week commencing 01/07/18:

It appears life is really all about scoring penalties under pressure …. find out who is and who isn’t in our weekly round up of industry news. 


The race is on to find a new CEO for Lloyd’s
After Inga Beale announced her departure from Lloyd’s, the inevitable speculation began to mount as to who would succeed her, with first rumours highlighting Stuart Davies, ex of AEGIS and Dominic Christian of Aon among others. External-link [Insurance Insider]


Founder of Salesforce part of $16.5m fundraising to innovate in marine market

Marc Benioff, the founder and CEO of software giant Salesforce has backed Windward, a technology company hoping to bring data analysis and more rigour to the traditional world of marine insurance.  The firm has just raised $16.5m in its first round of funding. External-link [Financial Times]


Insurance market signs up to diversity pledge
Over fifty insurance firms have signed up to a diversity pledge launched this week by Lloyd’s, highlighting the cultural shift that the market is looking to achieve. External-link [Financial Times]


Chinese insurance and broking ownership restrictions lifted in 2021
Against a background of trade and tariff conflict across the world, China has moved to open up a number of its markets to foreign investors, including to foreign insurers and brokers. External-link [Insurance Business]


Australian D&O market sees 400% premium increase
A flood of class action law cases in the Australian market is disrupting the market and leading to a huge jump in D&O renewal prices. External-link [Asia Insurance Review]


Is a summer rate surprise in store for reinsurers?
Bernstein analysts have predicted that stories of falling rates this year have been overdone, and now expect a ‘positive surprise’ out of July 1 renewals, with price rises of 2-3%. External-link [Insurance Day]


Lemonade returns look a little flat
In spite of raising almost $180m in investment since start-up, technology innovator Lemonade has reported only just over $8m of premium income in 2017 – an amount already overtaken by its operating losses in the first half of 2018.  Is this just a tiny burp, or the start of a real flattening in the fortunes of the fizzy market for technology startups? External-link [Insurance Post]


Coalition of professions look for post-Brexit harmonisation
A group made up of lawyers, architects, advertising agencies and other professional services firms has called for Theresa May to deliver harmonisation post-Brexit. External-link   [Financial Times]


JLT at odds with Lloyd’s over marine market
JLT came out in public this week to criticise Lloyd’s efforts to talk up marine rates, saying the market had become ‘split and confused’ as a result. External-link [Insurance Day)


 

The physics of the World Cup
And finally, as penalties were key to England’s progress in the Wold Cup, The Economist entertained us all with their video analysis of how great players use the laws of physics to score penalties under pressure. External-link [The Economist)


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