week commencing 30/05/21:

As lockdown-battered Brits took to the beaches in their thousands to worship a rarely seen thing these days – the sun, the pasty-faced Luther team slapped on the SPF50 and got down to some serious news reading. Here’s the (sun) cream of this week’s media crop.

Conference too risky for FERMA

European risk management body FERMA has postponed its physical conference till 2022. Instead, FERMA will host a series of virtual events this October. External-link. [Strategic Risk]

RSA sold for $7.2bn

RSA Insurance Group has been acquired by Toronto-based Intact Financial Corporation and Scandinavian insurer Tryg. The full price tag for the transaction is approximately £7.2 billion (US$10.2 billion). External-link. [Insurance Journal]

Washbourn dances back centre stage

Beazley’s former head of marine, Clive Washbourn reports he is ‘energised and enthused’ to be trading again, dancing between raindrops and firing a big weapon as head of MGA Navium. External-link. [Insurance Insider]

Tencent wins Hong Kong licence

Internet giant Tencent Holdings has won a licence to offer reinsurance services in Hong Kong as part of a joint venture. This is Tencent’s first move outside its Chinese home market. External-link. [Global Reinsurance]

Cyber insurance jitters

Loss ratios in the cyber insurance market are continuing to rise, prompting insurers to adjust rates and tighten terms and conditions. External-link. [S&P Global Intelligence]

Fossil fuel woes

Investor pressure is not the only reason insurers are distancing themselves from the fossil fuel sector. According to Tom Johansmeyer of Property Claims Services, it makes good business sense, too. External-link. [Canadian Underwriter]

Marsh hires Studer

TheCityUK’s founding director, Nick Studer, will join broker Marsh  in two key positions; president and chief executive of Oliver Wyman Group and vice chair of Marsh McLennan’s executive committee. External-link. [Insurance Business]

Airbus account win

Willis Towers Watson is reported to have lost the Airbus account to relatively new aviation intermediary Piiq, which was created in 2019 by parent company Corant Global. External-link. [Insurance Day]

Trade credit backstop ends

The UK government’s Covid-19 trade credit reinsurance scheme will end on 30 June, it was confirmed this week. The scheme has provided £210bn in insurance cover for more than half-a-million businesses. External-link. [Insurance Day]

Protesters make a stink

The pungent whiff of sulphur drifted around Lloyd’s this week as environmental campaign group Insurance Rebellion let off a ‘stink device’ outside the building on Monday, protesting that Lloyd’s was ‘one of the biggest fossil fuel insurers in the world’. External-link. [Insurance Business UK] In related news, a group of fathers, mothers and children will hold a protest on 18 June to urge Lloyd’s to cease insuring fossil fuels. External-link. [Insurance Business UK]

Endangered coral reef insured

A coral reef along the eastern coast of Mexico and its neighbouring communities are to be protected against hurricanes by parametric insurance. Willis Towers Watson is leading the initiative to protect and rebuild the Mesoamerican Reef, which is listed as critically endangered. External-link. [Insurance Day]

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