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NewsDavies set to buy Lloyd’s managing agent
Claims organisation Davies has today (8 September 2021) announced the acquisition of third party Lloyd’s managing agency Asta, subject to regulatory approval.
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Axa sells insurance operations in Gulf region
Insurer Axa has today (7 September 2021) confirmed that it has completed the sale of its 50% shareholding in Axa Gulf and its 34% shareholding in Saudi Arabia-based Axa Cooperative Insurance Company to insurance firm Gulf Insurance Group, situated in Kuwait.
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New Dawn Risk ‘strongly positioned’ to grow after hiring industry veteran
International specialty insurance broker New Dawn Risk Group is “strongly positioned” to become an influential participant in the specialty liability market, according to its chief executive Max Carter.
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Briefing: Addressing emerging geopolitical risks is ‘major growth opportunity for insurers’
New Lloyd’s report calls for innovation around insurance for geopolitical risks as it identifies 10 ‘paradigm shift’ factors that could affect whether current cover is still fit for purpose
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CVC funds complete acquisition of RiverStone Europe and appoints Preben Prebensen as Chair
Industry veteran Nick Packer will also join the Board of the business, which will now be known as RiverStone International
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Ariel Re granted ‘In Principle’ approval to establish a Lloyd’s Managing Agent
The new company, Ariel Re Managing Agency (“ARMA”), is expected to manage the business ofSyndicate 1910 and SPA 6117 from early 2022 subject to regulatory permissions.
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Aon has announced new global leadership roles in Reinsurance Solutions
This evolution of the team is designed to create greater opportunities for existing and new talent in the firm’s growth journey and deliver enhanced solutions for clients.
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Axa has paid £75m for Covid-linked BI claims to date
Insurer Axa has paid out £75m for Covid-19-related business interruption (BI) claims following the Supreme Court’s appeal ruling in January 2021, confirmed Tara Foley, the firm’s chief executive of UK retail.
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Willis Tower Watson sues broker rival over ‘poaching’ for its public entity team
Willis Towers Watson (WTW) has sued broker Alliant Insurance Services for reportedly ”poaching its staff” to grow its public entity team.
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Bermuda (Re)insurers paid $30 billion to European Union customers since 2016
The survey results reflect the growing significance of the Bermuda (re)insurance market’s contribution to the EU over these two and a half decades.
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Lloyd’s syndicate Ki hires new chief technology officer
Lloyd’s digital syndicate Ki has hired Richard Hodgson in the newly created role of chief technology officer.
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Irish competition authority secures commitment from six insurers to combat price signalling
The Competition and Consumer Protection Commission (CCPC) in Ireland has secured legally binding commitments from six insurers operating in the country’s motor insurance market in a bid to stamp out price signalling.
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Covid-19 drives underwriting losses of £2bn for Lloyd’s market – Insurance DataLab
The Covid-19 pandemic has driven underwriting losses of more than £2bn in 2020 for Lloyd’s market according to new analysis from Insurance DataLab.
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Insurance industry witnesses ‘large drop in appetite for terrorism cover’
The “terrorism threat level in the UK is going to rise” as the current conflict in Afghanistan continues and Al-Qaeda, alongside other Islamist extremist groups, fights to freely operate in the country once again, according to Alan Brett, product development manager at MGA Inperio.
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Tokio Marine Holdings completes share buyback
TMH stated that the reason for the repurchase of its shares was to implement flexible financial policies.
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FCA updates GI pricing rules following stakeholder feedback
The FCA has issued an update to its incoming pricing practice changes for the motor and home insurance markets, based on feedback from stakeholders.
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Tokio Marine Insurance Singapore falls victim to ransomware cyber attack
Tokio Marine Insurance Singapore Limited (TMiS) revealed it was subject to a ransomware cyber-attack on August 16 2021
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Whitespace sees 84% increase in business placed on its etrade platform during 2021
Technology company Whitespace has seen a notable increase in the adoption and usage of its digital etrading platform for brokers and insurers over the last 14 months, with an increase of 84% in June 2021.
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AM Best downgrades credit ratings of Arab Reinsurance Company SAL
In AM Best’s view, economic, political and financial system risk in Lebanon, which was already elevated, has continued to rise following the devastating explosion in the port of Beirut on Aug. 4, 2020, and the subsequent resignation of the government.
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Flood exposures up by 24% since 2000
Population at risk of extreme flood is ten times higher than previously thought, finds WRN partner Cloud to Street
