International & Reinsurance News for March 2021
- Australia’s Floods to Hit Insurers’ Earnings, Put Upward Pressure on Reinsurance Rates
- Hong Kong Developing SPAC Framework – But Lack of D&O Insurance Could Be Issue
- Lloyd’s Expects Large Loss from Suez Canal Blockage
- Formal Investigations Begin into How Container Ship Ran Around in Suez Canal
- City of London Financial Center Likely to See Most Workers Return After Pandemic
- Aon Takes a Holiday
- Lengthy Legal Battles Expected from Suez Canal’s Longest Closure in Almost 50 Years
- Global Insurers Paid $89 Billion for Natural, Manmade Disasters in 2020: Swiss Re
- Guy Carpenter Launches Asia Pacific Capital Advisory Group
- Japan Chipmaker Renesas Says Normal Production at Fire-Hit Plant to Take 100-120 Days
- Britain Shouldn’t Blindly Adopt EU Rules Just to Keep Business in London: BoE’s Brazier
- Insurance Unlikely to Cover All Shipowners’ Expenses Incurred in Suez Closure Chaos
- Mastercard Battles Attempts to Expand Scope of $19B Class Action in UK
- Suez Canal Blockage Likely to Bring Large Losses for Global Reinsurers: Fitch
- SPACs Have Rocketed in U.S. but Europe Has Moved More Slowly. Here’s Why.
- Software Developers Launching Type of Insurance Cover for Cryptocurrencies
- What Has Changed After Brexit for London’s Financial Center?
- Update: Stranded Container Ship Is Refloated; Suez Canal Shipping Traffic Resumes
- Allianz Privately Mulls Counteroffer for The Hartford After Chubb’s Offer
- Suez Canal Blockage Could Cost Global Trade $6B-$10B per Week: Allianz
- RSA Names Former Aviva Executive Hodges as Chair of UK, International Businesses
- City of London Is Realizing that EU Will Limit Access for Financial Services: Lawmaker
- Brokerslink Expands in Balkans with Addition of Broker in Bosnia and Herzegovina
- Private Equity Firm CVC Nears Deal to Buy Insurance Arm of National Bank of Greece
- Update: Allianz to Purchase Aviva Poland for $2.9 Billion, Winning Bidding War
- Gender Pay Gap in Australia Is Worst in Insurance and Finance Industries: Study
- Container Ship Could Block Suez Canal Like a ‘Beached Whale’ for Weeks
- Generali Raises Bid for Aviva Poland in Battle with Dutch Insurer NN: Sources
- When Normal Lloyd’s Trading Returns, Brokers Urge Work Flexibility, Less ‘Stuffy’ Dress Code
- Huge Backlog of Ships Waits for Salvage Team to Re-Float Vessel Blocking Suez Canal
- Towergate Buys AFL Retail Team, Following a Separate AFL Team Move Last Week
- Lawsuit Against BHP over Brazil Dam Collapse Fails on Appeal in English Court
- Insurers of Container Ship Aground in Suez Canal Face Millions in Claims
- Authorities Working to Free Giant Stranded Container Ship Blocking Suez Canal
- People Moves: Carpenter’s Sicard to New Dawn; RFIB’s Stratton to Corant; Saul to BMS; Miller Hires
- AIA Group to Buy Life Insurance Business of Bank of East Asia
- Britain Proposes Requiring Large Firms to Disclose Climate Financial Risks by 2022
- Reporters Without Borders Sues Facebook in France over Hate Speech, False Information
- Lloyd’s Launches Parametric Earthquake Insurance Policy in New Zealand
- British Report Says London Joining EU Financial Services Market May Not Be Worth It
- Spanish Bank Bankinter to Spin Off Its P/C Insurance Unit Linea Directa
- Steinhoff International’s Insurers Agree to Pay $93 Million for Directors’ Liability Claims
- World’s 1st Catastrophe Bond for Volcanic Eruptions Aims to Improve Disaster Relief
- Insurer Tokio Marine Expects No Material Impact on 2021 Results from Greensill Collapse
- Swiss Cyber Security Firm Says It Accessed Servers of a SolarWinds Hacking Group
- Central Europe Could Face Megadroughts as Climate Change Hits
- UFG Insurance to Diversify Risk Profile by Expanding into Reinsurance Across U.S.
- Climate Change Could Cut 63 Countries’ Credit Ratings by 2030: University Study
- Japanese Carmakers Assess Effect on Supply Chain of Renesas Chip Plant Fire
- Lloyd’s Insurer AEGIS London Moves to New Office
- India Increases Limit on Foreign Direct Investment in Insurance Companies
- Greensill Capital Collapse Exposes Less-Than-Adequate Technological Capabilities
- Insurance Council of Australia Declares Catastrophe for Parts of New South Wales
- Australia Battered by Worst Flooding in 60 Years
- Chubb Bids for Significant Scale Including The Hartford’s ‘Crown Jewel’
- Why Its Bid for The Hartford Is a Personal Lines ‘Chess’ Move by Chubb
- Reinsurance Rendez-Vous de Septembre Canceled Again – on Pandemic Concerns
- Zurich Debuts Global Business Unit Focused on Evolving Risks
- AM Best Signs Up to UN Principles for Sustainable Insurance, in Ratings Agency First
- Chubb’s Offer to Acquire Rival Hartford: $23.2 Billion
- UK Broker Specialist Risk Group Lures Team of 16 from AFL, Led by Ex-AFL CEO Bines
- Greensill Capital Creditors, Led by Softbank, Submit More Than $1.4 Billion in Claims
- Tokio Marine Faces Larger-Than-Expected Exposure to Greensill Capital Meltdown
- Chubb Explores Acquisition of $22 Billion Rival Hartford: Bloomberg
- South Korea Defends Mandatory COVID Testing of Foreign Workers
- Britain Says Financial Services Agreement With EU Should Come Soon
- Munich Re’s Transportation, Logistics Specialty Broker Roanoke Expands to Canada
- EU Threatens to Ban COVID Vaccine Exports to Britain
- Assessing Delegated Underwriting Authorities, MGAs: AM Best Explains
- Britain Targets Big 4 Auditors, Company Directors With Reform Proposals
- AM Best Plans to Assess MGAs, Other Delegated Authority Entities
- ‘Green’ Investment Funds Less Vulnerable to Climate-Related Shocks: EU Watchdog
- Specialist MGA CFC Acquires Australian Cyber Security Firm, Insane Technologies
- Xenia Broking to Acquire Status Credit Insurance Brokers in UK
- Update – Italy’s Generali Eyes €2 Billion Acquisition in Russia: Source
- Uber Reclassifies 70,000 UK Drivers as Workers – Providing Minimum Wage, Benefits
- Swiss Re Announces Net-Zero Climate Targets in Underwriting, Investments
- Credit Suisse Investors Express Concern About Fallout from Greensill Collapse
- TransRe CEO Sapnar to Step Down, Succeeded by Brandt
- Insurance Industry Groups Join Forces to Help UK Career-Break Women Return to Work
- Credit Suisse Risk Officer Discovered in February Greensill’s Insurance Would Expire
- Hundreds of Flights Canceled During China’s Worst Sandstorm in Decade
- Update: Private Equity Firm BC Partners Agrees to Buy Insurance Service Company Davies
- Miller Appoints Ex-Aon Executive Simpson as Head of Bermuda
- Iran Blames Israel for Explosion that Damaged Container Ship in Mediterranean
- Insurtech Blink Expands into Central, Latin America; Partners with Travel Assistance Firm
- AXIS Partners with Elpha Secure to Provide Cyber Security for Small Businesses Globally
- A U.S. Storm that Will Break Insurance Records – and Other February Storms, Quakes
- Arch Launches Transport and Logistics Insurance Division, Led by Argo’s O’Gorman
- UK Cyber Authority Urges Organizations to Install Microsoft Updates
- Hiscox Promotes Patel to Head of Direct Commercial in UK
- Credit Suisse Freezes More Supply Chain Finance Funds as Greensill Scandal Widens
- How Dangerous Is Japan’s Fukushima Nuclear Plant After 10 Years of Cleanup?
- China’s Ant Group Issues Financial Self-Discipline Rules on Tighter Regulatory Oversight
- France’s AXA Drops German Power Giant RWE as a Client over Large Coal Operations
- Insurer Sanlam Braces for More Virus Waves in South Africa
- Microsoft Flaw Exposes as Many as 60,000 Computer Systems in Germany
- Insurers Face Disputes with Their Reinsurers over UK COVID-19 Business Income Claims
- Italy’s Generali Expects to Hit 2021 Targets After Reporting ‘Excellent’ Results in 2020
- German Insurtech Wefox Plans to Launch Product that Warns of Looming Danger
- Canada’s Trans Mountain Pipeline Wants to Keep Insurers Secret from Project Protestors
- Credit Suisse Faces Questions from Regulators, Insurers After Collapse of Greensill Funds
- BI Innovation Coming Soon: Low-Limit Policies from Insurtech Thimble
- DARAG to Provide Retrospective Quota Share Reinsurance for Protector Forsikring
- Zego Becomes UK’s 1st Insurtech Unicorn After Fundraising Values Company at $1.1B
- Commodities Trader Mercuria Buys $36M of Copper, but Gets Cargo of Painted Rocks
- EU Prepares to Get Tougher on Asset Managers that ‘Greenwash’ Sustainable Credentials
- Tokio Marine Examines Validity of Greensill Insurance Policies Provided by Australia Unit
- Marsh Names Barnes to New Global Sustainability, Climate Strategy Role
- Mosaic Begins Underwriting War, Terrorism & Political Violence Risks Globally
- Legacy Specialist DARAG Acquires Bermuda-Based SunPoint from Fosun International
- Here’s a Rundown of How Greensill Unraveled, the Key Players, and What Could Be Next
- Chubb Names Kelaher as Country President for Australia and New Zealand
- Australia’s Largest P/C Insurer Says It Has No Net Exposure to Greensill Capital
- Allianz Commits $75M to Hong Kong Fintech WeLab, While Forming Partnership
- Greensill Files for UK Insolvency After Losing Insurance for Debt Repackaging Business
- Swiss Re Forms Strategic Partnership with Satellite Operator and Flood Monitor, ICEYE
- Sinkholes Emerge After Croatia’s Deadly Earthquake in December
- Howden Broking Buys Independent Superyacht Broker Sturge Taylor
- Credit Suisse Knew Frozen Greensill Funds’ Insurance Cover Relied on One Insurer: Report
- Irish Judges Back Guidelines for Personal Injury Awards to Cut Insurance, Legal Costs
- UK and EU on Track to Agree on Financial Services Cooperation – but Trust Must Be Built
- CNA’s Cyber Risk Services Program, CNA CyberPrep, Launched in Canada
- UK Broker, Specialist Risk Group, Acquires MGA CLS Risk Solutions
- French Retailer Sued over Amazon Deforestation Linked to Cattle Raising
- Insurer Aviva Seeks New London Headquarters to Cut Post-Pandemic Office Footprint
- Upstream Mine Tailings Dams Pose Higher Risks of Instability: Study
- Greensill Downfall Began with Firing of Insurance Manager at Sydney Unit of Tokio Marine
- Global Power Grids Are Becoming Increasingly Vulnerable to Cyber Attacks
- French Families Join Class Action After Thousands of COVID Deaths in Nursing Homes
- Greensill Capital’s Funding Crisis Could Lead to Losses for Insurers, Banks: Analysis
- Insurers Don’t Have Capacity to Handle Systemic Pandemic Risk: Generali CEO
- London-Based Broker Costero Holdings Acquires Mar Risk Services
- Zurich Promotes Signorelli to CEO of Commercial Insurance
- Aviva Sells Italian Businesses to Allianz and CNP in 2 Deals Totaling $1.1 Billion
- Update – Aon’s $30B Bid for Willis Towers Watson Faces EU Antitrust Warning: Reuters
- Britain Must Think ‘Creatively’ About Keeping London Competitive for Financial Services
- Portevin Appointed Global Head of Allianz Risk Consulting
- Seeds of Greensill Capital’s Swift Fall Triggered When Credit Insurer Balked at Renewal
- Beazley’s CEO Horton to Become Group CEO of QBE Insurance in Australia
- Hiscox Cites Loss on COVID, BI Dispute ‘Brand Damage’; Will Alter Liability, Cyber Books
- Toronto Specialty MGA Merlin Rebrands as TruStar
- European Union Weighs Emergency Approvals for COVID Vaccines
- 10 Years After Disaster, Fukushima Nuclear Plant Operator Continues Cleanup
- Reuters Exclusive: India Central Bank Seeks Limit on Banks’ Ownership in Insurers
- Reinsurers Saw ‘Good’ Rate Hikes in January Renewals, but Will Be Asking for More: S&P
- Post-Brexit Exodus of Staff and Assets from London to EU Slows
- S. Africa’s Steinhoff in Talks with D&O Insurers to Help Settle Accounting Crisis Claims
- Ex-Credit Suisse CEO Raises $300M for Financial Services-Focused SPAC
- Lloyd’s Plans to Re-Open Underwriting Room on May 17
- AGCS Hires Hegel from Zurich as Regional Head of Client Services & Multinational
- Cinven and GIC Complete Purchase of UK Broker Miller from Willis Towers Watson
- UK Insurer Aviva Plans to Become Net-Zero Carbon Emissions Company by 2040
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