After bolstering its US casualty reserves by $224mn at H1 2019, Swiss Re has reassured investors about the robustness of its long-tail reserves after a recent earnings quarter dominated by warnings over the industry’s exposure to rising tort inflation.
London-listed carrier RSA’s marine hull business leader Stuart Forsyth has been fined £154,498 ($200,315) by UK regulators the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) for allegedly transferring “excessive” amounts of his salary to his wife in a previous role in an effort to avoid tax.
The US House of Representatives has passed a bill that would extend the federal terrorism risk insurance programme for seven years, with a companion bill in the Senate subsequently clearing a key committee.
Paraline Group – the holding company owned by activist investor group Elliot Management and Wand Partners – has appointed Andrew Holderness as a senior advisor, after he stepped down as global head of law firm Clyde Co’s corporate insurance group last month.
An update in Guy Carpenter’s dispute with three executives that left to launch the Lockton Global Re platform suggests meaningful progress has been made towards resolution.
Chief operating officer of the UK’s Financial Conduct Authority, Georgina Philippou, has written a scathing letter to employees after incidents of poor behaviour, from verbally abusing caterers to stealing company property.