Insurance news – week commencing 03/10/21

week commencing 03/10/21:

Pen bought MUM this week, AXA XL quietly withdrew from Lloyd’s, and long-standing CEO of the CII Sian Fisher announced plans to step back.  But at Luther Towers it’s all been about the dog’s separation anxiety now that the team is back in EC3. Does anyone know a pet therapist?

A bigger Pen

Pen Underwriting has bought Manchester Underwriting Management in a deal that shakes up the MGA sector.  CEO, Tom Downey, said the two companies were “brilliantly aligned”. External-link. [Insurance Business UK]

AXA XL simplifies reinsurance  

From the start of next year AXA XL intends to write all of its reinsurance through dedicated entities, as part of a programme to simplify its reinsurance programmes. External-link. [Insurance Day]

EC dubbed “outrageous”

The European Commission’s plans to prevent a disorderly failure of insurers have been criticised for potentially exposing policyholders to larger losses, with last resort powers to reduce amounts paid on claims. External-link. [Financial Times]

AIRMIC members hope for improvements

In a recent survey, over 90% of AIRMIC members rated the market as hard but are hopeful about an improvement in pricing in 2022. AIRMIC CEO Julia Graham said there is “optimism for a better 2022”. External-link. [Commercial Risk]

Willis RE deal gets another once over

The CMA will investigate whether Arthur J Gallagher’s proposed takeover of Willis Re reduces the amount of competition in the market. Wells Fargo analyst Elyse Greenspan said that the deal suited both parties. External-link. [Insurance Day]

CII CEO Sian Fisher to step down

After six years in the role, Fisher described the job as a “privilege”, and said she was proud to have made the CII a more relevant and diverse organisation. External-link. [Insurance Business UK]

McGill steps out in Bermuda

McGill and Partners announced its latest global expansion with a Bermuda Hub led by Kate Vacher. CEO Steve McGill said Bermuda was the “clear next step” for the company. External-link. [Reinsurance News]

Wind and water hits Swiss Re

Based on expected industry-wide losses, Swiss Re has estimated its losses from Hurricane Ida at $750m. This is in addition to an expected loss of $520 million from northern European flooding. External-link. [Reinsurance News]

Cyber costs to double

A report published by S&P Global Ratings says that the economic and insured losses from cyber attacks have rocketed and as a result the cost of cyber insurance could double before 2023. External-link. [Insurance Journal]

Should your dog be on the couch?

Research from Defaqto has shown that many dog insurance policies now cover canine behavioural problems. Dogs unused to being alone can require therapy costing thousands. External-link. [BBC News]

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