week commencing 03/03/19:

In a week dominated by women, pancakes and children dressed as literary characters quite a lot (almost) happened in the world of insurance.

Aon & Willis: on or off?

The insurance square mile was in a frenzy this week with Aon first confirming it was in talks to acquire rival broker Willis Towers Watson, before announcing it would not pursue the transaction on Wednesday.External-link  [The Insurer]

JLT announces sale of aviation division as part of Marsh acquisition
JLT has announced that it has sold its aviation business to Arthur J. Gallagher as a result of its own sale to Marsh & McLennan and a resulting competition investigation by the European Commission. External-link [Business Insurance]


Chubb moves to take majority ownership of Chinese JV
Chubb has announced that it has been given approval to take its minority stake in its Chinese joint venture Huatai Insurance Group to above 50%:  the first time an existing company has converted to a “Sino-foreign joint venture”. External-link [Intelligent Insurer]


Brexit forces the return of the ‘green card’

Insurers are preparing to bring back the green card scheme, a system unused since the 1970s. This is just one of many costly measures insurers are taking in case of a ‘no-deal’ scenario.’ External-link [Financial Times]

Aon to use satellite technology in joint venture with Skytek 

A research initiative between Skytek, Aon and the European Space Agency will allow marine (re)insurers to track individual risks and monitor risk accumulations in real time, using satellite technology in an innovative consultancy partnership. External-link [Insurance Insider]

Tornado destroys Alabama neighbourhoods

A deadly tornado killed at least 23 people in rural Lee County, Alabama on Sunday, with homes reduced to their concrete foundations and volunteers using chainsaws to clear paths through the rubble for emergency services. External-link   [Insurance Journal]

Direct Line braces for Brexit

Direct Line announced that its shareholders’ pay-out would be cut by 17% compared to last year, with the company looking to strengthen its capital base due to the ‘political uncertainty.’ External-link [The Times]

Insurtech Lemonade could lead the way

Lemonade has been seen to successfully cut its underwriting losses, which market analysts say could encourage other insurtechs to become carriers, following a model that bucks the insurance trend. External-link [Insurance Post]

US health insurers at odds with $48 billion merger

Anthem Inc and Cigna Corp, two large US health insurers, have accused one another of breaching their merger agreement in a 10-day, multibillion-dollar Chancery Court damages trial. External-link [Bloomberg]

ILS expansion in Asia Pac with Singapore’s first catastrophe bond

Under the country’s new insurances linked securities (ILS) laws, the first catastrophe bond has been domiciled in Singapore, sponsored by Insurance Australia Group (IAG). External-link [Commercial Risk]

Women’s growing economic power

Women are reported to dominate the market when it comes to consumer spending, as well as boosting the world’s economy with their growing participation in the workforce, with reports suggesting closing the gender pay gap could boost global GDP. External-link  [The One Brief]

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