- December 18, 2020
- Posted by: lutherpendragon
- Category: Insurance news
week commencing 13/12/20:
The denizens of Luther Towers are counting the sleeps till Christmas and more importantly to the end of 2020 – so memorable and not in a good way! Till 2021, we wish you season’s greetings and a well earned break.
Change of direction for Navigators
Navigators International Insurance Company has gone into run-off. The carrier will continue to operate within the London market through its Hartford Syndicate 1221 at Lloyd’s. . [Insurance Insider]
Don’t follow the bear
In a huge cyber breach, a group called Cozy Bear has weaponised Solar Winds’ Orion platform used by multiple US federal agencies and Fortune 500 companies. Federal agencies were ordered to disconnect from the platform. . [Financial Times]
Warmest decade on record
According to the World Meteorological Organization, 2020 is on track to be one of the three warmest years on record. 2011-20 will be the warmest decade on record with the warmest six years all being since 2015. . [TOMI]
Zurich pays $4 bn for US car and home business
Zurich has agreed to buy MetLife’s P&C business, which sells home and motor cover, in a move which will make it the seventh-largest insurer in the U.S. by property-casualty premium volume, up from ninth. . [WSJ]
Indian take away for Aon
Aon has purchased a 49% equity stake in Anviti, an India-based provider of reinsurance, insurance broking & risk management insurance services – the business will rebrand as Aon once the deal closes. . [Reinsurance News]
Gallagher to buy Bollington?
Rumours abound, but no official statements made at time of going to press, that A J Gallagher is in advanced talks to buy Bollington – which would be its largest acquisition since it bought Stackhouse Poland. . [Insurance Age]
COVID-19 vaccinations get protection
The Global Health Risk Facility (GHRF) was launched, backed by Lloyd’s and start-up Parsyl Inc. The GHRF has received support from 14 global re/insurers and the U.S. International Development Finance Corp. . [Insurance Journal]
Liverpool Victoria gets friendly with PE
Bain Private Capital paid £530 million for one of the UK’s largest and oldest friendly societies. 1.3 million members will get a cash pay-out as a result. . [Financial Times]
FCA makes preparations for Supreme Court decision
Ahead of a judgment from the Supreme Court, expected in January, the Financial Conduct Authority has prepared draft guidance to prove the presence of COVID-19 for business interruption claims. . [Commercial Risk Europe]
EU starts phase 2 scrutiny of WTW / Aon deal
The EU’s antitrust regulators will open a full-scale investigation into Aon’s $30 billion bid for Willis Towers Watson. The deal has attracted scrutiny with concerns about the combined group’s increased pricing power. . [Business Insurance]
The biggest story EVER?
In genuine evidence that they need to get out more, the Economist has found that just under half of all stories in 2020 in their magazine and the New York Times mentioned COVID-19. This makes it more mentioned than any word other than “war” since they both first published. . [Economist]
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