International & Reinsurance News for October 2022
- Update: Lloyd’s Insurer Ascot Pauses Writing New Cover for Ukrainian Grain Shipments
- Grain Ships Sail From Ukraine Despite Moscow Exit From Deal; Insurance Cover Paused
- Financial Services Executives Toast City of London’s Prospects Under PM Sunak
- Insured Losses for Australia’s October 2021 Storms Estimated at A$972M: PERILS
- Wilson Steps Down as Brit CEO for Ongoing Health Issues, Succeeded by Thompson
- Philippines’ Death Toll From Storm Nalgae Rises to 98
- South Korea Begins Investigation Into Deadly Halloween Crush, as Death Toll Rises
- Europe’s Biggest Copper Smelter Hit as Part of Wider Cyberattack on Metals Industry
- Australia’s Hacking Frenzy Spurred by Understaffed Cybersecurity Workforce
- Acrisure Continues UK Growth by Acquiring Sutton Winson and Sutton Specialist Risks
- Russia’s Threat to ‘Strike’ Western Satellites Tests Laws of War in Space
- Credit Suisse to Sell Most of Securitized Product Unit to Apollo, PIMCO
- Swiss Re Posts Q3 Loss on Hit From Hurricane Ian, Signals Price Hikes
- Making London’s Financial Center a ‘Wild West’ Would Be Self-Defeating: BoE’s Woods
- Dubai Aerospace Sues 11 Insurers, Including Lloyd’s, AIG, Chubb, for Jets Stuck in Russia
- Aegon to Merge Dutch Arm With Insurer ASR Nederland in $4.9 Billion Deal
- Credit Suisse Makes $180M Provision for Major Litigation Costs
- People Moves: Argenta Taps AXIS Re’s Haynes as Marine XoL U/W; Fusion Names Senior Hires in Singapore, Hong Kong; BMS Appoints Tesei for European Energy Reinsurance
- Global Insurance Rates Continue Rising at Slower Levels; Cyber Outpaces Other Lines
- South African Economic Hub May Be Terror Target, U.S. Warns
- China’s Fosun Weighs Options for Hong Kong-Based Peak Re: Sources
- Insurance Risk Transfer Platform Vesttoo Valued at $1 Billion After Latest Funding Round
- Earth Is on Track to Warm Above 2C, Even With Climate Action: UN Report
- Ex-Barclays Banker Hikes Claim for Damages Over Sexism, Working Hours to $4.6M
- Update: Ping An Profit Falls 6.3% on Market Turmoil, Weaker Sales
- Moody’s Cuts Fosun International’s Credit Rating Amid Concerns Over Asset Sales
- Britain’s Financial Services Execs Hope Sunak Can Steady the Ship After Market Chaos
- Fierce Storms Batter Northern France, Ripping Off Roofs, Cutting Power
- People Moves: HDI Global Specialty UK Promotes Wilcox in DA; Howden RE Hires 3 From Aon for New Disability, L&H Reins. Unit; IQUW Taps Volante’s Waltier for Prof. Lines
- Companies Increasingly Keep Climate Pledges Secret as ‘Green Hushing’ Takes Off
- Bankrupt Mexican Airline Interjet Ordered to Pay $7M in Class Action Lawsuit
- Re/Insurers Grapple With How to Respond to Claims From Nord Stream Pipeline Blasts
- People Moves: MS Amlin Appoints TMK’s Evans as Senior Underwriter, Marine Reinsurance; WTW Global Aerospace Heath Names PIIQ’s Heath to Lead Aerospace
- Broker UIB Forms Corporate & Capital Risks Practice After Restructuring Specialty Lines
- Insurers Still Unclear How G-7 Sanctions on Russian Crude Oil Cargoes Will Work
- Credit Suisse to Pay $234M to Settle French Tax, Money Laundering Case
- Everest Insurance Launches Branches in France and Germany
- India’s Reliance Industries to Create Financial Services Unit for Its Consumer Businesses
- Climate Change at Top of Insurers’ Concerns, Followed by War-Related Risks
- Munich Re Estimates $1.6 Billion Hit From Hurricane Ian Could Affect 2022 Targets
- People Moves: SCOR Taps AXA XL’s Guest as Head of Crisis Mgmt; Former Beazley Exec Beattie Joins CFC as Head of Innovation; Allianz Trade Appoints New CEO
- Amazon Faces $1 Billion UK Class-Action Lawsuit Over Use of ‘Secretive’ Algorithm
- Volkswagen Sued for Not Disclosing Alleged Private Climate Lobbying Activities
- Ukraine Insurance Pricier, Harder to Organize Than During Iraq War: Sources
- Taiwan’s Watchdog Says Insurers Have Enough Capital to Withstand COVID Claim Surge
- Russia Poised to Largely Circumvent G-7 Oil Price Cap, Insurance Restrictions
- Global Natural Disasters Cost Insurers $99B in Q3, With Economic Losses of $227B: Aon
- People Moves: Munich Re’s Blunck to Succeed Jeworrek Who Is Stepping Down; Lloyd’s Market Association Appoints 3 New Board Members
- MS Amlin Underwriting Fined $11 Million for Risk Management Failings
- Update: Specialty MGA UK Launches to Boost Insurance Capacity Across All Territories
- Legacy Specialist Compre Acquires Covéa’s MedMal Subsidiary
- Corporate Climate Disclosures Jump Again in 2022 — But Many Fail to Respond
- Cybersecurity Firm OutThink Raises $10M to Tackle Human Errors Behind Data Breaches
- Pakistan’s Catastrophic Flood Damage Estimated to Cost $40 Billion: Officials
- Insurers Increasingly Withdraw From Fossil Fuel Projects: Climate Activists’ Report
- Australia’s No. 1 Health Insurer Confirms Massive Data Breach, Theft of Patient Details
- Arch Capital Estimates Q3 Catastrophe Losses Could Hit $560 Million
- Hurricane Fiona Breaks New Records in Atlantic Canada With Insured Damage of C$660M
- Bank of England and City of London Square Off Over Financial Services’ Reforms
- Brexit Results in ‘Substantial Negative Impact’ on Trade Between UK and EU: Report
- People Moves: Lockton Re Taps CyberCube’s Brew for London Cyber Practice; Howden Hires Tysers Godfrey for Equine Division; Carpenter’s Delegated Authority Unit Hires 3
- Australian Insurer Medibank Says Hackers Claim to Have Stolen Customer Data
- EU’s Sanctions Against Russia Could Deprive Some of World’s Tanker Fleet of Insurance
- Update: Amazon Launches Home Insurance Comparison Website for UK Customers
- NFP Buys UK Broker Bentley Insurance Services
- AXA to Acquire Spanish P/C Insurer GACM España for €310M
- UK Orders Poultry Farmers to Take Steps to Stop Spread of Bird Flu
- China’s Sunshine Insurance to Seek HK Stock Exchange Nod for $1B IPO: Sources
- Australia Banks May Have to Rethink Mortgages in Areas Prone to Extreme Weather: NAB
- ExxonMobil Exits Russia After Putin Expropriates Assets Valued at More Than $4 Billion
- Russia Oil Exporter Rosneft Moves Into Tanker Chartering as Western Sanctions Loom
- Swiss Re Expects Claims From Hurricane Ian to Bring Q3 Loss
- People Moves: LSM Switzerland Promotes Hefel to Country Mgr; BHSI Names Bruce-Kahn as CE, Singapore; Howden CAP Hires Marsh’s van Kuffeler Chief Commercial Officer
- Exxon’s Russia Oil Output Collapsed After Rejection of Local Tanker Insurance: Sources
- Insurers Win Key Parts of Stonegate COVID-19 Business Interruption Case: MS Amlin
- Norway Police Arrest 2nd Russian for Flying Drones, Amid Heightened Security
- Climate Activists Appear in UK Court After Throwing Soup on Van Gogh Painting
- AXIS to Stop Insuring Energy, Mining Without Backing of Indigenous Communities
- People Moves: NFP Hires Pelaez for Mgmt and Professional Liability in Canada; Miller Names AGCS’ Hooker as APAC Head of Energy; Liberty GTS Hires 3 for APAC Team
- Airbus and Qatar Airways Return to Court Over Ongoing Contractual, Safety Dispute
- Flash Floods Again Lash Southeast Australia, Forcing Evacuations
- World’s Big Polluters Promise Net-Zero but Most Have Little to Show: Report
- Europe, U.S. East Coast Likely to Avoid Unusually Cold Winter: Climate Model
- Four in Five of World’s Cities at Risk From Heat Waves, Floods, Droughts: Study
- Google Faces EU Antitrust Charges Over its Adtech Business
- Cyber MGA Coalition and BDT Capital Partners Launch Bermuda Reinsurer Ferian Re
- Hampden Rebrands Syndicate 2689 as Hampden Risk Partners, Changes Business Mix
- Markets/Coverages: Liberty Specialty Markets Launches Project Cargo Consortium at Lloyd’s
- People Moves: Aon Announces New Lineup for UK Commercial Risk Team; Zurich Appoints Seach as Group CUO, Succeeding Robinson
- Australian Health Insurer Medibank Reports Cyber Incident
- People Moves: O’Leary Named CEO RSA Luxembourg; Northcourt Appoints Pool Re’s Butler as Nuclear Industry Adviser; Aon Taps WTW’s Dell’Aglio for Strategy & Tech Unit
- QBE Opens Dutch Branch as Part of Europe Expansion Plans; 5 Senior Hires Announced
- Markets/Coverages: Lockton Launches Digital Asset Custody Insurance Facility; WTW Launches Risk IQ Portal for Direct Access to Modeling Tools
- ‘Hardening’ Property Catastrophe Market Enters ‘Hard’ Market Phase: Bank of America
- Extreme Weather Poses as Big a Threat to Global Energy Security as Ukraine War: WMO
- Jensten Group Completes Purchase of Ravenhall Risk Solutions
- EU’s Russia Oil Sanctions, Effective in December, Are Already Hitting Nation’s Trade
- Lloyd’s Re/Insurer MS Amlin Underwriting Ltd. Promotes Carrier to CEO
- People Moves: Howden Names Industry Veteran Long to Chair Equine Unit; TMK Taps Beazley’s Shastri for Life Sciences; Marsh Norway Hires WTW’s Fagerli for Specialty
- Climate Standard Setters Must Avoid Hardwiring Disclosure Differences: G20 Watchdog
- Miner Glencore Faces Raft of Class-Action-Style Lawsuits in UK After Admitting Bribery
- Air France, Airbus Execs Plead Not Guilty to Involuntary Manslaughter for 2009 Crash
- Lloyd’s Finds No Evidence of Data Compromise From Cyber Attack
- Heavy Rains Ease Across Australia’s East but Flood Threats Remain
- Hurricane Julia Hits Nicaragua Bringing Torrential Rainfall
- Lockton Launches Entertainment & Sports Practice for Caribbean, Central America
- Second Singtel Unit Hit by Cyber Attack, Weeks After Massive Optus Data Breach
- People Moves: IQUW Taps Carpenter’s Fisher as President; Consilium Snags 6 for Financial Lines From Ed Broking; Aon Commercial Risk Solutions Promotes 2 in EMEA
- Many Companies Lack Targets for Employee Mental Health: Study
- Air France and Airbus Face Manslaughter Trial in French Court Over Rio-Paris Crash
- Munich Re Commits to Stricter Policies for Oil & Gas Underwriting, Investments
- UK Market Turmoil Threatens Plans for Post-Brexit Reforms for Insurers
- Lloyd’s Probes Possible Cyber Attack
- People Moves: Arch Ins. Int’l Names Lockton’s Stallard as Cargo U/W; Beazley Hires van Ommeren as Financial Lines U/W; Aon Reinsurance Taps Sompo’s Shedden for Analytics
- Indonesia’s Deadly Soccer Stampede Blamed on Locked Doors, Steep Stairs
- Gallagher’s Pen Underwriting Agrees to New Capacity Deal With Aviva
- CFC Launches Innovation Hub in London
- Howden’s Aston Lark Ireland Acquires Pembroke Insurances
- Real-Time Tech: Supply Chain Analysis Tools
- Howden Acquires French Marine Insurance Broker Seasecure Group
- Climate Activists Ask Insurers to Withhold Cover for Giant Australian LNG Project
- Meta Could Face Hefty Fine as EU Probe Into Massive Data Leak Draws to Close
- Ariel Re Obtains Approval to Launch Managing Agent at Lloyd’s
- People Moves: Miller Launches Dedicated Bloodstock and Livestock Team, Led by WTW’s Horne; CNA Hardy Expands Teams Across Lines in Continental Europe
- Ardonagh Europe Completes Acquisition of Dutch Broker Léons Group
- NFP Unifies Irish Subsidiaries to Support European Expansion
- Norway Sends Soldiers to Guard Major Oil & Gas Plants After Nord Stream Leaks
- Tool to Measure Workplace Mental Health Backed by 40 Corporate Partners (Including AXA, Aon)
- MGA Arcadian Risk Capital Gets Regulatory Approval for London, Dublin Companies
- UK Bond Market Crash Takes Shine Off Plans to ‘Unshackle’ City of London
- Pay-As-You-Go Cargo MGA Closing Insurance Protection Gap for Shippers
- Insurtech Lemonade Launches in UK
- People Moves: Canopius Names QBE’s Corrigan as Head of Change; Howden Taps AXA XL’s Lutgen as COO, Europe; IGI Hires Canopius’ Jarvis as CUO
- Chinese Hackers Suspected in Tampering With Comm100’s Client-Chat Program
- EU Proposes Exempting Maritime Pilot Services From Russia Oil Ban
- Russia May Start Providing Trade Finance to Importers of Its Grain: Agriculture Minister
- Indonesia Soccer Stampede Kills at Least 131 as Police Use of Tear Gas Questioned
- Optus’ Parent Company Singtel Assesses Potential Cost of Australia Data Breach
- Generali Weighs Deal With U.S. Asset Manager Guggenheim Partners
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