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NewsAon and Willis Towers Watson Issue Statement on U.S. Department of Justice Action
“We disagree with the U.S. Department of Justice’s action, which reflects a lack of understanding of our business, the clients we serve and the marketplaces in which we operate.”
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U.S. sues to stop Aon’s purchase of Willis Towers Watson
The U.S. Justice Department filed a lawsuit on Wednesday aimed at stopping insurance broker Aon’s (AON.N) $30 billion acquisition of Willis Towers Watson because it would reduce competition and could lead to higher prices.
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Briefing: Gefion bankrupt - why do brokers lose their senses with unrated insurers?
Gefion’s bankruptcy repeats the familiar tale of unrated insurers
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Law firm advises Howden Group amid Parhelion launch
International law firm RPC has advised Howden Group on the launch of Parhelion – the world’s first fully sustainable insurer.
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Consumer group questions extent of Covid cover in travel policies
Consumer group Which? is questioning whether travel insurers are living up to their claims that they provide “complete” Covid-19 cover after its research found that only two travel insurance providers offer all-round financial protection for policyholders, reported the BBC.
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Insurance sector could fork out up to $3bn for Tokyo Olympics cancellation
The insurance sector could pay out between $2 to $3m for the cancellation of the impending Tokyo Olympic Games to begin 23 July, according to an analysis from Bloomberg Intelligence.
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AXA France offers €300m BI settlement to 15,000 restaurant clients
AXA France has offered a €300m financial business interruption (BI) solution to 15,000 restaurant owners on the insurer’s standard insurance policy, including extended coverage for losses linked to administrative closure.
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Bermuda assesses G7’s outline for new global tax system
Curtis Dickinson, Bermuda’s finance minister, reacting to his G7 counterparts’ commitment to a minimum corporate tax, last night said: “It is critical that any agreed framework to establish a global minimum tax, must respect a country’s right to sovereignty in relation to its tax system.”
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WTW: Global insurance industry faces IFRS 17 costs estimated at US$15 to US$20 billion
As the January 2023 transition date approaches, over 300 insurers reveal their top challenges in this comprehensive study by Willis Towers Watson
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Canopius announces the launch of its algorithmic underwriting platform, Vave, as an MGA
Vave MGA is forecast to exceed $100m premium by the end of the year, and, as a digital platform with diverse capital, Vave is positioned for rapid and sustained growth.
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Steps towards cyber resilience
Three proven strategies business leaders can deploy to accelerate cyber transformation
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Lessons in risk from the Suez crisis
Suez, COVID and Brexit have challenged assumptions about the complex supply chain risks modern corporates must contend with
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Emerging risks and the “COVID effect”
Government support programmes have kept alive unviable zombie companies, while wealth inequality has broadened, finds Swiss Re SONAR
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Major websites affected by cloud outage
Fastly said CDN services were impacted as dozens of sites, including Amazon and the UK government, were unavailable
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Denmark, Norway most resilient nations - FM Global
Climate risk is an increasingly important factor for companies and leaders making strategic decisions
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Intact and Tryg complete cash acquisition of RSA
Bidco, a wholly owned subsidiary of Canadian insurer Intact Financial Corporation, and Danish insurer Tryg A/S have completed their acquisition of RSA, effective today.
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Tencent Venture wins license to offer reinsurance in Hong Kong
A joint venture controlled by internet giant Tencent Holdings Ltd. has won a license to offer reinsurance services in the financial hub of Hong Kong, marking a new move into the financial services realm outside its Chinese 2home market, a knowledgeable source told Caixin.
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Ardonagh Group to buy insurance operations from tech firm for $500m
The Ardonagh Group has agreed to buy the insurance operations of global broker and financial technology firm BGC Partners for a cash consideration of $500m, subject to regulatory approval.
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IoT data is the risk prevention tool of the future in insurance, highlights new Geneva Association report
The report, authored by Isabelle Flückiger and Matteo Carbone, is based on interviews with over 60 insurers, technology companies, start-ups, global organisations and leading academics across all insurance business lines and geographies.
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Temporary trade credit reinsurance scheme to close
The ABI has revealed that the temporary Trade Credit Reinsurance (TCR) scheme will close on 30 June as planned.
