Live Insurance News

Lloyd’s of London EU subsidiary will be in Brussels

March 30, 2017March 29, 2017 Nordstrom

As Great Britain triggered Article 50 in order to formally begin Brexit, the massive insurance marketplace plans ahead. The largest specialty insurance market in the world, Lloyd’s of London, has selected Brussels as its intended European Union subsidiary. The decision was made on the eve of the day British Prime Minister Theresa May triggered Article 50 of the Lisbon Treaty with the E.U. This has launched Great Britain’s official intention to leave the E.U. The insurance market made this decision in order to ensure a subsidiary will be in place…

UK insurance market could lose Lloyd’s staff following Brexit

September 7, 2016September 5, 2016 H. Cutner

Lloyd’s insurance claims - Home office building

Top boss at the massive marketplace has revealed that operations may leave the country. The UK insurance market may not remain the most important one in the world due to the Brexit vote. Chairman of Lloyd’s of London, John Nelson, cautioned that the marketplace may be required to move some of its business over to continental Europe. That could mean a loss of a large chunk of the staff currently located in the United Kingdom. In fact, Lloyd’s insurance operations may be on their way out of the country even…

Munich Re sells Ergo insurance company to Cinven

November 28, 2015November 26, 2015 Julie Campbell

The price of this massive sale has remained undisclosed, but it has moved Cinven up a notch in Italy’s industry. Munich Re has now agreed to sell its Italian insurance company, Ergo to a British private equity investor, Cinven, which has been working to boost the size of its position as an insurer within Italy’s industry. The agreement means that Cinven will be acquiring both the life and property-casualty businesses. Early this week, Ergo stated that the insurance companies it would be selling would be Ergo Assicurazioni and Ergo Previdenza.…

Insurance industry gains more flexibility as EU relaxes Iran sanctions

July 16, 2014July 13, 2014 Marc

EU lifts some sanctions against Iranian oil The European Union has lifted sanctions on several Iranian oil companies, allowing insurance providers to offer coverage for the oil that these companies produce once again. The insurance industry had experienced some turbulence due to the sanctions, as they prevented insurers from covering ships containing oil produced in Iran. These sanctions were meant to pressure Iran into aligning itself with certain political interests, but also introduced some economic stress to other countries that rely on Iranian oil, such as India and Japan. Insurance…

Insurance industry professionals must cope with regulation risks

July 19, 2013July 17, 2013 Julie Campbell

Insurance industry risks - Banana Peel Survey

A new study has revealed the largest risks faced by pros, the results of which have now been published in a report. New local and international level regulations are now being seen as the greatest risk faced by the insurance industry, according to a PricewaterhouseCoopers and Centre for the Study of Financial Innovation report. The new rules could considerably increase problems with compliance as well as costs for insurers. According to the 2013 Insurance Banana Skins Survey, new regulations regarding market conduct and solvency could “swamp” the insurance industry with…