week commencing 14/03/21:

From our perspective there was only really one insurance story this week – congratulations to Luther’s very own Caroline Wagstaff on her appointment as interim CEO of the London Market Group – but here’s the best of the rest.

Luther’s Wagstaff appointed interim CEO of the London Market Group

Caroline Wagstaff has been appointed as interim CEO of the LMG. She will be seconded to the role on a part-time basis from 1 April until the end of the year and will remain in her position as a director at Luther Pendragon. External-link. [Insurance Insider]

Rewriting the rulebook

Sam Woods, the PRA chief executive, called on the Bank of England to assume more rule-making powers, encouraging less intervention by legislators. External-link. [Insurance Day] Speaking to a group of insurers, Woods said that “a changing world requires a tough but flexible regulatory regime”, but while he was “interested” in the Solvency II rules review, he did not support it. External-link. [Financial Times]

Australian underwriter played key role in taking Greensill under

Greg Brereton, an underwriter at The Bond & Credit Co, was fired after allegedly breaching risk limits on insurance policies that facilitated funding provided to Greensill Capital, which collapsed last week. External-link. [Financial Times]

Is green the new black?

Spanish insurer Mapfre SA has extended its ban on providing cover to coal projects, building on the company’s commitment to “decarbonise the economy”. External-link. [Law 360 UK] Meanwhile, Berkshire Hathaway’s board has rejected a shareholder proposal for a group-wide climate disclosure, stating that its subsidiaries were already “making sound climate-related decisions”. External-link. [Insurance Insider]

Hungry Hippo

Home insurtech Hippo went public in the third insurance-related SPAC deal, valued at $5bn; 4.4x its 2023 estimated total written premium. With SPACS the “new new thing”, more are predicted in the insurance space. External-link. [Slipcase]

Regulatory hurdles increasingly likely in Aon-Willis deal

Competition authorities in Europe are increasingly likely to demand remedial actions before Aon’s proposed takeover of WTW can proceed, which may slow the deal down or derail it altogether. External-link. [Slipcase]

Prepping for the storm

With the number and cost of nat cat and extreme weather claims rising, renewable energy rates need up to two years of further hardening to protect against future losses, according to GCube CEO Fraser McLachlan. External-link. [Renews]

Back to the future

117 years after the original merger, Marsh & McLennan Companies has rebranded. The company said that the change signifies how it’s “working in unison to take on the world’s greatest challenges.” External-link. [Insurance Business]

A four-day working week? Mañana….

Some companies in Spain are poised to trial a four-day working week as the focus on well-being and work-life balance intensifies in the wake of the pandemic. Which country will be next? External-link. [The Guardian]

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