Downstream market facing $500mn Port Neches refinery loss
The beleaguered downstream energy market is facing the prospect of a $500mn loss in relation to a large fire at TPC Group’s petrochemical plant in Port Neches, Texas, The Insurer can reveal.
Lloyd’s launches $25mn per risk space consortium led by Brit and Hiscox
Lloyd’s has launched a new multi-million-pound space insurance policy targeted at the so-called ‘new space’ sector and backed by a consortium of 18 syndicates led by Brit and Hiscox MGA.
London market specie consortium facing loss for missing German art in China
Fine art and specie underwriters in the London market are facing a loss following the disappearance of the works of German artists Markus Lüpertz, Anselm Kiefer and Renate Graf – valued at Eur300mn ($332.4mn) – which were on loan in China, The Insurer can reveal.
Climate risk major concern for aviation community: WTW
Flooding has emerged as the main weather risk for senior airport executives, with the vast majority citing climate risks as a key exposure going into 2020, according to Willis Towers Watson.
Aspen Re sells global credit & surety renewal rights to Arch Re
Arch Re has entered into a renewal rights agreement to take over Aspen Re’s global credit and surety reinsurance business after Aspen Re’s decision to exit the line.
RSA hull head Forsyth fined £154K for secret payments to wife and avoiding tax
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.
Downstream market facing $500mn Port Neches refinery loss
The beleaguered downstream energy market is facing the prospect of a $500mn loss in relation to a large fire at TPC Group’s petrochemical plant in Port Neches, Texas, The Insurer can reveal.
RSA hull head Forsyth fined £154K for secret payments to wife and avoiding tax
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.
Lloyd’s marine manager Murlowski to exit
Christopher Murlowski, manager for marine and energy at Lloyd’s, is set to depart from his role at the Corporation, The Insurer can reveal.
Target sues Chubb for denying coverage for data breach payments
Target has sued Chubb for denying coverage related to $74mn of settlements with banks stemming from the US retailer’s 2013 data breach.
Arch inks $150mn policy in crypto security first
Arch Insurance UK, subsidiary of Bermudian Arch Capital, has underwritten an insurance policy for cryptocurrency and blockchain security platform Ledger Vault, indemnifying the tech firm and its customers against the theft of crypto assets up to a limit of $150mn.
LMA unveils property D&F and marine cyber clauses
The Lloyd’s Market Association (LMA) has published four draft model marine cyber clauses in response to the Corporation’s clampdown on non-affirmative, or silent, cyber exposures and pressure from Lloyd’s performance management director, Jon Hancock.