Legal/ Regulatory

Property insurance and no-fault auto reform bills head to Florida House floor

A property insurance reform bill in Florida’s House of Representatives has cleared its final committee following amendments relating to roofing replacement costs and attorneys’ fees, joining legislation that would reform the state’s no-fault auto insurance system in heading to the House floor.

Judge denies injunction against Washington regulator in credit score fight

Three insurance trade groups are reviewing their legal options after being denied a preliminary injunction in litigation brought in response to Washington state insurance commissioner Mike Kreidler’s ban on the use of credit-based insurance scores.

Pivotal week as suitors of WTW assets make case to regulators

With Arthur J Gallagher the frontrunner to acquire Willis Towers Watson (WTW) assets being divested ahead of its combination with Aon, the next few days will be pivotal for rival suitors including Howden and McGill and Partners as they make their case to regulators on both sides of the Atlantic, The Insurer can reveal.

Australian regulator delays Aon-WTW merger decision

The Australian Competition & Consumer Commission (ACCC) has again delayed the announcement of its findings of its review of Aon’s merger with Willis Towers Watson (WTW), with the regulator commenting it is awaiting further information from the parties.

FLOIR sets Citizens rates below requested level

The Florida Office of Insurance Regulation (FLOIR) has established 2021 insurance rates for Citizens Property Insurance Corporation below the levels requested by the state-backed insurer, including a 3.2 percent homeowners multi-peril increase that is almost half the 6.2 percent requested.

FCA proposes £7.5mn fee to recover BI test case costs

The UK’s financial services watchdog is proposing a new levy on insurers to recover £7.5mn ($10.5mn) in legal costs emanating from the business interruption (BI) test case.

FCA planning regulatory “nursery” for fintechs

The UK’s City regulator is developing plans for a “regulatory nursery” to support firms post-authorisation, and will also launch a digital sandbox targeted at fintech and insurtech firms developing solutions to improve financial market infrastructure.

FCA fines Lloyd’s broker Alsford Page & Gems following S166 probe

The UK’s financial services watchdog has ordered Lloyd’s broker Alsford Page & Gems Limited (APG) to pay almost £400,000 in client compensation following a Section 166 review.

KBW: Aon-WTW concessions signal desire to complete partial deal ASAP

Reports by this publication about targeted divestments of Willis Towers Watson insurance brokerage business in the US and Bermuda point to Aon’s “very credible” expectations of value creation “at as much of WTW it can buy”, according to KBW analyst Meyer Shields.

DoJ now intervenes to add further WTW US/Bermuda divestments to close Aon deal

The offices of Willis Towers Watson’s Corporate Risk and Broking business in San Francisco and Houston as well as its Bermuda insurance broking arm have been added to the basket of assets set to be divested to get the firm’s acquisition by Aon approved by the US regulator, The Insurer can reveal.

Hiscox and MS Amlin making slow progress in BI test case payouts, FCA data shows

Claims settlements by carriers following the resolution of the Financial Conduct Authority’s test case on Covid-19 business interruption claims are continuing to emerge at a slow pace, data published by the regulator has revealed.

Gallagher, Howden and McGill are leading suitors for WTW’s divested P&C assets

AJ Gallagher, Howden and McGill and Partners have been identified as the leading potential bidders for the $1.5bn-$2bn basket of WTW assets that are expected to be carved-out to appease regulatory antitrust concerns over the Aon acquisition, The Insurer can reveal.

Willis Re and European units lead planned divestitures as Aon-WTW targets EC approval

Arthur J Gallagher is the most likely buyer of at least some of the Willis Towers Watson (WTW) businesses likely to be sold in an attempt to gain antitrust approval for the broker’s combination with Aon, according to KBW.

EC restarts clock on Aon-WTW probe as concessions offered

The European Commission has revised its deadline to 12 July to conclude its investigation into the Aon-Willis Towers Watson merger after the brokers submitted undisclosed concessions related to the deal.

Aon-WTW deal faces public consultation amid Singapore competition concerns

The planned combination of Aon and Willis Towers Watson (WTW) will now be subject to a public consultation in Singapore as the local regulator determines whether the deal will result in a “substantial lessening” of competition.

GFIA urges Canadian regulator to avoid “undermining” ability of foreign reinsurers

The Global Federation of Insurance Associations (GFIA) has warned Canada’s financial regulator against introducing measures that it says could “undermine the fundamental principle of global risk diversification”.

Australian regulator mulls plans to limit offshore reinsurance use

The Australian Prudential Regulation Authority (APRA) has moved to dissuade Australian life insurers against placing too much reliance on offshore reinsurers.

Elementum promotes Pirilla Walter and hires GC from RenRe

Elementum Advisors has promoted Lynette Pirilla Walter to chief legal officer while the ILS fund manager has also brought in John Drnek from RenaissanceRe as general counsel in Bermuda.

Report: Aon and WTW provide remedy proposal in talks with EC over merger

Aon has offered up a remedy proposal to the European Commission (EC) as the broking giant seeks to get its mammoth acquisition of Willis Towers Watson (WTW) over various antitrust hurdles and across the finish line, according to reports.

Zurich confirms 2021 dividend proposals; adds Keller-Busse to board

Zurich Insurance has received shareholder approval to push forward with its proposed dividend of CHF20 ($21.6) per share, which will be paid from 13 April 2021.

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