Willis Re: April 01 renewals “more of the same”

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According to Willis Re, some property per-risk programs were affected by the worsening frequency and severity of non-catastrophe losses, leading to pricing increases and program restructuring. Aggregate covers, in particular, focused more on structure than on price, with reinsurers working to distance these accounts from attritional losses, the report said. Long-tail lines, and particularly casualty excess of loss, faced increased pricing pressure from reinsurers coping with low investment returns.

Pandemic and silent cyber exclusionary language followed a similar path as the January 01 renewals, through a combination of standard clauses and, from some reinsurers, customised language written to align with

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BMS Group introduces new managing director

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Independent specialist insurance and reinsurance broker BMS has announced the appointment of Bruce Murdock (pictured above) as managing director at BMS Capital Advisory. Murdock will report to Romulo Braga, CEO of BMS Capital Advisory.

Murdock has more than 30 years of experience in the insurance and financial services industry. Prior to BMS, he served at Lockton Capital Markets, most recently as managing director and head of insurtech. Murdock also held a number of senior positions at Sheumack & Co., IRC Securities and Macquarie Capital (USA), and served as a managing director at Fox-Pitt Kelton Inc. Group (now Swiss Re Group).

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The 2021 Identity Fraud Study by Javelin Research

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The 2021 Identity Fraud Study reveals a daunting new threat to consumers and businesses: identity fraud scams. While total combined fraud losses climbed to $56 billion in 2020, identity fraud scams accounted for $43 billion of that cost. Traditional identity fraud losses totalled $13 billion.

With traditional fraud, consumers often have no idea how their identities were stolen. With scams, they can often tell, upon reflection, the exact moment when they interacted with a criminal via email, phone, or text.

“The pandemic inspired a major shift in how criminals approach fraud,” says John Buzzard, Lead Analyst, Fraud & Security, with

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Ant hikes up transaction fees to rebuild post failed IPO

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Having disappeared for several months after his IPO was forced into redundancy by China’s powerful central bank, Jack Ma has resurfaced.

Ant hikes up transaction fees 

In his first calculated move since his fall from grace, Ant is now demanding a larger slice of transaction fees from its payments platform at the expense of local banks, as China’s largest financial technology group tries to offset losses from a government crackdown on its lending business.

The move is aimed squarely at rebuilding the group’s valuation after the company’s planned $37 billion initial public offering, which would have been the world’s

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