week commencing 05/07/20:

With the opportunity to be ‘down the pub’ since 6am on Saturday morning, fellow comms professionals will understand if this week has passed in something of a blur. However, we did manage to surface briefly between the hours of 8-6 to keep a weather eye on the insurance news agenda.

Nigel Roberts to head new LMA committee

The Lloyd’s Market Association has created a committee dedicated to delegated authority business, which accounts for nearly 40% of Lloyd’s business. It will establish a customer-centric vision and future business model for delegated authority for all disciplines and establish the distribution chain that will make Lloyd’s the market of choice. External-link. [LMA]

Neon in Catalina’s spotlight

The runoff specialist is expected this week to bid for Neon. CEO Chris Fagan is no stranger to the Lloyd’s market, having departed in 2003 after disastrous losses at his previous business, Goshawk. External-link. [Insurance Day]

The taste of success for Lemonade

The newly floated insurer has proved popular with investors in its first week post IPO. The share prices rose 140% on the first day of trading and 17% the next. External-link. [The Insurer]

Torrential rain causes flooding in southern Japan

Extreme weather has caused rivers to break their banks and resulted in loss of life and damage to property. External-link. [Insurance Insider]

Aviva appoints new CEO

Following the departure of Maurice Tulloch for family health reasons, Amanda Blanc stepped across from being a non-executive board member to CEO. External-link. [Post Online]

Back to the future

The vast majority of members of the Managing General Agents Association are eager to return to face to face trading between brokers and underwriters, despite having switched seamlessly to remote working during lockdown. External-link. [Reinsurance News]

London back office hit by ransomware attack

DXC Technology announced that certain systems of its subsidiary, Xchanging, were the victim of a cyber attack, adding that it was an isolated incident with no indication that data was compromised or lost. External-link. [Insurance Journal]

Chubb announces losses of just under $2bn

A combination of losses from COVID-19, professional indemnity and natural catastrophes saw a massive Q2 loss from the global insurer. External-link. [Insurance Age]

Lloyd’s announces major reform to capital provision

Letters of credit will not be accepted as security from seven financial institutions by Lloyd’s, as it makes over its reliance on this form of security. External-link. [The Insurer]

London market embraces e placement for July renewals

PPL, the London Market e placement platform, saw record usage over the end of the second quarter – with more than 8,000 risks bound in the last week of June. External-link. [Reinsurance News]

Death by webinar

There is something for everyone in this parody of the webinar – some of it is ringing very loud bells. External-link. [Financial Times]

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