said reform work at the regulator should be handed to a chair who can see it through to completion.
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The UK Endorsement Board was set up to endorse international accounting rules after Brexit.
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The carrier said its $110mn net claims burden will be unaffected.
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Trade body Insurance Europe has warned the Prudential Regulation Authority (PRA) that the temporary regime enabling EU reinsurers to trade in the UK will close before they know which of the Solvency II reforms will be taken forward.
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The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
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The FCA’s CEO Nikhil Rathi said the regulator could disclose information on listed firms that miss diversity targets for the make-up of their boards.
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Amid three regulatory consultations for the legacy market and the threat of s166 reviews for certain Part VII transfers, the legacy market is reaching a turning point.
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Discussions with industry and in-country partners have so far foregrounded parametric solutions.
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PRA director Gareth Truran has outlined the dangers of cutting capital requirements for certain assets for insurers, in a speech on specific Solvency II reforms.
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The European Commission wants to incentivise the insurance sector to invest in the post-pandemic recovery.
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An investigation by Germany’s financial watchdog BaFin is looking across multiple departments of Allianz’s business, according to Reuters.
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The regulator said many firms will not be ready to meet the 1 October deadline for new product governance rules.
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The questionnaire follows a market impact study, as the PRA said there are areas where it needs further insights to inform Solvency II reforms.
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The PRA has proposed that where non-life legacy transfer deals involve a carrier in run-off, the acquirer may have to go through a Section 166 review under certain circumstances.
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Insurers said it’s too early to talk loss quantum, but believe they are well poised to deal with any future losses.
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The regulator has set out timelines and the high-level scope for its 2022 stress-testing exercise with insurers.
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The regulator’s proposals also suggest there should be at least one senior board member from a non-white ethnic minority background at every listed firm.
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The regulator has responded to industry feedback with final changes to rules for SPAC listings, creating an easier path for firms taking this route.
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The Week in 90 Seconds: Aon and DoJ return to the table; German flooding latest; Aki Hussain profilePlus the latest on UK BI legal wrangling and all the top news from this week.
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Huge disputes over aggregation of claims and ongoing coverage disputes point to uncertain overall exposures.
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The executive spoke exclusively to Insurance Insider about his role leading the London Market Group’s five-point plan to lobby for UK regulatory reforms.
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Craig Swan will become CEO of the monetary authority, after working as deputy CEO for 21 months.
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The regulator has launched its Quantitative Impact Study, which will gather data for potential changes to balance-sheet requirements under Solvency II.
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New CEO Nikhil Rathi says the watchdog will become “proactive, tough and agile”.
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Better, faster, cheaper and less burdensome. These are just a few characterisations of Solvency II reforms the industry would like to see, sooner rather than later.
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The regulator’s consultation proposes deleting several reporting templates that create burdens for (re)insurers.
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Environmental, social and governance (ESG) factors were the primary driver in 13% of ratings actions in the year to the end of March, according to AM Best.
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The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.
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With individuals soon to be held accountable for D&I success, real change could finally be on the horizon.
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In a paper on diversity and inclusion, the regulators have set out their intentions to embed the issues into policy.
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The body said it would be prepared to exercise its regulatory powers if firms did not comply.
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The Commerce Commission has extended its review of the merger by another six weeks.
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The government plans to streamline reporting and reform the capital requirement calculations.
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Marsh claimed Aon is trying to ‘flip the narrative’ from its poor management decisions and uncertain future in its response to the suit.
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The deal was approved by regulators on the proviso of the disposal, as well as other divestitures already agreed.
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The CCCS has identified competition concerns around executive pay consulting services.
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Plus the lowdown on CFC’s syndicate capacity and all the top news from the week.
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“We are not about to let [the] delay…compromise the deal”, says Latham & Watkins lawyer Dan Wall.
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The parties will likely look to deliver a carve-out of large P&C and health benefits broking in the US to target a DoJ settlement.
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Plus, a detailed look at the FCA’s BI claims data and all the most popular news from this week.
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Inside P&C gives a blow-by-blow account of the regulator's antitrust complaint against the mega deal.
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The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".
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The move from the US regulator represents the biggest threat to the mega-merger since it was announced in March last year.
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The PRA’s executive director for insurance has outlined the scope of a market study and consultation that will ultimately reform and simplify the Solvency II regime.
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Hiscox leads with the largest number of accepted claims and interim payments, while MS Amlin lags on payment of data-supported claims.
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The news marks the second year in a row members have ceded more than $1bn in risk to the Caribbean Catastrophe Risk Insurance Facility.
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Senior executives on the island saw the coordinated initiative as a clear long-term threat, but one that is mitigated by various other attractions of operating in Bermuda.
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The US Department of Justice’s antitrust concerns around the Aon-Willis merger have not been fully addressed by the brokers’ recent spate of divestment plans.
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The new law limits insurer liabilities for attorney fee suits against insurers and reduces time limits for claims.
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Lloyd’s new chief of markets today unveiled an even tougher approach to syndicates with consistently poor results.
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The information-gathering exercise for large insurers and banks won’t dictate capital requirements.
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The new accounting framework is being brought in to replace current GAAP reporting measures.
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An international competitiveness duty for regulators and measures to promote the UK as a captives centre are among the trade body’s demands.
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The central bank governor said such a move would require ‘robust data.
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Proposals for a secondee system using a UK branch look unwieldy.
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Insurers must put in place the majority of measures by 1 January 2022.
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In a statement on Thursday, Scor said it “acknowledges and welcomes” the findings from the French authority, calling the original allegations “a groundless move”.
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The government had considered extending the backstop, depending on the economic outlook.
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A regional members’ body calls for an independent review, with complaints including the organisation’s handling of exams.
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CEO Sheila Cameron says the association plans to have a board where 30% of members are female and/or from an ethnic minority by the end of 2023.
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The insurance directorate co-head said removing barriers for small start-ups was one focal point for the regulator.
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The UK regulator is planning to review the impact of M&A on financial resilience.
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The proposals aim to cut the cost of insurer collapses and provide greater protection to policyholders.
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The combination still needs sign-off from US, EC and other international authorities.
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After more than six years at the helm the trade association chief will join the consultancy as a partner within its insurance and long-term savings practice.
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Efforts to curb covers for the most carbon-heavy assets are gaining pace and the infrastructure that allows for Paris alignment on the liabilities side of the balance sheet is improving.
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Downstream uses of oil and gas pose challenges for the (re)insurance industry, he says.
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The economic secretary to the Treasury also pledged simpler regulation following a review.
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The UK compensation scheme trims the overall bill to the financial services sector by one-fifth, although it warns of uncertainties ahead.
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Axis and Covea have so far paid the greatest number of final settlements.
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Whatever their eventual impact on runaway loss inflation the fact reforms were enacted at all is a happy surprise for the industry.
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The organisation is working with the Housing Ministry on the shape of a state-backed scheme.
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The Capitol Forum says EU competition chief Margrethe Vestager is on board with the remedies.
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The regulator had previously set a 27 July deadline after the merger partners offered divestments to secure regulatory approval.
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The law firm has already this year seen a lot of PE support for startups and scale-ups both through equity and debt.
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The fee will be charged to 295 insurers and 50 managing general agents, with the test case participants exempt.
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The move comes ahead of the COP26 climate summit in Glasgow in November.
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A regulatory ‘nursery’ is to provide support to newly authorised firms and help improve the watchdog’s oversight.
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Insurance Europe has previously warned against excessive prescriptiveness.
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The US regulator has proposed Willis sells its San Francisco and Houston CRB businesses, and its Bermudian insurance broking arm.
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The FCA’s former director of international and interim COO succeeds Caroline Wayman, who steps down after seven years.
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Tysers said a wider scheme would give event organisers the confidence to begin planning.
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Underwriters look to avoid the costly option of setting up an EEA service company to use the platform.
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The move follows the brokers’ submission of a remedies package last week to allay competition concerns.
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Hiscox entities have paid out 67 claims in full, the regulator’s data shows, and have accepted 6,351.
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Both parties continue to look determined to take the steps needed to get the deal to the line.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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The move follows Willis’ explorations of sales of Willis Re and European units.
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The Competition and Consumer Commission of Singapore launches a public consultation over the proposed merger deal.
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The regulator raps the UK division for failure to disclose insurance giant’s holdings in Powergrid and Munich Re.
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Private-public partnerships can provide first-step survival financing if not a full solution for all companies.
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The regulator extends its deadline from September after industry lobbying.
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The CEO seeks to check the life sector’s hopes of a significant lowering of capital requirements.
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Reinsurance is one of the areas of the combination that is drawing heightened regulatory scrutiny.
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The changes come as a positive rate outlook drives (re)insurance company valuations.
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The CEO says an examination of the unlimited guarantee could result in a split of conventional cover from events such as biological or nuclear attacks.
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EU antitrust regulators will warn Aon that its $30bn bid to acquire Willis Towers Watson may hurt competition in the broking marketplace, according to a Reuters report.
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The association’s members have also identified digital platforms as a prime concern.
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The Lloyd’s chairman tells the House of Lords the development will enable modelling of potential losses.
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Sharing confidential client information was endemic in the market until the 2017 investigation prompted it to be stamped out.
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Changes to the matching adjustment and risk margin would unleash funds that could be invested in renewables, the organisation says.
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The decision provides for information flows across the new EU border without the need for complex work-arounds.
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The merger may cause price increases or reduced service levels for major insurance buyers.
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Both private equity deals were vetted under simplified EU merger procedure.
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The central bank governor says Brussels is wrong to insist UK rules shouldn’t change independently of the EU.
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The broker association’s CEO says Brexit speaks to the need for a lighter rulebook.
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The EU’s lead insurance watchdog has internationally active (re)insurers in his sights.
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Shares in the carrier recover from initial losses following a ruling by the Supreme Court that came down largely in favour of insureds.
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Judges dismiss insurers’ appeals and overturn the famous Orient Express ruling.
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The rethink comes just weeks into Brexit proper and vindicates longstanding concerns that regulators would change initial arrangements for the Brussels hub.
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The CFO said the new access point for investors would not be used to inflate Lloyd’s capacity and dampen returns in the market.
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Justice Secretary Robert Buckland says the one-month hold-up is a response to stakeholder lobbying.
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Intermediaries surveyed were split on whether the pandemic had a negative or neutral effect on business.
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The central bank governor reiterates his opposition to the UK becoming a rule taker.
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The relative amicability of the breakaway is probably more significant for the insurance sector than the content of the 1,264-page agreement itself.
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Existing contracts written by UK and Gibraltar entities should be scrapped where possible, while companies with portfolio transfers in train gain leeway.
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Germany is among other jurisdictions to have prolonged the life of similar schemes.
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The Zurich UK chief leaves as she prepares to take up a new role at the helm of the carrier's Asia Pacific arm.
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The goods-focused pact includes a joint declaration on financial services, though crunch issues have yet to be resolved.
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Founding CIRCA members include Greenlight Re and Barents Re, as well as Knighthead and Nassau Re, whose senior executives take chair and vice chair roles.
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The regulator said that the Own Risk Solvency Assessment should take account of Covid-19.
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The Catlin and Brand-led carrier is working on a fully regulated long-term solution to be introduced during 2021.
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Guardrisk argued that its policy did not respond to a general government response to the pandemic.
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Oliver Bäte told the Financial Times that Wirecard’s collapse was a “symptom of a wider problem”.
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The regulator has said capital management action should “not exceed thresholds of prudency”.
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Plus more on cancellation cover for the Olympics and final negotiations ahead of the 1.1 reinsurance renewals.
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The regulator said the framework was working well and only small adjustments were required.
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The Lloyd’s CEO said it was not for business to set the tone on climate, as the Corporation laid out its first ESG report.
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The licence will permit expansion across the EU after the Brexit transition period ends.
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New reporting requirements are predicted to be a major catalyst to the unlocking of climate opportunities for the sector.
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Regulators, investors and activists are monitoring the (re)insurance sector increasingly closely.
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The competition watchdog will reportedly open a full investigation after its preliminary review ends on 21 December.
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The return to the office and perceived slow business recovery could also lead to claims.
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The appointment follows an internal reorganisation at the regulator.
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The consultation will now run until 19 February, after being launched on 19 October.
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Patchwork provisions for entities without EU authorisations have largely fallen away during the UK’s protracted divorce.
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As the transition clock ticks new problems are emerging and foreseeable issues are becoming harder to ignore.
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Failures in life insurance and investment intermediation necessitate a levy increase.
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The landmark transaction with Sentry requires court clearance after gaining the state insurance commissioner’s nod.
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The regulator warns that it expects insurers to continue to treat customers fairly during the pandemic.
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Steven Kent, who worked at the carrier for just under five years, has joined GFG Alliance as CUO.
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The ruling will follow a final, uncontested court hearing on Wednesday.
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The insurer said that stripping out the effects of Covid-19 from counterfactuals would over-indemnify policyholders.
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By filing this week, the merger partners may yet escape the clutches of the UK’s Competition and Markets Authority.
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The European Commission sets a provisional deadline of 21 December for the review.
-
Legal developments and the growth of litigation funding create challenges for the industry.
-
The review of the $30bn deal looks likely to extend beyond the 31 December transition period.
-
The industry group highlights Swiss, US, Asian and Middle Eastern outreach.
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The work always faced obstacles to rapid progression, with the second wave insurmountable.
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The call for evidence forms part of a five-year review of the pool’s remit.
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The scheme currently expires at year end.
-
The scheme’s operational independence was thrown into doubt earlier this year when the mutual was reclassified as a public sector entity.
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The regulator, the Hiscox Action Group and seven carriers will seek leave on Friday to appeal the High Court judgment directly to the Supreme Court.
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The acquisition of the motorbike insurance specialist completed in August.
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A group of 12 insurers have volunteered not to factor in the grants in any claims.
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The regulator anticipates a flood of post-Brexit applications from companies that have availed themselves of the temporary permissions regime.
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Almost 25% of brokers polled by Liiba opted to set up in Belgium.
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Experts on a (Re)Connect panel recommend future backstops must ensure policyholders, governments and insurers have “skin in the game”.
-
The likelihood of a heavy loss rises, but some elements including requirements around mandatory shutdowns are a silver lining.
-
In a major blow to insurers the court found that the pandemic and the government’s response could be treated as a single cause of loss.
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The regulator received more than 1,150 whistleblowing reports and took “significant action” in eight cases.
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Both companies secure more than 95% shareholder support for the transaction.
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The country’s economy minister predicts the 2,500 claims received so far could quadruple to 10,000.
-
The UK Financial Reporting Council imposes the financial penalty and orders improvements.
-
The regulator said insurers should work on a case-by-case basis on government support deductions, otherwise it could step in.
-
The establishment of “shared resilience solutions” to BI losses would require unprecedented policy coordination.
-
Poland softens its stance, while German transactions into London will end unless the UK is deemed equivalent, the Corporation warns.
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Director general Huw Evans calls for a "relationship reset" between the watchdog and insurers after the court hearing.
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Euler Hermes, Coface and Atradius are also participating in the scheme, which has had formal approval from the European Commission.
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The (re)insurance supervisor calls for “skin in the game” from all risk owners to reduce the risk of moral hazard arising from any state backstop.
-
The legacy carrier opens for business after a regulatory rubber stamp.
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The BGC-backed aerospace broker makes its first appointment at its French unit from Marsh.
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The template could become a blueprint for a post-Brexit deal with the EU.
-
The ACPR edict adds pressure on Scor and Covea.
-
Lloyd’s brush with aviation asphyxia highlights how its elaborate ecosystem, including an extensive use of outsourced suppliers, can make it vulnerable to sanctions clampdowns.
-
DXC’s Xchanging backs down from rules that appeared to put the kibosh on any placement that had Cuban or Iranian exposure.
-
The move comes as a broader range of better performing syndicates are told they can “file and use” 2021 plans.
-
The licence makes it the first Shanghai-based reinsurance subsidiary and the first foreign-owned reinsurance subsidiary in China.
-
Assessments of how closely UK rules mirror those of the bloc look set to remain mired in politics.
-
With insurers’ defences now published, the key arguments that will define the case have been established.
-
The office is led by Herman Kerremans and will provide services to the Benelux region.
-
The group says Stephen Catlin’s steering group needs to go further.
-
The PRA and the FCA will have to pay heed to the cumulative effect of regulation on business as part of upcoming changes.
-
The vehicle will give the legacy acquirer easier access to growth markets in North America.
-
The government pledges immediate changes to the financial services rulebook as the end of the Brexit transition period looms.
-
The executive takes over from interim CEO Christopher Woolard in the autumn.
-
The value of accounting adjustments made by Ronald Pipoly are said to have exceeded $300mn by the end of 2015.
-
The supervisor points to uncertainty about the scale of BI liabilities.
-
The Corporation looks set to complete the mammoth transaction comfortably within the transition period.
-
Trade association GDV and members release an initial discussion paper.
-
The regulator’s interim chief says 90 percent of cover is for basic property damage.
-
Hiscox policies make up almost half the products on the expanded list.
-
Claims payments over the past two years have been in full and on time.
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The industry must address the legacy of “redlining”, the executive says.
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Similar government schemes have been launched in the UK, Germany and France.
-
A bill circulating in Congress would make the industry retain the first $250mn of pandemic risk, a proposal that has split industry opinion.
-
A presidential ambition to designate Antifa as a terrorist organisation faces hurdles.
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Campaigners say ‘Totus Re’ model based on pools for terror and flood could close protection gap.
-
ABI and Atradius welcome nine-month reinsurance scheme.
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The broker says that the industry could help provide resilience against global outbreaks.
-
The broker said that delaying the set-up of public-private partnerships would hinder economic recovery.
-
The litigants warn the regulator’s case could delay a final decision by months.
-
The regulator sets out the process agreed with eight insurers.
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The late July High Court hearing will also involve Arch, Argenta and QBE.
-
Handled badly, the pandemic could inspire yet more draconian regulation for the sector
-
Aon's Julie Page, Marsh's Chris Lay, former Home Secretary Amber Rudd, and ABI chair and Allianz UK chief Jon Dye join the initiative.
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The probe will address investor Squadra’s complaints.
-
The risk management body said there needed to be better co-ordination between national governments and backstop pools.
-
The Netherlands joins Germany and France as countries which have backstops in place.
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Clients could be offered a proportion of their agreed limit in exchange for dropping their claims.
-
Policyholders also get another 60 days to pay premiums.
-
The regulator is to enforce measures to help customers in financial distress from 18 May.
-
Details of the scheme, which is slated to run until the end of the year, are yet to be determined.
-
The ACPR sent the mutual a second letter ordering reforms.
-
Treasurer Josh Frydenberg cites Covid-19 recovery and support efforts.
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The project is one of a number of initiatives stalled or postponed because of Covid-19 pressures.
-
The Financial Ombudsman works within parameters that pay limited heed to legal contracts. ‘Fairness’ versus the law in Covid-19 BI disputes
-
The potential reduction in care requirements for disabled people could lead to legal challenges.
-
Consolidated earnings fall 21 percent but the underwriting ratio of the open market business improves.
-
The new vehicle, which is targeting a 1 January 2021 launch, represents a revision of original plans to launch an SIAB.
-
The ABI welcomes the move, which comes as disputes over liability for pandemic-related losses at UK SMEs mushroom.
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The trade credit insurer plans to reduce or remove credit limits in the absence of a deal with the government.
-
Listing watchdogs rule that the stock hasn’t met the exchange’s minimum price requirements.
-
Evan Greenberg says the industry should prevent self-inflicted harm from government attempts to re-write insurance contracts.
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The ABI has submitted a proposal to ministers designed to keep the market open.
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The Chubb CEO calls on Congress to shield corporate America from Covid-19-related litigation as the US begins to re-open.
-
Ricardo Lara says certain carriers had tried to dissuade policyholders from filing claims.
-
Embattled business owners have written to Business Secretary Alok Sharma to complain about the carrier's stance.
-
Kemper today become the latest carrier to announce a partial refund for customers.
-
Ricardo Lara says the economic effects of coronavirus has cut risk exposures.
-
The UK regulator says workstreams will have to “flex” because of Covid-19, but won’t be abandoned.
-
The conduct regulator will review data collection and authorisation processes, assuming Covid-19 work allows it the time.
-
The industry association umbrella group urges regulatory flexibility around requests for pandemic-related data.
-
As the Covid-19 crisis continues to deepen, this week signs of strain became increasingly evident in certain lines of business.
-
The regulator’s stance is significantly softer than that taken with UK banks, which have been forced to suspend dividends and buybacks.
-
Under the plans, insurers would nominate themselves to help distribute aid.
-
The trade association urges talks on a tie-up between the government and the insurance industry.
-
The regulatory leeway gives companies until six months of their year ends to publish accounts.
-
The caution follows the FCA’s demand for a preliminary results moratorium.
-
Enforced pay-outs for pandemic losses risk carrier insolvencies but certain compromises look politic.
-
The regulator and two other watchdogs are reviewing disclosure requirements during the coronavirus crisis.
-
Emergency measures include a rethink of the senior manager functions approval process.
-
The groups say business interruption insurance was not designed to cover losses from Covid-19.
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The regulator is demanding carrier flexibility during the coronavirus crisis.
-
The firm said while many losses will be uninsured, investment portfolio hits could cause cashflow problems for insurers.
-
The ILS fund manager’s parents makes hundreds of millions of dollars of capacity available.
-
Greg Brandon, formerly of Valero Energy, succeeds interim executive director Don Meyer at the regulatory body.
-
A joint letter calls for competitiveness to be baked into the bloc's policymaking.
-
The (re)insurer's board has appointed Barclays to carry out a review of strategic alternatives.
-
The combined entity will have a Nasdaq listing and Bermuda domicile.
-
The IUA operations director Louise Day, along with executives from Willis Towers Watson, the LMA and Liiba, are inaugural members.
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(Re)insurance representatives say a report this week demonstrates why the regulator needs a “competitiveness” mandate.
-
The supervisor’s comments underscore the need for a “competitiveness” focus.
-
The UK regulator says the London market risks losing its global leadership position.
-
At 11pm local time the UK will leave the EU.
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The wholesale brokers’ association will work to build bridges to new geographies and maintain a route into the EU.
-
The UK government pledges an “open competition” to identify a permanent successor to CEO Andrew Bailey.
-
The US carrier parts ways with group auditor PwC in the UK following EU rule changes.
-
As much of the western business world last week battled post-Christmas inertia, regulators at the UK’s FCA were already hard at it.
-
The NAIC has given authorisation for Chaucer to write the lines of business through its Irish subsidiary from 1 January.
-
The regulator warns that a failure to address cultural mis-steps will shape “fit and proper” assessments.
-
The regulator’s proposals go further than Eiopa’s planned cloud-focused reforms.
-
The UK election has resolved months of uncertainty about whether Brexit will even happen.
-
Companies placing both types of business have one year to make changes, Reuters reported.
-
The government-run flood insurance provider secured $1.33bn in reinsurance coverage for 2020.
-
The insurer has been disposing of assets since it was acquired by the Chinese state.
-
The car insurer, which has held quota share partnerships with Greenlight Re, entered receivership earlier this month.
-
Regulators need time to approve new information following the sale of Genworth MI Canada.
-
Christmas brings out the child in everyone.
-
The Corporation had previously failed to provide sufficient whistleblowing avenues for staff, the regulator said.
-
There are now over 1 million homes in fire-hit areas protected against non-renewal.
-
FCA CEO Andrew Bailey will replace current governor Mark Carney next year.
-
The German insurer finally concludes the sale 18 months after it first brought the legacy portfolio to market.
-
The measure will now go to the White House to be signed into law.
-
The number of leaders will not be capped, and small-to-mid-sized players will have scope to get status.
-
An exercise will model multiple climate scenarios over 30 years.
-
The change in status puts the jurisdictions on a par with the EU and the UK.
-
South Carolina Insurance Director Raymond Farmer will serve as president next year, following his appointment as president-elect a year ago.
-
The Gibraltar entity's losses are understood to stem primarily from its relationship with collapsed NZ carrier CBL.
-
The industry association opts not to seek a judicial review over the UK government’s slender 0.5 point increase to the discount rate.
-
The (re)insurance industry argues that the cumulative impact of rules disadvantages the UK compared with peers.
-
The PRA estimates that large firms could face one-off costs of up to £1.9mn to improve their resilience.
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The new conduct and governance regime will significantly increase regulatory requirements for brokers from next week.
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The commissioner threatens a withdrawal of future "equivalence" designations if the UK diverges from the bloc’s rules.
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Regulatory approval follows Allianz’s purchase of stake in Taikang.
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The deliberations come ahead of next year's HM Treasury review of the state-backed reinsurance scheme.
-
More analysis of the system is needed to protect policyholders.
-
The company was seized by the state last year as its chairman was prosecuted for “economic crime”.
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Analyst Philip Kett said carriers had become less conservative about booking incurred claims.
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The executive's departure is perceived as making a sale more likely.
-
The move follows an attempt to merge California Insurance Company with a New Mexico entity.
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The government scheme is to back early-stage and growth capital investors participating in the UK's National Security Strategic Investment Fund.
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(Re)insurers are already preparing contingency plans in case the programme fails to renew.
-
“Six million loyal customers being ‘ripped off’,” wrote Sky News.
-
The work will stoke fears that UK intermediaries without EEA authorisations could struggle to access risk in the bloc.
-
As a “light-touch” syndicate, Hiscox will have its plan automatically approved by Lloyd’s.
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About 90,000 policyholders have been impacted by liquidation of carrier, which allegedly failed to obtain permission for a business deal.
-
Restrictions on price rises at renewals are among the remedies the regulator is considering.
-
The start-up’s move coincides with rate increases in the business segment.
-
The CEO says the institution is politicised and encouraging reckless consumer spending.
-
The state will work with AgriLogic Consulting to build a yield-based industrial hemp crop insurance scheme on behalf of the US Department of Agriculture.
-
The Chinese carrier is set to use the London Shanghai Connect cross-border listing facility.
-
Their letter reflects a fightback against a core component of the EU’s capital markets union project.
-
The early renewal points to a tough market for cedants hit by California wildfires.
-
The Shenzhen-based broking platform handled GWP of about $130mn last year.
-
The executive’s nomination to replace Alice Vaidyan will be put to a committee headed by Indian Prime Minister Narendra Modi.
-
The state-established company will take control of the P&C, life, pension and asset management operations.
-
Atradius’ US subsidiary settled allegations surrounding the debt of a firm linked to money laundering.
-
Hamlin will serve as policy adviser for emerging products and Demory will be in charge of the new positions to assist in agency oversight.
-
Financial services companies and their advisers have little over two months to relay their thoughts to the UK government about regulatory coordination in the first phase of an ambitious review of how the sector is policed.
-
The move follows regulatory scrutiny in other states over the offering of Carry Guard policies.
-
The EU executive says it may seek “stronger assurances” from countries likely to make the most use of the regulatory kitemark.
-
The trade association comes down against a major overhaul of existing (re)insurance regulation.
-
The auto insurer will appeal the decision.
-
Eiopa chairman Gabriel Bernardino last week reprised the unresolved theme of a state backstop for cyber (re)insurers.
-
City Minister John Glen says he wants to “step back to look at how the system is working more widely”.
-
Independent Insurance Agents & Brokers of America argues that proposed reforms would reduce take-up rates and prevent growth in the private market.
-
The trade association criticised the justice secretary’s rationale for the smaller-than-forecast rise in the personal injury discount rate as flawed.
-
The ratings agency said the unexpectedly small rate rise will force most UK motor insurers to strengthen reserves.
-
The supervisory chief discusses cyber, outsourced cloud services, Brexit and modelling solutions to emerging nat cat perils.
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The chairman of the EU insurance supervisor warned that (re)insurers cannot shoulder systemic cyber incidents alone.
-
If knowledge is power, motor insurers and their reinsurers should theoretically be feeling a little mightier after UK Justice Secretary David Gauke ended months of uncertainty by pegging the Ogden discount rate at -0.25 percent.
-
Moody's warns Direct Line and Admiral will face a one-off earnings hit.
-
The operations are making moves to help protect the business as an ongoing concern.
-
The regulator also says it commissioned six insurance-sector skilled person reports in the financial year ended 31 March.
-
The trouble with regulation is that its three main pillars – conduct, prudence and competition – are in a rock, paper, scissors relationship with each other.
-
The UK flood reinsurance scheme wants to set the levy every three years to better meet its financial needs.
-
The Canadian supervisor's plan would require carriers on average to triple their capital bases to remain in the market, the industry association says.
-
The dispute centred on the interplay between facultative and treaty cover bought for Kensington properties by the Norwegian insurer.
-
Candidates for the fast-track route must meet defined success criteria or face being put into run-off by Lloyd’s, according to a working framework seen by this publication.
-
The Corporation calls for specific exclusions or affirmative (re)insurance to provide clarity for all parties.
-
The Corporation is to streamline delegated authority approvals as part of the overhaul.
-
Rob Houghton will join the carrier by mid-October, replacing Simon Smith.
-
FedNat has increased its level of aggregate protection in advance of its acquisition of 1347 PIH.
-
The new Dajia Insurance Group has 20.4bn yuan ($3bn) in initial capital, with the China Insurance Security Fund taking a majority stake.
-
The accounting body will hold roadshows for stakeholders to garner feedback.
-
Advisers and practitioners warn of an increase in “reverse #MeToo” complaints.
-
The forum plans to publish a guide to insuring public assets later this year.
-
The latest disciplinary action comes amid heightened regulatory scrutiny of executives’ behaviour.
-
The review will seek to prevent firms facing dual demands from regulators.
-
The study will examine whether regulatory data collection through cloud computing could slash firms’ reporting costs.
-
The regulator expects “demonstrable progress” on Lloyd’s culture change programme, the director of insurance supervision says.
-
Business secretary Greg Clark backs supervisory pricing intervention as a last resort.
-
A new product will provide insurance cover for legal expenses stemming from intellectual property disputes.
-
The state’s insurance business transfer legislation adds another mechanism for run-off sellers to gain legal finality on their legacy business
-
The association laid out its concerns before a review of the new EU data law next year.
-
Two executives are reported to have resigned following allegations of inappropriate behaviour at a party and of stalking.
-
Aegis and Atrium also part of pilot group that will get 2020 business plan approval.
-
Plans from the top-performing businesses will be subject to no push-back from performance management director Jon Hancock.
-
The review will look at how the tax is collected and administered rather than the actual rate.
-
US lawmakers have pushed back the deadline for the flood insurance programme’s expiration to 14 June.
-
ACPR vice president Bernard Delas said there was no “interest in letting that row last eternally”.
-
Protector and Munich Re are in arbitration in Norway over a claim relating to the 2017 fire which killed 72 people.
-
Most of the carrier’s underwriting businesses will be transferred to a new company as the Chinese state moves towards a stake sale.
-
Peddler of death sticks boil and bake, fossil-fuelled power group in the cake; fast-fashion firm with supply chain woes, arms maker in the cauldron goes.
-
Arch Capital backed hedge fund carrier’s outlook graded “stable”.
-
Jonathan Evans, a former insurance lawyer, will take over after Lord Hunt steps down in December.
-
The partners want to increase the take-up of insurance among SMEs.
-
Loss adjusters and financial advisers achieve larger decreases in the size of the median gap than the 0.8-point sector-wide decline.
-
Insurance Capital Standard Version 2.0 is expected to be completed by November 2019.
-
The firm has announced a first-quarter net loss of $37mn bringing common equity down to just $120mn.
-
The ratings agency has urged ILS fund managers and reinsurers to improve their levels of pricing differentiation.
-
The Bermuda group’s underwriting loss expands more than ninefold to $42.6mn.
-
Scor “remains open to discussion” about participating in an alternative reinsurance scheme.
-
The consultation findings will now be scrutinised by the Legislative Council
-
The latest measures will allow greater investment from international carriers and brokers.
-
Here’s a quiz to get your grey cells working this morning.
-
The PRA is right to act on climate change risk, but devising the correct response will test carriers’ prophetic powers.
-
The $80.5mn deal - the buyer's largest ever legacy takeover - was originally expected to close in 2018.
-
In a highly regulated industry such as (re)insurance, it’s easy to take pot shots at those whose role it is to police the market.
-
A large hailstorm in Florida was the main contributor to the catastrophe claims.
-
The bill, which will now be debated by the full Senate, aligns with a House version of the proposed benefits crackdown.
-
The regulator promises an interim report on its home and motor pricing study in the summer.
-
Insurance Europe welcomed the changes, which were watered down following accusations of an EU power grab.
-
The regulator also becomes the first supervisor to lay out expectations for managing and disclosing climate change risk.
-
Indian carriers must continue to cede 5 percent of each policy they write to GIC.
-
The regulator sounds a general warning bell following work which honed in on travel, tradesman and motor purchase add-on insurance.
-
Carriers must update their definitions of “red flag” factors that trigger increased scrutiny of a risk.
-
Trading partnerships with South East Asia, LatAm and the Mena region are also being targeted.
-
Only 3 percent of the federal disasters budget is spent on prevention, the insurance organisation notes.
-
The carrier will now be able underwrite P&C, motor and other business line across Europe.
-
The carrier, led by chairman and CEO Bertrand Labilloy, says 157 Re paves the way for a Paris ILS market.
-
The ratings agency warns that Brexit, price competition and regulation will hold back profits.
-
Proposed legislation would see the Federal Insurance Office repealed.
-
The plan for Catco Reinsurance Opportunities garners near-unanimous investor approval.
-
The forecast compares with Raymond James' estimate of rate increases of up to 15 percent on loss-affected business.
-
High-single-digit to low-double-digit advance driven by big increases on wind and flat quake renewals.
-
Flooding continues to hit Midwest states hard.
-
The two intermediaries should place more than 8.5% of their total risks at Lloyd’s, the CEO says.
-
Regulatory initiatives on both sides of the post-Brexit border have eased contract continuity worries, the ratings agency notes.
-
LGT led the way with its rated start-up Lumen Re.
-
Losses from Hurricane Irma loss have crept up by between 58 percent and 140 percent for Floridian specialist carriers.
-
The £625,000 loan was “one of the most irregular things I ever heard of”, AJG’s Matson tells a court.
-
The ratings agency welcomes recent regulatory moves to allow “orderly run-offs" of books of business written across the future border.
-
Private equity backer Genstar plans to keep a majority shareholding.
-
The Chancellor of the Exchequer also says the UK’s antitrust watchdog will assess how regulation affects competition in the business environment.
-
The free documents aim to make partnerships between incumbents and InsurTechs more transparent.
-
The island had been “grey listed” in December 2017.
-
The UK Civil Aviation Authority is among those to have blocked the aircraft from arriving, departing or flying over national airspace.
-
Countering the increased demand for public reinsurance, Demotech is seeking to require more overall coverage.
-
The increase to £350,000 per claim and the widening of the pool of those eligible for compensation could push up the cost of professional indemnity insurance.
-
The EU insurance supervisor plans to devise stress tests to gauge insurers’ resilience to cyber attacks.
-
The trade credit broker’s founder and chairman says the insurance industry is well-prepared.
-
The agreements are among several EU-UK supervisory cooperation pacts to be forged in recent weeks.
-
The Irish regulator has cleared the new entity, which will begin underwriting by the end of March.
-
When I am interviewing prospective new reporters, I always make sure I counter any lingering impression they may have that a career in insurance journalism is going to be in any way boring.
-
Arthur J. Gallagher has agreed to pay $251mn for the business in a sale designed to secure Brussels clearance of MMC's JLT takeover.
-
The insurer said the three agencies conducting inquiries into the firm’s ILS subsidiary Markel Catco were the US Department of Justice, the Securities and Exchange Commission and Bermuda Monetary Authority.
-
Existing minority backer Summit Partners trades places with its private equity peer.
-
The Corporation’s former chief says a diverse workforce will make companies more sustainable.
-
Munich Re-led programme wraps around £75mn terror cat bond.
-
There is now an increased probability of a recession within the next two years, the ratings agency has warned.
-
Julian Enoizi, who was instrumental in bringing the £75mn Baltic Re terrorism cat bond to market, said using ILS for an exotic risk was “a long journey”.
-
Leave clients to decide how they want to pay – it’s their money after all.
-
Broker stranglehold set to strengthen as regulatory headwind disperses.
-
Ex-LMA chief executive becomes non-exec at Xchanging entity after retirement from trade body.
-
It was shaping up to be a weapons-of-mass-destruction kind of inquiry.
-
Intermediaries celebrate positive outcomes from a year-long regulatory review.
-
The regulator dismisses coordination among brokers as a problem and says insurers are generally happy with the add-on services intermediaries provide.
-
Despite what the regulator says, pay-to-play does exist, as do conflicts of interest that are hard to manage.
-
Eiopa’s long-awaited pronouncement on matters Brexit yesterday falls short of erasing all the question marks for the insurance industry.
-
The regulator plans to deal with the issues it has identified through the normal supervisory process.
-
Jonathan Price takes the role following a management restructure at the UK arm of the Belgian insurer.
-
The bankrupt Johnson & Johnson talc supplier disclosed it has $709mn in liability coverage remaining for talc.
-
A 70 percent foreign shareholding ceiling was brought in in 2009 but never enforced.
-
The regulator moots a fee modification or waiver in exceptional circumstances.
-
The ratings agency predicts strong non-life underwriting results for the current fiscal year, despite hefty catastrophe losses.
-
The measures will allow UK carriers to service existing contracts for 12 months after the country leaves the EU.
-
David Reed is set to take on the advisory leadership role.
-
The ratings agency sees a no-deal fracture as less likely than an eventual accord.
-
The carrier’s estimated Camp Fire reinsurance recovery has reached $517mn.
-
As always at Lloyd’s, the Corporation is attempting to walk a thin line between delivering robust regulation and micro-managing market constituents.
-
ARPC buys additional A$250mn top layer on A$3.315bn retro cover.
-
The executive received more than twice the votes of his nearest opponent.
-
The Insurance Council of Australia backs the findings of the far-reaching report.
-
The broker association aims to help intermediaries access new business in North and South America and to encourage market entrants.
-
The deals will provide for regulatory cooperation and information exchange in the event of a hard Brexit.
-
The reforms would bring claims administrators into the supervisory bailiwick and introduce light rules for a new category of “distributor”.
-
Is it ethical to get someone sacked for being seedy? For a misdemeanour – albeit a wildly inappropriate one – that doesn’t directly harm anyone, using evidence gathered covertly? Does it make it better or worse that the informant doesn’t even work for the same firm?
-
Benjamin Gentsch was formerly CEO of Scor Switzerland AG.
-
Court documentation reveals deliberations at Scor about a hypothetical fusion with PartnerRe.
-
The carrier will make use of its existing Irish branch structure.
-
The negotiations of a new trade agreement come as a result of Brexit.
-
The CEO says the Corporation would consider the creation of a platform for young and experimental syndicates.
-
The trade association chief nevertheless downplayed scope for post-Brexit regulatory divergence.
-
A further delay to the already postponed insurance accounting standard is inadvisable.
-
The system will cut claims handling times by 30 minutes.
-
The agreement announced at Davos follows last month's bi-lateral deal between the UK and the US.
-
The London market pair are negotiating with Abu Dhabi royals about a joint venture.
-
The probe mirrors the investigation started by the UK’s FCA in 2017 which was taken over by the European Commission that same year.
-
Hayley Spink told a Fitch conference that EEA regulators had signalled flexibility on claims payments as Lloyd’s mammoth Part VII transfer progresses.
-
Society of Claims Professionals aims to boost public trust
-
The accounting body says the changes should make it easier for insurers to explain the impact of the standard to investors.
-
Harrison is a joint venture with UK insurance group Harrison Horncastle.
-
Lloyd’s management has joined the long list of absentees from the annual Alpine talking shop at Davos.
-
German carriers would provide China’s state trade credit insurer with more support under the wide-ranging agreement.
-
The three-year grace period for servicing run-off books compares with leeway of up to 15 years under the equivalent UK scheme.
-
American broker representatives welcome clarification of the new rules.
-
Former Lloyds Banking Group executive Archie Kane joins new CEO Hodges.
-
Tuesday’s House of Commons vote on Prime Minister Theresa May’s EU withdrawal agreement was both utterly predictable and surprisingly unsettling.
-
Some insurers in the Golden State may have been happy to see the back of the vocal and strong-willed Dave Jones, but the jury is still out on his replacement in the role of California insurance commissioner.
-
An extension to the Article 50 Brexit deadline “would be a welcome solution for the sake of certainty”, Biba said.
-
The $2.7bn transaction now has all the clearances it requires from US insurance supervisors.
-
New regulation threatens telematics-linked insurance products, industry body says.
-
The (re)insurance world is rarely described as dramatically appealing.
-
The Maria Vullo-led supervisor finds the insurers overcharged New York firefighter companies.
-
The affiliated reinsurance company structure marked the state's response to the Beat offshore crackdown in the January 2018 tax reforms.
-
The claimants say more accounts are required from the carrier to reach a figure for final damages.
-
The new rules provide for EEA carriers that choose not to enter the post-Brexit temporary permissions regime.
-
Ricardo Lara replaced Dave Jones yesterday.
-
The creation of the programme would follow the launch of a receivable insurance scheme.
-
The National Flood Insurance Program had been set to expire on 21 December.
-
Investigation reveals deliberate under-reserving between 2009 and 2013.
-
The Association of British Insurers calls for a speedy decision on the new discount rate.
-
Clearance from the Italian regulator marks the final stage of the year-old run-off agreement.
-
The deal safeguards reinsurance arrangements agreed between the US and the EU after Brexit.
-
Perhaps it’s time for the London Market Group to weed out the dinosaurs in EC3.
-
The Association of British Insurers accuses Brussels of failing insurance policyholders.
-
The regulator’s strategy and competition director puts executives on notice ahead of the roll-out of the tough new SM&CR conduct and governance regime.
-
The antitrust authority wants the Financial Conduct Authority to clamp down on “price walking”.
-
The Brussels competition regulator sees no cause for concern arising from “horizontal overlaps” between the two entities.
-
Be warned brokers, if you’re not already electronically placing business in London, you’ll have to be by next summer – or face having your Lloyd’s licence taken away.
-
The US/UK covered agreement mirrors the pact struck with the EU last year.
-
The speedy outcome of bilateral negotiations leading to the US/UK covered agreement is an encouraging sign for the UK (re)insurance sector.
-
The supervision of UK consumer redress firms will transfer to the conduct regulator in April.
-
A new regulatory framework could allow some carriers to hold less excess capital.
-
If you are reading this from the UK or Europe, it is likely that your political attention the last few weeks has homed-in on certain rumblings in that peculiar part of central London where reality recently seems to have become a relative concept.
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Callaghan Insurance placed the cover for the Gibraltar Blockchain Exchange.
-
The Council of Insurance Agents and Brokers welcomes the end of "compliance acrobats" associated with the rules.
-
And so, the Lloyd’s market can finally draw a line under what has been a gruelling few months of performance review and forward planning.
-
The Hong Kong insurance regulator marshals the sector to respond to the Chinese government’s infrastructure investment programme.
-
Parades of partners filing out of the Big Four accountancy firms after inappropriate behaviour, a visionary retailer whose signature greeting is a hug if you’re lucky – or a gentle nibble on the ear lobe if you’re not, an even bigger rag-trade titan named in the UK parliament.
-
The bilateral covered agreement will replicate the deal struck last year with the EU.
-
Regulatory approval for the $80.5mn deal is expected early next year.
-
Market premium is also projected to shrink 5 percent as a result of performance drive
-
A group of high-performing syndicates will help draw up a framework for a more hands-off approach to Lloyd’s oversight.
-
Firm retro market in prospect ahead of 1.1 as deployable ILS capital narrows.
-
The European carriers’ Chinese expansion coincides with a relaxation of financial sector ownership rules.
-
In the journey to create a new asset class, there are many staging posts that have to be passed.
-
The executive will take over leadership of the broker once its sale to BGC closes.
-
Associations in Europe, Asia Pacific and elsewhere urge the IASB to give carriers a year longer to prepare for the new accounting standard.
-
The Cayman Islands Monetary Authority has granted new reinsurer Topsail Re an operating licence.
-
News of a steep decline in Catco Reinsurance Opportunities’ net asset value comes after the fund manager’s parent confirmed regulatory investigations.
-
The US Senate is expected to pass a bill from the House of Representatives through.
-
Prem Watsa’s holding company had sought to buy the Indian business through local general insurer Go Digit.
-
The carrier says the High Court approval marks the final step in its Brexit preparations.
-
Policymakers should take their cue from third-country market access arrangements elsewhere in financial services, says industry body CEO.
-
It’s clear why Whac-a-Mole is both an arcade classic and the go-to metaphor for a situation where a thorny problem is displaced rather than solved.
-
The transfer to Luxembourg includes mainland European commercial policies written in London.
-
The head of Willis Great Britain also calls on Lloyd’s to ensure the better performing syndicates are allowed the space to expand.
-
AM Best has also downgraded Merced to F after the company was "overwhelmed" by wildfire claims.
-
Regulatory uncertainty has prompted a reduction in capacity, the broker says.
-
The service industry that has sprung up around diversity and inclusion matters risks becoming a distraction from implementing real change, the Willis Great Britain chief argues.
-
The EU executive wants to make environmental, social and governance considerations central within the financial services sector.
-
The carrier gained regulatory permission to set up the Brexit subsidiary in October.
-
The shares rise just above the value of the offer on the day before the deal is slated to close.
-
The partners are assessing solutions for the remaining Qudos businesses.
-
Increased oversight by the Bank of England unit could erode Lloyd’s appeal, market protagonists warn.
-
The entity is the first to be authorised as a captive insurance manager by the Abu Dhabi regulator.
-
There has been an outbreak of common sense in mainland Europe.
-
-
Regulatory claims against directors are on the rise as cyber dominates companies’ fears, a Willis report finds.
-
France, like Germany, is planning to legislate to ensure existing policy holders will be able to receive claims as a backstop arrangement.
-
The insurer currently employs 2,000 staff and affiliates in China.
-
The move would relieve the contract continuity conundrum for UK carriers operating through German branches after Brexit.
-
The planned cover follows a decision by the car insurer pool’s member companies to shoulder the risk collectively.
-
Silent escalators at 1 Lime Street, the soft hum of a barman chatting quietly to a lone suited customer at the Grapes, tumbleweed whirling through the windy lanes linking Fenchurch Street to Eastcheap.
-
The carrier gained approval to write insurance and reinsurance in the UK in June and has since sealed a deal with MS Amlin.
-
The Civil Liability Bill sets a new framework for determining the discount rate for personal injury compensation.
-
The interim report is now slated to emerge in the first quarter.
-
Changes to the definition of default could hamper insurers and derail debt restructuring efforts.
-
PG&E could face $10bn in claims from 2017, with a similar scenario to potentially play out after this year’s fires
-
All officers will assume responsibilities on 1 January 2019.
-
The carrier will write business via its Luxembourg base.
-
The new offering will work alongside its existing ILS operations.
-
The regulator will consult on a framework that vets sector-wide threats to stability as well as individual insurers.
-
UK cabinet resignations add to expectations that the withdrawal blueprint will fail to garner sufficient domestic support.
-
The regulator wants to introduce a flat fee for Part VII transfers.
-
The carrier’s solvency ratio in 2017 lagged the regulatory minimum by 145 percentage points.
-
Investors react to news of a Q3 net loss of $309mn and an 11th-hour loss portfolio transfer.
-
The securities watchdog argues that insurance should receive comparable treatment to other financial products.
-
The co-operation will help Windward distribute its marine risk analysis product through IHS Markit’s platform.
-
The IUA chairman and leader of the LMG’s Brexit task force expects negotiations to go down to the wire.
-
The agency said it would start meetings with senior management at carriers to prepare for the possibility of a no-deal Brexit.
-
The PRA’s chief general insurance supervisor backs Lloyd’s efforts to improve syndicates’ performance, but suggests some carriers still have their heads in the sand.
-
The announcement last week that Singapore has created a $1bn commercial cyber insurance pool to offer bespoke covers using both ILS and traditional channels gives the burgeoning cyber market yet more reason for cheer.
-
The executive’s comments follow reports of a post-Brexit access agreement for financial services.
-
The UK regulator aims to wrap up the study by the end of next year.
-
The changes level the playing field between purely UK-based insurers and those using non-EU affiliates or suppliers to provide services.
-
The penalty highlights regulators’ increased determination to hold carriers to account for services outsourced to other providers.
-
The commercial pool will bring together traditional and ILS capacity, it was announced.
-
The draft rules are designed to stoke economic growth.
-
The industry association also urges a government backstop to cover agricultural losses arising from severe draughts.
-
Colm Lyons has been recruited as CEO of the Dublin entity.
-
European cedants are considering dropping Lloyd's reinsurers at 1 January unless the UK is declared Solvency II-equivalent.
-
The firm is the latest company to be approached by Chinese state officials.
-
A work-around under investigation could provide for the full gamut of treaty reinsurance from the Brussels platform from as early as next year.
-
Public company management is forced to spend a disproportionately large time working on regulation, compliance and communicating to investors.
-
The Standard Syndicate run-off goes to the very heart of the fundamental question of what Lloyd’s is supposed to be.
-
Claims in Venezuela and Turkey hit carriers.
-
Pressure on the IASB increases for reprieve from the complex new accounting standard.
-
Ireland's central bank has given the go-ahead for the insurance group to move its XL Insurance subsidiary to Dublin.
-
The trade association’s CEO notes some movement of premiums from Lloyd's.
-
As deadline day for SBF feedback looms, Lloyd’s appears to have stuck to its hard-line rhetoric on profitability.
-
There are few working in the business of (re)insurance who would turn down an opportunity to have just a little more time on their hands.
-
The target has set aside up to £100mn to retain talent after a takeover.
-
President Donald Trump had suggested the idea in a tweet from his personal account in August.
-
Imagine you are the financial regulator of an EU27 country.
-
The Corporation claims FCA support for its decision to risk the wrath of EEA regulators.
-
Foreign ownership of insurance intermediaries is currently capped at 49 percent.
-
Outstanding claims from Hurricanes Irma and Maria contributed to the Puerto Rican carrier’s troubles, according to local press.
-
The Czech investment fund is exploring all legal avenues to obtain fair value for its AmTrust shares.
-
General Insurance Corporation and domestic reinsurers remain ahead of international carriers.
-
California insurance regulator plans to track progress on the diversity initiative.
-
Coverholders with existing EEA approvals will receive automatic clearance from Lloyd’s Brussels.
-
The company, the subject of an FCA "skilled persons" review, writes off previously recognised income.
-
The German insurance company gained a local licence in July.
-
The FCA and the UK competition regulator launch a two-front attack.
-
Newly enacted laws extend deadlines and coverage requirements for insurers.
-
Liiba holds talks with regulators to find ways to maintain trade post-Brexit.
-
It’s a nice idea to savour, what to do with a second chance.
-
The first court hearing will take place next month for a transfer the Corporation hopes to complete by the end of 2020, CFO John Parry says.
-
The guidelines will help underwriters navigate regulatory variation between European countries.
-
The path to launching a balance sheet reinsurer rarely runs smoothly – especially when Chinese money is involved.
-
The target's CEO says his bidder has agreed to do what it takes to get the takeover past competition regulators.
-
A lack of clarity threatens to tip some carriers into PFIC status and clip investors.
-
Insurance commissioners oppose the bill as it usurps state authority.
-
It’s apparent that the insurance industry is really worried about cyber coverage gaps.
-
Workplace harassment took center stage last year with the outcry over celebrities such as movie producer Harvey Weinstein and the number of people ousted from positions of power seems only to grow amid the continuing fallout.
-
The move is a key component of the carrier's Brexit planning.
-
The passage of five wildfire-related bills in California has introduced sorely needed reforms regarding consumer protection.
-
The controversial measure would force ratepayers to cover PG&E wildfire liabilities.
-
Axa’s $15.3bn XL deal took a step closer to getting done with New York’s approval.
-
A recommended 13.4 percent rate cut for workers’ compensation cover in Florida shouldn’t lead anyone to assume that an expected spike in carriers’ claims-related legal costs has failed to emerge.
-
The executive's departure marks the second major staffing blow for the Corporation at its new Brexit subsidiary.
-
The Corporation plans to consider applications to write Canadian cannabis risks as part of 2019 syndicate business plans.
-
Bills on utility wildfire debt, tree cutting and policy cancellations move forward.
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The provider of workers’ compensation insurance has agreed to a new acquisition deal.
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A new California law forces insurers to give homeowners bi-annual rebuild estimates.
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The executive will replace David Gittings when his 12-year tenure ends.
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The former AIG CEO has warned the country must offer reciprocity on international trade.
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Californians have had a steady diet of wildfires this summer, but something else in the state is burning insurers up.
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The BMA proposes the largest increases for non-resident insurers.
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Liiba chairman Roy White has written to Prime Minister Theresa May calling for brokers to be included in the proposed "enhanced equivalence” regime for financial services.
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The entities admitted to the breaches, which occurred from the inception of the European insurance capital framework in 2016.
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US specialty insurers in The Insider 50 were the clear winners last week.
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The blazes have destroyed or affected more than 2,000 buildings.
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A shift in legislation would reduce the current US-listed companies' reporting requirements.
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Underwriting rules marked ‘confidential’ or ‘trade secret’ provided no exemption, CDI general counsel writes.
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Lloyd’s and company market both comfortably exceed 10 percent usage target.
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The gun rights group claims DFS is pursuing a political agenda to force its collapse.
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The drain of management time and energy carries a cost for a public company CEO.
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Insurance practitioners also reveal concerns over post-Brexit equivalency.
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JLT Specialty operations director Clare Lebecq will be the first LMG CEO to permanently commit to the role.
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Bermuda authorities have raised the carrier’s required capital 37% to $1.3bn.
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Christopher Larkby and David Larkby are each banned from the market for 42 months.
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The company appears to be facing numerous challenges linked to its eroded capital position.
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The broker will take the helm of the trade organisation in November, replacing Chris Beazley.
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Great Western claims it has lost $135mn to self-dealing Bermuda and Cayman reinsurers.
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Despite the European Commission last month playing down concerns around contract continuity, it remains a key issue for the UK insurance industry.
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The HMRC proposal would restrict VAT recoveries that are currently permitted for insurance services providers supplying carriers located outside the EU but serving UK clients.
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In a letter to the European Commission, the trade body called for legal certainty about the transfer of personal data between the UK and the EU and the EEA ahead of Brexit.
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He starts his two-year term on 15 August, replacing John Leung.
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The new wording builds on the non-subscription market clause the IUA published last month.
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House pushes measure by 366-52 vote but Senate prospects for quick action are unclear.
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The Hyperion-owned broker has created a joint venture with Tanzanian broker BR Puri.
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The broker representative moots Athens and Piraeus as potential destinations for relocating intermediaries.
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The carrier's European operations complete their conversion to a Societas Europaea in time for a move to Paris in January.
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One could point to Solvency II as evidence that our part of the sector will take the incoming accounting standard standard in its stride.
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The Scor claims specialist moves up from the deputy role.
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Carriers battle actuarial talent shortages even as preparations for the new regime advance.
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The trade association also calls for new “real world” testing measures and the fitting of sprinklers to all tower blocks.
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The delay is not expected to affect accompanying changes to the Ogden discount rate.
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Concerns persist that some of the rules could prove a burden for smaller intermediaries.
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Chairman Bruce Carnegie-Brown tells Reuters that alternatives to the platform are more complicated and expensive.
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After a slow start, three states enacted reforms last year and three have done so in 2018.
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Representatives urge an agreement on contract continuity as May’s Brexit white paper confirms a good-only free trade proposal.
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The new regime will replace IFRS 4 from January 2021.
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Proprietary data bolster CEO Greenberg’s call for legal system reforms.
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Market conditions act as the primary curb on fees and commissions.
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The Matt Fairfield-owned business is being pursued for almost £350,000 in unpaid liabilities.
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The new Senior Managers & Certification Regime will apply to brokers from 9 December 2019.
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Governor Raimondo signs bills to deal with commutation and other hurdles.
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Insurers are developing contract continuity clauses in a bid to tackle uncertainty over Brexit.
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The former Hudgens assistant reportedly held state and private jobs at once.
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A House-Senate conference may play a key role in determining the flood insurance program’s future.
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Stephen Way's insurance group went under review at controlling investor Westaim in April.
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The legislation was aimed at aiding survivors of catastrophic 2017 wine country wildfires.
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Period between reviews of the lump sum discount rate would rise to five years.
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The EU insurance regulator says “swift actions” are needed from both the industry and supervisors to ensure consumer protection.
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Lawmakers approve an amendment that lightens restrictions on commutation and voluntary restructurings.
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PICC will provide the MGA with 10 percent of its paper.
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German financial services regulator BaFin has granted the start-up a licence.
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The clause centres on an EEA carrier serving as a contingent insurer on a given policy.
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The amendment removes a commutation requirement blamed for stifling legacy deals in the state.
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As a market watcher, attempting to determine which lines of business are underperforming syndicate by syndicate quickly proves itself to be a pretty meaningless exercise.
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Efforts to harmonise with the Senate may permit renewed attacks on the programme.
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The SRA has "provided insufficient evidence" that the proposals will cut costs for clients, the trade body says.
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Syndicates must inform the Corporation of the worst-performing 10% of their businesses by month-end.
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Amendment to the bill allows the Lord Chancellor to complete the first review of the rate without appointing an expert panel.
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The company has not written any business in its two years of existence.
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Those who want the promotion of competition to become a primary objective of the Prudential Regulation Authority are whistling in the wind.
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Both governments have acquired tropical cyclone and excess rainfall policies.
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Reviews of insurers doubled from previous year, the regulator reports.
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The move comes just days after Matt Fairfield's business closed its Barcelona office.
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Regulators risk stifling Part VII insurance portfolio transfers even as they seek to streamline the process to prevent a Brexit-related logjam.
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The auditor and audit engagement partner admitted misconduct.
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The Counter-Terrorism and Border Security Bill will amend existing laws including the Reinsurance (Acts of Terrorism) Act of 1993.
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The online-only carrier will work with the Shanghai regulator on the technology.
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Anna Sweeney of the Prudential Regulation Authority has warned that firms “may be taking false comfort” from losses that turned out to be largely manageable.
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Increased capital requirements and the need to write multi-line business is stymying innovation, according to the former Ariel Re chief.
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The carrier has been given the green light to list on the Shanghai Stock Exchange.
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The insuder called the approval a "significant milestone" in its Brexit preparations.
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The insurer will funnel existing EU business into the entity through a Part VII transfer.
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To foster industry innovation, state insurance regulators also need to innovate.
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The marine intermediary is subject to a Section 166 review.
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GDPR has brought the issue of data into focus, and with it regulators’ and policymakers’ slightly contradictory attitude to it.
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Insurers pressed for 28% workers’ comp rate cut to reflect lower costs and taxes.
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The 2018 Farm Bill would re-authorise crop coverage set to end on 30 September.
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Increased litigation and compensation claims from GDPR can also fall squarely onto the shoulders of the liability market
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Between 2013 and 2016, ransomware accounted for just 16 percent of cyber claims at AIG Europe.
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The carrier already has a branch in Brussels, alongside outposts in Bermuda, Denmark, France, Germany, Ireland, Italy, Spain, Sweden and the UK.
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The carrier previously established a branch office in the city in December 2016.
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Four states have tried to pass measures but only Illinois' is technically still alive.
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Removing language involving commutation of contracts is a key aspect of the legislation.
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Asia CEO Dominic Samengo-Turner sees opportunities from China's "One Belt, One Road" infrastructure programme.
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The European trade body has appointed Uniqa's chairman and CEO as its new president.
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Emea cyber head Mark Camillio says the new data rules add a negotiating tool for extortionists.
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Direct Line's Laurence Townley will steer the group.
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The approval for the new EEA subsidiary comes ahead of the Corporation's July target.
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A change of pace is needed by intermediaries to avoid disruption to business as the March 2019 deadline looms, warn industry experts.
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Belgium rolled out the red carpet for UK insurance brokers last week at the ambassador’s residence in Belgravia.
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Lobbying by the ABI, Biba and MIB bears fruit as the UK government opts to remain in the motor "free circulation zone".
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The state’s newly signed insurance business transfer law goes into effect in November.
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A region whose rules are in constant flux means companies potentially face heavier compliance and litigation costs.
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The company becomes the first international insurance broker to gain a full licence in China.
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Research by Aon and DLA Piper finds GDPR fines are insurable only in Finland and Norway.
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This publication's legacy survey found just 29 percent of the market were hopeful the Rhode Island legislation would serve as an effective transfer mechanism in the coming year.
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For brokers and others working closer to the client the situation regarding consent is murkier than for carriers.
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The new system will simplify the flow of data between coverholders, brokers and carriers in the London market.
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The Danish motor insurer's demise follows the collapse of CBL.
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Action is needed to reduce uncertainty around the final risks, notes Harvesting Opportunity.
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The Japanese carrier joins Sompo and AIG in gaining clearance for its post-Brexit EEA hub.
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The probe has touched on issues that include finances and offshore M&A activity.
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Incoming data protection regulation will bolster EU residents' rights and introduce heavy fines.
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Broker collected $12mn from other NRA policy sales since 2000, New York DFS says.
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The ceiling applies to newly incorporated insurance companies and those where foreign ownership has not yet reached 80 percent
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Agreed bidder Quest's delay in securing a related regulatory approval prompts contingency planning.
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Proposal would require investment firms to carry coverage that extends to insolvency.
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Swiss Re will convert its Cape Town-headquartered Swiss Re Life and Health Africa unit into Swiss Re Africa.
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The executive said the run-off legislation may not be "the solution that some people think it might be".
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Even some of the largest run-off companies could find themselves exempt from Solvency II-related external audit requirements.
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GOP Governor Rauner vetoed the move in 2017 as an unwanted state intervention.
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Zurich has reported a ratio of 216 percent for a solvency test set by the Swiss Financial Market Supervisory Authority.
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The move repesents a rare collaboration on Brexit issues between regulators across the future UK/EU border.
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Lloyd’s has said its new Brussels hub is on track to start writing business for January 2019 despite the decision of existing European chief, Benno Reischel, to retire rather than take the helm of the new company.
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Genworth, a long-term care insurer, says the decision to re-file was made so that the agency could spend more time to “review and discuss” the merger that it and the Chinese conglomerate announced in October 2016.
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Sompo International has received regulatory approval to establish a subsidiary in Luxembourg to smooth its post-Brexit business.
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Wells Fargo's $1bn fine over force-placed auto insurance may end that woeful chapter for the third-largest US bank but National General, the carrier entangled in the scandal, remains under scrutiny, The Insurance Insider understands.
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Wang Yincheng has reportedly pleaded guilty to corruption in the same week the former head of the defunct Chinese insurance regulator was charged with graft.
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National Security Minister Wayne Caines explains how the island is creating a legislative framework for cryptocurrencies.
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The Motor Insurers' Bureau (MIB) is to ballot its members about whether to put claims resulting from vehicles being used in terrorist attacks back into the industry pool from next year.
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Last year was the worst on record for catastrophe losses, but (re)insurers must be prepared for the possibility of more frequent multiple-disaster years in future, according to a Swiss Re report.
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China’s former top insurance regulator Xiang Junbo faces charges of corruption and bribery, according to reports from Beijing.
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Carriers in the lender-placed insurance market, a niche segment with more than its share of penalties and scandal, may find themselves facing a new regulation later this year.
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If you were to throw a rock in the air on Lime Street and ask the person it hits to name two of the best CEOs of London market carriers, there is a high probability that Bronek Masojada and Andrew Horton would be very well represented.
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The Prudential Regulation Authority (PRA) said its annual funding requirement will fall by 9 percent to £244.6mn ($344.5mn) in its 2018/2019 financial year.
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The Financial Conduct Authority (FCA) pegged its annual funding requirement (AFR) at £543.9mn ($766.1mn) as it announced its business plan for the 2018 to 2019 financial year.
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The Financial Conduct Authority has indicated the interim findings of its wholesale broking review may come later than expected.
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The Prudential Regulation Authority (PRA) has hired an insurance-linked securities specialist from interdealer broker Tullett Prebon to work in the fledgling UK sector, sister publication Trading Risk reported
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Industry protagonists including the International Underwriting Association spotted a problem with the Prudential Regulation Authority's post-Brexit branches-versus-subsidiaries largesse for European Economic Area carriers.
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Chinese conglomerate Anbang Insurance Group is to receive a 60.8bn yuan ($9.7bn) capital injection from the government's China Insurance Security Fund (CISF) prior to a search for new investors, it announced today.
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The UK's Solicitors Regulation Authority has proposed reducing the amount of mandatory professional indemnity insurance cover that law firms must buy, arguing that most claims are settled well under the current limit.
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Maurice “Hank” Greenberg and his Starr International lost a challenge against the federal government’s actions involving a massive bailout of AIG during the financial crisis, as the US Supreme Court refused to take up the matter.
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British Insurance Brokers' Association chairman David Hunt, Baron Hunt of Wirral, has reiterated calls for a free-trade agreement between the UK and the EU after Brexit.
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A massive spending bill President Donald Trump signed into law today includes hundreds of millions of dollars to fund pre-disaster mitigation efforts and flood plain mapping, a category targeted for a substantial cut in the White House budget proposal for fiscal 2019.
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The Chinese government has selected the country's top banking regulator as head of a new body that will govern both the banking and insurance sectors, according to media reports.
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The UK government plans to expand the scope of Pool Re to allow the scheme to provide reinsurance for non-damage business interruption (BI) caused by terrorism.
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The increased adoption of artificial intelligence (AI) will both solve problems and create new challenges for the insurance industry, according to Allianz.
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India's Securities Appellate Tribunal has accused a member of the country's insurance regulator of "virtually aiding and abetting corruption" in disregarding a case which alleges Marsh provided kick-backs to an insured in return for its business.
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Lawmakers in Tallahassee have once again failed to tackle the assignment of benefits (AOB) crisis that reform advocates say is rapidly pushing up insurance rates and dragging down the Florida economy.
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The hard-won implementation period represents a modest win for business but certainly isn't enough to slam on the Brexit planning brakes.
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The 21-month Brexit transition deal - agreed in principle yesterday - was never going to please everyone.
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The UK Space Agency is considering a change to the calculation of third-party liability requirements for satellites that would boost the space insurance industry, The Insurance Insider can reveal.
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Michael McRaith, the first-ever director of the Treasury Department’s insurance office, will join a new unit Blackstone has formed to advise insurers on asset management, the New York private equity firm said today.
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Aspen shares took off this afternoon after the company disclosed a 50 percent increase in the cash compensation CEO Chris O’Kane would receive following a change in control, spurring speculation that the modification may make a takeover more likely.
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Access Insurance was ordered into liquidation this week in Texas, with the non-standard auto carrier declared insolvent, The Insurance Insider has learned.
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Insurers are hoping that the pan-European data protection advisory body will intervene to safeguard the sector's ability to handle sensitive consumer data across the bloc after the General Data Protection Regulation takes effect.
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Insurance Ireland has renewed calls for existing contracts spanning the post-Brexit border to be recognised after March 2019 amid signs of European Commission intransigence on the issue.
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Lloyd's has instructed all managing agents to cease writing existing European binding authority business through usual means by 31 December 2018, as the corporation prepares to move business to the Lloyd's Brussels platform.
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Incoming EU rules governing how companies handle personal data have triggered a game of contractual pass-the-parcel involving insurers, coverholders and third-party administrators (TPAs), as companies seek to protect themselves from regulatory fines and lawsuits.
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Incoming EU rules governing how companies handle personal data have triggered a game of contractual pass-the-parcelinvolving insurers, coverholders and third-party administrators (TPAs), as companies seek to protect themselves from regulatory fines and lawsuits.
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Opportunity is knocking for Oklahoma on the legacy transactions front.
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Insurance associations have reiterated calls to include financial services in Brexit trade talks, as Chancellor of the Exchequer Philip Hammond rebuffed an apparent attempt by the EU to sideline the sector.
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London Market Group CEO Chris Beazley will end his secondment in the summer to return to MS Amlin as CEO of MS Amlin AG.
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The China Insurance Regulatory Commission (CIRC) has fleshed out restrictions concerning shareholders in insurers in a further attempt to cut down on speculation and self-funding.
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Oklahoma's proposed law on insurance business transfers could be on Governor Mary Fallin's desk as soon as May, according to a state insurance official.
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The new global capital framework for insurers is likely to be delayed beyond the planned late-2019 introduction date, according to the Association of British Insurers' director of regulation Hugh Savill.
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Danish motor insurer Alpha has gone into solvent liquidation as a result of the collapse of CBL.
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Theresa May's Brexit speech on Friday artfully delivered something for everyone. She also laid down a marker that the UK will aim for regulation that produces the same outcome as EU rules without replicating them.
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Exin Group is set to meet top Bank of Greece (BoG) executives early next week to discuss its attempted acquisition of Ethniki insurance, according to a report by Greek trade publication Insuranceworld.gr.
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CBL Insurance Europe was placed in administration Monday by the Bank of Ireland, after the parent company and domestic subsidiaries entered voluntary administration in New Zealand.
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Floridian carrier Heritage Insurance Holdings expects to claim $104.4mn from several tranches of its Citrus Re cat bond issuances following Hurricane Irma, sister title Trading Risk has learned.
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The Bermuda Monetary Authority (BMA) has been criticised for demanding new disclosures from local alternative reinsurance operators without sufficient consultation with involved parties.
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A cross-border plan for contract continuity after Brexit, as well as a transitional period, need to be decoupled from the wider political discussions and agreed as soon as possible, executives speaking at the Association of British Insurers annual conference have said.
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The debate about Solvency II reforms has lost sight of the policyholder, the Prudential Regulation Authority's Sam Woods told delegates at the Association of British Insurers' annual conference
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The Chinese insurance regulator has seized Anbang Insurance Group and revealed the company's former chairman is being prosecuted for "economic crime".
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The New Zealand High Court has put CBL Insurance into liquidation at the request of the country's insurance regulator.
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The International Underwriting Association (IUA) is seeking regulatory leeway on a proposed threshold after which European carriers with consumer-facing operations would have to convert their UK branches to subsidiaries for Brexit.
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Chubb’s withdrawal from the National Rifle Association’s (NRA) Carry Guard insurance offering is directly related to a probe begun last year by New York’s insurance regulator into unlicensed activity regarding marketing and fees tied to the program, according to a source.
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"When the going gets tough, the tough get going," the father of John F. Kennedy may once have said. Reinsurers seem to be taking that advice to heart over cover for terrorist attacks using vehicles in UK motor excess of loss policies.
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UK motor excess of loss (XoL) reinsurers are rethinking cover for terrorist attacks using vehicles as a crunch decision on liability for such claims looms, sources have told The Insurance Insider.
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California insurers led by Mercury and State Farm lost a bid to have the US Supreme Court review a law that requires prior state approval for consumer insurance rate hikes as the Justices refused to take up the challenge today.
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The Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC) have agreed to collaborate on each other's initiatives to boost the fintech sector.
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Florida’s assignment-of-benefits (AOB) crisis shows no sign of abating, and the one-way attorney fee rule often leaves insurers with little choice but to settle inflated claims without a fight, according to a study released today by a group advocating a reform of AOB laws.
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The Central Bank of Ireland (CBI) has ordered the European arm of New Zealand-headquartered credit surety insurer CBL to stop writing new business with immediate effect.
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It is 94 days before the EU's General Data Protection Regulation (GDPR) takes effect and it's a fair bet that the insurance sector is anticipating it with almost as much relish as they would a Californian casualty class action or a Guardian "Me Too" expose of their chief compliance officer.
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In America's heartland this week, the sunny optimism over government-backed crop insurance that prevailed last month turned to dismay as the Trump administration proposed deep cuts and reforms that may drive farmers' costs sharply higher.
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The London & International Insurance Brokers' Association and EY have compiled a report designed to help UK brokers choose a location for new European subsidiaries amid growing uncertainty around Brexit implications for intermediaries.
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EU insurance regulators will have more time to prepare for the incoming Insurance Distribution Directive after the European Council agreed to push back the implementation date for the new rules.
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The regulatory status of Prudential Financial, the last insurer considered “too big to fail” by the US Treasury, will come up for review next week before the Financial Stability Oversight Council.
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When the gods wish to punish us they answer our prayers. So mused Sir Robert Chiltern, the "ideal husband" in the Oscar Wilde play of the same name.
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The Information Commissioner's Office (ICO) has brought a legal case against Hiscox for allegedly breaching data protection laws in a landmark suit that could see the insurer hit with unlimited fines.
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Lloyd’s of London will do more to reduce red tape for carriers and promote a principles-based regulatory regime, Jon Hancock, the Corporation’s director of management, said today.
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The themes that have emerged in the early part of the Q4 reporting season have been in line with expectations.
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Shirine Khoury-Haq has told The Insurance Insider that suggestions from the Lloyd's Market Association (LMA) on electronic placement are being "actively addressed".
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Inga Beale's statement yesterday that Lloyd's was willing to mandate the use of Placing Platform Limited (PPL) was not quite the go-it-alone pronouncement it seemed, with the move agreed by the London market's modernisation group early last week.
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Total return reinsurers have been caught off guard as changes in US tax law threaten to redefine offshore affiliates as investment managers and not reinsurers.
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Financial Conduct Authority (FCA) CEO Andrew Bailey has called on the EU to recognise UK regulation of the wholesale financial services sector after Brexit rather than slamming the door on existing market access.
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The Lloyd's Market Association has called for five changes to the market's electronic placing system before it becomes compulsory.
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Lloyd's is planning to direct all brokers and underwriters to use Placing Platform Limited (PPL), the London market's digital risk placement system.
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Insurers are hopeful that an 11th-hour amendment to the UK version of sweeping EU data rules will allow them to continue handling sensitive personal information under the new regime.
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A new single claims agreement model for non-complex claims has launched today in the London market after receiving final approval from major insurance trade bodies.
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Selective Insurance Group is looking to add three US states to its commercial lines platform in 2018 as it targets growth opportunities.
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Exin Group has asked the Bank of Greece to extend the deadline for providing details on the way it will fund its proposed EUR718mn ($895mn) acquisition of a majority stake in state-owned Ethniki Insurance.
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The Chinese insurance regulator has set a 1 April deadline for the implementation of new regulations over the use of insurance funds.
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Insurers have until 10 December to prepare for a new governance and conduct regime which brings the sector in line with rules for top bankers and asset managers.
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Insurance brokers have gained a six-week reprieve from a series of deadlines for providing the Financial Conduct Authority (FCA) with information requested for the regulator’s keenly watched wholesale insurance market study.
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Japanese telecoms and internet investor SoftBank Group is in talks to back Indian digital insurance aggregator PolicyBazaar at a valuation of at least $800mn, according to Bloomberg
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Lloyd's chief financial officer John Parry has cautioned against syndicates using broker facilities to gain a toehold in new classes of business.
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Insurance brokers have gained a six-week reprieve from a series of deadlines for providing the Financial Conduct Authority (FCA) with information requested for the regulator’s keenly watched wholesale insurance market study.
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Lloyd's is in the early stages of exploring using insurance-linked securities (ILS) protection to provide cover for its Central Fund, sister publication Trading Risk has reported
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Validus looks set to become a US taxpayer after its $5.6bn acquisition by AIG, with the buyer's management citing recent tax reforms that may also shape future deals involving the purchase of overseas carriers by US companies.
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The British Insurance Brokers' Association has called for a respite from new regulation, arguing that a growing mountain of costly red tape flies in the face of the UK government's goal of boosting the nation's productivity.
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MetLife and the US Financial Stability Oversight Council formally sought to end the big life insurer’s status as a systemically important financial institution yesterday, which would leave New Jersey’s Prudential Financial as the last insurer under Federal Reserve oversight as a Sifi.
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Views of the effect on Aon, Willis Towers Watson and Marsh & McLennan of probes into broker compensation shifted as the week wore on, with JP Morgan analyst Sarah DeWitt saying today that investor “concerns are overblown” and that any potential fallout will be manageable.
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Coping with the uncertainty of hurricane forecasts can be hard enough for (re)insurers looking ahead to the storm season, but leave it to Washington to make it even tougher to manage.
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Hannover Re quietly acquired a US shell company on Monday (15 January) that it will use as a specialty admitted insurance underwriter in conjunction with its Chicago-based Glencar MGA subsidiary
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Marsh is taking trademark infringement action against Marshmallow, in an attempt to skewer the start-up over its choice of name, the InsurTech said.
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Shares of international intermediaries Aon and Willis Towers Watson bounced back today after both fell yesterday in the aftermath of a downgrade by a William Blair analyst who cited uncertainty created by a probe into broker compensation by UK authorities.
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Large insurers already caught by a banking-inspired UK conduct, governance and accountability regime will have to implement initial changes ahead of the conversion to a successor framework in a matter of weeks.
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California wildfire victims may get more time to sue their insurers and be able to force their carriers to be more flexible in applying benefits to help them recover if legislative proposals put forward today win passage.
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An Italian tax change to encourage the purchase of catastrophe cover could spur a slight increase in home insurance premiums, according to Fitch Ratings
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The UK government has ridden to the rescue of the Prudential Regulation Authority by opposing a proposal to put promoting competition at the top of the regulator's "to-do" list.
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Revisions in the US tax code designed to improve America's international competitiveness are expected to provide material gains for domestic insurers but may not deliver the revenue boost for the Treasury that lawmakers envisioned.
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Bermuda-based reinsurers that do business with US affiliates began examining their options well before the ink dried last month on a reform bill that took aim at tax arbitrage strategies which have helped make the island an industry hub.
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Featuring reserve strengthening, earnings misses, an exhausted adverse development cover, executive departures and public courtroom spats, investors in AmTrust would agree that 2017 was a year to forget.
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XL Group has hired Leila Madeiros from the Association of Bermuda Insurers and Reinsurers (ABIR) as head of compliance and regulatory affairs in Bermuda.
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Reinsurance renewals in China, Hong Kong, Singapore and elsewhere in Asia showed some signs of stability at 1 January, but carriers hoping for significant rate rises following 2017's natural catastrophes were left disappointed
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The Florida House of Representatives by an 82-20 vote today approved a measure that would make significant changes to state law relating to assignment of benefits and related legal fees in property insurance cases.
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Allianz will open the tender offer for the remaining shares in trade credit insurer Euler Hermes after it was granted approval from the French markets regulator AMF.
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The Prudential Regulation Authority (PRA) has begun the final part of a consultation about the Solvency II regulatory framework with proposals to streamline reporting requirements under the EU-wide regime.
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Qatar Re has received approval from the UK Prudential Regulation Authority to underwrite from a branch in London
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Australian construction insurer Ensurance has gained approval from the UK Financial Conduct Authority (FCA) to operate as a MGA
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Genworth and China Oceanwide have said they remain committed to their proposed $2.7bn takeover deal amid ongoing discussions with US foreign investment regulators.
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Lloyd's has suspended a Hampden employee from the Society of Lloyd's and demanded proceedings costs after the employee breached controls intended to prevent the misappropriation of client funds
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Lloyd's insurer Neon confirmed it had established the first UK-based reinsurance sidecar, NCM Re, as it raised $72mn of capital for the vehicle
-
Higher-attaching UK motor liability programmes experienced rate rises of as much as 100 percent at 1 January, as uncertainty about Ogden discount rate reforms made for a challenging renewal, according to Willis Re.
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Swiss Re CEO Christian Mumenthaler has ruled out the idea of buying stakes in start-up businesses, stating that his firm is "not a VC fund".
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Chubb has said it expects to book a one-off gain of $250mn from the changes to US tax law in the fourth quarter of 2017.
-
The National Flood Insurance Program got another short-term reprieve as Congress sent a bill to keep the government operating through 19 January to President Donald Trump late today. He is expected to sign it.
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Tax reform in the US, achieved at virtually lightning speed by a Congress that typically flails for months if not years at persistent problems without resolution, has prompted much speculation and analysis as to how it may change insurance sector dynamics
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RenaissanceRe is anticipating a $40mn writedown as a result of the US tax bill which passed through Congress on 20 December
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There's an old joke about a physicist, a chemist, and an economist all stranded on a desert island. Nearing starvation, one day they find a washed up crate full of tinned food. Only one problem - how to open it?
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The European Insurance and Occupational Pensions Authority (Eiopa) has urged carriers to expedite their Brexit contingency planning
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Tax reforms in a bill headed for President Donald Trump’s desk for signing will largely counter current incentives for using offshore affiliates for reinsurance through low-tax locales like Bermuda, but analysts don’t expect a wholesale migration from the island by (re)insurers.
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Congress passed a sweeping tax overhaul that would drop the corporate income tax rate to a flat 21 percent and fundamentally alter offshore affiliate reinsurance economics.
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Navigators' plan to buy a Belgian insurance group represents a rare piece of Brexit-related M&A
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The Prudential Regulation Authority (PRA) has delivered a major fillip to London market efforts to preserve existing business arrangements after Brexit with a proposal to supervise European Economic Area (EEA) commercial carriers as branches rather than making them become subsidiaries
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Lloyd's is aligning its supervisory approach to underwriting cyber risk with that of UK watchdog the Prudential Regulation Authority (PRA) in order to remove duplication
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Coverys Syndicate 1975 has received Lloyd's approval to begin writing business from 1 January 2018
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The European Commission has delayed the implementation of the Insurance Distribution Directive (IDD) by almost eight months following an intervention by European parliamentarians
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The Prudential Regulation Authority (PRA) has put its head above the parapet and devised a pragmatic solution to Brexit that London market carriers will hope can be emulated by its continental peers.
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Domestic carriers that are heavily concentrated in the US will benefit the most from a cut in the corporate tax rate to 21 percent from 35 percent, with equity analysts estimating around a double-digit uplift in next year's earnings
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Industry association Insurance Europe has warned that European Commission efforts to overhaul 2013 rules for group litigation could be detrimental to insurers.
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The California Department of Forestry and Fire Protection (Cal Fire) has said the Thomas wildfire, which ranks as the third largest in the state's history, is now 50 percent contained
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Lloyd's (re)insurer Neon will become the first party to use the new UK insurance-linked securities (ILS) framework after it secured approval from the Prudential Regulation Authority (PRA) to launch a sidecar
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Travelers is applying to the Central Bank of Ireland for permission to establish an insurance subsidiary in the country.
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The Australian insurance industry has welcomed the government's decision to drop plans for a state-backed reinsurance pool and a cyclone mutual insurer.
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Lloyd's has issued a new round of guidelines for syndicates writing accident and health and life insurance for international and/or government organisations after identifying a number of common misconceptions.
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UK insurers looking to establish infrastructure-light entities in the EU because of Brexit while servicing them from Britain could face hefty VAT bills, tax experts have warned.
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The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have offered leeway on the incoming Senior Managers and Certification Regime (SM&CR) with the promise of an implementation period and relief for some companies from certain requirements.
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Lloyd's has issued a new round of guidelines for syndicates writing accident and health and life insurance for international and/or government organisations after identifying a number of common misconceptions.
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The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have offered leeway on the incoming Senior Managers and Certification Regime (SM&CR) with the promise of an implementation period and relief for some companies from certain requirements.
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Navigators has acquired two Belgian entities in a EUR35mn ($41mn) deal which gives it an Antwerp hub from which to serve its European clients after Brexit.
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For WR Berkley founder and executive chairman Bill Berkley, the coming week's votes on tax reform in Congress could mark a successful milestone on a years-long campaign to close a loophole that in his view favours offshore (re)insurers at the expense of their American competitors
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It's ironic that it takes a continent traditionally caricatured by Americans for its penchant for smelly foods and state intervention to point out that incoming US tax reforms could break international trade rules
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The gift of time - better than a box of Milk Tray or a bottle of perfume. Ask any Brexit contingency planner, working parent or payroll manager expediting December salaries
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New York State has banned auto insurers from using an applicant’s education attainment level or occupation and earnings as a basis to begin setting rates, saying the practice could be unfairly discriminatory.
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Lloyd's carrier Canopius has joined the UK government-backed Flood Re scheme, gaining a backstop for the cover it provides in areas at risk of flooding
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The California Department of Insurance has demanded insurers cease imposing moratoriums on writing new or amending existing private passenger auto policies during the Southern California wildfires.
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Bretton Woods International has received its own licence from the Financial Conduct Authority (FCA), the London market broker said today
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New York's financial services regulator has created a state insurance advisory board, drawing on industry executives.
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Republican leaders in Congress reached a deal on the shape of a tax overhaul that they aim to send to President Donald Trump by the end of next week, ushering in a deep cut in US corporate income taxes at the start of next year.
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Liberty Specialty Markets' (LSM) decision to redomicile its UK insurance company to Luxembourg bodes well for other Brexit restructurings premised on transforming the core UK business into a branch.
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The Financial Conduct Authority (FCA) has set an unrealistic deadline for a key fact-finding exercise that forms part of its wholesale insurance market study, the London & International Brokers' Association (Liiba) has argued.
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The Prudential Regulation Authority (PRA) kicked off the second stage of a three-part consultation on the Solvency II regulatory framework with a look at the process for changing companies’ internal models.
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Tax reform proposals Republicans are pushing forward on Capitol Hill threated to “seriously” impede international trade and investment, the European Commission has reportedly warned, ratcheting up pressure from the finance ministers from the five largest members of the community.
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Next year is on course to be the busiest since 2013 for start-ups at Lloyd's, following a swathe of approvals for both full syndicates and special purpose arrangements (SPA).
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Impairments in the US property and casualty sector rose to 14 last year compared with 2015, but the majority were members of the defunct Tower Group, AM Best said today.
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Tax reform proposals that would significantly affect the (re)insurance axis between the US and offshore havens such as Bermuda came under fire today from the finance ministers of the five largest European Union economies.
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Liberty Specialty Markets has refined its strategy for retaining access to the European Economic Area after Brexit with a decision to redomicile its UK insurance company to Luxembourg.
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Insurance policy transfer notifications must surely be the missive most likely to languish in the de facto in-tray under the fruit bowl
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California regulators have put Wells Fargo on notice that it may lose its insurance licences following an investigation that began last year into whistleblower allegations that bank representatives had improperly signed up customers for coverage they did not want
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The government expects to confirm early next year how it will tackle a non-damage business interruption (BI) gap in Pool Re's remit, a Treasury minister said yesterday
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The Bank of England has called on major UK insurers to improve how they model catastrophes, following results from a recent stress test that included four disaster scenarios.
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The National Flood Insurance Program would remain in business through 22 December under a measure passed by Congress late today and sent to the White House.
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Chaucer's service company in the Dubai International Financial Centre (DIFC) has gained local authorisation, allowing the Lloyd's insurer to write business directly from the Middle East for the first time.
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Wrisk, a digital MGA, has received authorisation from the UK Financial Conduct Authority (FCA) to sell insurance.
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A parliamentary committee has passed risk transformation regulations that will allow for an ILS regime in the UK.