Euler Hermes names APAC head of surety and guarantee

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Euler Hermes has appointed Bora Akyildiz (pictured) as regional head of surety and guarantee for Asia-Pacific, based in Hong Kong.

Akyildiz succeeds Stéphane Fauré, who re-joined Euler Hermes France as managing director of Euler Hermes SFAC Direct Agency, which distributes all of the trade insurer’s products, according to a statement.

Before relocating to Asia-Pacific, Akyildiz was the regional surety and guarantee manager for Euler Hermes MMEA (Mediterranean, Middle East, and Africa). Prior to that, he was the head of surety and guarantee for Euler Hermes Middle East. He joined Euler Hermes Turkey in 2014 as head of surety and guarantee,

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What impact is COVID-19 having across the credit and political risk insurance market?

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Speaking to insurers in the market it asked about claims trends and discovered that just one in three – 29% – reported claims that they considered to be attributable to the coronavirus pandemic. However, it highlighted that this is likely because much of the credit risk underwritten in the segment typically comes from Governments and companies they own, as well as sizeable corporates. It believes that their exposures are easier for those firms to deal with – and, as such, it may not be until the fourth quarter of this year and beyond that we truly grasp the full picture.

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AIG suffers SG$10.86 billion loss in Q2

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“The loss was primarily driven by a US$6.7 billion after-tax loss from the sale and deconsolidation of Fortitude and US$1.8 billion of after-tax net realised capital losses primarily related to mark-to-market losses from variable annuity and interest rate hedges including the impact of AIG’s non-economic non-performance risk adjustment, per GAAP (generally accepted accounting principles), on the fair value of AIG’s associated liabilities,” explained AIG.

“The after-tax reduction to total AIG shareholders’ equity resulting from the sale and deconsolidation of Fortitude was US$4.3 billion, or US$2.5 billion on an adjusted common shareholders’ equity basis.”

In terms of adjusted pre-tax income (APTI),

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Gallagher makes senior hire | Insurance Business

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The company has picked up Gavin Tidman (pictured), who becomes part of the senior management team as an executive partner, focusing on business development within the sector. He will be based in London and makes the switch from THB Group where he was director of worldwide property.

“The energy industry, being responsible for vital infrastructure, is continuously evolving and businesses in the sector are facing increasingly complex risks,” he said.

“Now, more than ever, organisations require tailor-made approaches to risk management, and need to work with industry specialists who can help them navigate the changing landscape and build resilience to

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