week commencing 06/09/20:

Are you a rule breaker, taker or maker? This week saw Brexit revisited, a line judge walloped and the ‘Rule of 6’ trailed, so it was a relief to hear people are working out how we might manage a safe return to the City without making or breaking any more.  Who knows what’s next, but don’t give up the super-fast broadband subscription yet.

Landmark BI ruling due September 15th

The judge’s ruling on the FCA’s business interruption test case is expected on September 15th. The outcome could impact payments on over 340,000 policies. External-link. [Law360]

Reinsurers need to person up

Swiss RE CUO Thierry Léger expects demand to grow post COVID and says price rises in reinsurance so far had been too ‘timid’ to counteract low interest rates and worsening social inflation pressure. External-link. [Insurance Insider] The challenge posed by interest rates, particularly for long-tail business, was also highlighted by Scor’s CEO, Philippe Rousseau in his own interview this week. External-link. [The Reinsurer]

COVID-19 losses turn Aspen red

Aspen Insurance Holdings was driven into the red in the first half of 2020 by a $187m hit from COVID-19.  The brunt of the losses was in reinsurance, resulting in a total operation loss of $48m for the period. External-link. [Insurance Day]

Lloyd’s cites ‘exceptionally challenging year’ as it releases results

Lloyd’s has posted a £400m loss in the first half of 2020, following a £2.3bn profit in 2019.  John Neal pointed to £2bn of COVID-related losses as the single key driver for the change. External-link. [BBC News]

McGill and Partners achieves scale in reinsurance

McGill and Partners’ reinsurance and treaty teams have hired 22 specialists in the last six months and have a continued ‘expansive’ talent acquisition strategy in reinsurance in the hardening market. External-link. [Reactions]

Aon launches City group to structure return to offices

Aon has formed a coalition with a number of firms to work on how to safely return staff to their offices in the City of London.  Other partners include Aviva, Clyde & Co, JLL and Legal & General. External-link[Insurance Insider]

Sompo International grows its crop business

Sompo International has completed its purchase of North America’s Diversified Crop Insurance Services.  The deal makes the firm one of the world’s largest crop insurers. External-link[The Insurer]

LMG to study post-COVID changes to risk management by corporates

The London Market Group in partnership with Boston Consulting Group is studying how corporate management of risk has been disrupted during the pandemic and how risk managers’ strategies have changed. External-link. [Law360]

Zurich undergoes further reorganisation

Zurich has undertaken a further bout of restructuring with Sierra Signorelli in an expanded role as Group Chief Underwriting Officer while Ian Thompson’s Group Claims team becomes part of Commercial Insurance. External-link. [Reactions]

Google flood alert system expands in Asia

Google’s automated flood alert system has been expanded to cover India and Bangladesh.  The system now provides AI-powered flood warnings for over 240m people. External-link. [Asia Insurance Review]

The I has it

Best headline of the week award goes to the I for ‘Britannia waives the rules’ but here’s a roundup of the best of the rest. External-link. [BBC News]

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