Insurance news – week commencing 03/04/22

week commencing 03/04/22:

This week there are challenges in all lines of business, and even from peers of the realm who told insurance’s regulators that they need to be more flexible. Here at Luther Towers, we’re taking a ‘sad day’ and so won’t be summarising the news for you next week.

Lords criticises regulators’ culture

The Lords Industry and Regulators Committee criticised the PRA and FCA for an “inflexible culture” that inhibits growth, after an inquiry into wholesale insurance regulation. It also recommended that regulators be given a competitiveness objective. External-link. [Artemis]

Nothing happened

Despite reports that a deal had been reached for AUB Group to acquire Tysers, AUB released a statement saying no such deal had been reached, but that conversations were ongoing. External-link. [Reinsurance News]

Renaissance at ClimateWise

Kevin O’Donnell, president and CEO of Renaissance Re, has been appointed as the new chair of ClimateWise, replacing Dominic Christian. John Scott, Head of Sustainability Risk at Zurich, has been named deputy chair. External-link. [Insurance Edge]

Specialty lines could bomb

S&P Global gave a negative sector outlook for the global reinsurance industry, due to first-quarter natural catastrophe losses and the war in Ukraine. The ratings agency said reinsurers’ specialty lines were the most exposed. External-link. [Reinsurance News]

Energy market shock

WTW’s Energy Market Review said that the conflict in Ukraine means firms will need to carefully manage increased energy transition risks. Graham Knight, Head of Global Natural Resources, said the transition would “wait for no one.” External-link. [Insurance Business]

Fine time to buy D&O

BLM’s “D&O Tracker” found that risk is on the rise in this line of business, with £500m worth of fines being levied against firms in 2021. Professional & Financial Risk Partner, Alex Traill, said that it “demonstrates the importance” of having cover. External-link. [Insurance Edge]

Rating engine for sidecar

Chris Parry, RenaissanceRe’s global head of capital partners, said that a future rating was not “off the table” for Fontana Re, the firm’s new specialty and casualty sidecar. External-link. [Insurance Insider]

Sad days ahead

Do you enjoy a good moan? If you do, then the “tyranny of positivity” that pervades the workplace is likely to seem stifling, with some arguing that it is damaging to both employers and employees. WorkLife podcaster Adam Grant even recommended that in addition to sick days, people should have access to ‘sad days’. Nothing like a day off work to turn that frown upside down. External-link. [The Atlantic]

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