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Subscriber only, premium content. Tuesday, March 31


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Hurricane-strength winds pummel Europe, three killed in Germany

Published March 31, 2015 - 1:32pm CST

(Reuters) — At least three people in Germany were killed Tuesday when hurricane-force winds lashed across northern Europe in one of the most severe storms in years that also canceled flights, disrupted road and train traffic, and hit port operations.

Germanwings loss pressures aviation war insurers

By: Judy Greenwald

Published March 30, 2015 - 2:02pm CST

Last week's crash of the Germanwings plane in which all 150 aboard were killed will put further pressure on the already “beleaguered” aviation war sector, says A.M. Best Co. Inc. in a special report issued Monday.

London market eyes insurance-linked securities to regain market share

By: Sarah Veysey

Published March 29, 2015 - 6:00am CST

The London reinsurance market, which has been hit by a shift of business to alternative risk transfer vehicles, could regain some of that lost ground by becoming a domicile for insurance-linked securities.

Cyber insurance uptake lags amongst U.K. firms

By: Sarah Veysey

Published March 29, 2015 - 6:00am CST

U.K. buyers often have very different concerns than U.S. buyers when it comes to transferring cyber risks to insurance, an issue that insurers, brokers, buyers and the U.K. government are looking to rectify.

German police search house of pilot who flew A320 into mountain

Published March 26, 2015 - 3:44pm CST

(Reuters) — A young German co-pilot locked himself alone in the cockpit of Germanwings flight 9525 and set it on course to crash into a mountain, killing all 150 people on board including himself, prosecutors said on Thursday.

Lloyd's of London profit stable in 2014

By: Sarah Veysey

Published March 26, 2015 - 8:50am CST

Lloyd's of London posted a pretax profit of 3.2 billion ($4.99 billion) for 2014, the same amount as for 2013, the market announced Thursday.

U.K. government, insurers double down on cyber risk

By: Sarah Veysey

Published March 23, 2015 - 10:05am CST

The U.K. government has announced a set of joint initiatives with the insurance sector aimed at improving the suitability and availability of cyber insurance and risk management against cyber attacks.

Bank of England says will apply Solvency II insurance rules 'proportionately'

Published March 20, 2015 - 9:00am CST

(Reuters) — The Bank of England on Friday said it would apply new European Union insurance regulations "proportionately" following industry fears that the central bank might seek to add extra rules for companies based in Britain.

Crawford names head of European operations

By: Shelby Livingston

Published March 19, 2015 - 1:52pm CST

Kieran Rigby will lead Crawford & Co.’s European operations, the Atlanta-based claims management firm said Thursday.

U.K. crafting tax regime to boost London market

By: Sarah Veysey

Published March 18, 2015 - 11:33am CST

The U.K. government will develop a corporate tax structure to allow insurance-linked securities to be domiciled in the United Kingdom, Chancellor of the Exchequer George Osborne announced Wednesday in his budget presentation.

Agency offers U.K., European recycling firms coverage

By: Shelby Livingston

Published March 17, 2015 - 11:41am CST

London-based underwriting agency Solon Underwriting Ltd. has launched to service recycling firms in the United Kingdom and other European markets.

Lloyd’s agency to offer prize indemnity, over-redemption coverage

By: Shelby Livingston

Published March 16, 2015 - 2:46pm CST

Lloyd’s of London managing general agent CFC Underwriting Ltd. has launched prize indemnity and over-redemption policies.

Risk managers to collaborate with London insurers to cover evolving risks

By: Sarah Veysey

Published March 15, 2015 - 6:00am CST

Risk managers have pledged to work more closely with underwriters in the London market to develop insurance to cover emerging risks, such as cyber breaches and supply chain disruptions.

Former RSA Ireland CFO says was afraid to blow whistle on under-reserving

Published March 12, 2015 - 2:35pm CST

(Reuters) — A former senior executive at RSA Ireland said on Thursday he did not feel the insurer’s top bosses in London would have supported him if he had tried to blow the whistle on the Irish unit under-reserving for claims.

FERMA president joins Airmic as technical director

By: Mark A. Hofmann

Published March 12, 2015 - 11:01am CST

Julia Graham will join Airmic Ltd. as technical director on May 1, the U.K. risk management association announced Wednesday.

Fast-changing security threats overwhelming IT managers

Published March 11, 2015 - 2:08pm CST

(Reuters) — Security professionals are unable to keep pace with cyber security threats against companies as external and internal threats mushroom from both known and emerging technologies, a survey published on Wednesday showed.

RSA says ex-Irish boss failed to set aside enough money to cover claims

Published March 11, 2015 - 11:02am CST

(Reuters) — Former RSA Ireland boss Philip Smith failed to set aside enough money to cover potential insurance claims, contributing to the British insurer having to inject 200 million ($302 million) into its Irish arm in 2013, a lawyer for RSA said Wednesday.

XL and Catlin choose reinsurance leaders for combined company

By: Sarah Veysey

Published March 10, 2015 - 10:13am CST

The reinsurance operations of the combined XL Catlin will be led by Charles Cooper in Bermuda, Jonathan Gale in London and John Welch in North America once the companies merge later this year, Business Insurance has learned.

Marsh, Ace clarify insurance contract terms for U.K. and Ireland clients

By: Shelby Livingston

Published March 05, 2015 - 2:33pm CST

Marsh Ltd. on Thursday announced an agreement with Ace European Group Ltd. to offer its U.K.- and Ireland-domiciled customers improved insurance policy terms and conditions.

Bank of England warns insurers of possible 'huge hit' over fossil fuels

Published March 03, 2015 - 9:55am CST

(Reuters) — Insurers may face a “huge hit” if they end up being wrongfooted by rule changes linked to climate change, the Bank of England said on Tuesday.

London broker snags competitor’s energy team

By: Sarah Veysey

Published March 02, 2015 - 12:40pm CST

London-based insurance and reinsurance brokerage THB Group Ltd. has hired a team of energy brokers from London-based Howden Insurance Brokers Ltd.

Terrorism insurance pool buys reinsurance for first time

By: Sarah Veysey

Published March 02, 2015 - 11:48am CST

Pool Reinsurance Co. Ltd., the U.K. government-backed terrorism reinsurance backstop, has bought commercial reinsurance coverage for the first time since it was established two decades ago.

Amlin stumbles on reduced investment results

By: Sarah Veysey

Published March 02, 2015 - 10:04am CST

Amlin P.L.C. posted pre-tax profit of 258.7 million ($399.3 million) for 2014, down 21% from 2013, in a more challenging trading environment, according to its CEO Charles Philipps.

London market consolidation keeps rolling

By: Matthew Lerner and Sarah Veysey

Published March 01, 2015 - 6:00am CST

Continued consolidation in the London market is being driven by the changing needs of customers and brokers, along with tighter capital rules for underwriters.

Lloyd's insurer names new executive following bid

By: Sarah Veysey

Published February 25, 2015 - 10:02am CST

Brit P.L.C. has appointed Matthew Wilson to the newly created role of group deputy CEO, the Lloyd's of London insurer announced Wednesday.

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