Germany and China agree to bolster (re)insurance tiesGermany has signed an agreement with China designed to boost the level of understanding and cooperation between the two countries on (re)insurance business and pledged to further open market access and deepen cooperation to broaden economic ties.
CatCo: the mystery deepens…The widespread incredulity of CatCo’s initial loss picks when it raised over $2bn in the wake of the 2017’s cat events meant not everyone was as surprised as Markel’s shareholders were when its retro fund manager subsidiary confirmed it was facing “governmental inquiries” in the US and Bermuda.
North P&I Club secures Dublin nod for Brexit hubNorth P&I has secured its post-Brexit trading following confirmation that its Irish subsidiary, North of England P&I DAC, has received approval as a non-life insurer from the Central Bank of Ireland.
Beach’s Howard calls for greater underwriter oversightBeach Associates CEO Jason Howard has added to the calls for greater distinction between lead and follow markets while warning (re)insurers that the continued consolidation among brokers will lead to pressure on returns.
Markel CatCo shareholders file lawsuitInvestors in shares of Markel CatCo have filed a lawsuit in the US district court for the Southern District of New York over allegedly false and misleading statements being made by the carrier over reserves.
Trump threatens to shut down FEMA payments for Cali wildfire victimsThe US President has revived his threats to cut off federal funds for victims of the wildfires which ravaged regions across the state of California in November in his latest tweet.
Hackers target Hiscox and Lloyd’s in 9/11 data breach: reportThe FBI is undertaking an investigation into the theft of some 18,000 insurance and legal documents relating to the 11 September attacks by a hacker, according to reports.
Danish insurer Qudos declared bankruptUnrated Danish insurer Qudos Insurance has confirmed it has been declared bankrupt.
NYDFS fines Lloyd’s insurers over NRA coverA number of Lloyd’s insurers have been fined for technical violations and entered into a consent order with the New York Department of Financial Services (NYDFS) preventing them from providing coverage in the state through the US gun lobby group, the National Rifle Association (NRA).
Trade bodies welcome FATCA changesInsurance trade bodies both sides of the pond have welcomed proposed changes by the US Treasury and IRS to the Foreign Account Tax Compliance Act (FATCA).
US to sign post-Brexit insurance pact with UKThe US Treasury and US Trade Representative’s office said on Tuesday they intended to sign a new bilateral insurance agreement with the UK that will provide insurance market regulatory certainty and continuity after Britain leaves the European Union.
Markel CatCo under investigation by US/Bermuda authoritiesMarkel CatCo - a leading provider of collateralised retro capacity - confirmed last night it is under investigation by “US and Bermuda authorities” over its loss reserves.
High Court approves RSA’s Part VII transferThe High Court of England and Wales has given UK insurer RSA the green light for its Part VII transfer.
Allianz gains regulatory nod for first foreign-controlled Chinese carrierGerman insurer Allianz has received approval from the Chinese financial regulator to launch an insurance holding company in China.
Further delay in publication of FCA wholesale broker probe findingsThe Financial Conduct Authority (FCA) has once again pushed back the publication date of the initial findings of its wholesale insurance broking study to the first quarter of next year.
Failed NZ insurer CBL now accused of links to South American cartelNew Zealand insurer CBL Insurance – whose failure earlier this year led to the knock-on collapse of Danish insurer Alpha - was formally put into liquidation earlier today by the Auckland High Court amidst allegations of hidden insolvency and ties to an alleged international drug smuggling cartel.
QBE’s Belgium hub handed A rating by AM BestAM Best has assigned QBE’s European hub with that all important ‘A’ financial strength rating, citing the strategic importance of the Australian carriers post-Brexit business as a major influence behind the decision.
FCA to put home and motor insurers under spotlight in market studyThe Financial Conduct Authority (FCA) has launched a market study into how general insurance firms charge their customers for home and motor insurance.
Liberty Mutual fined by FCAThe Financial Conduct Authority (FCA) has fined Liberty Mutual Insurance Europe SE £5.2mn ($6.6mn) for failures in its oversight of mobile phone insurance claims and complaints handling.
Insurers spared IPT hike in budgetThe Chancellor of the Exchequer Philip Hammond has today spared insurers of another feared rise in insurance premium tax (IPT).