Author: DAXEL_Admin

At DAXEL we protect the personal and family assets of your Directors and Senior Executives.

Your personal assets are at stake. At DAXEL we want to protect you.

As a Director or Senior Manager, you will be liable with your own assets for damages claimed against you due to acts contrary to the law or the bylaws, or even due to negligence in the exercise of your business functions.

We live in an increasingly demanding regulatory environment. Sustainability, governance and environmental risk regulations are constantly evolving, directly affecting the work of managers and executives.

At Daxel, we understand these challenges. That is why our D&O (Directors and Officers) policies are innovative and include coverages adapted to the new times:

    1. Support for erroneous business decisions
      We cover possible claims arising from business decisions:

        • Risk Management Expenses

        • Defense costs arising from a claim for negligent management actions

        • The constitution of criminal bonds that may be imposed by a court of law to cover your possible liability

        • The indemnities that you are obliged to pay for your civil liability as a Director of the company

        • Negligent acts in employment matters

        • A shareholder's legal expenses related to the infringement of a social responsibility action.

        • Fines and penalties

        • The professional disqualification of the insured

        • Criminal Liability of the company and of the Administrator and/or Senior Management and Directors. 
       

        1. Extended coverage 

        We include protection covers, among others:

            • Extradition Expenses

            • Deprivation of Assets Expenses

            • Psychological Assistance Expenses

            • Professional disqualification of the insured
            • Retired Administrators

            3. Reputation and public image defense
            We cover public relations and consulting expenses to protect the reputation of our policyholders in the event of media or reputational crises.

            4. Limits adapted to your company
            We offer periodic reviews of the policy to adjust it to the specific needs of each client.

            5. Specialized advice
            At DAXEL we have a team of professionals with extensive experience in underwriting and managing Financial Lines insurance claims. Our specialty allows us to generate tailor-made solutions, always with a high vocation for service and human quality.

            At Daxel we take care so that you don't have to worry.

            And as part of our commitment to sustainability, we reward companies with responsible ESG practices with preferential conditions and discounts.

            Request a quote

            To request a customized quotation please contact us:

            DAXEL Insurance Services

            Underwriting Department

            E-mail: suscripcion@daxelinsurance.com

            Phone: +34 912 378 435

            Web: www.daxelinsurance.com

            We celebrate our first DAXEL event

            On September 24, we had a very special day celebrating our first event, surrounded by more than 150 colleagues from the sector, including markets, brokers, leading associations and professionals from the insurance sector, who have trusted in our project from the very beginning.

            We are very grateful to all those who were present and to those who came from different parts of Spain -Barcelona, Cadiz, Gerona, Murcia, Santander, Santiago de Compostela, Seville, Valencia- as well as from London, Poland and Mexico, to join us on this special day for us.

            This is just the beginning of our journey, and we could not be more grateful for your support. Here's to much more, together!

            Our Managing Director participates in the Lloyd's of London building charity abseil

            On June 27th, our Managing Director participated in the charity rappel from the emblematic Lloyd's building, descending from 88 meters high, in support of various charitable actions from the Lloyd's of London Foundation.

            The insurance industry has always played a vital role in society, helping people recover from setbacks and navigate daily life with confidence. Lloyd's has a long tradition of community support, and the Lloyd's of London Foundation is an example of this commitment.

            The Lloyd's of London Foundation focuses on helping charities, colleagues and businesses dedicated to making a meaningful difference around the world. Its aid programs address employability, social mobility, mental health, disaster prevention and climate resilience. The Foundation not only responds to global needs, but also helps communities build sustainable futures, prepared to meet emerging challenges.

            Some of the projects supported by Lloyd's include Rise Against Hunger, Habitat for Humanity, the Greening Agriculture Project in Zimbabwe, the School of life initiative to reduce school dropout rates by transforming the lives of Cambodian children living in deprived communities, and Project Ankur, an initiative focused on early childhood care and education.

            DAXEL took part in INESE's Insurance Week 2024

            DAXEL Insurance Services has witnessed the most important national event for those of us who are part of the insurance sector. It is impossible not to highlight the immense effort and dedication to organize an event of such magnitude.

            From innovative panel discussions to unparalleled networking opportunities, INESE's #SemanadelSeguro has once again proven to be the epicenter of knowledge, trends and advances that will shape the future of our industry.

            Thank you, INESE, Susana Pérez, and your entire team, for creating such an enriching space and for promoting growth and excellence in the insurance industry.

            Miami Reinsurance Week 2024

            This year DAXEL Insurance Services was honored to participate in Miami Reinsurance Week. A unique annual event where global industry leaders gather to share, learn and discuss the challenges and opportunities facing our industry.

            Miami Reinsurance Week has not only allowed us to connect with professionals from all over the world, but also to understand the direction the insurance and reinsurance market is taking and how, from our diverse capabilities, we can contribute to strengthen and make our environment more resilient.

            We would like to extend a special thank you to all our partners and organizers for the invitation to this significant event: WTW, Starr Insurance, Aon, Hamilton, #Lloyd's, AIG and OdysseyRe.

            To everyone who has been part of this experience: thank you for the inspiring conversations, valuable insights and opportunities for collaboration.

            We at DAXEL wish you all a Merry Christmas and a Happy New Year 2024!

            From DAXEL Insurance Services we wish you all a Merry Christmas and a Happy New Year 2024.

            May these days be filled with unforgettable moments, surrounded by love, laughter and the company of those you cherish. May the coming year 2024 bring you prosperity in all aspects of your life.

            Merry Christmas and Happy New Year! 

            Magnificent Christmas cocktail party hosted by CAI, Club de Aseguradores Internacionales

            On December 13, we had the pleasure of attending the Christmas cocktail party held by CAI with all its members at the ARGO Club in Madrid.

            A magnificent meeting in which Francesc Rabassa, President of the Club, highlighted the growth in the number of members and the fulfillment of the objective set at the beginning of the year, to hold a monthly event both professional and cultural.

            From DAXEL we want to thank and give our most sincere congratulations to the CAI for promoting the relationship between partners by promoting personal and professional relationships within the sector and effective networking.

            AI: New products for new risks

            DAXEL did not want to miss the Dragons' Den Pitch organized by Lloyd's Lab Futureminds, led by Iryna Chekanava. This Lloyd's Lab-driven project focused on developing insurance products that cover the risks associated with Artificial Intelligence (AI).

            The growing interest in AI and its associated risks reflects the accelerating adoption of AI-driven models and technologies in the insurance industry. Although insurance products designed to mitigate these risks are in early stages, their crucial role in AI implementation and regulation is undeniable.

            Dragons' Den Futureminds, as an innovation program, aims to enable emerging insurance professionals to access the tools and skills necessary to develop ideas from the identification of client problems to the presentation of validated product concepts. The ultimate purpose is to create validated insurance products with the potential to be incubated and tested in the insurance market.

            The Futureminds Dragons' Den session provided a venue for us to learn about five new tools developed by the working groups during the program. These innovative products address key aspects of the risks associated with AI:


            - Team 1 - Developed AI catastrophe bonds for AI failures and non-aligned performance with the goal of influencing a shift towards effective AI risk management and actively contributing to the development of pro-human AI.

            - Team 2 - Presented a smart manufacturing and risk transfer solution, offering product recall coverage for manufacturing companies using AI models/software in their manufacturing process.

            - Team 3 - Devised a risk engineering solution to support customers in understanding and securing the risks they take with the use of AI.

            - Team 4 - Proposed a solution for potential labor displacement as the use of AI increases, to support those affected, either through government or business.

            - Team 5 - Presented a use case for the risks arising from the use of AI to support valuations in the market for species with increasing frequency.

            The session also provided an opportunity to deepen the understanding of the risks associated with AI, thanks to the intervention of Marco Io Giudice, Head of Emerging Risk at Lloyd's. According to his comments, AI risks underline the need to proactively adapt to constantly evolving challenges, emphasizing that "New risk demands new products". This strategic and forward-thinking approach is essential to address emerging risks in the insurance and cybersecurity sector.

            Mayrit event, Lloyd's broker

            Last week, we shared an amazing few days of team-building organized by Lloyd's Broker, Mayrit Insurance Broker.

            These were fantastic days full of synergies between brilliant colleagues in the insurance sector. Undoubtedly, it is worth noting that what unites us goes beyond the professional sphere.

            It is a pleasure for DAXEL to be part of the MAYRIT family.

            Thanks to Mayrit Insurance Broker, for all the organization and for being an excellent host.

            Presentation of the Insurance Solidarity Awards 2023

            Yesterday we attended the 'Premios Solidarios del Seguro' (Insurance Solidarity Awards) organized by INESE.

            It is very exciting to see the social commitment and solidarity of the insurance sector, and we do not want to miss it.

            At DAXEL Insurance Services, our dedication to social responsibility remains unwavering. Solidarity knows no bounds, and we are committed to continuing to be agents of change.

            Big celebration party on the 9th anniversary of IBERIAN Insurance Group

            DAXEL had the pleasure of attending the fantastic party celebrating the 9th anniversary of IBERIAN Insurance Group.

            DAXEL Insurance Services would like to express our most sincere congratulations to IBERIAN Insurance Group for these impressive nine years of success and for setting a standard of excellence in our industry.

            Our utmost gratitude for making us part of the #IXBERIANDAY that, with more than a hundred colleagues from the sector, we were able to enjoy yesterday, undoubtedly a reflection of the exceptional work and team spirit that characterize IBERIAN Insurance Group and its motto #WorkingTogether.

            Some of the keys to its success: excellent work, tireless effort and team spirit. IBERIAN Insurance Group has had a resilient attitude that seeks not only individual, but collective success.

            From DAXEL we admire your entire team, which is a reflection of your CEO Dario Spata, focused on the excellent work he has merged with his wasteful generosity in which he always puts the interests of others before his own individual interests.

            This 9th successful anniversary is the 'magic' of years of dedication, effort, passion and determination, and deserves recognition. Congratulations to the entire IBERIAN Insurance Group team for this #IXBERIANDAY, and for the strong and positive footprint they are leaving in the insurance industry.

            Congratulations IBERIAN Insurance Group!

            Major event to mark the start of operations in Spain of Mexican broker ANCORA Seguros y Fianzas

            Our most sincere thanks to ANCORA Seguros y Fianzas for making us part of their magnificent celebration of the beginning of operations in Spain.

            It has certainly been very inspiring to meet his team and learn more about his successful track record in Mexico.

            At DAXEL we are confident that their innovative approach and commitment to service excellence will bring great value to the insurance market in our country.

            As Enrique Murguía Pozzi explained in a magnificent reflection, just as 'the cow does not give milk', the success of ANCORA Seguros y Fianzas comes from its continuous effort, work and passion for doing things well.

            Thank you again for giving us the opportunity to be part of your exciting journey in Spain.

            We have no doubt that ANCORA Seguros y Fianzas will have all the success in the world in this new chapter. Their dedication, experience and passion are a guarantee of a bright future.

            We attended the panel on Artificial Intelligence organized by Lloyd's Lab

            We are excited to have attended the panel on Artificial Intelligence hosted by Lloyd's Lab at the iconic Old Library, with top industry professionals and AI experts.

            The panel of experts shared with us interesting news about the Artificial Intelligence revolution in insurance.

            An invaluable opportunity to delve into the landscape of Artificial Intelligence and its risks in the markets. We at DAXEL are excited to learn more about the innovative products that will revolutionize insurance, with a particular focus on cybersecurity and sustainability.

            The future of insurance and Artificial Intelligence is incredibly exciting.

            The power of Artificial Intelligence in transforming the insurance world, explore the threats and opportunities involved in the evolution of Artificial Intelligence and its impact on the risk landscape.

            We attended the conference 'Geopolitics and ESG, main risks to be taken into account by companies'.

            At DAXEL we attended the business day organized by MARSH together with Expansión on 'Geopolitics and ESG, main risks to be taken into account by companies'.

            Pablo Trueba, CEO of Marsh, shared with us an enlightening vision of the pillars on which good enterprise risk management is based:

            1. Protection of assets and resources.
            2. Ensuring business continuity through the development of contingency plans.
            3. Compliance with legal and regulatory requirements.
            4. Facilitation of informed decision making.
            5. Contribution to the improvement of the company's efficiency and profitability.

            He also highlighted the main strategic decisions to be made in the face of risks:

            1. Identify potential threats, such as changes in government policies or trade conflicts.
            2. Assess the impact of these risks on the company's operations and profitability.
            3. Mitigate risks through measures such as market diversification and the adoption of strategies to ensure competitiveness.

            During the course of the day, the excellent participants at the discussion tables addressed two crucial issues:

            1. What is the impact of geopolitical risks?

            It has been highlighted how trade tensions, international conflicts and changes in government policies can have a significant impact on companies' operations.

            To address these risks, three key factors have been highlighted:

            • Early identification of threats.
            • Evaluation of the impact on operations and profitability.
            • Proactive mitigation through appropriate strategies.

            Strategies for managing geopolitical risks have been discussed, highlighting the importance of:

            • Accelerate innovation as a competitive differentiator.
            • Diversify the market, while preventing cost increases from damaging the competitiveness of companies.
            • Supply chain assurance, through ''friendshoring'' as it can help in the evaluation of the supply chain to ensure efficiency and quality.
            • Design plans to improve production efficiency.
            • Create a standardized digital and green transition, developing measures to place limits on outside competition.
            • Implement controls such as the Carbon Border Adjustment Mechanism (CBAM) with which the European Union wants to protect the competitiveness of EU companies, which pay for their CO2 emissions as opposed to imports, which do not.

            2. ESG criteria as an opportunity for growth and value.

            The second major theme focused on the importance of considering environmental, social and governance (ESG) aspects.

            It has been highlighted how ESG risk management is essential to maintain reputation, comply with regulations and meet the expectations of investors and society in general.

            In the context of the E (environmental), emphasis has been placed on the need to adopt policies related to the care of the environment and the fulfillment of the 2030 and 2050 objectives , among others, to Net Zero, all of which has been linked to the need to accelerate technological innovation.

            Regarding the S (social), the importance of inclusion has been emphasized, as well as the quality of life in the areas where the companies operate has been another important point to be taken into account by the companies for the correct compliance and in terms of human rights.

            From the G (governance), it has been pointed to the obligation of companies to promote the risks that affect the business, specifically in terms of cybersecurity of both the company itself, as well as customers and supply chains that may be affected.

            The role of the insurance sector in promoting sustainability has been highlighted.

            With respect to our sector, he referred to the importance and the certain obligation that insurance has as a 'policeman' of the system. The insurance sector must ensure compliance with ESG policies throughout its supply chain and suppliers, as well as with respect to the underwriting portfolio, which must be analyzed on the basis of ESG criteria.

            Conclusion:

            The day provided valuable insight into the main risks facing companies today. Risk management, particularly with regard to geopolitical and ESG risks. Adapting to an ever-changing business world, transitioning to more sustainable practices and seeking expert advice are key steps in risk management and future business success.

            DAXEL offers advisory services and support to all our clients, reinforcing the importance of risk management in a constantly evolving business environment, with a significant emphasis on regulation and sustainability. The combination of appropriate risk management and consideration of geopolitical and ESG factors are essential for business success and sustainability.

            DAXEL attends the 34th AGERS Congress

            At DAXEL we didn't want to miss the 34th Congress of AGERSThe Spanish Association of Risk Management and Insurance, where top-level speakers shared their views on risk management and the main trends in the Spanish insurance market.

            There were also sessions on Artificial Intelligence and the importance of ESG criteria and sustainability. In addition to the intervention of the President of FERMA Risk Leadership at the heart of Europe, which was a unique opportunity to learn about key aspects of risk management at the international level and the strategic figure of captives.

            Undoubtedly, a unique annual opportunity where hundreds of industry and risk management professionals have gathered to share their enriching knowledge and deepen their understanding of key aspects of risk management.

            We at DAXEL would like to extend our most sincere congratulations to AGERS - Spanish Association of Risk and Insurance Managementand especially to Alicia SolerExecutive Manager of AGERS and to Juan Carlos PorcelPresident of AGERS, for this great event and the excellent organization.

            Managers on the front line: How to protect against cyber-attacks?

            In recent weeks we have seen a dizzying growth in cyber attacks. Cases such as the cyber-attack in Las Vegas on the MGM Resorts business group, which paralyzed its systems in hotels and casinos and caused losses of around 100 million dollars, or the cyber-attack suffered by the Air Europa airline, revealing the credit card data of a large number of its customers.

            Artificial Intelligence (AI) is undoubtedly helping to detect and thwart cyber attacks, but this, in turn, is enabling cybercriminals who can use it to increase the speed, accuracy and frequency of their intrusion attempts .

            Senior management must give priority to this issue, since the impact that an organization may suffer as a result of a cyber-attack can have serious financial and reputational consequences, as well as civil liability to third parties, and/or even the imposition of heavy penalties by the authorities.

            Add to this an increasingly complex regulatory environment with higher fines, and it is not surprising that Boards of Directors are becoming increasingly concerned about this issue.

            Within this framework, the management bodies, being ultimately responsible for any cyber incident suffered by the company, must use all the means at their disposal to guarantee the integrity of the organization, its employees and third parties that may be affected by the incident.

            Among the main actions to be carried out to ensure the organization, the following should be noted:

            • Identify and prepare the Risk Assessment.
            • Incorporate cybersecurity in the Security Master Plan.
            • Train and raise awareness among employees.
            • Implement the Zero Trust policy.
            • Review and update procedures and measures to mitigate exposure to attack.
            • Include investment and renewal of IT systems.
            • Design and update the Incident Response Plan and the Business Continuity and Contingency Plan.

            From an insurance standpoint, it should be noted that Directors' and Officers' liability may or may not be covered in the D&O policy and by the cybersecurity policy.

            Given these circumstances, brokers are a fundamental pillar in helping companies to protect themselves from these cyber-attacks, through a policy that covers, among others, the interruption of services, the possible destruction of data, the risks derived from the privacy of such data, as well as the reputational damage that these breaches cause to companies and the responsibility of Senior Management, as well as in the immediate response to the incident, in order to mitigate the impact of the cyber-attack and its possible consequences.

            In conclusion, it is essential for Administrators and Managers to have insurance policies that fully protect them against cyber-attacks on their organizations.

            DAXEL participates in the summit organized by the three European Supervisory Authorities held at the Prado Museum

            DAXEL participated in the meeting organized by the European Insurance and Occupational Pensions Authority (EIOPA), the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the Comisión Nacional del Mercado de Valores (CNMV), on the occasion of the 10th Consumer Protection Day meeting, which took place in the emblematic Prado Museum.

            During the event, crucial topics on trends and challenges that are transforming the world of finance and insurance, including cross-selling, cryptocurrencies and greenwashing , have been discussed.

            We share with you some of our reflections on the topics discussed.

            • Cross-selling:

            One of the highlights of the event was the emphasis that cross-selling can be a valuable tool for organizations when practiced responsibly. It reminds us of the primary obligation we have to ensure that customers are protected at all times.

            We share the importance of ensuring that our recommendations to clients are in line with their needs and their particular circumstances.

            It is our obligation to act in the best interest of our clients, providing them with clear and complete information on the options available and enabling them to make informed decisions.

            Cross-selling is a strategic and valuable tool when used correctly. It is the obligation of all the actors in the sector to do it responsibly and with consideration for our customers.

            • Cryptocurrencies:

            The event also explored the challenging world of cryptocurrencies and their impact on finance. It discussed their advantages but also their risks and how these can affect the industry.

            The cryptocurrency panel explained the importance of the new MiCa (Markets in Crypto Assets) regulation as an essential part for the regulation of the cryptocurrency market, thus expanding its security, as it includes rules for the monitoring of cryptotransfers, prevention of money laundering, market manipulation and consumer protection.

            During the event, we explored the key aspects of this regulation and how it will affect operations in our sector.

            • Greenwashing:

            The importance of continuing to work closely with greenwashing was recalled. The increase in demand for investment in companies with sustainability-related characteristics was followed by an increase in offers from companies claiming to have and apply a range of sustainability governance processes and tools.

            There is a need to achieve full transparency in corporate compliance with respect to sustainability. As consumers demand more sustainable businesses, we are committed to offering products and services that truly reflect a full commitment to sustainability and ESG factors.

            Customers and authorities alike demand transparency, accountability and ethics in our operations. We are determined to lead on this front and to set an example in the insurance industry.

            At DAXEL we are committed to digitalization and sustainability, bringing regulatory compliance to the highest level of priority in order to provide responsible, innovative and efficient solutions to our customers.

            8th Anniversary of the Sustainable Development Goals

            At DAXEL we are celebrating the 8th anniversary of the Sustainable Development Goals and we are doing so by putting the #ODSforFlag.

            We raise the #ODS flag as a sign of our commitment. If you care about education, responsible consumption, environmental care, peace or health, you can do it too.

            Join #TogetherForSDGs and log on to www.odsporbandera.org