United Kingdom (UK)
Insurance M&As expected to focus on insurtech
The days of mega-mergers in the insurance industry may be behind us as consolidation activity has dropped significantly from the peaks of 2014 and 2015. The sector is contemplating this change of gear and steadying itself in the face of waves of global…
Blog: Don't be phased by the IDD
Insurance companies and intermediaries responsible for selling insurance and reinsurance products should not be phased by the prospect of tightening rules to guard against mis-selling, following the publication of the first of two consultation papers…
LV to cover reinsurance rate rises with higher premiums
LV will cover any reinsurance price rises as a result of the Ogden rate cut solely through premium increases.
Kieran Rigby appointed as president of Crawford International
Kieran Rigby has been appointed to president of Crawford international, encompassing the UK, Europe, Asia-Pacific and Latin America.
Industry wary of consultation on 'virtually unenforceable' Vnuk ruling
Industry bodies have raised concerns about the government’s consultation on the ‘Vnuk judgement’, saying that it could lead to increased costs and fraud.
LV takes £139m hit from Ogden cut
LV took an £139m hit to strengthen its claims reserves as a result of the decision to cut the Ogden rate.
Enterprise Act: Paying the price for paying late
With the Enterprise Act coming into force on 4 May, policyholders will now be able to claim damages for late payment of claims. Are insurers ready?
Aspen Insurance teams up with US Risk on marine
Aspen Insurance will offer marine insurance across the United States through a partnership with the wholesale broker US Risk.
Brexit uncertainty to curb European insurance M&A
The political uncertainty surrounding Brexit will reduce merger and acquisition deals in Europe, according to AM Best.
Blog: Fronting is fraudulent
Policy history data can help insurers detect fronting.
Obituary: Neil Mills, ‘the Pope’ of Lloyd’s
Neil Mills, a well known insurance broker known as the “the Pope” at Lloyd’s of London, passed away on 3 March aged 93.
Post People: 10 - 14 April
The latest people moves in the industry.
Blog: Injured claimants are not lobby fodder
I spent 15 years working for a number of insurance companies before ‘crossing the floor’ to be the managing director of Minster Law, a claimant firm. Whether moving from insurance to the law is a step up the public approval rankings or a step down is a…
This Month in Post: Rates, start-ups and fraud
Spring is in the air and it's a time well-known for cleaning out the old and starting anew. As I continue to unpack boxes and work out where to put all of the fairly useless things I have collected over the decades, the industry has been taking its own…
Willis Towers Watson CFO Millay to retire
Willis Towers Watson’s chief financial officer Roger Millay is to retire in October.
Terrorism and political risk threat increases worldwide
Businesses with domestic and international footprints face an increasing threat of terrorism risk as Western countries experience a sharp increase in such attacks, according to risk analysts.
M&A insurance growth undeterred by Brexit uncertainty, says JLT
The demand for mergers and acquisitions insurance remains strong despite fears that Brexit uncertainty may hinder growth, according to JLT.
Nat cat losses cost insurers over $2bn in March alone, says Aon
Global natural disaster events could impact insurers with a $2bn (£1.6bn) hit over March, according to impact forecasting from Aon Benfield.
Startup Trov secures $45m for expansion efforts
On-demand insurance provider Trov has secured $45m (£36m) of investment for its global expansion efforts.
Lloyd’s confirms Council and Franchise Board appointments
Lloyd’s has appointed Gregory Fleming and Patricia Jackson to the Council of Lloyd’s and the Franchise Board respectively.
Storm Thomas loss estimated at €213m
Perils has made an initial loss estimate for February’s Storm Thomas of €213m (£182m).
Lloyd’s faces 'structural revolution' as market challenges drive change, says Macquarie
Lloyd’s will undergo a “structural revolution” as digital innovation and alternative capital sources impact the market, according to Macquarie Research.
MS Amlin first to go live as Lloyd’s opens India platform
Lloyd’s has commenced operations in India with MS Amlin the first syndicate to begin underwriting from 1 April.
Blog: The apprenticeship levy might not be as bad as you think
After two years of waiting – and wondering – the apprenticeship levy is upon us. And so, for those of you with an annual paybill of over £3m, you’ll now be paying 0.5% of that to HMRC.