week commencing 08/03/21:

This week saw royal shenanigans, varied recollections and TV hosts throwing themselves on their swords over the right to cry foul. Meanwhile, our stoic newshounds took a deep breath and focused on what really matters … mostly.

Future of underwriting room debated

The future role of Lloyd’s underwriting room is the focus of debate as the market launches a new consultation. Market participants have a once-in-a-generation opportunity to give their views, Lloyd’s said. External-link  [Insurance POST]

Insurers at fault for lack of talent

A growing talent gap in the insurance market is due to the industry’s unattractiveness to potential new entrants. Gallagher Bassett’s Gordon Vater said insurers have themselves to blame. External-link  [Insurance Day]

LSM profits up 22%

Liberty Specialty Markets reported a profit of £201m for 2020, up 22% on 2019. Its combined ratio also improved, helped by an improved cat loss experience and better US liability business. External-link [Insurance Insider]

Old Mutual on course for loss

Old Mutual, the South African insurer, has warned that it’s heading for a 2020 loss. The insurer said Covid-19 and the slow pace of vaccinations in South Africa had ‘weighed heavily’ on its numbers. External-link [Insurance Business UK]

Risk management a priority for business

A survey by insurer Aviva found that almost half of corporates in the UK intend to increase their focus on risk management this year. The pandemic had ‘underscored the increasingly interconnected and complex nature of risk’. External-link [Commercial Risk Europe]

Marsh rebrands specialty arm

Marsh JLT Specialty, Marsh’s specialty business, is to rebrand. Marsh’s Lucy Clarke said in an internal memo that the business will have its name shortened to Marsh Specialty, what she called a ‘unifying brand’. External-link  [Insurance Insider]

Aon-WTW embarks on divestment

To help the merger of Aon and Willis Towers Watson happen, it is speculated that significant sell offs will be required, including but not limited to Willis Re. External-link  [Reinsurance News]

Tokio Marine unruffled by Greensill collapse

Tokio Marine has sought to quell market (if not insureds’) fears over its exposure to the high-profile failure of supply chain business Greensill Capital by speculating that some insurance policies may not be valid. External-link  [The Insurer]. For those with more than a passing interest, here’s the skinny on how Greensill Capital unravelled.External-link  [Insurance Journal]

Lloyd’s Blueprint savings could grow

Savings generated by proposals outlined in Lloyd’s Blueprint Two could generate even more than the initial estimate of £800m, Lloyd’s CEO has said. John Neal said his ambition is to halve Lloyd’s cost ratio.External-link  [Insurance Day]

London reassesses cyber risk

With losses rising, the London insurance market has embarked on a full-scale reassessment of the way in which it underwrites cyber risk, particularly cat, as ransomware claims generate a very property cat-like long tail. External-link [Slipcase]

“Recollections may vary”

It’s been a global media sensation, but for a cooler assessment of who controls the narrative, here’s an excellent piece. External-link [The Atlantic] For those of you keen to convert your back garden into a chic California Oprah-style interview location, here’s how to achieve the look.  External-link [NBC]

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