week commencing 11/07/21:

This week football went to Rome, the Olympic flame goes unwatched in Tokyo and Branson (the millionaire not the pickle) went to space. While here at Luther Towers we watched the back and forth that is the Aon WTW deal and thought about the size of Pat Ryan’s pay out….

Some light for Aon Willis deal

The European Commission has given its conditional approval for the $30bn Aon–Willis Towers Watson merger, but only after a six-month antitrust probe.  Even after large client divestments, approval is still pending in NZ and the US where a DOJ hearing is scheduled for November. External-link. [Law 360 & Insurance Insider]

A model sale

Parent company Daily Mail and General Trust intends to sell RMS. Completion is expected to take place in Q3 this year despite there being no clear buyer other than enquiries from unnamed third parties. External-link. [Insurance Day]

AIG to sell slice of L&R business

AIG has agreed to sell a 9.9% equity stake in its life & retirement business to Blackstone for $2.2bn. The deal will generate “significant new capital” for the insurer. External-link. [Intelligent Insurer]

The cost of not watching the Olympics

Reinsurers could face a $400m bill as spectators are banned from the Tokyo Olympics. It could be worse, this figure is only 10–15% of what would be paid in the event of a total cancellation. External-link. [Law 360]

ESG lights a fire under coal pricing

According to Marsh’s quarterly energy report, ESG initiatives impacting rates on power accounts, including coal, with increases of up to 40%. External-link. [Insurance Insider]

Howden commits to low carbon economy

Howden has launched a new division to look at mechanisms to remove barriers to financing low carbon projects and create “scalable, sustainable markets for funding disaster response by unlocking private capital”. External-link. [Insurance Day]

FCA still spotlighting BI payments

The FCA said that the aggregate value of the interim/initial payments made for unsettled claims stands at nearly £309m, while payments where final settlements have been agreed amounted to £567m. External-link. [Insurance Business]

Pat Ryan due a bumper pay day

The IPO for Ryan Specialty Group (RSG) values the stake of chairman and CEO, Pat Ryan, at $3.5bn based on the top of the indicative pricing range. External-link. [The Insurer]

Swelling seas are significant threat to Asian GDP

Seven major Chinese cities will be exposed to significant coastal flooding by 2030 according to Greenpeace, with trillions of dollars of economic activity at risk this century. External-link. [Financial Times]

One small step for a (rich) man

Virgin Galactic has allowed Richard Branson to realise his dream of boldly going briefly to space. If, or as, the industry grows so will the need for risk mitigation and reinsurance cover. External-link. [BBC News]

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