week commencing 07/07/19:

Whoever said the summer holidays had started has not been reading the news flowing through Luther Towers – a veritable smorgasbord of international insurance interest lies ahead of you this week.

Markets breathe again after California earthquake

California’s recent earthquake is likely to bring less than $500mn of losses, despite being the largest quake to hit the state in two decades.  The quake was centred on less-populated areas of rural California. External-link. [Insurance Day]

Zurich replaces Amanda Blanc

Amanda Blanc was rapidly replaced as European CEO this week by the firm’s former Chief Risk Officer, Alison Martin. External-link. [Financial Times]

Mapfre partners with China Re for Belt and Road deal

Mapfre has signed a landmark deal with China Re under the Belt and Road initiative.  The two companies will work together to provide insurance services to Chinese companies in Europe and Latin America. External-link. [Intelligent Insurer]

Global insurance premia at a record $5trn

Swiss Re has published its latest Sigma report, which hails the record milestone of $5trn in insurance premia, as well as a ‘pivot East’ towards Asia. External-link. [Global Reinsurance]

Swiss Re pulls ReAssure IPO

Just days before trading was due to begin, Swiss Re has been forced to suspend its planned listing of life insurer ReAssure.  Weak demand from investors and plunging UK share prices combined to sabotage the listing. External-link. [Reuters]

Pool Re secures retro cover for new NDBI exposure

Pool Re has worked with Guy Carpenter to secure a £40mn retro cover, led by Liberty Specialty Markets, following its new government mandate to cover NDBI expenses in the event of a terrorist attack. External-link. [Reinsurance News]

Refinery fires in Cameroon and Algeria bring $1bn potential loss

Fires at oil installations in both Algeria and Cameroon could potentially bring a significant $1bn loss in the downstream energy market. External-link. [Insurance Insider]

Sedgwick buys US-based York Risk Services

Sedgwick Claims Management Services Inc has marked a major expansion with the purchase of York Risk Services Group Inc. York has over 5,000 employees, bringing Sedgwick’s total footprint to over 27,000 overall. External-link. [Business Insurance]

BA braced for huge GDPR fine

BA is likely to be fined over £183mn after a cyber hacking incident last year.  The incident, in June 2018, saw users of BA.com diverted to a fraudulent site which was ultimately used by over 500,000 BA customers. External-link. [Reactions]

Lloyd’s tells insurers to be clearer about cyber

Lloyd’s this week called on insurers to make it clear to policy holders exactly what levels of cover they have against cyber attacks within a policy.  They have proposed that policies include specific wordings on exclusions or inclusion for cyber going forward. External-link. [Business Insurance]

Can cargo shipping find a green future?

The Economist’s ‘Secret History of the Future’ podcast this week looks at how the global cargo shipping industry can evolve to leave the planet healthier, while goods still reach consumers on time. External-link. [The Economist]

External-link. External links are being provided as a convenience to relevant content; they do not constitute an endorsement or an approval by Luther Pendragon of any of the services or opinions of external content. Luther Pendragon is not responsible for the accuracy, legality or content of these external sites. Please also note that some external content may require a subscription to view.