Allianz has entered into transactions with two parties which will strengthen the insurer’s presence in the UK insurance market. The transactions, which are expected to be completed by end of 2019, will position Allianz among the top two general insurers in the UK with a 2018 combined gross written premium...
The world saw the renowned Notre-Dame, an 800-year-old historical monument go down in flames recently. Rebuilding this architectural work will cost billions of dollars. Interestingly, the Notre-Dame has not been insured. Notre Dame and all of its pre-1905 artworks are the property of the French state and not insured. The...
Canopius AG announced the signing of the definitive sale and purchase agreement that will see the merger of its Lloyd’s business with that of AmTrust at Lloyd’s, a division of AmTrust Financial, subject to regulatory approval. Upon completion, expected in Q3 2019, the transaction will create a top-five insurer at...
Zurich-based blockchain startup B3i Service AG has increased its capital by USD16 million in February, according to recently published filings from the Swiss commercial register. B3i Service AG — a blockchain initiative formed by “Blockchain Insurance Industry Initiative” B3i in 2018 and run by several international insurance companies including Munich Re and Swiss Re — has raised about...
The Financial Conduct Authority (FCA) has cautioned General Insurance (GI) firms about manufacturing, sales and distribution approaches that can lead to customers purchasing inappropriate products, paying excessive prices or receiving poor service. The recently implemented Insurance Distribution Directive requires that all firms in the GI distribution chain act in accordance...
Recently, the French government passed an Action Plan for Business Growth and Transformation (Pacte) Law that will allow life insurance companies to invest in cryptocurrencies. The law is a new step in France’s economic transformation as it will simplify business creation, ease obligations concerning workforce thresholds and remove obstacles that usually overburden companies in every...
Aon has confirmed in a statement that the company is not considering a potential all-share business with Willis Towers Watson. News of Aon’s consideration to merge with Willis Towers Watson became public and Aon was required to issue a statement because Willis Towers Watson is an Irish company and is subject to...
UK’s Prudential Regulatory Authority (PRA) and FCA (Financial Conduct Authority) recently hosted the first meeting of the Climate Financial Risk Forum (CFRF). The objective of the CFRF is to build capacity and share best practice across financial regulators and industry to advance financial sector responses to the financial risks from...
Lockton has announced the formation of a new global reinsurance business named Lockton Global Re. This investment in the US and across the globe will be led by an elite leadership team, including Tim Gardner, current CEO of North America Operations for Guy Carpenter, Claude Yoder, current managing director and...
Hamilton Insurance Group, Ltd. recently announced that it has signed a definitive agreement with Liberty Mutual Group to acquire the Pembroke Managing Agency Limited platform at Lloyd’s and Ironshore Europe DAC (IEDAC). Upon closing, the transaction will almost double Hamilton’s total premium base. The complementary profile of Pembroke and IEDAC’s...
