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...The move would cement the group as one of the biggest underwriters in the London market. This year, the company will write around £2bn of business within Lloyd’s itself....
...Brokers play a key role in the global economy, advising companies on risk and how to manage it, including through insurance....
...The UL network traces its roots to a late 19th century effort to help insurance companies save money by testing electrical products for fire risk....
...It is the latest coup for Lloyd’s, which has also attracted insurance group Aviva back to the market....
...Another focus for MS Amlin is to grow its casualty insurance lines, such as policies which provide cover for legal claims against a company’s management team....
...The company expected net cash flow to turn “consistently positive” in the first half of next year....
...Insurance prices are surging as companies look to repair their margins after years of significant losses from severe weather to insured properties, exacerbated by inflation in rebuild costs....
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...Insurance group Zurich has accused financier Lex Greensill, steel magnate Sanjeev Gupta and certain of their companies of a “conspiracy” to deceive its underwriters and create sham debts....
...a particular challenge for underwriters....
...In response, the consultancy expects home insurance prices to rise by 36 per cent over the two-year period....
...Under such schemes, governments share losses from natural disasters with the insurance sector, or create structures to pool risk....
...Brokers and underwriters say 2023 will be a record year for tax insurance, after the number of companies seeking to purchase policies hit a new high and the money available to cover unfavourable rulings...
...Howden, the UK insurance broker, has secured £500mn of insurance capacity from a group of Lloyd’s of London firms for a newly launched division that aims to turn tech start-ups into mini underwriters....
...Insurance companies have lifted prices drastically in the past couple of years after spiralling inflation in their claims costs — as items such as car parts and second-hand cars became much more expensive...
...This was likely to “push into pricing for 2024”, he added, though how significantly will depend on underwriters’ judgment as to whether the heightened storm activity requires the longer-term trend to be...
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...One person familiar with the market negotiations said there was “frustration” among underwriters at the latest cancellation provisions....
...To protect themselves, underwriters will often ask for collateral that exceeds the amount of the judgment itself. They also charge an upfront fee of 1-3 per cent....
...AI has already been used in the sector, for example in analysing claims, but the negotiation of specialist commercial insurance contracts — where underwriters provide policies covering against everything...
...The IRA’s bombing campaign, combined with a general pullback from reinsurers after US hurricane losses, had created a market failure in terrorism insurance as underwriters held back from offering cover....
...Last month, retailer John Lewis said it had stopped selling insurance for electric vehicles after Covea, its underwriter, withdrew cover while it reassessed the cost of EV repairs — a move confirmed by the...
...Financials Acquisition Corp, a special purpose acquisition company, said on Monday it had terminated a plan to combine with a newly created entity, London Innovation Underwriters, after the latter received...
...Premiums from its general insurance division, which includes car insurance, also grew....
...According to an index from insurance broker Marsh, global commercial insurance rates rose in the final three months of last year, the 25th straight quarter of increases....
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