The war in Ukraine, which has been raging since February 24th, and the response of the Western world in the form of economic sanctions against Russia have so far had a drastic impact on the insurance industry. Insurance brokers who deal with risks located in Ukraine and Russia and whose clients include Russian legal entities [...]
RENOMIA has taken a majority shareholder position in the experienced Polish insurance broker Alfa Brokers. Alfa Brokers was founded in 1991 by the Gerne family and operates as a corporate insurance and employee benefits broker. With more than 30 experienced colleagues, the Alfa Brokers team has a great reputation and shares the same culture and [...]
The main purpose of business travel insurance, just like private travel insurance, is to cover emergency medical care and return transport home as well as necessary assistance provided by the insurer, like medical evacuation in an emergency. In this context, it must again be explicitly pointed out that a political evacuation from an area of [...]
Trading companies and manufacturers of goods have their deliveries insured in a global transport insurance policy based on turnover. The scope of coverage is usually "all risks" according to the Institute Cargo Clauses or similar wordings. The current situation in Ukraine is classified as war since Russia has occupied Ukrainian territory with a regular army. [...]
This is an overview of the current status of EU measures, with more focus on sanctions relevant to the financial sector/insurance (mediation) services. The summary includes the sanctions imposed in 2014 against Russia and Crimea, which are still in effect, and the sanctions most recently imposed in February of 2022 which are again in addition [...]
A major German health insurer states that insurance cover for persons in Russia and Ukraine continues to exist without any limitation, as long as these persons do not actively participate in the war (Passive war cover for non-combatants). The insurer underlines, however, that due to current sanctions all claim payments, direct settlements with medical institutions [...]
Like other insurance lines, aviation insurance also excludes damage caused in connection with war and terrorism. The specific definition in the insurance policies says that there is no cover for claims caused by war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution insurrection, material law, military or [...]
Dear partners, the following is an open letter from Ukrainian insurers and brokers' associations. Dear colleagues and partners! Since February 24, 2022, Ukraine has been fighting against the armed aggression of the Russian Federation. You know that the Russian army invaded the territory of Ukraine practically from every direction with only one goal: to prevent [...]
Howden Group Holdings (Howden) has secured a total holding of 86.965% of the share capital of Assiteca S.p.A (Assiteca), the largest Italian-headquartered broker. Today, Howden confirmed that it has signed a definitive share sale and purchase agreement with Lucca's S.r.l., a company controlled by Assiteca's founder, Luciano Lucca, and Chaise S.p.A., a company owned indirectly [...]
Ukraine crisis - trade credit insurance and political risk In view of the dramatic developments in Ukraine, many companies are asking themselves how (and if at all) their trade receivables are secured in the event of a default in connection with an economic or political risk. Frankly speaking, there is no simple yes or no [...]