week commencing 23/05/21:

What a week – Belarus forced a commercial aircraft down; Dominic Cummings tried to bring the government down and we discovered that privacy really is an illusion. Read on for the lowdown in our pick of the insurance news.

What’s Lloyd’s worth?

A new proxy stock index values Lloyd’s based on the equity prices of its participating businesses and their relative importance in the market. A useful tool as the market looks to attract more outside capital? External-link. [Financial Times]

Broker merry-go-round takes another spin

The broker consolidation merry-go-round continues – will it be Miller, BMS or Ardonagh that captures Tysers? External-link. [Insurance Insider] Meanwhile, Ardonagh’s acquisition of Corant makes it London’s largest independent and specialty wholesale business. External-link. [Insurance Insider]

Down but not out in P&I

West is the latest P&I club to announce losses, suggesting remedial action will be inevitable as we look ahead. External-link. [Insurance Day]

Ransomware is a drain on the industry

CNA Hardy is reported to have paid $40m to restore services after a disastrous ransomware attack by a group known as Phoenix. External-link. [Insurance Business] But the pain of ransomware is felt right across financial services; the sector which has been most significantly hit over the past five years. External-link. [Financial Times]

Reinsurance rates a bit ‘meh’

Further news this week suggests the market has hit its peak as reinsurance renewals fail to excite. External-link. [Insurance Day]

CII under attack

The leadership, strategy and values of the CII are under fire from members who want an independent review of the existing manifesto. External-link. [Insurance Insider]

Shell shocked

The decision by a court in the Netherlands that by 2030, Shell must reduce its net CO2 emissions by 45% compared to 2019 levels, has sent a shock wave through the energy industry and its insurers. External-link. [CNBC News]

California feels the heat

The State of California is already doubling its estimates of the spend needed on wildfire mitigation since January and is hiring more firefighters as drought intensifies. External-link. [Insurance Journal]

UK relaxes rules

Foreign insurers will find a warmer welcome in Britain as the regulator looks to rationalise requirements for those setting up UK branches. External-link. [Insurance Day]

Charman to retire

John Charman has announced that he will retire next year from Sompo. He will be replaced by James Shea, formerly of Zurich. External-link. [Insurance Insider]

Actions speak louder than words

It turns out that social media apps don’t actively snoop on your conversations.  They just collect metadata from your phone automatically – like who you’re with and where you are 24 hours a day. Socialise with care or who knows what ads you might receive. External-link. [Newsweek]

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