Insurance news – week commencing 08/05/22

week commencing 08/05/22:

It’s been a good week for M&As, with AUB and Generali both splashing the cash, and for promises of Government legislation. Here at Luther Towers, we’re planning a bleisure trip to Bermuda.

New odyssey for Tysers

AUB Group has entered an agreement with Odyssey Investment Partners to acquire wholesale broker Tysers for £500mn. Tysers CEO Clive Buesnel hailed a clear “strategic and cultural alignment” with AUB. External-link. [Insurance Edge]

Inflationary tiger prowling

A report from Gallagher Re has found that the effect of inflation could be “pernicious”, and that rises in investment yields would not compensate for the impact of inflation on underwriting results. External-link. [Insurance Day]

Marine insurers in the red

An AGCS report expects that global insurers will receive multiple claims on ships damaged or lost in the Black Sea, which has become an increased risk due to the conflict in Ukraine. External-link. [Yahoo]

No half measures

Generali announced it has regulatory and competition approvals to acquire a 25% stake in its Indian non-life insurance joint venture. This takes its holding up from 49% to 74%, the maximum allowed by Indian regulations. External-link. [Insurance Journal]

Allianz pain continues

Allianz announced that it has put aside a further €2bn to cover the cost of payouts and fines in the wake of the scandal over its US asset management business. The amount it has set aside now totals €5.6bn. External-link. [Financial Times]

Industry doesn’t rate criteria

S&P Global has decided to abandon a number of proposals for new criteria for rating insurance and reinsurance companies, after feedback that said they were punitive and onerous. External-link. [Reinsurance News]

Dinosaurs roam Aviva AGM

Aviva’s AGM was blighted by a series of comments from shareholders to CEO Amanda Blanc. One opined she “wasn’t the man for the job”, while another questioned if she should be wearing trousers. External-link. [Insurance Business]

UK unsubscribes from GDPR

At the Queen’s Speech, the Government announced it would pass a Data Reform Bill, to overhaul the UK’s data protection regime and remove the EU’s “highly complex” regulations. External-link. [The Independent]

‘Bleisure’ should not be a word

This describes the cross between business travel and leisure, something that has become increasingly popular as remote working improves people’s flexibility. Many are finding that after attending conferences in foreign cities, they can extend their stay abroad and fit their work around their holiday, in some cases for as long as a month. External-link. [Financial Times]

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