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Cyber insurance rates moderate

By: Judy Greenwald

Published May 29, 2016 - 12:01am CST

The cyber insurance market is generally buyer-friendly with competitive rates and plentiful capacity as new insurers enter the market.

Anonymous U.K. cyber database faces misgivings

By: Sarah Veysey

Published May 27, 2016 - 1:50pm CST

Even if the incidents were kept under wraps, insurers are skeptical of this approach to pricing risk.

Defined benefit pension woes hinders sale of steel manufacturer

By: Thomson Reuters

Published May 26, 2016 - 8:46am CST

(Reuters) — Britain's government said on Thursday it had started discussions on overhauling the deficit-laden British Steel Pension Scheme, a major stumbling block for potential buyers of Tata Steel Ltd.'s U.K. assets.

Insured U.K. storm losses may reach $1.89 billion

By: Sarah Veysey

Published May 25, 2016 - 9:45am CST

Insured losses from a series of storms that hit the United Kingdom in December likely will total about 1.3 billion ($1.89 billion), the Association of British Insurers said Wednesday.

Reinsurer taps ex-Aspen exec to head global specialty

By: Sarah Veysey

Published May 24, 2016 - 10:30am CST

Sompo Canopius A.G. has appointed Bernie de Haldevang as global head of specialty.

U.S. poised to go its own way on insurer SIFI regulation

By: Sarah Veysey

Published May 24, 2016 - 9:14am CST

The U.S. Federal Reserve appears likely to create its own capital rules for insurers deemed to be systemically important financial institutions and will not use the International Association of Insurance Supervisors capital rules for SIFIs, according to an analysis by Standard & Poor's Corp.

Managing agency names claims director

By: Joyce Famakinwa

Published May 23, 2016 - 4:14pm CST

Marketform Managing Agency Ltd. said on Monday it has named London-based Sharon Long claims director.

Policy mitigates flood insurance deductibles for U.K. businesses

By: Joyce Famakinwa

Published May 23, 2016 - 12:44pm CST

Policy Excess Ltd., London, has launched Flood Excess Insurance to help small and medium-size U.K. enterprises in flood zones pay the deductibles on their flood coverage.

Insurers urge anonymous database to help underwrite cyber risks

By: Sarah Veysey

Published May 23, 2016 - 9:48am CST

The Association of British Insurers hopes compiling information on ransom, business interruption and physical damage will help make the U.K. a world leader in such coverage.

U.K. insurers mandated to process claims quickly

By: Sarah Veysey

Published May 22, 2016 - 12:01am CST

A new U.K. law will allow insurance buyers of all sizes to receive damages if their claims are not paid within a reasonable amount of time, but the law does not define what is considered “reasonable.”

Week in pictures

Published May 20, 2016 - 9:28am CST

A downed commercial jet, another quake in Ecuador and a scary forecast for San Francisco top the Business Insurance week in pictures.

U.K. banks ordered to review cyber security after SWIFT heist

By: Thomson Reuters

Published May 18, 2016 - 3:45pm CST

(Reuters) — The Bank of England ordered U.K. banks to detail steps taken to secure computers connected to the SWIFT bank messaging network about two months after a still-unidentified group used the system to steal $81 million from Bank Bangladesh, according to three people familiar with the effort.

Lloyd's chief risk officer leaving for XL Catlin role

By: Sarah Veysey

Published May 18, 2016 - 9:18am CST

Sean McGovern, chief risk officer and general counsel at Lloyd's of London, is leaving Lloyd's to join XL Catlin as chief compliance officer and head of regulatory and government affairs, Lloyd's and XL Group P.L.C. announced Wednesday.

'Clear and present danger' of cyber crime requires cooperative response

By: Sarah Veysey

Published May 17, 2016 - 9:29am CST

Organizations in the financial and professional services sectors must collaborate to help fight cyber risks, experts say.

Lloyd's chairman weighs in on U.K. exit from European Union

By: Sarah Veysey

Published May 17, 2016 - 9:16am CST

John Nelson, chairman of Lloyd’s of London, said Tuesday he believed it was “irresponsible” of some politicians to assert that the United Kingdom could replicate the benefits of being within a single market if it votes to leave the European Union on June 23.

Receptionist stands up to high heel requirement

Published May 13, 2016 - 2:18pm CST

Beauty is pain, according to some workplace dress codes.

Aon completes $1.3 billion buy-in deal for its U.K. pension plan

By: Jerry Geisel

Published May 12, 2016 - 2:45pm CST

Pension Insurance Corp. will assume liabilities for Aon's pension plan for U.K. employees and retirees.

Shipowner's piracy claim against war risk insurers dismissed

By: Sarah Veysey

Published May 10, 2016 - 10:42am CST

A High Court judge in London says a shipowner's excuses for not producing evidence were a "fabrication."

Swiss Re names insurance-linked securities leaders

By: Joyce Famakinwa

Published May 09, 2016 - 3:12pm CST

Swiss Re Capital Markets on Monday said Judy Klugman and Jean-Louis Monnier will co-head its global insurance-linked securities business.

Lloyd's Chairman John Nelson to retire

By: Sarah Veysey

Published May 09, 2016 - 9:21am CST

John Nelson, chairman of Lloyd's of London, has confirmed he will step down in May 2017.

Willis Towers Watson boosts revenue, net income; merger costs ‘material’

By: Rob Lenihan

Published May 06, 2016 - 2:08pm CST

Willis Towers Watson P.L.C. on Friday reported its first earnings since merging with Towers Watson & Co., saying its revenue rose 11.0% during the first quarter of this year.

Arthur J. Gallagher unit acquires captive manager

By: Rob Lenihan

Published May 05, 2016 - 9:45am CST

Artex Risk Solutions, the Bermuda-based captive management unit of Arthur J. Gallagher & Co., said it has acquired Gibraltar-based captive manager Quest Holdings (Gibraltar) Ltd.

RSA Insurance may beat 2016 analyst profit forecasts

By: Thomson Reuters

Published May 05, 2016 - 8:02am CST

(Reuters) — RSA Insurance Group P.L.C. is on course to meet or beat analysts' forecasts for profits this year, the firm's chief executive said on Thursday, showing its resilience after an abandoned takeover bid for the company in 2015.

France's AXA selling off U.K. life and savings business

By: Mark A. Hofmann

Published May 04, 2016 - 2:06pm CST

AXA S.A. has agreed to sell its Elevate investment platform investment business to Standard Life P.L.C. as part of its strategy of concentrating on property/casualtyand certain other lines of business, AXA announced Wednesday.

Seven banks settle rate-rigging suit for $324 million

By: Thomson Reuters

Published May 04, 2016 - 12:02pm CST

(Reuters) — Seven of the world's biggest banks have agreed to pay $324 million to settle a private U.S. lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market.

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