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In this issue, market insiders claim there is “no question” distressed consolidator Towergate will be up for sale once again in the coming years, despite a recent debt-for-equity deal.
The firm has announced it has reached an agreement that will result in the group's senior secured creditors taking control of the business – with company founder Peter Cullum among the shareholders exiting the firm. Asked if the deal represented a staging post ahead of a further sale to a third party, Towergate interim CEO Alastair Lyons told Post the deal marked "the end of the process" as far as he was concerned. However, market observes disagree.
Also in the news, the Co-operative Insurance's head of claims Jonathan Guy has suggested that insurers should consider adopting a voluntary code to ensure injured policyholders are compensated in situations where due to automatism negligence cannot be established; the creation of a working party to co-ordinate and develop the management of workplace stress has been backed by insurers; and the UK's major claimant legal representative bodies claim the fundamental dishonesty clause unfairly targets claimants and could encourage spurious fraud allegations by "unscrupulous" insurers.
Howden Broking Group’s Adrian Colosso and LV’s John O'Roarke are in the C-Suite. Colosso highlights the rise in cyber attacks, arguing that with technology advancing rapidly, the industry needs to take its head out of the sand. Meanwhile, as the frequency of personal injury claims rises once more, O'Roarke welcomes the cross-industry taskforce on fraud.
Francesca Nyman meets UK Spill chairman Stewart Ower. He talks about how he plans to use his tenure to ensure any environmental aspect of a claim is one recognised as early as possible, so proactive intervention can help take control of claims costs.
The problems caused by the question of making company systems more secure from hacking continues to prey on the industry’s mind. We investigate how insurers can stop unauthorised people from breaking down their digital doors.
Finally, we wrap up our In Series features on corporate risk by looking at how claims management in the corporate space needs a tailored and clearly communicated approach. We find out how insurers and brokers can eradicate the grey areas to deliver this successfully.
Enjoy the read!
With great sadness we confirm that Sir David Rowland, our former Chairman from 1993 to 1997, has passed away. He played a critical role in safeguarding the future of the Lloyd’s market through perhaps its most difficult period.— Lloyd's (@LloydsofLondon) February 18, 2019
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