week commencing 24/11/19:

Timing is everything. As Thanksgiving gets underway in the US and Europe looks forward to Christmas, so burglars went shopping in Germany for $1bn of government swag. In other news, Luther Towers mourns the loss of Clive James whose turn of phrase could never be bettered – anyone for some festive walnuts in a condom? For those of a more serious turn of mind, here’s this week’s news …

“Triple first” cat bond launched by Singapore Exchange and World Bank

The World Bank issued its long-awaited Philippines cat bond this week – the first ever to be traded out of the Singapore Exchange, issued by the World Bank and sponsored by an Asian sovereign. External-link. [Artemis.bm]

Chubb to take majority stake in China’s Huatai

Chubb announced this week that it will buy a further 22.4% stake in China’s Huatai Insurance Group.  The share purchases, staggered in three tranches, will ultimately take its stake from 27% to a majority 50.4%. External-link. [Reuters]

Swiss Re predicts 30% growth in reinsurance cat market

Despite large cat losses from Japan and the US in recent years, rising prices for catastrophe reinsurance have led Swiss Re to look for growth in this area, and to predict a rise in the total market from $30bn to $40bn by 2023. External-link. [Financial Times]

Hard Rock collapse triggers multitude of claims

The collapse of the 18-storey Hard Rock Hotel in New Orleans killed three construction workers and created an ongoing site hazard that led to the evacuation of scores of businesses and ultimately the demolition of the building. Claims are expected to come near to $100m under builder’s risk cover. External-link. [Insurance Insider]

Pool Re success is a model for others

Pool Re received multiple awards at last week’s Insurance Day awards, confirming a success story built on helping society to manage terrorism risk.  The firm set out a blueprint this week for other public/private partnerships to follow its model and help manage significant societal risks. External-link. [Insurance Day]

AIG sells stake in reinsurer Fortitude

AIG has sold its majority stake in runoff reinsurer Fortitude Group Holdings to the Carlyle Group for $1.8bn, in a deal designed to bring independence to the group’s legacy liabilities. External-link. [Business Insurance]

Lloyd’s to replace Singapore access scheme for brokers

The twenty-year-old Lloyd’s scheme which gave international underwriters access to Singapore risks via a select group of brokers will end in November 2022. External-link. [Insurance Insider]

AJG and Capsicum Re announce agreement on sale

Just ahead of an end-of-month deadline, Arthur J.  Gallagher and Capsicum Re have announced agreed terms for the sale of 100% of the business to Gallagher. External-link. [Insurance Age]

CEO Simon Beale to leave Amlin

Mitsui Sumitomo’s major restructure of its holding companies has led to the departure of Amlin CEO Simon Beale, and Chief Underwriting Officer, James Illingworth; both will retain non-executive roles within the Sumitomo Group. External-link. [Insurance Day]

German museum uninsured after billion-dollar heist

The papers were full of the news of the epic theft of a haul of jewellery worth over $1bn from Germany’s Green Museum.  Subsequently the state government has announced that the whole hoard was uninsured, and that it is unlikely ever to be seen again. External-link. [Bloomberg]

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