week commencing 04/04/21:

This week the market enjoyed idle speculation as to who might buy Willis Re; and the Head of the Suez Canal Authority won the prize for most inflated insurance claim.  Which all helped to distract from the left-over Easter eggs!

Suez Canal seeks $1bn

The Head of the Suez Canal Authority announced that he will look for up to $1bn in compensation for the closure of the canal last month. Evergreen has said there is almost ‘no chance’ that they will need to pay. External-link. [Insurance Day]

Rumour mill turns over Willis Re sale

There was speculation that Aon will look to dispose of the Willis Re business in a bid to get permission to complete their merger with Willis Towers Watson, with Gallagher named as a possible buyer. External-link. [Insurance Insider]

Marsh feels the pressure of Greensill relationships

The story of Marsh’s involvement in the Greensill financing scandal took its toll this week, and the increasing reputational challenge for the broker was reported in the national press. External-link. [Financial Times]

Climate change is the ‘single biggest opportunity’

The CEO of Lloyd’s, John Neal, discussed how climate change will bring opportunities for insurers who can focus on the four modern drivers of a business: sustainability, climate, innovation and inclusion. External-link. [Global Reinsurance]

M&A will ‘at least’ double among insurers in 2021

S&P’s latest analysis of insurer M&A predicts a bumper year for the sector, with possible aggregate value of deals reaching $71.65 billion. External-link. [Reinsurance News]

Julia Graham becomes CEO of Airmic

Airmic has appointed its deputy CEO to replace John Ludlow. Julia Graham is a former chair of both Airmic and the Federation of European Risk Management Associations. External-link. [Insurance Insider]

MS Amlin looks to build MGA base in North America

MS Amlin announced the acquisition of US marine and specialty MGA ITMA this week.  Amlin said the deal was part of a new strategy to target high quality specialty MGAs in the US. External-link. [The Insurer]

Restaurant groups gear up for class action against TMK

Around eighteen restaurant groups, headed by Marco Pierre White’s chain, have appointed lawyers and commenced action against Tokio Marine Kiln for non-payment of BI claims after Covid closures. External-link. [Insurance Post]

Ex-JLT staff head to Howden

Around 25 former JLT Re staff are reported to have resigned in the week following payment of their annual bonuses by Marsh, and most will be leaving to join rival Howden. External-link. [Insurance Insider]

Esser’s broking house breaks up

Broker AFL has continued to divest broking teams in a process that could end in the complete disappearance of the name, although the firm remains solvent at present. External-link[Insurance Day]

Which type of worker are you?

We learned this week that there are five personality types prone to overwork: the perfectionist, the people pleaser, the over-thinker, the selfless idealist and the over-stretched.  But is it getting toxic? External-link[Huffington Post]

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