week commencing 05/01/20:

One week into 2020 and we have Megxit and Brexit to contend with – as well as possibly world war!  It would all call for a large drink if Luther Towers had not taken the pledge for January, see our last story if your resolutions are wavering…

Ransomware takes first significant victim of 2020

Travelex, the foreign exchange company, has been held to ransom after a cyber-attack forced the firm to turn off all computer systems and resort to using pen and paper. External-link. [BBC]

Insurers told to clean up their act

The FCA has written a letter to CEOs warning that inadequate efforts to address bad behaviour may result in job losses – theirs! External-link. [FT]

Another one bites the dust

Neon is the latest Lloyd’s syndicate to be put into run-off as capital providers despair of making a decent return on investment. External-link. [Insurance Insider]

Australian bushfires burden

Losses from the on-going bushfires in Australia are nearing US$500 million with the chances of them hitting reinsurance and retrocession layers in the market increasing. External-link. [Artemis]

New year, new price rises

The 1/1 renewals saw strong rises in loss-hit classes of reinsurance business. Analysts expect this to feed into the primary market with increased momentum through the year. External-link. [Insurance Insider]

Welcome Banks

Richard Banks, a veteran of the London market, returns to the fold as EMEA head of industry research. External-link. [A M Best]

Miami nice?

Despite recent announcements from various underwriting businesses that they are withdrawing from the Latin America hub, there may be more to this than meets the eye. External-link. [Insurance Insider]

“I faced bullying without realising it”

John Neal, Chief Executive of Lloyd’s of London, discusses the problems of bullying and sexism in City culture, as well as his plans for the future of Lloyd’s. External-link. [Financial News]

Chinese regulator sets 2025 goal

CBIRC has unveiled a guideline that aims for the high-quality development of the insurance sector. By 2025, China expects the insurance system to have a better financial structure with multiple layers, broad coverage and diversity. External-link. [Asia Insurance Review]

Chris Townsend leaves AIG

After just over two years with the firm, Chris Townsend has left to purse “entrepreneurial opportunities” according to sources. External-link. [Insurance Asia News]

15 ways to make your resolutions stick

Whatever your 2020 new year’s resolutions, Forbes suggests that there is a range of things you can do to actually achieve them. External-link. [Forbes]

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