week commencing 29/11/20:

The news this week that the Pfizer vaccine has been approved for use in the UK has put a smile on the nation’s face  as well as anticipation that queues will be forming outside GP practices up and down the country. But behind those front-page headlines, much has been going on in the world of insurance.

Keep costs down, urges Lloyd’s Neal

John Neal, CEO of Lloyd’s, has called on syndicates to do more to keep costs down. His appeal comes as new data shows the market’s costs are set to rise in 2021. External-link. [Insurance Day]

Conduit Re opens in London

Bermuda-based reinsurer Conduit Re has begun trading in London following a successful $1.1bn IPO. The business is seeking to take advantage of the hardening commercial insurance market. External-link. [Bloomberg]

Solvency II ‘quick win’ promised

Bank of England regulators will look to ‘rejig’ Solvency II as quickly as possible after the UK completes its departure from the EU. Lawmakers say the changes are needed to keep British insurers competitive. External-link. [Reuters]

Chubb names Keogh president

There’s speculation that Chubb’s appointment of John Keogh as its new president marks the beginning of succession planning for Evan Greenberg’s eventual departure. Keogh will retain his existing role as COO. External-link. [Insurance Insider]

Green card decision delay

Europe is dragging its heels on a decision regarding the need for British motorists to carry green card proof-of-insurance documents after 1 January 2021. BIBA is seeking to raise awareness of the issue. External-link. [Financial Times]

Captives on the up

Ratings agency AM Best has suggested that the hardening insurance market will lead to a resurgence in the popularity of captives. External-link. [Reactions]

Arcadia claims

The trade credit insurance market is bracing itself for the collapse of Sir Philip Green’s Arcadia. Estimates suggest up to £250m of invoices could go unpaid. External-link. [Insurance Day]

Remote working scares Singapore firms

A growing number of firms in Singapore are concerned about cyber security due to the rise in home working. 57% of businesses said they felt more vulnerable. External-link. [Asia Insurance Review]

AEGIS expansion

Lloyd’s vehicle AEGIS London is set to take advantage of the hardening insurance market. The business will expand its underwriting capacity by 27% in 2021. External-link. [Insurance Business UK]

Talbot loses bullying claim

Talbot Managing Agency could face paying thousands of pounds after the business lost a staff bullying claim at a tribunal. External-link. [Financial Times]

Farage turns tipster

The ever-energetic Nigel Farage is reinventing himself as a financial commentator. He’s publishing a new daily financial newsletter called Fortune & Freedom. Here’s one of Nigel’s pearls of wisdom: bitcoin is ‘the ultimate anti-lockdown investment’. Thanks Nigel! External-link. [Financial Times]

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