International & Reinsurance News for October 2021
- Climate Protesters Spill 1,000 Liters of Fake Oil Outside Lloyd’s of London
- Flood Re Tours UK With ‘Floodmobile’ Before COP26 to Highlight Flood Resilience
- Swiss Re Reports Better-Than-Expected Profit Despite Major Claims
- Severe South Australia Storms Declared a Catastrophe by Insurance Council
- Amazon-Backed Indian Online Insurer Acko Valued at $1.1B in New Funding Round
- SiriusPoint Forms Partnership with ESG-Focused Startup Parameter Climate
- EXOR Agrees to Sell PartnerRe to Covéa for $9B, Reviving Last Year’s Collapsed Deal
- Bank of England to Push Banks, Insurers on Climate Risk Capital Requirements
- La Banque Postale Plans to Buy French Insurer CNP
- EU Cybersecurity Agency Warns of Threat From Hackers-for-Hire
- Reinsurers Increasingly Using ILS to Transfer Risks
- Lloyd’s Ups Climate Pledge, Vows to Push Members on Net Zero: Reuters
- UN Proposes Net Zero Verification Standard for Corporate Climate Claims
- UK-Based Broker KGJ Insurance Is Latest Acquisition for NFP
- Aston Lark Acquires Birmingham Broker Bainbridge Collins
- As Strikes, Riots and Civil Commotion Risks Increase, Insurers Respond With Exclusions
- Ping An Insurance Profit Falls 31.2% as Returns, Premiums Shrink
- Global Minimum Tax Proposal Could Create Double Taxation for Some Insurers: AM Best
- Repairing Mexico City’s Collapsed Metro Could Cost $40M: Grupo Carso
- Insurance Industry Told to Expect Global Average Annual Disaster Loss of $106B: AIR
- Global Commercial Insurance Rates Rise 15% in Q3 as Moderation Continues: Marsh
- UK Financial Regulator Raises No Objection to Bain’s Acquisition of Insurer LV=
- Reinsurance Price Increases Support Improving Outlook for Sector: Fitch
- Parametric Insurer CCRIF Strengthens Belize Warning Systems for Extreme Weather
- Australian Publisher Urges Government to Compel Facebook to Negotiate Content Deal
- Southern Ontario Storms in September Cause Insured Damages of C$105M
- People Moves: Tysers’ Allen to Oneglobal Bermuda; MS Amlin Promotes Wallington for Specialty Re; Kessler Named Chair of Insurance Europe’s Reinsurance Advisory Board
- What Are the Economic Stakes of Climate Change?
- Greenhouse Gas Levels Hit Record in 2021 as World Fails to Cap Rising Temperatures
- Swiss Re-Backed Getsafe Gets German Insurance License, Permitting Europe Expansion
- EXOR Restarts Talks With Insurer Covéa Over Scrapped $9B Sale of PartnerRe: Report
- Berkshire Hathaway to Tender Stake in Italy’s Cattolica Under Generali Takeover Offer
- Fintech Paytm Gets Regulatory Nod for India’s Biggest Ever IPO: Source
- Guy Carpenter Launches Global Insurtech Center of Excellence
- People Moves: FM Global Promotes Johnson and Dempsey in EMEA; Beazley Names Hiscox’s Wilson Head of Open Mkt, London; Rokstone Taps Pickard as D&F Property U/W
- Bermuda’s Tax Advantage for Re/Insurers to Be Cut With 15% Global Minimum Tax: Fitch
- Aon and Cybereason Form Alliance to Help Protect Clients From Cyber Attacks
- Employers in Qatar to Be Required to Provide Health Insurance for Expatriates
- Worsening Off-Season Floods in Venice Trigger Fears About Climate Change Impact
- Mosaic Offers $600M of Capacity for War, Terrorism and Political Violence Risks
- Activist Investor Starboard Takes New Stake in Willis, Saying Broker Undervalued
- Howden Acquires Bermuda-Based Insurance Broker Foram
- UK MGA CFC Underwriting Receives Major Investment From 2 Private Equity Firms
- UK’s BMS Acquires South Korean Broker VIB, Led by Former Aon Executive
- Castel Targets U.S. Professional Liability Business With Launch of Underwriting Cell
- New Zealand Is 1st Country to Pass Climate Change Disclosure Laws for Insurers, Banks
- Acrisure Enters Brazilian Market with Purchase of Broker It’sSeg
- AXIS Capital Accelerates Its Retreat From Coal Investments and Cover
- Asset Managers, Including Allianz, to Cut Portfolio Emissions by at Least 25% by 2025
- Hamilton to Cease Writing Property Treaty Reinsurance Through Its Lloyd’s Syndicate
- Russia’s Renaissance Insurance to Cut Size of IPO to $250M: Sources
- Broker Aston Lark Announces 40th Acquisition Since 2018 Launch
- Munich Re Doubles Q3 Profit Despite Big Storm Losses in Europe, U.S.
- Re/Insurers Need a Data Strategy to Build Underwriting Transformation Programs
- Banks Demanding Stricter Environmental Criteria When Financing Shipping Companies
- Investment Company JAB to Acquire Majority Stake in UK Pet Insurer, Cardif Pinnacle
- Coverys Launches European Casualty MGA, AEC Europe
- Lockton Launches Silent Cyber Property Solution for Businesses
- BHSI Creates Global Network Across 170 Countries to Raise Multinational Capabilities
- Beazley’s Cyber Defense Specialist, Lodestone Security, Opens London Office
- People Moves: D&O MGA Tegron Names Tokio Marine’s Shergill Sr U/W; AXIS Financial Institutions Hires 3 for London Team; Aon Re’s Russell Is Casualty Treaty U/W at Atrium
- Beazley Launches First ESG Syndicate at Lloyd’s
- Amazon Appeals Record $865M Fine for Violation of EU Data Protection Rules
- Arthur J. Gallagher & Co. Buys New Zealand’s Matt Jensen Insurance Brokers
- Gallagher Completes Acquisition of India’s Edelweiss Gallagher Insurance Brokers
- FWD Group’s $2 Billion Insurance IPO Stalls in U.S.: Sources
- Guy Carpenter Launches European Wildfire Risk Score as Exposure Management Tool
- Hub International Acquires Canadian Employee Benefits Broker Rogersworks Inc.
- China Provides Assurances that Evergrande Crisis Is Being Contained
- Munich Re, Hannover Re Expect Rising Prices After Floods in Germany
- Twins Who Built $1.3B Marshmallow Car Insurance Startup as Industry Challenger
- Canary Islands’ Volcanic Eruption Reminds Insurers of Challenges of Non-Modeled Perils
- Electric Scooter Providers Plan Selective Expansion, Seeking Scale to Survive
- China Urges Development of Accident Insurance, Pension Products for Gig Workers
- People Moves: Aon Names WTW’s Forsgård as CEO, Nordic Region; Marshmallow Hires Gillard as Chief People Officer; Sedgwick Appoints Norman for Biz Development
- Reinsurer Natural Disaster Losses to Exceed Budget Expectations for 5th Year: S&P
- Everest Re, AXIS Capital Estimate Costs of Q3 Natural Catastrophe Losses
- Corporate Climate Risk Disclosures Still Falling Short, Regulators Say
- Australia’s Regulator Sues Unit of IAG for Failing to Honor Promised Discounts
- MGAs Can Build Broker Relationships – Even in a Hard Market: Aston Lark’s CEO
- France’s AXA to Invest €1.5B to Fight Deforestation, Preserve Biodiversity
- Ping An’s Big Drop in Market Value Driven by Investor Wariness Over China Uncertainties
- People Moves: WTW Hires ERS’ Shepherd to Lead Facultative; Specialty Insurer Fusion Names Gallagher’s Simmonds as Managing Partner; AXIS’ Quane Is CUO at Beazley
- Biz Interruption, Recovery Costs Drive Financial Losses From Cyber Attacks: Report
- What Corporations Can Do to Avoid Ransomware Attacks
- UK Commercial Fleet Insurance MGA Humn Raises $13.7 Million
- UK Companies Struggle to Find Workers Despite Salary Increases
- Life Insurance Sector at Risk if Bond Yields Rise Sharply: IMF
- Vulnerable to Climate Change, England Must ‘Adapt or Die’, Agency Warns
- RenaissanceRe and Arch Capital Estimate Impact of Q3 Natural Catastrophes
- Cryptocurrency Crash ‘Plausible Scenario’, Regulations Needed: BoE’s Cunliffe
- Strong Earthquake Jolts Greek Island of Crete, 3 Weeks After Another Temblor
- Howden to Acquire UK Broker Aston Lark From Goldman Sachs
- Munich Re’s Venture Arm Raises $500M for Fund Focused on Insurtech, Cybersecurity
- Typhoon Kompasu Lashes Hong Kong, Forcing Cancellation of Stock Trading
- China’s Anti-Graft Watchdog to Inspect Financial Regulators, State Banks, Insurers
- Lloyd’s Re/Insurer Apollo Receives $90M Investment From Alchemy Partners
- SiriusPoint Appoints Reinsurance Exec Heerasing; HDI Promotes Ogden as Director of Underwriting/Distribution; Besso Builds Property/Specialty Team With Hires From Tysers
- Specialty MGA Rokstone Launches Terrorism Facility in the UK, Led by Ensurance’s Steel
- How New International Deal Could Stem Corporate Use of Tax Havens
- Howden Acquires Norwegian Broker Aneco Forsikringsmegling AS
- Rich Nations Face Demands to Pay for Climate Damages Caused by Historical Emissions
- China Evergrande Misses 3rd Round of Bond Payments, Intensifying Contagion Fears
- Financial Services Groups Urge G20 Leaders to Set ‘Clear, Credible, Ambitious’ Climate Goals
- MGA Occam Acquires Terrorism Specialist Beech Underwriting Agencies
- Howden Acquires Belgian Insurance Broker Sarton & Associés
- New Rules Needed to Deal With Risks From Cloud Computing: Bank of England
- Climate Swat Team Aims to Identify When Global Warming Causes Extreme Weather
- Climate Class Action Suit to Proceed Against Australia Government
- Russia’s Renaissance Insurance Seeks $1 Billion Valuation in IPO
- People Moves: Gallagher Re’s Bousfield to Lockton Re Bermuda; Atrium Names Munich Re’s Cusition as Marine U/W; MS Amlin Hires RSA’s Forsyth as Lead Class Hull U/W
- Aon Launches ‘Ransomware Defence’ to Address Cyber Insurability Challenges
- Chubb to Buy Some of Cigna’s Asia-Pacific Businesses for $5.8 Billion
- India Plans to Let Foreign Investors Hold 20% Stake in Life Insurance Corp.’s IPO
- Tokyo Jolted by Strongest Earthquake Since 2011, With Injuries Reported
- German Insurtech Getsafe Raises Another $63M for Full Insurance License
- Hub International Acquires Quebec’s H.W. Hollinger (Canada)
- Magnitude 5.7 Earthquake Hits Pakistan, Killing at Least 20
- Nigerian Oil Producer Sues Shell for More Than $2B Over Ownership of Wells
- Australia’s Top Law Officer Wants Defamation Rules Redrafted for Internet Age
- S. Africa Insurer Santam Loses Appeal in COVID-19 Business Income Case With Hotelier
- July’s European Floods Generated Largest Non-U.S. Insurance Industry Loss in 2021
- Arrow Risk Management Launches MGA Platform, Led by Former Barbican Executives
- Broker New Dawn Risk Group Launches Europe Subsidiary in Malta
- Hub International Completes Purchase of Canada’s National Home Warranty Group
- Singapore Plans to Review Cybersecurity Strategy and Laws
- Behind the Crypto Broker Accused of Enabling Ransomware Hackers
- Brazil’s Vale CEO Says Dam Tragedies Were Wake Up Call on Safety, Green Policies
- People Moves: Marsh Names Bruce as CEO, Marsh Commercial, Succeeding Gruppo
- Lloyd’s and London’s Finance District Confront a Past Steeped in Slavery
- People Moves: Ed Bermuda Names Marsh’s Juul as Head of Casualty; Mosaic Hires Jones From Liberty Specialty Markets; BHSI Promotes 2 for UK & Europe
- UK Competition Authority Investigating Gallagher Bid to Buy Willis Re
- Swiss Re Estimates Europe’s July Floods to Cost Insurers $12 Billion
- China Tells Insurers, Banks They Must Ensure Coal, Power Financing Needs Are Met
- UK Gender Pay Gap Widens for Insurers, While Banks Make a Slight Dent
- Climate Reckoning Is Coming for the World’s Government Debt
- Gallagher Acquires Grand Cayman’s Briat, UK’s Manchester Underwriting
- People Moves: 1st Sustainable Insurer Names Foreman as Chair; Piiq and Gallagher Appoint Aerospace Execs; Optio’s Nuclear MGA Northcourt Hires Tetley as MD
- Boutique Broker McGill and Partners Launches Bermuda Operation
- New Delhi-Based Insurtech Startup SafeTree Raises $1 Million in Seed Funding Round
- Aston Lark Acquires UK Insurance Broker S. Johnson & Co.
- Argo Group Agrees to Sell Brazilian Business
- Lloyd’s Broker Tysers Launches Specialist Products for New Live Events Landscape
- Why Post-Brexit Britain Is Economically Isolated, Vulnerable and Running on Fumes
- Global Construction Industry Faces Climate Change Challenges, Opportunities: Marsh
- Top Aon Executive Ronda to Join TigerRisk
- UK Insurer Aviva Completes Sale of French Business to Aéma for £2.8 Billion
- Allianz Finalizes €330 Million Acquisition of Aviva Italia
- Catastrophe Data Firm PERILS Launches Real-Time Hailstorm Loss Platform for Australia
- Howden Acquires CHB Insurance Brokers in Estonia
- Activist Investors Starboard Value, Elliott Management Take Stakes in Willis: WSJ Report
- Russia Arrests Top Cyber Security Exec, Sending Shockwaves in Business Community
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