Data from the ministry of finance have shown that almost 250 insurance companies have left the Irish market over the past six years. Since 2014, the licences of 12 life and 42 non-life insurers who had head offices or branches in the country were revoked. A further 194 life and...
British investment company Centricus and European Insurance Consolidation Group have formed a joint venture to purchase European books of life insurance policies closed to new customers, Centricus said to Reuters. Centricus, which has USD26 billion in assets, did not disclose financial terms of the transaction. Private equity firms such as...
The Insurance Authority of Hong Kong granted its first virtual general licence on to Avo Insurance as it tries to encourage wider use of technology by Hong Kong’s insurers. Avo Insurance is a purely digital company which will sell its products online without the use of agents or brokers, thus...
American International Group, Inc. (AIG) has announced proposals to launch a new syndicate at Lloyd’s serving the specialist US high net worth market that will start writing business effective January 1, 2020, subject to regulatory approval. This specialist syndicate represents substantial, accretive new business to the Lloyd’s market, writing up...
Today Lloyd’s announced its decision to merge the Council and the Franchise Board effective from 1 June 2020, after receiving widespread support from across the market. This announcement follows five months of consultation across the Lloyd’s market, with an overwhelming majority (over 90 percent) supporting the proposal to merge the...
Guy Carpenter & Company, LLC hosted the Reinsurance Symposium in Baden-Baden on 20 October. The eleventh year that Guy Carpenter has hosted the event, the Symposium posed the question: “Is the (re)insurance sector ready for Industry 4.0?” The subject was addressed by a panel of senior industry figures who considered...
Swiss Re and global car electronics company Pioneer have co-developed an telematics solution that provides insurers with better and more personalised risk assessment, while supporting safer driving behaviour. The combined solution will be integrated in Swiss Re’s Coloride app and is set to be launched globally early next year. Swiss Re’s Coloride assigns...
Owing to complexities from Brexit, Insurance broker Aon has planned to move its parent company’s jurisdiction of incorporation to Ireland from Britain according to a statement. New York-listed Aon will keep its operational headquarters in London and the switch of jurisdiction will not affect its business operations, reporting requirements or listings,...
The first guide for the insurance industry to protect priceless and irreplaceable assets across the globe was launched recently at an event by UN Environment’s Finance Initiative (UNEP FI) in São Paulo, Brazil, convening leading insurers, investors and banks. The pioneering guide, Protecting our World Heritage, insuring a sustainable future,...
Marsh has announced its piloting of Risk Exchange, a new digital placement platform powered by blockchain technology. Risk Exchange will transform the insurance placement process into an interactive, digital experience where clients, carriers, and Marsh brokers can provide real time information and feedback on the placement and binding process. The...
