International & Reinsurance News for February 2023
- Acrisure Continues European Expansion With Launch of German Subsidiary
- Global Insurance M&A Hits 10-Year High, Despite Slowdown in H2 2022
- Hong Kong’s FWD Group Raises $1.8 Billion in Private Placements Over Past 2 Years
- AXA Sells Stake in Monte dei Paschi After Providing Cash Call Support
- Reinsurance Recap: 2022 Results Mixed as Market Improves
- Insurer Startup Trium Cyber Finds Path to Profits, With Large Business Focus
- Russian Oil Is Being Stored in Ghana as Pool of Buyers Shrinks
- People Moves: Robinson Named CEO of Optio; Bogardus Becomes Chief Executive of Everest Re Singapore; Pen Underwriting Promotes Simmonds in Public Sector Division
- Plastic Consumption on Track to Nearly Double by 2050: Research
- French Bank BNP Paribas Sued by NGOs Over Amazon Rainforest Deforestation Link
- Cyber Insurance Market Back From Brink After Onslaught of Ransomware Attacks
- Insurers Face $500M in Claims for Ships Stuck in Ukraine – a Year After Start of War
- Ukraine to Set Up $500M Insurance Fund for Cargo Ships Entering Ports
- Shipping Industry Intensifies Calls to Free Seafarers Still Trapped by Russia-Ukraine War
- Consilium Launches Specialty Treaty Reinsurance Division
- Declines in Maternal Death Rates Stall Amid Increases in U.S., EU
- Chile Finalizes Major Earthquake Insurance With World Bank
- New Zealand Needs to Rebuild With Resilience to Extreme Weather: PM
- Eighth Innovation-in-Insurance Awards Now Open for Submissions
- Chubb Announces Name of New Global Climate Unit, Appoints 3 Execs
- Tanker Detained by Spain Did Not Cause Pollution, Turkish Manager Says
- Update: Top EU Bodies Ban TikTok on Staff Phones, Citing Need to Hike Cybersecurity
- Moody’s RMS Estimates $5B Insured Losses From Turkey Quake as Costs Keep Mounting
- Update: Activists Sue BNP Over Energy Loans, TotalEnergies Over Human Rights
- China Urges State-Owned Firms to Drop Big 4 Auditors Over Data Security Concerns
- People Moves: Swiss Re Promotes Ningen to CEO, US P&C Re; MS Reinsurance Hires 4 for Data, Underwriting; Aon Promotes Day, Dickson in Political Violence & Terrorism Team
- Tysers Sells Bloodstock Broking Team and Bloodstock Managing Agent to Howden
- Austrian Children Take Government to Court Over Climate Change
- Gay Couple Wins ‘Landmark’ Health Insurance Case in South Korea
- Britain Says Global Accounting Rules Are Crimping UK Economy
- Shipping Industry Grapples With Ways to Cut Cargo Fires at Sea
- Swedish MGA Brookfield Underwriting Acquired by Broking Group Säkra
- Loss Adjuster McLarens Forms Strategic Alliance in Egypt, Expanding Regional Footprint
- VW Faces Possible Recalls After Environmental NGO Wins Emissions Software Lawsuit
- Facebook Temporarily Fights Off $3.7B UK Mass Action Over Market Dominance
- Post-Brexit Insurance Reform Expected Before December: BoE’s Woods
- Lockton Launches Affinity Biz in Australia, New Zealand and Pacific, Led by Dasgupta
- UK’s Legal & General Launches Fresh UK Lawsuit Against Glencore After Bribery Scandal
- FWD to Buy Majority Stake in Malaysian Insurer Ahead of Planned IPO
- QBE Insurance Announces $1.9 Billion Loss Portfolio Transfer With Enstar
- RiverStone Int’l Secures Excess-of-Loss Reinsurance to Support Growth at Lloyd’s
- Markets/Coverages: CFC Launches Policy Encryption for Cyber Cover in Industry First
- G20-Backed Standards Body Approves First Global Company Sustainability Rules
- Extreme Weather May Force New Zealand to Rethink Where It Builds: Finance Minister
- Allianz Returns to Q4 Net Profit After U.S. Funds Debacle
- Insurers, Leasing Firms Push European Commission for Access to Valuable Vehicle Data
- G20 Watchdog to Tackle ‘Vulnerabilities’ in Decentralized Finance After FTX Collapse
- People Moves: MGA Rokstone Names Heaton From Nexus as Head of D&O; RSA Hires CNA Hardy’s Westwood for Cyber Underwriting Team
- Turkey Earthquakes to Cost Insurers $2.4 Billion: Karen Clark & Co.
- Turkey Needs to Build Million Homes After Earthquakes, Developer Says
- Markets/Coverages: Beazley Launches Private Equity Liability Product for Portfolio Firms
- EU Sanctions Aim to Make Banks Report Frozen Russia Assets; Russia Reinsurer on List
- New Zealand Searches for Missing After Cyclone; Sizable Economic Cost Expected
- RiverStone Completes Reinsurance-to-Close with MS Amlin, Largest in Lloyd’s History
- Caribbean Risk Group Launches in London, Partners With Lloyd’s Broker Ramon Int’l
- Markets/Coverages: Brit Renews and Expands Flagship Cyber Consortium
- AXIS Capital Commits to Greenhouse Gas Reduction Goals
- German Court Dismisses Greenpeace-Led Climate Case Against VW; Plaintiffs to Appeal
- Cyclone’s Destructive Path Through New Zealand, Killing at Least Four People
- Scandinavian Airline SAS Hit by Cyber Attack, Affecting App
- Markets/Coverages: Apollo Launches Drone Insurance Facility in Partnership With MGA Moonrock
- BMS Acquires Spanish Broker Viafina, a Surety Insurance Specialist
- People Moves: AGCS Creates Delegated Authority, Portfolio & Facilities Team; WTW Bolsters Exposure Mgmt, Climate Analytics Unit; IQUW Hires Jiang for Political Risk
- Earthquakes in Turkey to Cost Insurers More Than $1 Billion, Verisk Estimates
- Cyclone Gabrielle Leaves Trail of Destruction Across New Zealand’s North Island
- Reuters: After Multi-Billion U.S. Fund Collapse, Allianz Shifts Investment Strategy
- Indian Insurtech Startup InsuranceDekho Raises $150 Million to Grow SME Business
- Howden’s Aston Lark to Acquire UK Broker Allegiance Insure
- Court Orders Nestlé to Pay $2.2 Million to Bullied Former Executive
- Maersk Sues Evergreen in Danish Court Over 2021’s Suez Canal Blockage
- Liberty Mutual Launches Global Cyber Office to Better Manage Complex Cyber Risks
- Norway’s $1.35 Trillion Wealth Fund: We Won’t Back Boards Who Fail on Climate
- European Medicines Agency Committee Starts Safety Review of Cold Medicines
- India’s Kotak Mahindra Bank Weighs Sale of Stake in General Insurance Unit: Sources
- Cyclone Gabrielle Hits New Zealand Leaving Thousands of Homes Without Power
- New Zealand Braces for Cyclone Gabrielle, Just Days After Devastating Floods
- Commodity Trader Trafigura Faces $577 Million Loss After Uncovering Nickel Fraud
- ‘Overworked’ Media Worker Who Died at His Desk Sparks Probe in Thailand
- EU Lawmakers Want to Extend Reach of Draft ESG Oversight of Corporations
- Industry Trailblazer, Former Chairman of AXIS Capital, Michael A. Butt, Dies
- UK Government Seeks to Speed Up Post-Brexit Insurance Reforms
- Zurich Insurance Reports 12% Drop in Net Income to $4.6B, but Exceeds Targets
- Specialty MGA UK Acquires Commercial ForestRe Team from Globe Underwriting
- Mercedez-Benz Faces More Than 300,000 UK Claims Over Diesel Emissions
- People Moves: CFC Taps Markel’s Bailey to Lead Cyber U/W; Lockton Hires James as Head of Facilities & Binders; WTW Appoints Aon’s Van Ede for Trade Credit
- Lloyd’s Names Former Ascot CEO Brooks as Deputy Chair of Council
- Global Reinsurers to Bear Bulk of Losses From Turkey-Syria Earthquake: Fitch
- Earthquake Update: More Than 20,000 Dead Across Turkey, Syria; Rescue Efforts Intensify
- Group of Institutional Investors Back Lawsuit Against Shell’s Board Over Climate Risk
- People Moves: Generali’s GC&C Promotes 3 for German Team; Lockton Re Taps AXIS’ Silley for Cyber Practice; Aon Names Penalva Head of Enterprise Clients, EMEA
- Brookfield Reinsurance to Acquire Insurer Argo Group in $1.1B Deal
- Earthquakes Deliver Another Blow to Turkey’s Re/Insurance Industry: Reports
- Rethink Needed on How to Regulate Big Tech in Finance Services: BIS Official
- Americanas’ $4B Accounting Scandal Puts More Scrutiny on PwC’s Auditing Record
- UK’s Royal Mail Faces Threat From Ransomware Group LockBit
- Quake Latest: Turkey Declares Emergency Rule; Death Toll Rises Across Turkey, Syria
- Zurich Insurance Leads Series B Fundraise for Cyber Insurtech BOXX Insurance
- People Moves: Howden Tiger Taps Carpenter’s Smith, Aon’s Walsh for Casualty; Aon Promotes Alcott to UK Chief Commercial Officer; Miller Hires Keeping as Head of P/C
- Hundreds of Shipping Containers Ablaze at Turkey’s Iskenderun Port; Operations Halted
- Moody’s Downgrades SCOR’s Rating to A1 From Aa3 on Weakening Profits
- Nepal Plane Crash Probe Shows Both Engines Lost Power: News Report
- U.S. Firms in Taiwan Making Business Continuity Plans Amid Tensions With China
- ION Trading UK Prepares to Bring Clients Back Online After Cyber Attack
- Ransomware Hackers Are Targeting Known Server Vulnerability, Italy Warns
- Ascot Names Zaffino as Group President & CEO, Following Retirement of Brooks
- Hackers Who Breached ION Say Ransom Has Been Paid; Company Declines Comment
- UK Engineering Company Vesuvius Hit by Cyber Attack
- Update: Powerful Earthquakes Hit Turkey and Syria With at Least 4,000 Killed
- Corporate Financial Health to Worsen Across the Globe, Janus Henderson Says
- ‘Shadow Fleet’ of Tankers Transporting Russian Oil Swells to 600 Ships: Trafigura
- Factbox: Here Are Main Elements of New G7-Led Price Cap on Russian Oil Products
- G-7 Nations, EU Agree to Price Caps on Russian Refined Oil Products
- Global Commercial Insurance Rates Rise 4% in Q4, Continuing Moderating Trend: Marsh
- Westfield Completes Acquisition of Lloyd’s of London Syndicate 1200
- Amwins Global Risks Acquires UK Broker Roberts Armytage & Partners
- Airbus and Qatar Airways Settle Bitter Dispute Over Grounded A350 Jets
- Hackers of ION Trading Also Hit UK Postal Service, Canada Hospital, U.S. Local Agencies
- Crypto Thefts Hit Record $3.8B in 2022 on Surge in North Korea Hacking: Report
- New Zealand Provides NZ$700,000 in Additional Funding for Post-Flood Rebuilding
- People Moves: AGCS Taps Chaucer’s Graham for Marine Team; BHSI Names De Wilde Head of Property, Switzerland; HDI Global Specialty Promotes Spafford in Canada Branch
- Swiss Re Revamps Structure by Splitting Reinsurance Biz, Creating Client Business Unit
- Thousands of Nigerians Join Landmark Lawsuit Against Shell in UK
- Update: ION Trading UK Indicates Cyber Attack Could Take 2-3 Days to Resolve
- Britain’s Finance Ministry Issues Draft Rules to Regulate Cryptoassets
- People Moves: Danish Insurer Tryg Names Brammer as CEO, Succeeding Hübbe; AXA XL Appoints Cerquenich as Senior Risk Consultant, Marine, UK & Lloyd’s
- Denmark Raises Cyber Security Alert Level After Attacks From Russian Hacker Groups
- Everest Insurance Continues Global Expansion, Launching Branch in Spain
- Ex-Allianz Fund Manager Seeks Dismissal of Fraud Charges
- Western Tankers Ramp Up Russian Oil Shipments as Prices Remain Below G7 Price Cap
- Lloyd’s to Pay Some Staff £1,500 in Latest Cost-of-Living Aid
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