week commencing 20/09/20:

This week Luther Towers is hunkering down for what could be a long winter, taking consolation in the fact that ‘The Great British Bake Off’ appears wholly unaffected and enjoying an entirely new slant on the Cameron premiership from Sasha Swire’s diary. But, be assured, none of this has distracted us from scanning the headlines on your behalf…

Aventus launches in wholesale market

The digital operating system behind a range of UK-based MGAs and brokers is set to move into the wholesale market. Aventus has hired staff as it prepares to launch a new venture. External-link. [Insurance Business UK]

Convex names new leaders

Re/insurer Convex has named former Neon CEO Theo Butt as CEO of Convex Insurance UK. In tandem, it has placed group CUO Matt Paskin as CEO in charge of its Bermuda reinsurance operation. External-link. [Insurance Day]

Market watches SCOR renewal

Insurance commentators are watching closely as SCOR’s XoL retro renewal has come to market, a deal that experts say will signal the state of the retrocessional market ahead of renewals due at 1/1/2021. External-link. [The Insurer]

Maintain standards post-Brexit, Woolard urges

The outgoing chief of the FCA, Chris Woolard, has called on the City to maintain standards post-Brexit in order to safeguard its reputation. External-link. [Financial Times]

Beazley shares catch a cold

Shares in Lloyd’s insurer Beazley took a dive in response to the doubling of its Covid-19-related loss estimate to $340m. The increase was attributed to a change in view on its future event cancellation losses. External-link. [Insurance Day]

Hurricane round-up

It’s been a turbulent week for hurricanes and windstorms, no pun intended. Hurricane Sally, which hit Alabama on 16 September is set to cost $1bn–$3bn. External-link. [Insurance Day] Post-Tropical Storm Teddy made landfall in Nova Scotia and affected the province’s capital, Halifax. External-link. [Insurance Insider] 11m people in Texas were affected by the arrival of Tropical Storm Beta, now downgraded to a tropical depression. External-link. [CNN] Finally, a new addition to the hurricane lexicon: “zombie storm” – a storm that appears to blow itself out before springing back to life. External-link. [Daily Mail]

Lloyd’s room stays open

The nation may have been plunged into gloom by the latest UK Covid-19 restrictions, but doughty Lloyd’s of London has said it will be able to keep its underwriting room open. External-link. [Insurance Insider]

Arch merger

Insurer Arch has launched a new managing agency to trade on the Lloyd’s market. The new agency is the result of a merger of Arch and Barbican’s Lloyd’s underwriting operations. External-link. [Reactions]

Reaction to FCA BI judgment

Last week’s judgment in the FCA’s business interruption test case has provoked mixed responses from the market. Munich Re and Swiss Re are suggesting contract wordings mean affected insurers may not be able to claim on many XoL cat treaties. Meanwhile, Hiscox has estimated a £100m loss and RSA says its hit is in the region of £104m. External-link. [Insurance Insider] QBE, on the other hand, has made it known it plans to appeal. External-link. [Asia Insurance Review] In a related story, the Bank of England warned that lack of confidence in insurers’ willingness to pay out could deter businesses from seeking cover in future. External-link. [Reuters]

FCA orders BI insurers to pay quickly

Following its High Court win last week, the FCA has ordered affected insurers to pay valid Covid-19 related business interruption claims as quickly as possible. External-link. [The Insurer]

Chubb ups prices

Bad news for UK SMEs. Insurer Chubb is to increase management liability premiums for small businesses by a minimum of 100%. The move will lead to a further hardening of the London D&O market. External-link. [Insurance Insider]

Howden buys high street broker

Broker Howden has announced it intends to acquire high street broker chain A-Plan. The deal will create one of the UK’s largest brokers. External-link. [Reactions]

Advertisers ‘like’ new Facebook deal

Facebook has struck a deal with unhappy advertisers over its policies around harmful content. The deal relates to how hate speech will be defined and policed on YouTube, Twitter and Facebook. Advertisers will also have more control on the placement of their ads. External-link. [Financial Times]

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