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☆ Israeli fintech Vesttoo talks to investors after fake collateral scandal
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: 1 min

LONDON, Aug 7 (Reuters) - Israeli fintech company Vesttoo is in "active discussions" with potential investors to find alternative collateral for clients after a fake collateral scandal, a company spokesperson said on Monday. Vesttoo, which uses artificial intelligence technology to connect the insurance industry and capital markets, is in contact with regulatory bodies worldwide, the spokesperson said in an emailed statement after discovery of fake letters of credit used on its platform. Reporting by Carolyn Cohn Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Carolyn Cohn, David Goodman Organizations: Thomson

☆ Israel's Vesttoo in talks with investors over fake collateral scandal
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 7 (Reuters) - Israeli fintech company Vesttoo is in "active discussions" with potential investors to find alternative collateral for clients after discovering fake letters of credit had been used on its platform, a company spokesperson said on Monday. Vesttoo provides insurers with access to so-called insurance-linked securities - an alternative form of reinsurance. These securities may be backed by collateral in the form of letters of credit. Vesttoo was working with the markets to find alternative collateral, it said in the statement. Vesttoo said a core team of more than 50 people was working to seek alternative collateral, and the company would meet all its commitments to suppliers and consultants.

Persons: Vesttoo, Yaniv Bertele, Carolyn Cohn, David Goodman, Mark Potter Organizations: Banco Santander's, Thomson

July 27 (Reuters) - British asset manager Schroders (SDR.L) reported a drop in first-half assets under management on Thursday, due to weaker investor sentiment and market volatility. Schroders' assets under management fell to 726.1 billion pounds ($940 billion) in the six months to June 30, from 737.5 billion pounds at December-end. The company generated 5.7 billion pounds in net new business, excluding joint ventures and associates. In contrast, Jupiter Fund Management (JUP.L) jumped 14% to the top of the FTSE mid-cap (.FTMC) after it reported assets under management rose 2% to 51.4 billion pounds. The fund manager saw "small" net inflows of 23 million pounds, helped by institutional client demand.

Persons: Schroders, Calastone, Peter Harrison, Jefferies, James's, Peel Hunt, Eva Mathews, Savio D'Souza, Sinead Cruise, Sharon Singleton Organizations: Reuters, Bank of England, JPMorgan, Jupiter Fund, Peel, Thomson Locations: British, Bengaluru

☆ Nearly 30 ships stop around Ukraine's Izmail gateway after Russian Danube strikes
▼ + stars: | 2023-07-24 | by ( Jonathan Saul | ) www.reuters.com time to read: +2 min

LONDON, July 24 (Reuters) - Almost 30 ships dropped anchor near Ukraine's crucial Izmail port terminal after Russia destroyed grain warehouses on the Danube river on Monday, data showed, although it was unclear exactly what had caused them to stop. Monday's pre-dawn Russian air strikes wounded seven people and hit infrastructure along the Danube, a vital alternative route for Ukrainian grain since the demise last week of a year-old deal allowing safe exports via the Black Sea. Kyiv said the attack was an expansion of an air campaign Russia launched last week after pulling out of the grain deal. Insurance industry sources have said war risk cover for Ukraine's ports that were part of the previous grain deal had been suspended. On Monday, three sources said some providers were also reviewing whether to continue to provide cover for Danube ports.

Persons: Monday's, Odesa, David Smith, Jonathan Saul, Olena, Carolyn Cohn, Philippa Fletcher Organizations: Insurance, McGill, Reuters, Thomson Locations: Russia, Kyiv, Izmail, Reni, Ukraine, London

NEW YORK/LONDON, July 11 (Reuters) - One of the world's top insurers is mulling offloading its property reinsurance business in a bid to cut its exposure to natural disasters like hurricanes, according to three people familiar with the matter. Prices for U.S. property catastrophe reinsurance rose by as much as 50% at a key July 1 renewal date, broker Gallagher Re said in a recent report. AXA has been trying to reduce the exposure of its AXA XL property and casualty (P&C) division - which houses XL Re - in an effort to make earnings more predictable. This has caused the reinsurance business to shrink, with revenues dropping by nearly a third last year to $3.2 billion, according to AXA's 2022 accounts. In May, American International Group (AIG.N) agreed the sale of its reinsurance arm Validus Re for roughly $3 billion, or about 1.4 times the unit's book value.

Persons: Reinsurers, Hurricane Ian, Gallagher Re, David French, Pablo Mayo, Amy, Jo Crowley, Carolyn Cohn, Echo Wang, Silvia Aloisi, John O'Donnell, Conor Humphries Organizations: AXA SA, XL, Covea, AXA, AXA XL, American International, Fidelis Insurance Holdings, Reuters, Hamilton Insurance, Pablo Mayo Cerqueiro, Thomson Locations: Bermuda, New York, London, Paris

[1/2] British Chancellor of the Exchequer Jeremy Hunt holds a Ministerial Statement at the House of Commons in London, Britain, June 26, 2023. The government rocked pension savers last September with a fiscal statement that drove government bond yields higher and forced pension schemes to scramble for cash, triggering a parliamentary inquiry into their investments. The government is under pressure to revitalise domestic investor interest in several industries considered key to Britain's growth, including fintech, biotech, life science and clean technology. Encouraging greater investment in growth assets will help younger savers but the reforms offer little hope to those retiring in the near term. Inflation continues to ravage Britain's economy, with rates running higher than in any other major rich country.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Richard Gnodde, Becky O’Connor, Jon Hatchett, Hymans Robertson, Andrew Bailey, Hunt, Anna Anthony, Sinead Cruise, Carolyn Cohn, Nick Macfie Organizations: REUTERS, Aviva, Goldman Sachs, Public Affairs, Bank of England, Financial, Thomson Locations: London, Britain, City, PensionBee, Britain's

LONDON, July 7 (Reuters) - As Thames Water's financial troubles raise questions about such investments, Britain will next week try to persuade pension schemes to plough billions of pounds into infrastructure and start-ups in its next leg of post-Brexit reforms. British Finance Minister Jeremy Hunt will on Monday set out the government's latest thinking on getting cash locked up in pension pots to work in the economy. The Conservative government's long-trailed policy focuses on persuading pension schemes to invest a portion of their money in infrastructure, start-ups and 'green' technology. But the problems at Thames Water, which is battling for survival under 14 billion pounds ($18 billion) of debt, would leave some pension schemes that had made large investments in it embarrassed, said independent pensions consultant John Ralfe. The finance ministry had no immediate comment on Hunt's speech, but the pensions industry has already said it opposes mandatory investment quotas.

Persons: Jeremy Hunt, Hunt, John Ralfe, Ralfe, Nobody, Huw Jones, Alexander Smith Organizations: Thames, British, Conservative, Amsterdam, London, EU, Thomson Locations: Britain, London's, New York, London

☆ Cyber insurance rates drop 10% in June, report says
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 5 (Reuters) - Cyber insurance rates dropped around 10% in June compared with a year earlier, reversing recent sharp rate rises, as claims proved smaller than expected, broker Howden said in a report on Wednesday. Cyber insurance rates more than doubled in 2021 during the COVID-19 pandemic, driven by a rise in so-called ransomware attacks, Howden said. "Everybody is back with appetite for writing cyber insurance," said Shay Simkin, global head of cyber at Howden. Increased competition has contributed to lower rates, Howden said. Cyber insurance premiums totalled more than $12 billion in 2022 versus $10-11 billion in 2021, Simkin said, and Howden forecasts the market to increase to around $50 billion by 2030, given the size of cyber crime.

Persons: Howden, Ransom, Shay Simkin, Simkin, Carolyn Cohn, David Evans Organizations: Thomson Locations: Russia, Ukraine, Howden

☆ Cyber insurance rates drop 10% in June -report
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

Persons: Howden, Ransom, Shay Simkin, Simkin, Carolyn Cohn, David Evans Organizations: Thomson Locations: Russia, Ukraine, Howden

☆ U.S. property catastrophe reinsurance rates rise up to 50% on July 1-report
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

Higher reinsurance rates can affect the premiums which insurers charge to their customers. U.S. reinsurance rates for policies which previously faced claims for natural catastrophes rose 30-50%, Gallagher Re said. Reinsurance rates for similar policies in Florida rose 30-40%, the broker added. State Farm said in May it would stop selling new insurance policies to homeowners in California. Reinsurance rates for some types of aviation war policies rose by up to 100% on the July 1 renewal date, Gallagher Re said.

Persons: Mike Blake, Gallagher Re, James Vickers, Gallagher, Hurricane Ian, Aon, Carolyn Cohn, Noor Zainab Hussain, Louise Heavens Organizations: REUTERS, Farm, Gallagher Re, Reuters, Vickers, Hurricane, U.S, Industry, Boeing, Thomson Locations: Laguna Niguel , California, U.S, California, Florida, In Florida, Russia, Khartoum, London, Bengaluru

☆ Thames Water's turnaround plan backed by investor USS
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 30 (Reuters) - Universities Superannuation Scheme (USS), one of the largest investors in Thames Water, has given its support to Britain’s biggest water supplier after the abrupt departure of its CEO raised concerns about its viability. The British government is considering temporary state ownership of the company, which supplies a quarter of British households, if it cannot raise more funds to drive its turnaround. “We have given our backing to Thames Water’s turnaround plan and Net Zero roadmap and engage with them regularly to support their long-term strategy,” USS group CEO Bill Galvin said on Friday in a note to its sponsoring employers. Thames Water is struggling with 14 billion pounds ($17.8 billion) of debt and has failed to meet customer and environmental targets, including stemming the flow of raw sewage into rivers. ($1 = 0.7876 pounds)Reporting by Carolyn Cohn; Writing by James Davey; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Bill Galvin, ”, USS’s Galvin, Carolyn Cohn, James Davey, Daniel Wallis Organizations: Thames, System, China Investment Corp, Thomson Locations: Thames, Ontario

[1/2] The landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. Russia has a 51% stake in Nord Stream 1 through a subsidiary of state-owned energy group Gazprom (GAZP.MM). While the import of Russian crude oil and oil products is banned under European Union (EU) sanctions, Russian gas imports are allowed. In September 2022, several unexplained underwater explosions ruptured the Nord Stream 1 and newly-built Nord Stream 2 pipelines, each more than 1,200-km-long, that link Russia and Germany across the Baltic Sea. Gazprom and Swiss-based Nord Stream AG did not immediately respond to requests for comment.

☆ British insurer Direct Line axes dividend after bad weather claims
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

It also expected higher motor claims inflation to add two to three percentage points to its 2023 combined operating ratio. Direct Line in July cut its profitability outlook for the year and delayed the second leg of a share buyback. The insurer said it expected total weather claims of around 140 million pounds ($170.30 million) for 2022, well above its original expectation of 73 million pounds. Gross written premiums in motor insurance fell 2% in the fourth quarter versus the previous year, the insurer said. Direct Line also said its property investment portfolio had seen a 15% drop in values, equivalent to 45 million pounds.

LONDON, Jan 4 (Reuters) - U.S. funds giant BlackRock (BLK.N) will defer third-quarter redemptions from its 3.5 billion pounds ($4.2 billion) BlackRock UK Property Fund, a source told Reuters, in the latest sign of strain in Britain's real estate market. BlackRock's UK property fund will defer withdrawals that were originally due to be paid at the end of December, a person familiar with the situation said, asking not to be named. As of November, funds overseeing around 17 billion pounds in UK real estate assets were restricting redemptions to prevent firesales. A spokesperson for Legal & General Investment Management said on Wednesday that its Managed Property Fund was no longer deferring redemptions. M&G, Columbia Threadneedle, Schroders and CBRE did not immediately confirm to Reuters whether redemption deferrals were still in place for their UK property funds.

☆ Reinsurers cut Russia, Ukraine from policies on Jan 1 -broker
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 3 (Reuters) - Reinsurers are excluding Russia, Ukraine and Belarus from policies offered to their insurance clients and cutting back their exposure to U.S. hurricanes, a report from reinsurance broker Gallagher Re (AJG.N) showed on Tuesday. Reinsurers insure insurers and Jan. 1 is the most important date in the calendar for policy renewals. Some insurers have already backed away from providing cover in Russia, Ukraine and Belarus due to risk of sanctions or of steep losses. Without reinsurance, insurers are likely to be even more reluctant to provide cover for Russia or Ukraine, industry sources say. Aviation reinsurance rates rose by as much as 200% on Jan. 1 for some types of business, Gallagher Re said.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. In currencies, the dollar, a beneficiary of rising U.S. interest rates, fell on the day but was on track for a 2022 gain of roughly 8%, its biggest annual increase since 2015. The U.S. U.S. 10-year Treasury yield rose on Friday and closed out the trading year with its biggest annual increase in decades, pushed higher by aggressive Fed rate hikes. U.S. crude oil futures registered a second straight annual gain after a wildly volatile year marked by tight supplies due to the Ukraine war and then sliding demand from China, the world's top crude importer. Gold was showing its biggest quarterly gain since June 2020, while the Fed's fast-paced tightening cycle had tempered bullion's progress for the full year.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. The dollar, a beneficiary of rising U.S. interest rates, was down slightly on Friday but on track for a 2022 gain of 8%, its biggest annual percentage increase since 2015. The U.S. 10-year Treasury yield rose on the day and was poised to close out the trading year with its biggest annual increase in decades, pushed higher by aggressive Fed rate hikes. In stocks, battered growth stocks and Nasdaq leading declines dragged Wall Street's main indexes lower. The dollar index fell 0.173%, with the euro up 0.12% to $1.0674.

The dollar, a beneficiary of rising U.S. interest rates, was on track for its best annual performance in seven years. The dollar index , which measures the greenback against six major currencies, fell 0.4% to a two-week low. Sterling was set for its worst performance against the dollar since 2016, when Britain voted to leave the European Union. U.S. Treasuries and German bonds, the benchmarks of global borrowing markets, lost 16% and 24% respectively in dollar terms this year as rates rose. Ten-year German Bund yields rose 4 bps to 2.51% and two-year yields hit their highest since 2008 after data showing Spanish core inflation rose in December.

☆ Global natural catastrophe 2022 insured losses seen at $112 bln-broker
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 30 (Reuters) - Global insurance losses for natural catastrophes are projected to reach $112 billion in 2022, reinsurance broker Guy Carpenter said on Friday, driven by the impact of Hurricane Ian which hit Florida earlier this year. Flood and hail in Europe, Australian floods and severe storms in the United States also contributed to the total, Guy Carpenter said in a statement. Hurricane Ian and other natural catastrophes caused an estimated $115 billion of insured losses so far this year, well above the 10-year average of $81 billion, reinsurer Swiss Re (SRENH.S) estimated earlier this month. ..the sector has experienced", Guy Carpenter said, adding that the process had been "extremely late". The projected losses do not include the impact of the most recent December natural catastrophes, Guy Carpenter added.

☆ Global natural catastrophe insurance losses seen at $112 bln for 2022
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: 1 min

LONDON, Dec 30 (Reuters) - Global insurance losses for natural catastrophes are projected to reach $112 billion in 2022, reinsurance broker Guy Carpenter said on Friday, driven by the impact of Hurricane Ian which hit Florida earlier this year. The projected losses do not include the impact of the most recent December natural catastrophes, Guy Carpenter said in a statement. Reporting by Carolyn Cohn; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

The dollar, a beneficiary of rising U.S. interest rates, was on track for its best annual performance in seven years. The dollar index , which measures the greenback against six major currencies, dipped 0.16%. Sterling was set for its worst performance against the dollar since 2016, when Britain voted to leave the European Union. "Averting a downturn is a tall order," said Vishnu Varathan, head of economics and strategy at Mizuho Bank, noting that the odds are stacked against economies emerging unscathed from global policy tightening. U.S. Treasuries and German bonds, the benchmarks of global borrowing markets, lost 16% and 24% respectively in dollar terms this year.

☆ Ship insurers to cancel war cover for Russia, Ukraine from Jan 1
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 28 (Reuters) - Ship insurers said they are cancelling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses. P&I (protection and indemnity) clubs American, North, UK and West are no longer able to offer war risk cover for liabilities in the region from Jan. 1, they said in recent notices on their websites. The clubs are among the biggest P&I insurers who cover around 90% of the world’s ocean going ships. "The Club's reinsurers are no longer able to secure reinsurance for war risk exposure to Russian, Ukrainian or Belarus territorial risks," it said. Ships typically have P&I insurance, which covers third party liability claims including environmental damage and injury.

Russian airlines continue to operate many of the jets, but some have struggled to secure replacement parts. AerCap (AER.N), SMBC Aviation Capital and Avolon, the world's largest lessors, declined to comment on whether they were involved in talks on payment for jets from Russian airlines or their insurers. RUSSIAN STATE FUNDSRussian state backing for the talks was demonstrated in an Aug. 30 letter from its Transport Ministry to 23 airlines. That was "considerably less than the aggregate Agreed Values" for the aircraft, SMBC said in the letter. But one Western finance official said any deal would face major legal and diplomatic hurdles and talks may be premature.

ROME/PARIS, Dec 21 (Reuters) - Italy's Vega rockets have been grounded and an investigation is under way after the latest model failed on its second mission, destroying two Earth-imaging satellites and further complicating Europe's access to space on top of the war in Ukraine. A spokesperson for Arianespace said both the Vega C and its Vega predecessor had been grounded pending the findings of an investigative commission co-chaired by technical officials from the European Space Agency and Arianespace itself. Italy's Vega C rocket is due to play an increasingly crucial role in Europe's access to space after Moscow's invasion of Ukraine forced Arianespace to stop using Russian Soyuz vehicles. But Arianespace has been forced to scrap plans to announce a Vega C launch schedule for 2023 in coming weeks. Analysts said only a few operational alternatives to Vega C exist, such as potential rideshares aboard U.S.-based SpaceX's bigger Falcon 9 or Firefly Aerospace's new Alpha launcher, which can loft roughly half the payload weight of Vega C.Other options, though somewhat larger than Vega C, include rockets from Japan and India.

Insurers were already reluctant to underwrite asset and directors and officers (D&O) protection policies for crypto companies because of scant market regulation and the volatile prices of Bitcoin and other cryptocurrencies. Specialists in the Lloyd's of London (SOLYD.UL) and Bermuda insurance markets are requiring more transparency from crypto companies about their exposure to FTX. Exclusions may act as a failsafe for insurers, and will make it even more difficult for companies that are seeking coverage, insurers and brokers said. Crypto firms with financial exposure to FTX include Binance, a crypto exchange, and Genesis, a crypto lender, neither of which responded to e-mails seeking comment. The FTX collapse will also likely lead to a rise in insurance rates, especially in the U.S. D&O market, insurers said.

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