Posts Tagged ‘UK’



June 14th, 2019

Avoiding the cliff edge of no-deal Brexit; MMC Young Professionals’ Global Forum 2019

Posted at 1:26 PM ET

The United Kingdom’s Prudential Regulatory Authority (PRA) has “done as much as it can do to de-risk a no-deal [Brexit] cliff edge,” according to Mr. Sam Woods, deputy governor for prudential regulation and chief executive officer of the PRA, Bank of England.

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June 14th, 2019

Artificial Intelligence will help automate bespoke policies, says Lloyd’s Maynard; MMC Young Professionals’ Global Forum 2019

Posted at 1:13 PM ET

Artificial Intelligence (AI) offers the potential to automate how the insurance market delivers truly bespoke insurance products, according to Trevor Maynard, Head of Innovation at Lloyd’s.

Speaking at the MMC Rising Professionals’ Global Forum in London, Dr. Maynard said: “AI raises some really interesting possibilities in terms of automating how we deliver bespoke insurance products.”

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June 13th, 2019

Sir Richard Dearlove plays down Brexit but warns insurers of risks posed by “new international order”; MMC Young Professionals’ Global Forum 2019

Posted at 12:12 PM ET

The impact of Brexit on the London insurance market will be minimal, according to Sir Richard Dearlove, OBE, Non-executive Chairman of Ascot Underwriting, describing Brexit as “a sideshow.”

Addressing delegates at the MMC Rising Professionals Global Forum, Mr. Dearlove said: “The London insurance industry is a global industry, not a European industry, so the effect of Brexit will probably be very small.”

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June 12th, 2019

John Neal: Lloyd’s must seize “once in a generation” opportunity to embrace digital transformation; MMC Young Professionals’ Global Forum 2019

Posted at 3:04 PM ET

The Lloyd’s market must evolve and evolve fast or risk driving itself into irrelevance. This was the warning from Lloyd’s chief executive Mr. John Neal as he addressed delegates at the 2019 MMC Rising Professionals’ Global Forum in London today.

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May 23rd, 2019

Evolving Regulatory Pressures Signal Potential Turning Point in Cyber Risk Management Strategies

Posted at 1:00 AM ET

Siobhan O’Brien, Head of the Cyber Center of Excellence for International and Global Specialties

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Cyber risk presents an exciting opportunity for re/insurers, but as one of the most dynamic perils in the industry, regulators are formalizing capital requirements and quantitative and qualitative measurements of risk appetite. In the United Kingdom, the Prudential Regulation Authority (PRA) is now asking (re)insurers to develop a silent cyber action plan by the end of the first half of 2019 and will conduct deep-dives on select firms in the second half to assess how they are meeting expectations described in a 2017 supervisory statement. It will then further assess affirmative cyber risk via an exploratory stress test later this year.

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April 17th, 2019

Evolving Regulatory Pressures Signal Potential Turning Point in Cyber Risk Management Strategies

Posted at 1:00 AM ET

Siobhan O’Brien, Head of the Cyber Center of Excellence for International and Global Specialties

Contact

Cyber risk presents an exciting opportunity for re/insurers, but as one of the most dynamic perils in the industry, regulators are formalizing capital requirements and quantitative and qualitative measurements of risk appetite. In the United Kingdom, the Prudential Regulation Authority (PRA) is now asking (re)insurers to develop a silent cyber action plan by the end of the first half of 2019 and will conduct deep-dives on select firms in the second half to assess how they are meeting expectations described in a 2017 supervisory statement. It will then further assess affirmative cyber risk via an exploratory stress test later this year.

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February 26th, 2019

GC Securities Acts as Sole Structurer and Placement Agent for First Cat Bond to Transfer Standalone Terrorism Risk to the ILS Market

Posted at 1:23 PM ET

GC Securities*, a division of MMC Securities LLC, a US registered broker-dealer and member FINRA/NFA/SIPC, today announced the placement of GBP 75,000,000 Series 2019 Principal At-Risk Variable Rate Notes issued through Baltic PCC Limited, a protected cell company domiciled in the United Kingdom, on behalf of Pool Re.

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January 17th, 2019

Guy Carpenter Announces New Division and Senior Appointments Designed to Deliver Enhanced Client Value

Posted at 9:41 AM ET

Guy Carpenter today announced the formation of a new Global Capital Solutions Group and a series of new leadership appointments related to the Jardine Lloyd Thompson Group plc (JLT) acquisition. These appointments will become effective upon closing of the transaction between Guy Carpenter’s parent company, Marsh & McLennan Companies, and JLT, which remains subject to the receipt of certain antitrust and financial regulatory approvals. Continue reading…

December 17th, 2018

Global Insurance Prices Rise for Fourth Consecutive Quarter

Posted at 1:00 AM ET

dean_kisura_hsDean M. Klisura President, Global Placement and Specialties, Marsh

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Trends in property and financial and professional lines of coverage drove average commercial insurance prices higher for the fourth consecutive quarter, according to the most recent Marsh Global Insurance Market Index. Global commercial insurance prices tracked in the index rose, on average, more than one percentage point in the third quarter of 2018.

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