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Activist short seller claims Lemonade has leaked customer data
13th May 2021
Investment firm Muddy Waters Research LLC has claimed that insurtech firm Lemonade has an “unforgivably negligent security flaw” in its website that potentially exposes customer data. In a letter to Lemonade CEO Dan Schreiber, Muddy Waters asserts that major search engines have inadvertently accessed and indexed private data due to a ... Read the full article
Gallagher to non-disruptively absorb WTW assets, says S&P
13th May 2021
S&P Global Ratings believes Gallagher will successfully and non-disruptively absorb the various businesses it’s set to purchase from Willis Towers Watson, prior to the latter's much-anticipated mega merger with fellow broking powerhouse Aon. The various subsidiaries, being sold to satisfy European Commission competition concerns, include Willis Re, UK specialty, as ... Read the full article
Beazley reports growth in premiums to $971mn; 16% rate increase
13th May 2021
Specialist insurer Beazley has reported a 16% rise in gross premiums written (GPW) to $971 million for the first quarter of 2021, alongside premium rates on renewal business that came in above expectation. Rate momentum on renewal business saw an increase of 16% during Q1 2021, compared with 8% for the ... Read the full article
SCOR promotes Emmanuel Grandjean to Head of P&C Risks
12th May 2021
Global reinsurer SCOR has promoted its Deputy Chief Retrocession Officer, Emmanuel Grandjean, to a new position as Head of Property and Casualty (P&C) Risks, based in Paris. Grandjean has 15 years of experience in re/insurance industry, with experience across Life, P&C and Asset business. Notably, he has been one of the key ... Read the full article
Acquisition of WTW assets will ‘accelerate’ Gallagher’s long-term strategy, says CEO
12th May 2021
With global brokerage Arthur J. Gallagher set to acquire certain assets of Willis Towers Watson (WTW), including Willis Re, the company expects to significantly expand its global value proposition in reinsurance as well as its global footprint in other parts of the business. Aon and WTW announced today an agreement ... Read the full article
Aon & WTW agree $3.57bn sale of certain assets to Gallagher
12th May 2021
Global re/insurance brokers Aon and Willis Towers Watson (WTW) have signed a definitive agreement to sell Willis Re and a number of other WTW assets to Arthur J. Gallagher & Co. (Gallagher), for a total consideration of $3.57 billion. The announcement comes as the pair look to satisfy the European Commission's ... Read the full article
Data is the currency of the re/insurance world: Kirk Conrad, BMS
11th May 2021
“The power of data has only grown with the explosion of what is available and what is tracked over time,” according to Kirk Conrad, BMS’s global head of analytics, who in a recent interview with Reinsurance News, discussed the importance of data and analytics within the reinsurance industry. When asked if ... Read the full article
Tokio Marine HCC promotes Boyadjian to VP, Underwriting
11th May 2021
Property & Casualty insurer Tokio Marine HCC has appointed Kareen Boyadjian as Vice President of Underwriting. Boyadjian will report to Michael Palotay, the group’s Chief Underwriting Officer, and be based in Encino, California. She has overseen the healthcare segment of Cyber and manages the personal lines cyber product called NetGuard Select and ... Read the full article
IRDAI urges Indian insurers to concentrate on risk prevention
11th May 2021
Insurance Regulatory and Development Authority of India’s (IRDAI) Chairman, Dr. Subhash Khuntia, has advised Indian insurers to concentrate on risk prevention and continuous engagement with policyholders. Focusing on these aspects will enable policyholders to benefit not only through claim settlement, but also from prevention of loss. Khuntia believes that this will generate ... Read the full article
Majority of industry participants feel safe returning to offices
10th May 2021
After consulting our substantial network of industry contacts, Reinsurance News found that a majority of respondents currently feel safe returning to an office-based working environment, 14 months on from COVID-19’s elevation to pandemic status by the World Health Organisation. COVID-19’s impact as a highly contagious respiratory disease, compounded early on by ... Read the full article
AJ Gallagher in talks to acquire $3bn portfolio of Aon and WTW assets: Bloomberg
10th May 2021
Global insurance broker Arthur J. Gallagher is in talks with Aon and Willis Towers Watson (WTW) over the potential acquisition of a portfolio of assets, which includes Willis Re, reports Bloomberg. Bloomberg, citing people familiar with the matter, has reported that an agreement could be reached in the coming weeks. According to ... Read the full article
S&P highlights emerging markets’ ongoing vulnerability to COVID-19
7th May 2021
While widespread immunisation from COVID-19 looks to be achievable by most developed economies by the end of the third quarter, some emerging markets may have to wait until the year-end or later, according to S&P Global Ratings. For example, analysts note India's escalating second wave and the threat it poses in ... Read the full article
Aon forms EMEA M&A and transaction solutions advisory board
7th May 2021
Aon plc has formed an EMEA M&A and transaction solutions advisory board to support the growth and development of its M&A practice across the UK. The advisory board will provide counsel to Aon’s clients and its internal team as it continues to expand its transaction solutions and into areas such as ... Read the full article
Capacity is adequate, demand is high: GC’s Peter Hearn
5th May 2021
Peter Hearn, Chief Executive Officer of reinsurance broker Guy Carpenter (GC), has maintained that, despite some moderation in pricing over Q1, reinsurance market capacity remains adequate, and demand is high. The Guy Carpenter global property catastrophe rate online index increased just under 5% at the January 1 reinsurance renewals. And similarly, for ... Read the full article
RMS announces key modelling updates
5th May 2021
Catastrophe risk modeller RMS has announced a series of key changes to the flood models and maps it utilises, including new inland flood models and global flood hazard maps. Changes to its global flood coverage includes a new inland flood model for China, which will be available in June 2021 on ... Read the full article