week commencing 28/04/19:

The revolution continues at Lloyd’s, with fundamental changes announced this week.  But it was also a week for old hands to launch new ventures, as veterans Stephen Catlin and Steve McGill  launched a new insurer and a new broker into the London market. 

Neal announces plans for split at Lloyd’s

John Neal has announced that the Lloyd’s market will be restructured into two parts. Complex larger risks will still be handled in the traditional way, but up to 40% of standard risks will be taken online, using standard forms to cut costs. External-link. [Financial Times]

Parliament praises the work of the LMG

Craig Tracey MP (Chair of the All-Party Parliamentary Group for Insurance and Financial Services) led a debate in Parliament on the UK’s future international trade opportunities this week. The debate recognised the impact of LMG’s work in lobbying government on behalf of the insurance market and argued that “insurance needs to play a role in our future trade success”. External-link. [Hansard]

Steve McGill launches new broker: McGill and Partners

Aon and JLT veteran Steve McGill secured $250m of backing to launch his new broker this week, with a promise to disrupt the market and bring greater transparency on costs to clients. External-link. [The Insurer]

Insurer Convex launches with promise to reform the market

Stephen Catlin returned to the insurance arena this week, launching Convex, an insurer with the stated intention of slashing costs and revolutionsing what he called an ‘unbelievably inefficient’ London market. External-link. [Insurance Day]

Maersk’s marine blockchain platform builds towards success

The first blockchain-based marine platform was launched in partnership with Maersk last year. The platform’s management team say that a year has helped them refine their technology, but more work is still needed. External-link. [Reactions]

Lack of capacity in cyber leaves door open for ILS

Traditional reinsurance is lacking capacity for cyber, as the market grows exponentially. Can ILS models and underwriters catch up in time to cover some of this gap? External-link. [Reactions]

Just 16% of intangible assets are insured

A study by Aon and Ponemon has found that while an average of 60% of tangible assets tend to be insured, only 16% of intangible assets, such as intellectual property, company data and technologies are covered. External-link. [Asia Insurance Review]

Chubb hails ‘best price environment in a number of years’

Chubb CEO Evan Greenberg has celebrated much improved P&C pricing in the US and in the UK wholesale market, noting that the improvement, the best for five years, continues to accelerate. External-link. [Insurance Insider]

Could dust-sized microbots be used to fix our brains?

The New York Times reports on the development of new microbots that could be used to clean the insides of computers or even tidy up human brains. External-link. [New  York Times]

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