Insurance news – week commencing 26/09/21

week commencing 26/09/21:

As 007 finally swings back into post-pandemic action, Luther Towers has been deploying its license to thrill by seeking out all the insurance highlights this week.

Decision made on supplier to next PPL platform

PPL has chosen Deloitte to build the next generation of their e placing platform with new functionality and improved data in 2022. External-link. [Insurance Day]

Axa XL withdraws reinsurance from Lloyd’s

Axa XL is preparing to pull its circa $400mn reinsurance business from Lloyd’s and instead write the business via its company market platform from 2022. External-link. [Insurance Day]

Expanded standards include e-placement

The standards body, ACORD, is extending its Global Reinsurance & Large Commercial data standards, which re/insurers will be able to use to adopt advanced electronic placement processes from submission to binding. External-link. [UK Time News]

Caution for cats

Aon’s latest report on the financial performance of 22 reinsurers shows a capital growth of $10bn since the end of 2020. Recent losses however suggest caution around these results being sustained. External-link. [Insurance Insider]

Solvency II changes may boost ESG investments

According to Fitch Ratings, interest in assets with environmental, social and governance characteristics may get a further boost from the EC’s proposal to lower Solvency II capital charges for longer-term business. External-link. [Reinsurance News]

Insurers fear fizz

As CO2 shortages hit the food and beverage sectors, businesses may face disruption to their production and supply chain with a knock-on impact on insurance claims. External-link. [Insurance Times]

UN acts to protect vulnerable communities

The United Nations Development Programme aims to grow the role of insurance and risk-financing in development globally with the announcement of its Insurance and Risk Finance Facility. External-link. [Insurance Insider]

Amazon delivers insurance

According to broker Superscript, will start offering insurance to small and medium-sized UK business customers, the technology giant’s first foray into business insurance in the country. External-link. [Reuters]

Quane gets the nod as Beazley CUO

Bob Quane, who has over 30 years on underwriting leadership experience, has been appointed as chief underwriting officer, subject to regulatory approval. He starts on October 11. External-link. [Insurance Business]

BRIT CEO stands down

Matthew Wilson, group CEO, will be taking an indefinite leave of absence due to health reasons. During this period, Martin Thompson will step in as interim group CEO, subject to regulatory approval. External-link. [Insurance Journal]

Panache, rage and cuddles

Finally, the film we have all been waiting for. Bond is back in what the Guardian film critic describes as a “weird and self-aware epic” – pass the popcorn. External-link. [The Guardian]

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