week commencing 09/09/18:

Our picks of the industry news this week cover the shock takeover of JLT, the Florence fallout and more. Read all about it!

Marsh & McLennan buys JLT
A takeover agreement between Marsh & McLennan and Jardine Lloyd Thompson Group (JLT) has been agreed at $5.6 billion. External-link [Insurance Age]

Florence losses estimated to be between $1.7 to $4.6 billion
AIR has estimated the wind and storm surges that lashed the Carolinas during Hurricane Florence’s arrival last week have caused in the region of $1.7 to $4.6 billion in losses, not including the impact of the ongoing flooding. External-link [Insurance Day]

Re/insurers capital expected to survive Florence
Ahead of the storm’s arrival last week dire predictions of the impact on re/insurers were floating around, but according to S&P Global the hurricane will be an “earnings event” for the industry. External-link [Insurance Day]

Insurers chasing higher returns with riskier investments
The financial crisis hit interest rates hard, and the effects are still being felt in the industry years down the line. In a bid to boost profits, insurance companies are planning to pursue ever riskier investments. External-link [Financial Times]

Hiscox plans 12% capacity reduction for Lloyd’s syndicate
Hiscox is set to make a 12% cut to the capacity of Lloyd’s syndicate 33 from £1.6 to £1.4 billion. External-link [Insurance Day]

Zeller Associates sells two divisions to Thomas Miller
Risk-related insurance provider Zeller Associates has sold its insurance services operations and managing general agency to Thomas Miller. External-link [Reactions]

Scor’s rejection of Covéa takeover under pressure from investor
French reinsurer Scor has come under pressure from an activist investor after its rejection of a takeover offer from its largest shareholder, Covéa. External-link [Financial Times]

Fidelis restructure sees new CUO step up
Ben Savill has stepped down as Chief Underwriting Officer at Fidelis after the business split into four divisions. CEO Richard Brindle will take on the role in addition to his current responsibilities. External-link [Insurance Day]

Changes to promote diversity coming to re/insurance industry
Despite London’s proud status as one of the world’s most diverse cities, its multicultural make-up has had little success in breaking into its re/insurance industry. This could all be set to change soon though with plans in place to promote diversity. External-link [Reactions]

Video: What 9ft of storm surge really looks like
We all know that nine feet of water sounds like a lot, but The Weather Channel brought the abstract image to life in a totally new and fascinating way that has since gone viral across social media. External-link [The Weather Channel]


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