week commencing 12/01/20:

The Oscar nominations may have been lacking in variety and innovation this week, but the same can hardly be said for insurance news.  Firms have been exiting unprofitable lines, completing long-planned deals, launching new products and seeing a fair bit of boardroom churn. Let’s hope the year carries on at this pace.

More marine market exits likely after Beazley departure

Brokers have predicted that more firms will follow Beazley’s announcement and cease writing marine business, driven by a challenging market environment. External-link. [Insurance Age]

R&Q appoints chairman and loses CEO

Randall and Quilter’s succession planning for the retirement of founder Ken Randall has hit a January bump.  Two days after announcing the appointment of William Spiegel as chairman designate, joint-CEO Roger Sellek unexpectedly departed, after less than a year in the job. External-link. [Insurance Insider]

S&P warns on Solvency II ratios

S&P has warned that new EU proposals to update Solvency II could shave almost 100 percentage points off some insurers’ solvency ratios, if adopted. External-link. [Law360]

Australia’s listed insurers flag impact of bushfires

In a review of businesses most impacted by Australia’s bushfires, Reuters notes that both Suncorp and IAG have put out warnings to the Australian stock market on the financial impact of subsequent claims. External-link. [Reuters]

Discussions underway on disposal of Pioneer

Ardonagh, K2 and Nexus have opened discussions with struggling MGA Pioneer to look at options for a sale or restructure of the business. External-link. [Insurance Insider]

Swiss Re Capital Markets supports first parametric bond launch

Swiss Re’s ILS unit has revealed it was involved in the development of the ground-breaking Sierra Ltd, a cat bond covering earthquake risks for a mortgage portfolio using a parametric trigger. External-link. [Artemis]

Gallagher completes Capsicum buy-out

AJ Gallagher has completed the buyout of Graham Chilton’s Capsicum business.  While Capsicum will now fall under the remit of Simon Matson, CEO of the UK broking business, ‘Chily’ has also re-joined Gallagher as chairman of the global P&C broking business. External-link. [NASDAQ]

Allianz 2020 Risk Barometer topped by cyber

Cyber was the leading risk for the first time in this year’s Allianz Risk Barometer, while the fastest-growing risks were changes in legislation and regulation (growing by 27%) and climate change (growth of 17%). External-link. [Security Magazine]

Jon Hancock to leave Lloyd’s

Performance Director and architect of the recent tough-love performance strategy, Jon Hancock will leave Lloyd’s later this year. His role is expected to be reshaped after his departure. External-link. [Insurance Day]

Significant rate increases expected for reinsurance 1/4 renewals

S&P has said that the looming Florida and Japan renewals season should see significant rate increases, bringing relief to the risk-adjusted returns of reinsurers. External-link. [The Insurer]

MS Amlin launches specialist equine MGA

MS Amlin has backed new equine MGA venture, David Ashby Underwriting (DAU), following its buyout by lead underwriter David Ashby.  The deal is a 50% joint venture with Hiscox. External-link. [Insurance Journal]

Is it the media?

Traditional media is in the spotlight more often than it might like. But can we really blame it for everything from Iraq through to Trump, Brexit and climate change denial? James Murdoch (son of Rupert) seems to think so. External-link. [Byline Times]

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