Risk

IronPro launches enhanced cyber, tech E&O products in Canada

IronPro, the financial and professional lines unit of Ironshore, is introducing a suite of enhanced cyber and technology errors and ommisions (E&O) products customized for the Canadian marketplace. The products will also provide eligible Ironshore Highly Protected Information policyholders with cyber monitoring and alert services (CMAS) during the policy period, notes a statement issued Wednesday […]

By Canadian Underwriter | March 16, 2016

2 min read

Risk

Financial services concerned standalone FinTechs a risk to their business, not capitalizing on blockchain: PwC

More than eight of 10 surveyed financial services firms, including banking and insurance, report believing part of their business is at risk of being lost to standalone FinTech companies, suggests a report released Tuesday by PricewaterhouseCoopers (PwC). Based on a survey of 544 respondents across 46 countries – including CEOs, heads of innovation, chief information […]

By Canadian Underwriter | March 16, 2016

5 min read

Risk

Allianz Global Corporate & Specialty gets new North American CEO

Allianz Global Corporate & Specialty SE announced Tuesday that Bill Scaldaferri will be appointed chief executive officer for North America effective July 1, replacing Art Moossmann. Moossmann “will hand over his leadership responsibility” for AGCS North America to Scaldaferri from July 1 “and will step down” from the commercial insurance carrier’s board of management Dec. […]

By Canadian Underwriter | March 15, 2016

2 min read

Risk

Risk managers must address cyber security as an enterprise risk: FERMA

Businesses have difficulties with reaching a basic level of protection around cyber security, often as a result of a lack of risk insights and data driven risk mitigation and risk management must play a central role, the Federation of European Risk Management Associations (FERMA) reported Monday. The risk manager’s role is to address cyber security […]

By Canadian Underwriter | March 15, 2016

2 min read

Iran responsible for cyber attack on New York flood control structure: Senator

LAWRENCE, N.Y. – A cyberattack on a small dam in the New York City suburbs was a “shot across the bow” of the United States and should be met with tougher sanctions against Iran, U.S. Senator Charles Schumer said Friday. In 2013, hackers accessed the control system at the Bowman Avenue Dam, a small flood-control […]

2 min read

CFC launches new insurance suite for product recall market

Specialist lines underwriting agency CFC Underwriting has launched a new suite of product recall products, available globally, to help enhance insureds’ protection, including from events related to hacking and electronic attack. The suite is aimed at industries ranging from food and beverage to automotive component parts and consumer product industries, notes a statement from London, […]

1 min read

A.M. Best issues revised core credit rating methodology, requests comments

A.M. Best Company on Thursday published proposed revisions to its core credit rating methodology, Best’s Credit Rating Methodology (BCRM). At the same time, the ratings firm has released proposed revisions for the criteria procedure for the United States property and casualty (P&C) Best’s Capital Adequacy Ratio (BCAR). A.M. Best is requesting comments from all interested […]

3 min read

Higher construction spend spurs Chubb’s move to broaden offerings to mid-sized construction firms

Mid-sized construction firms in the United States and Canada now have access to certain Chubb insurance products and services that were previously only available to large national and international construction companies, notes a company statement issued Thursday. The products will be handled through Chubb’s expanded Construction Industry Practice, the statement notes, pointing out that the decision to offer […]

2 min read

Share of AIG’s new and renewal U.S. Casualty portfolio to be ceded to Swiss Re

American International Group, Inc. (AIG) announced on Wednesday that it has entered into a two-year reinsurance arrangement with Swiss Re, under which a share of AIG’s new and renewal U.S. Casualty portfolio will be ceded to the reinsurer. The arrangement is consistent with the plans announced by AIG in its Jan. 26 strategic update to […]

2 min read

Pace of technological change, social unrest top risks for global airline C-suite executives: Willis Towers Watson

An inability to keep up with the pace of technological change is the number one risk for global airlines, according to the preliminary findings of a new survey of senior executives by Willis Towers Watson. Social unrest, involuntary migration and terrorist threats also ranked highly as a risk in the minds of airline business leaders, […]

3 min read