From an operational point of view, the United Kingdom’s (UK) departure from the European Union (EU) on 31 January, 2020 will have little immediate impact on AM Best-rated insurers in the UK or EU, according the rating agency AM Best’s latest report. During the 11 month post-Brexit transition period, UK...
The deployment of 5G wireless networks is likely to be the single biggest technological change for society over the next few years. This is because it will act as an enabler, laying the foundations for many other new developments – from communication using 3D holograms to augented reality glasses. That...
Aon plc has announced the acquisition of Cytelligence Inc, a Canada-based cyber security firm that provides incident response advisory, digital forensic expertise, security consulting services and cyber security training for employees to help organisations respond to cyber security threats and strengthen their security position. The acquisition will help Aon expand...
According to the latest figures published by the Association of British Insurers (ABI) trade credit insurers have helped UK firms cope with a record level of bad debts. In the third quarter of 2019, the average bad debt claim paid by trade credit insurers, covering UK domestic and export markets...
Mike McGavick, CEO of XL Group plc recently told Germany’s leading risk managers and key stakeholders that understanding the risks facing German companies is critical to the insurance industry remaining relevant in the future. Speaking at the Deutscher Versicherungs–Schutzverband (DVS) Symposium, McGavick said: “The role of risk managers and that of the...
If P&C Insurance Holding Ltd has signed an agreement to buy Viking Redningstjeneste TOPCO A/S. The acquisition price for 100 percent ownership is EUR32 million which is paid in cash. The enterprise is valued at EUR114 million. Viking is a Nordic roadside assistance company headquartered in Norway. It serves its...
The National Association of Insurance Commissioners (NAIC) has reaffirmed Bermuda as a qualified jurisdiction, ensuring continued efficiency in the cross-border operations of Bermuda (re)insurers in the US market. It has also designated the island a reciprocal jurisdiction effective from 1 January 2020, giving Bermuda ‘covered agreement’ status with the United...
Consultancy and technology provider Capco has launched an insurance practice in two European countries: in France and Switzerland. In two of the European markets the firm serves, Capco has now extended its service portfolio to include insurance services. Commenting on the expansion, Marc Pfeifer, a managing principal at Capco in Switzerland, said,...
New York Life and Cigna announced recently that they have entered into a definitive agreement whereby New York Life will acquire Cigna’s group life and disability insurance business for USD6.3 billion. The acquisition is expected to close in the third quarter of 2020, subject to applicable regulatory approvals and other...
Swiss Re has announced that the organisation will sell its subsidiary ReAssure Group plc to Phoenix Group Holdings plc. As part of the agreement, which values ReAssure at GBP3.25 billion, Swiss Re will receive a cash payment of GBP1.2 billion, shares in Phoenix representing a 13 percent to 17 percent...
