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...The chief executive of Aon, one of the world’s largest insurance brokers, has called for better modelling of climate risks, saying conditions in the property insurance market were “stressed” after a surge...
...One person familiar with the restructuring said about 175 permanent roles were in jeopardy as a result of the changes, 150 of them in the risk division....
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...Funabiki said it had since worked “vigorously” to improve checks and balances and strike a “better balance between our risk-taking activities and our risk controls and risk management”....
...A spokesperson said they wished to avoid the risk of “secondary sanctions and damaged reputation”....
...Insurers, meanwhile, defend the use of funded reinsurance as one of a number of risk management tools that provide security to their customers’ benefits....
...Staff in EY’s UK deals business have hit out at the company’s management for the way recent job cuts were handled, saying “trust is broken” and that employees feel “deflated” as sales in the department slump...
...He added funded reinsurance was one of a number of risk management measures used by Phoenix “as part of a wider strategy to maintain a well-diversified, robust balance sheet for policyholder protection”....
...According to the business department, taxpayers could be liable for £2mn in redundancy payments that were paid to staff of Greensill Capital’s management company by the National Insurance Fund....
...But it seemed a chance worth taking: according to the US Federal Emergency Management Agency, the risk of severe flooding was only 1 per cent a year. Five years later, Hurricane Ida hit....
...Its property and casualty insurance division weakened, posting an overall underwriting loss reflecting worse conditions for areas such as credit insurance, but its major life and health insurance division...
...In Europe, Cinven’s problems have underscored the risks of the first model, they say. “All EU regulators are really down on PE fund owners right now,” said one insurance executive....
...Global financial supervisors are increasingly focusing on the risks arising from the shadow banking sector, which includes pension funds, family offices, trading houses and insurance firms....
...Lloyd’s chief executive John Neal, who is leading a push to encourage outside investors, last year predicted insurance spending would double in the next decade because of worries about risks such as climate...
...James GinnsHead of Risk Management Policy, Centre for Long-Term ResilienceLondon SW1, UK...
...and workplace insurance products such as pensions....
...Net client flows across its wealth and wholesale asset management arms rose to £1.1bn, from £200mn the previous year, however £6.2bn was redeemed from its UK institutional asset management division, which...
...business Corinthia Global Management....
...Insurance executives have also highlighted the risk of a misalignment of interests between the long-term nature of this insurance business and the shorter timeframe of ownership through a PE fund, rather...
...During a discussion at the Future of Asset Management conference in November, Cian Murphy, head of the international finance division at the Central Bank of Ireland, said that “it’s difficult to make the...
...Rebecca Gooch, global head of insights at Deloitte Private, a division of the Big Four consultancy group, adds: “With inflation showing signs of moderation, it is no longer the number one worry for the wealthy...
...Blackstone’s credit and insurance division will buy the US credit card receivables from Barclays for an undisclosed sum, and the bank will continue to service the accounts for a fee....
...The IMF warned of the risk of “fiscal slippage” around the world given this year’s large number of elections, which are often associated with looser budgetary policy ahead of polling day....
...Sucre and Seguros Rocafuerte, and three other Ecuadorean officials, the US Department of Justice said on Monday....
...Take Blue Owl Capital’s recent acquisition of Kuvare Asset Management for $750mn, which eventually could reach $1bn....
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