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London market companies investing in tech show 6-point outperformance advantage: WTW
15th June 2023
According to a new analysis by the global advisory, broking and solutions company, WTW, the London Market is beginning to demonstrate tangible results on the back of technological innovations in order to position firms for long-term profitable growth. WTW conducted an analysis of 49 syndicates that make up approximately 85% of ... Read the full article
Capital inflows may not be enough to pressure reinsurance prices: Conduit Re
22nd March 2023
Speaking at a conference hosted by investment bank Berenberg, Conduit Re's chairman, Neil Eckert, suggested that despite expecting new capital to be drawn in following the repricing of risk, the inflow may not be large enough to put significant pressure on pricing. According to Berenberg's analysts, Conduit is "upbeat" on the ... Read the full article
Direct Line’s quota share reinsurance agreement a credit positive, says Moody’s
30th January 2023
Moody's has suggested that Direct Line's recently announced quota share reinsurance agreement will improve the firm's Solvency II capitalisation and is likely to better its returns over the medium term. Direct Line executed the strategic reinsurance arrangement via its principal underwriter, UK Insurance Limited on the 26th of January. Direct ... Read the full article
Direct Line Group CEO to step down
27th January 2023
Direct Line Insurance Group has announced that Penny James has agreed with the Board to step down as Chief Executive Officer and Director with immediate effect. The firm states that the Board is initiating a process to appoint a successor, noting that until that process is complete, Jon Greenwood, currently Chief ... Read the full article
BOC Aviation sues 16 insurance companies over Russia losses
16th November 2022
BOC Aviation, a Singapore-headquartered aircraft lessor, has begun legal action against 16 insurance companies, including Lloyd’s of London, Chubb European Group, AIG Europe and Swiss Re, over losses linked to Russia-Ukraine war, according to a Reuters report. The proceedings were issued in the High Court on November 3, 2022. In August, the ... Read the full article
Long arbitration and legal procedures for lessors and re/insurers of stranded aircrafts in Russia
28th September 2022
According to a recent report by DBRS Morningstar the risk of a prolonged Russian invasion of Ukraine will further complicate the resolution of aircraft leasing insurance claims which would take years to settle, with experts believing that this would require complex arbitration and legal procedures. More than 500 aircrafts and ... Read the full article
Stranded aircraft lessor brings $3.5bn lawsuit against AIG
14th July 2022
Aercap, the largest global aircraft leasing firm, has sued AIG and other insurers including Lloyd's business Atrium over planes stranded following the outbreak of conflict between Russia and Ukraine, according to reports from City A.M. The lawsuit follows a $3.5 billion all-risk claim filed in March over aircraft lost in Russia, ... Read the full article
Swiss Re warns that US may have slipped into recession
6th July 2022
A new note from Swiss Re posits that the US has already started to slip into a recession. In its Economic insights: The ‘Great Bond Massacre’ 2.0, the firm says that the world’s largest economy is either in recession or is about to enter one, referring to data from the Atlanta ... Read the full article
Planes stranded in Russia could lead to industry losses topping 9/11
20th June 2022
The aggregate value of planes stuck on Russian territory following the nation’s invasion of Ukraine could even surpass the claims stemming from 9/11, according to a new note from WTW. The firm said that while the impact of the invasion was still unknown on the aviation industry, it said that there ... Read the full article
Zurich in talks over sale of $21bn German life portfolio to Viridium: reports
11th May 2022
Global insurer Zurich is reportedly in advanced talks over the sale of a €20 billion (USD 21bn) portfolio of German life insurance policies to Viridium Group, part of Cinven. According to Bloomberg, people familiar with the matter said that Zurich could announce the planned sale as soon as this week. However, an ... Read the full article
Allianz books additional provision of €1.9bn for Structured Alpha funds
11th May 2022
Allianz SE has booked an additional provision for its Structured Alpha Funds of €1.9bn in Q1 2022 before tax. The company said that the provision will ‘negatively impact’ the Q1 group net income by €1.6bn after tax. This will result, said Allianz, in a net income attributable to shareholders of €0.6bn. ... Read the full article
Lloyd’s gearing up for conflict over planes stranded in Russia
3rd May 2022
Lloyd’s has reportedly hired law firm Clyde & Co. to give advice on the current situation involving Russia’s annexation of planes following its invasion of Ukraine. It is understood that more than 500 planes were left stranded in Russia after the country began to invade Ukraine earlier this year. A ... Read the full article
Lancashire Insurance says aviation losses from Russia-Ukraine ‘manageable’
31st March 2022
Lancashire Insurance says that its exposure to the Russia-Ukraine conflict is ‘manageable’. Speaking on a conference call hosted by Berenberg in London at the weekend, the firm said that its exposure to Russia-Ukraine was manageable and that its worst-case scenario remains an earnings event, not a balance sheet one. According to Lancashire, ... Read the full article
Lloyd’s says Ukraine will be a major claim for the market
24th March 2022
The specialist Lloyd’s insurance and reinsurance marketplace has said it believes the ongoing conflict in Ukraine will be a major claim for the market in 2022. In comments alongside the release of its yearly results today, Lloyd’s said that it continues to be in “close dialogue” with market partners to ... Read the full article
Prolonged Russia-Ukraine conflict deleterious to insurers – DBRS Morningstar
18th March 2022
Prolonged conflict between Russia and Ukraine could have deleterious effects on the bottom line for major insurers, writes DBRS Morningstar in a new note. The current conflict, aligned with increased inflation, could lead to insurers being squeezed by claims, while unable to pass on costs to customers, wrote Tomasz Walkowicz and ... Read the full article