week commencing 03/02/19:

When personal security goes too far – see our final story for the ultimate password puzzle, alongside senior market appointments, American football and other highlights from this week.

Burkhard Keese joins Lloyd’s as CFO
Lloyd’s of London has named Allianz’s Burkhard Keese as its new CFO as of 1st April. External-link [Reuters]

Scor takes legal action against Covéa following dropped bid
Following Covéa’s abandoned bid, French reinsurer Scor is set to take legal action against its rival including its CFO and advisors. External-link [Financial Times]

Scott Egan announced as RSA’s new chief executive
Steve Lewis has stepped down as RSA’s UK and International chief executive and left the company. He has been replaced by Scott Egan. External-link [Insurance Age]

Global cyber attack could cost 600,000 businesses almost $200bn
A new report from the Cyber Risk Management project, of which Lloyd’s is a founder member, found that more than 600,000 business around the world could expect to lose $193bn in the event of a global ransomware attack. External-link [Asian Insurance Review]

China: Japanese insurers to step up Chinese deals
Industry experts expect Japanese insurers to amp up their M&A activity within new markets and especially China. External-link [Asian Insurance Review]

Mitsui boosts ILS business with LCP acquisition
Japan-based carrier Mitsui Sumitomo has added a new feather to its ILS business with a majority acquisition of Leadenhall Capital Partners (LCP). External-link [Commercial Risk]

American football feels the pinch from shrinking insurance market
Massive insurance claims by former players who sustained serious injuries whilst playing major league American Football are causing carriers to restrict or even remove their coverage options. External-link [JDSupra]

Hatton Garden robbery frustrates New York judge

A New York state judge has expressed frustration with both the burgled premises and its insurers at Lloyd’s, saying it would be easier to settle if the marketplace just rejected the claim and got sued. External-link [Law 360]

Viral insurance fraudster charged
You have probably seen the week’s most viral video: a man in New Jersey throws ice on the floor at work and pretends to slip and fall on it. The would-be scammer has now been charged with insurance fraud and theft by deception. External-link [BBC]

$136 million in limbo after sole caretaker dies
Customer holdings worth approximately $136 million are stuck in an electronic vault according to stockholders in a Canadian cryptocurrency exchange. The company’s founder, and the person in sole possession of the password, recently died. External-link [Wall Street Journal]


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