week commencing 25/08/18:

It may have been a quiet week in offices across the City but, as we know, the insurance industry never sleeps. Take a moment this weekend to peruse our picks of the week’s market news.

Apollo set to seal the deal on Aspen acquisition
Apollo’s $2.6 billion cash offer is double Aspen’s current share price. External-link [Insurance Insider]

Marine insurance market is in the mire as Lloyd’s launches review
In a move that could drive up the cost of insuring the world’s ocean carriers, Lloyd’s has launched a review of its poorly-performing members as losses continue to rise. External-link [Wall Street Journal]

Sheila Cameron to be next LMA CEO
The Lloyd’s Market Association has announced its decision to promote Sheila Cameron to the top job when David Gittings, its CEO of 12 years, leaves the role. External-link [Reinsurance News]

ROE improvement drive shakes up European insurers
Europe’s major insurers are targeting M&A and high-margin lines as well as examining cost-cutting measures in a drive to boost ROE. External-link [Insurance Day]

Chaucer and China Re wait on sale approval
China Re’s acquisition of Chaucer has been agreed in principle, but the wait is on for the Chinese authorities to indicate their approval of the deal. External-link [Insurance Insider]

Reassurance for post-Brexit contracts
Brexit negotiations may be moving slowly but most large insurers have made their own contingency plans to ensure that cross-border contracts are honoured even in a no-deal scenario. External-link [Financial Times]

Berkshire buys 3-4% stake in One97
In its first excursion into India’s tech start-ups, Berkshire Hathaway Inc has purchased a 3-4% stake in One97, the company behind India’s biggest digital payments brand Paytm. External-link [Bloomberg]

Analysis: claims could soon feel the Amazon effect
It’s news to nobody that Amazon is eyeing up the insurance industry. The Insurance Post’s Jen Frost takes a closer look at how the internet retail giant could shake up claims. External-link [Insurance Post]

California faces the consequences of climate change
In the past year it has suffered both terrible flooding and raging wildfires, but the worst is yet to come for the sunshine state if its own climate assessment is to be believed. External-link [Bloomberg]

NotPetya: The untold story of the code that crippled the world
Last year’s NotPetya cyberattack was the most devastating of its kind that the world has ever seen, bringing down corporations and government agencies alike. Wired brings you the untold story. External-link [Wired]

Is it time to scrap the shrapnel?
The Bank of England is revisiting the issue of removing copper coins from circulation, arguing it will benefit the economy. Penny for your thoughts? External-link [Financial Times]


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