week commencing 16/06/19:

While ITV2’s Love Island provides journalists with much-needed relief from Tory in-fighting, we at Luther Towers have been sorting the news-wheat from the info-chaff.  As they say on the island, ‘it is what it is’. Perhaps the Conservatives would benefit from a re-coupling?

Lloyd’s predicted to be profitable again in three years

Rating agency S&P has affirmed the financial strength of the Lloyd’s market as A+ while revising its outlook from negative to stable. Lloyd’s welcomed the announcement, although S&P warned of ‘limited upside’. External-link. [Insurance Day]

R&Q’s Randall to depart

Ken Randall, founder and CEO of legacy and TPA specialist Randall & Quilter, is to stand down after 28 years.  He will be replaced by co-founder Alan Quilter and a new hire from AM Best, former Lloyd’s executive Roger Sellek. External-link. [Insurance Day]

Rain, rain, go away

The poor UK weather could result in insurance claims for abandoned matches in cricket’s World Cup. Broadcaster and media rights-holder, Star India, is likely to have lost at least £1m for each of the four matches cancelled to date. External-link. [Claims Journal]

Shares of Swiss Re subsidiary to be listed in London

Shares in ReAssure Group plc, a subsidiary of Swiss Re, should be listed on the London Stock Exchange in July. The IPO has seen ReAssure Group, which focuses on closed books of life business, reorganised as a standalone entity. External-link. [Insurance Business Australia]

New cyber report shows claims rising

A new AM Best report on the US cyber market reveals Chubb leads the sector, writing 16% of market share.  AXA, AIG, Travelers and Beazley took the next four slots. External-link. [Insurance Insider]

IPO insurance costs rise as investors lose patience

The risks associated with taking a business public in the US are increasing, with companies seeing their insurance costs rise by as much as 200% as investors lose patience with executives who make ‘misleading’ statements. External-link. [Reuters]

AXA-backed insurtech Trov pulls cover

UK customers who bought on-demand gadget cover from insurtech Trov will not be insured from October as the business takes a ‘more focused’ approach. AXA’s partnership with Trov was hailed by then-AXA CEO Amanda Blanc as ‘an example of insurers embracing disruptive technology’. External-link. [Insurance POST]

Bermuda breathes ‘sigh of relief’ as renewal rates harden

Executives in Bermuda are seeing rates hardening as summer renewals get under way. The deterioration of losses resulting from Hurricane Irma is one of the reasons behind the price increase. External-link. [Insurance Day]

Lloyd’s asks market veterans for guidance

Lloyd’s has asked industry bigwigs Greg Case, Dan Glazer and Evan Greenberg to join a new global advisory council. Unconfirmed reports suggest the committee will be chaired by Lloyd’s John Hancock. External-link. [Insurance Insider]

Why the Strait of Hormuz is ideal for attacking tankers

Iran’s alleged attack on two oil tankers in the Strait of Hormuz last week highlighted this region’s strategic significance. Just 34km wide, a third of crude oil exports transported by ship pass through here, making it the world’s ‘most important oil artery’.External-link. [Hellenic Shipping News]

The future of banking: Facebook

With over 2.3bn users, Facebook has announced plans to launch its own cryptocurrency, Libra. Could this be the first in a wave of social platforms and online retailers becoming quasi-banks? Wall Street and the City beware! External-link. [The Guardian]

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