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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
Hiscox reports 6.3% premium growth, no change to COVID losses
5th May 2021
Hiscox Group, the specialist insurance and reinsurance underwriter, has reported that its gross written premiums increased 6.3% to $1.26 billion during the first quarter of 2021, as strong growth in Hiscox London Market, Hiscox Europe and direct and partnerships business more than offset planned reductions in the US broker channel. The ... Read the full article
Markel Singapore appoints Financial Lines Underwriter
5th May 2021
Specialist insurer Markel International has appointed Joe Wong as a Specialist Financial Lines Underwriter in Singapore to strengthen its financial lines product offerings in the Southeast Asia region. Reporting to Simon Moi, Head of Professional and Financial Risks, he will underwrite a range of financial lines products, including Cyber, Commercial D&O, ... Read the full article
Marsh analysis shows commercial insurance pricing rose 18% in Q1
4th May 2021
Analysis undertaken by Marsh indicates global commercial insurance prices increased 18% during the first quarter of 2021. The opening three months of 2021 was reportedly the first to show a fall in the average rate of increase since Q4 2017. These findings follow year-on-year average increases of 22% in the fourth quarter ... Read the full article
Clack joins Mosaic Insurance as Deputy Active Underwriter at Lloyd’s
4th May 2021
Mosaic, the global specialty insurance company recently launched by Ironshore executive Mitch Blaser, has announced the appointment of Danny Clack as Senior Vice President, Deputy Active Underwriter. He joins Mosaic's London team and will support Active Underwriter Charlie Mackey across all business lines through Mosaic Syndicate 1609, with a focus on ... Read the full article
Munich Re’s Wenning urges public-private collaboration on systemic risks
29th April 2021
Joachim Wenning, Chief Executive Officer (CEO) of Munich Re Group, has urged governments and the private sector to pool their expertise and capabilities to tackle systemic risks such as pandemics. Speaking at Munich Re’s AGM this week, Wenning argued that, as a systemic risk, pandemic is fundamentally “beyond the boundaries” of ... Read the full article
Aon / WTW combination to gain EU antitrust approval: Reuters
28th April 2021
Sources have told Reuters that re/insurance broker Aon will gain conditional EU antitrust approval for its pending $30 billion mega-merger with Willis Towers Watson (WTW) without having to propose additional concessions. Reuters reported yesterday that the European Commission (EC) was seeking feedback from rivals and customers about who is the most ... Read the full article
EC seeks feedback on potential buyers of Aon / WTW divestments: Reuters
27th April 2021
Following the submission of Aon's package of concessions to the European Commission (EC), as the broker looks to complete its combination with Willis Towers Watson (WTW), EU antitrust regulators are questioning rivals and customers about who is the most suitable buyer, reports Reuters. In a bid to satisfy competition concerns surrounding ... Read the full article
Aon – WTW merger review extended by Australian regulator
26th April 2021
Having said that Aon's acquisition of Willis Towers Watson (WTW) could significantly lessen competition in the supply of commercial risk, reinsurance and employee benefits broking and advisory services in Australia, the country's competition regulator has now pushed back the end-date of its review of the deal. Back in February, the ... Read the full article
Everest Insurance makes four leadership changes
22nd April 2021
Everest Insurance, a division of Bermuda-based re/insurer Everest Re Group, has announced four leadership changes to its Financial and Professional Liability business segment. John Humphreys has been named Head of Financial Institutions and will be responsible for leading and growing the financial and professional liability portfolio for all types of financial ... Read the full article
GC notes shift towards non-proportional capacity for Korean market at 4/1
22nd April 2021
Guy Carpenter analysts have noted a clear movement of capital during the April 1 reinsurance renewals in Korea, with capacity shifting from proportional to non-proportional and from risk to event. Prior to the April 1 reinsurance renewals in Korea, expectations for pricing increases were reportedly quite high. While Korea had not experienced ... Read the full article