Insurer launches mergers insurance division
XL Catlin is launching a new business unit to capitalize on growth in M&A activity worldwide.
Its Global Mergers & Acquisitions Insurance Division will be based in New York and headed by Brian Benjamin who has almost 30 years of experience in financial lines. He will report to Dan Kumpf, chief executive, Global Professional.
“I am excited about expanding our product offerings across XL Catlin’s global footprint with the addition of a seasoned professional like Brian. Brian has played an important role in the M&A insurance market having developed
AIG’s underwriting model and spearheading the launch of their transactional risk practice,” Kumpf said.
Canadian flood insurance product expanded
Homeowners in Ontario will now be able to protect their property from overland flooding following the launch in the province of a new product from Co-Operators General Insurance Company.
The coverage is available as an endorsement to the co-operative insurer’s homeowners’ insurance policies. Those policies which already have coverage for sewer/water backup will have the new product added on renewal.
"It is critically important that we improve the flood resiliency of our communities. Flooding is the most common type of natural disaster in Canada and it will continue to worsen as a result of climate change," said Kathy Bardswick, president and CEO of The Co-operators.
The product was initially launched in Alberta last summer and the Ontario launch is the next step on a national roll-out by the end of 2017.
Clients aware of risks but lack ways to cope says study
Your clients are likely to know the risks that their business faces – including cyber threat - but feel unable to deal with them in the ‘real world’ according to a new report.
The survey of business leaders by auditors and tax advisory firm Grant Thornton reveals that 64 per cent of executives see strategic risk as a highly significant threat to their organizations compared to other types of risk – including compliance risk, operational risk and financial risk.
However, less than half (43 per cent) say they lack the ability to monitor these risks and half do not have effective mitigation provisions.
Despite the growing risk of cyber threats, only 60 per cent of respondents believe that their security is sufficient with just 43 per cent saying they can monitor it effectively and 46 per cent believing they are effective at mitigating this risk.
