week commencing 03/01/21:

This week saw 2021 start will a bang – not the virtual fireworks, but the return of lockdown and explosive happenings on Capitol Hill. For those struggling to keep up, here is our plant-based, dry January round up.

1/1 a damp squib

With the outcome of the latest negotiations dominating the news, the general consensus is that rating corrections were lower than had been expected in November, so the increases achieved fell short of expectation.

However, the persistent downward trends which characterised recent years have been arrested, and although terms and conditions have tightened, overall these have been less onerous than initially feared. Overall however there is an optimism that risk perceptions have shifted sufficiently to maintain pricing momentum in 2021. External-link. [Insurance Insider] External-link. [Insurance Day] External-link. [Asia Insurance Review] External-link. [The Insurer]

Credit where its due

The Government-backed Trade Credit Reinsurance Scheme has been renewed for 2021, sharing the risk of losses arising from business insolvency with insurers. External-link. [Reactions]

In the cooler

The first Brexit barricade was raised by the German insurance regulator BAFIN with a  statement that British insurance undertakings and IORPs would lose European passporting rights as of 1 January 2021 0:00hrs. External-link. [Reactions]

MS Amlin drives Asia business with sidecar

The Lloyd’s re/insurer has established the landmark special purpose reinsurance vehicle, Phoenix 1 Re, in Singapore. It is said to be the first locally issued ILS to provide capacity to a local cedant. External-link. [Intelligent Insurer]

Insolvencies to accelerate liability risks in 2021

According to Clyde & Co, as the number of COVID-19-related insolvencies rises, the next 12-18 months will see D&O claims and claims against solicitors, accountants, auditors and property professionals. External-link. [Insurance Business]

E placement arrives – finally

2020 saw the London market make significant progress in the widespread adoption of electronic placement, but is the future just one platform? External-link. [Insider Engage]

BMS goes live in Asia

The independent broker launched its Asia operations, headquartered in Singapore and with proposed operations in Hong Kong, pending regulatory approval. BMS Asia will initially focus on W&I broking. External-link. [Insurance Asia News]

Nexus sails off with MGA

The managing general agent bought Hiscox MGA Marine. It will be part of Millstream Underwriting Limited, a Nexus Group company, specialising in consumer insurance and Hiscox will provide underwriting capacity. External-link. [Insurance Today]

David Harries retires after 34 years with QBE

QBE Syndicate 386 active underwriter and head of financial lines David Harries will handover the role to Cécile Fresneau over the first half of 2021. Fresneau will remain executive director of UK insurance. External-link. [Reinsurance News]

Working through Lockdown 3

As well as some more comfy trousers – post Christmas chocolates, apparently we should all be rejecting resolutions for intentions and thinking about asynchronous activities. External-link. [Financial Times]

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