week commencing 10/03/19:

It was week of Bs – Boeing, bad language and of course Brexit dominated the headlines. Read on for our pick of the market press.


Global Aerospace exposed on Boeing cover after fleet grounded

Concerns are being raised that the grounding of the 737 Max 8 model could lead to a major manufacturer’s liability loss for the market.  External-link  [Insurance Insider]


Aviation market expects $50m Ethiopian Airlines crash cost

The 737 Max 8 aircraft that crashed on the 10th March in Ethiopia could cost aviation insurers around $50 million dollars, with Chubb being the lead insurer on Ethiopian Airlines’ aviation all-risk policy.External-link  [Insurance Insider]


AJG executives used inappropriate language, UK high court hears

Court documents disclosed the alleged behaviour towards departing staff of Arthur J Gallagher, who are suing rival Ardonagh for poaching several members of their energy team in 2017. External-link   Insurance Day]


Aon subpoenaed as Trump’s business practice falls under scrutiny

The Trump organisation’s insurance broker has been subpoenaed by New York State, with investigators seeking information after testimony by Michael Cohen.  External-link  [Financial Times]


Lockton launch reinsurance business

Lockton Global Re was launched this week as part of the firm’s ‘aggressive growth plan,’ led by Tim Gardner, who most recently served as CEO of North America Operations for Guy Carpenter.  External-link [Reactions]


Hamilton acquire Pembroke and Ironshore DAC

Expected to close later this year, the transaction to purchase Pembroke Managing Agency and Ironshore Europe DAC will almost double Hamilton’s total premium base.

External-link [Reactions]


China Re launches renewable energy consortium at Lloyd’s

The consortium will provide capacity of up to $225m per risk, focused on project-specific reinsurance for the construction and operation of offshore wind farms in mainland China. External-link [Reactions]


EasyJet stockpiles parts for Brexit

The low-cost airline has been stockpiling aircraft parts in Europe as well as transferring aircraft to their Austrian subsidiary, reporting that Brexit preparations has cost the company £10m.  External-link [Financial Times]


Government to review insurance premium tax

The UK chancellor said that the initiative would look for “where improvements can be made to ensure that Insurance Premium Tax operates fairly and efficiently”. External-link [Insurance Insider]


L&G gains as UK life expectancy stalls

Legal and General boosted profits and were able to release £433m in reserves due a slowdown in the growth in life expectancy for the UK population in recent years. External-link [Financial Times]


News Corp calls for Google break-up

The Australian arm of Rupert Murdoch’s company News Corp, demanded an enforced breakup of the tech giant as part of a government enquiry, deeming it ‘necessary’ in order to preserve the independence of advertising and the news media, and calling Google’s behaviour anti-competitive. External-link  [Reuters]


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