With somewhat uncanny timing, Gen Re's October ‘Facultative Matter' research paper was all about flood risk, which in the wake of superstorm Sandy and the enormous flood damage which it has caused to much of lower Manhattan and surrounding areas seems extremely apt.
The London contingency market is set to take a $20mn hit as a result of the cancellation of the New York Marathon, Inside FAC can reveal.
Philip Wray, the New York-based head of property facultative specialist Tokio Marine Global (TMG), has parted company with the firm, Inside FAC can reveal.
Hiscox has hired Directors & Officers (D&O) underwriter Chris Warrior from Beazley to become head of D&O at Hiscox Syndicate 33.
Aegis London has split its non-marine property unit into two divisions and promoted two underwriters to head up the revised classes of business.
Lloyd's insurer Antares Syndicate 1274 has hired professional indemnity underwriter Chris Day from Aspen Insurance in the latest shake up of its non-marine book.
Channel tunnel operator Groupe Eurotunnel has announced that the settlement of a 2008 fire claim has been agreed at EUR253m ($322mn).
Insured losses from superstorm Sandy are expected to total $20bn-$25bn, according to modelling agency Risk Management Solutions (RMS).
BP has been hit with the biggest criminal fine in US history as part of a $4.5bn settlement with the US government in relation to the Deepwater Horizon disaster
Michael Churchman, a former professional indemnity underwriter with Antares who left this summer, has established his own managing general agency.
Liberty Syndicates has appointed Mark Aspinall as class underwriter for Specie and Fine Art in the firm's marine division, with immediate effect.