International Insurance

International Insurance Newsletter | March 2019 Edition

International Insurance Newsletter | March 2019 Edition

International Insurance Newsletter | March 2019 Edition Recent Successes: Placed Yacht & Pleasure Craft insurance including hull & equipment coverage as well as a high limit of liability for a yacht and jet ski being operated in the Bahamas. Arranged local issuance of an admitted Property policy as part of a controlled master program for a foreign owned joint venture company with multiple locations across Mexico Placed homeowners coverage for a luxury condominium in Costa Rica. Malaysia Malaysia has given foreign-owned insurance companies until April to outline plans to comply with local shareholding requirements. Bank Negara Malaysia, which regulates insurers, is pushing to enforce a 2009 rule that sets a 70% cap on foreign ownership of local insurance businesses. The bank is expecting insurers to come up with “concrete plans” via divestments, listings or corporate social responsibility contributions. Cutting back shareholding…read more →

International Insurance Newsletter | February 2019 Edition

International Insurance Newsletter | February 2019 Edition

International Insurance Newsletter | February 2019 Edition Recent Successes: Coordinated and completed the fronting and reinsurance process into Lloyd’s for phase I of a multi- year construction project in Mexico. Bound Package policy for Property and General Liability risks in Puerto Rico for a provider of consultation services for invisible dental braces and aligners. Bound an International Liability Program along with a separate K&R policy for a company providing technical oversight as part of a plant maintenance project at a power plant in Mexico. Mexico A growing number of Mexican truckers are armoring up their big rigs in order to keep their cargo safe from hijackers. As cargo thefts in Mexico have doubled from their 2015 rate to more 30 per day, truckers and shippers are desperate to try to deter cartels and gangs. Even more worrisome than the uptick in…read more →

International Insurance Newsletter | January 2019 Edition

International Insurance Newsletter | January 2019 Edition

International Insurance Newsletter | January 2019 Edition Recent Successes: Placed a Combined General and Employers’ Liability policy as part of a controlled program for a construction project management company establishing an office in the UK. Placed US Workers’ Compensation and quoted an extensive set of Liability coverages for the exposures of a foreign owned networking club for business women opening up in the USA. Bound international Premises and Pollution Liability policies for a leading manufacturer of Specialty Chemicals. Global Cross-border supply chains are shifting as manufacturers turn away from Chinese suppliers with the ongoing US-China trade war. The sourcing of new suppliers is creating stiff competition as firms seek to find new production facilities in neighboring Asian countries. This is driven by the risk of greater US tariffs on China and fears that territories such as Vietnam and Thailand can only…read more →

Global Economic Outlook – December 2018

Global Economic Outlook – December 2018

The bright outlook presented in May has proven true but clouds are quickly gathering on the horizon. In an increasingly uncertain environment, there is no room for policy mistakes. Following a robust expansion in 2017, global economic momentum has been more or less maintained in 2018 but is set to increasingly lose steam through 2019. Risks to the outlook continue to mount, especially stemming from the unfolding US-China trade war. In a more challenging global environment, it is increasingly clear that the room for policy mistakes is limited. Poor policymaking has already translated to crises in several emerging economies and potential for policy missteps such as trade policy in the US and populist policies in Italy could have global ramifications. Global GDP growth is forecast to slightly accelerate to 3.1% in 2018 from 3.0% in 2017. In 2019, the world…read more →

International Insurance Newsletter | December 2018 Edition

International Insurance Newsletter | December 2018 Edition

International Insurance Newsletter | December Edition Recent Successes: Bound Property and Liability policies as part of Controlled Master Programs for a high-end clothing retail store with multiple outlets in Korea. Placed a full suite of local coverages for an agribusiness fish farming operation in Jamaica. Bound local Property policies in Macedonia and Mexico as part of a Controlled Master Program for a multinational specializing in inflator technology for automotive airbag applications. Somaliland An Islamic insurer has been established in Hargeisa, the capital of Somaliland, backed by some of the largest players in Africa’s insurance industry. The new company, called Horn of Africa Insurance, offers automobile, property, medical and marine insurance along Shariah rules. The insurer will operate in a region where most vehicles are uninsured, and most cargo coming into the country is uninsured. Nevertheless, a compelling need for insurance…read more →

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