week commencing 15/11/20:

This week was “re-start” in insurance as well as Westminster, with ambitious capital raising and new launches dominating the news. For those struggling with lockdown, go to our final story for inspiration and make like a racoon! 

IAG requests trading halt as it digests BI losses

The New South Wales Court of Appeal has rejected the arguments of a group of insurers, including IAG, QBE and Suncorp, that they should not pay out COVID-19-related pandemic losses.  The decision caused IAG to request a temporary halt to trading in its shares on the ASX. External-link  [Insurance Business]

Conduit Holdings to raise $1.1bn for new reinsurer

Neil Eckert has teamed up with ex-Hamilton executive Trevor Carvey to launch Conduit Holdings. It will list on the London Stock Exchange and is hoping to raise $1.1bn via an initial IPO.  External-link  [Insurance Day]

Convex $1bn capital raising will make it ‘largest specialty player’

A highly successful capital-raising exercise will make Convex the largest specialty player, bigger than Hiscox, Beazley or Lancashire.  The firm has also hired over 300 staff in its first year. External-link [Insurance Insider]

Lloyd’s sets growth target of 8.5%

Lloyd’s has signed off on 2021 growth plans for syndicates which represent total growth of 8.5%, lower than the level John Neal suggested early in October, although some syndicates will grow significantly. External-link [Insurance Insider]

COVID business interruption case goes to appeal

The High Court Appeal began this week with six insurers claiming the original judgement was ‘fundamentally flawed’. External-link [Financial Times]

LMA looks to ‘re-imagine’ the delegated authority model

Project DARE (Delegated Authority REimagined) is being run by the LMA to radically overhaul the way the delegated authority model works. They will consult market groups over the next six months in a follow-up to Blueprint Two. External-link  [Reactions]

PRA warns insurers about under-reserving in financial lines

The Prudential Regulatory Authority (PRA) has written to insurers asking them to take steps to address deteriorating claims and weakened reserve positions in liability business, particularly financial lines. External-link [Insurance Day]

QBE survey finds quarter of workers hide mental health challenges

A study of mental health in workplaces has found that companies have some way to go in learning how to address mental health issues with their staff.  Over a third of those with mental health worries are concerned about job security, and one in five employees say that they do not believe their employer’s concern about mental wellbeing is genuine. External-link [Asia Insurance Review]

Make like a racoon

Is your sofa the frontline? The German government sets an impressively humorous standard for corona communications in its latest public information announcement to get people to stay at home. External-link Twitter

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