Legal/ Regulatory

Insurers could need to bolster capital against climate risks, warns PRA

UK regulated insurers could be required to have their balance sheet exposures to climate risk reflected in the amount of capital they are required to maintain, according to the Prudential Regulation Authority’s (PRA) Anna Sweeney.

FCA’s BI court case judgment set for 15 September

The High Court will hand down its judgment on the Financial Conduct Authority’s landmark test case on disputed UK business interruption from the Covid-19 pandemic on Tuesday 15 September.

IUA names Dalziel director of public policy

The International Underwriting Association (IUA) has appointed Helen Dalziel as director of public policy.

BMA names Gakundi director within insurance unit

The Bermuda Monetary Authority (BMA) has appointed Gerald Gakundi to the position of director of supervision within the insurance unit.

Insurers call for exit to loose monetary policy measures

Insurance Europe has called on the European Central Bank (ECB) to detail plans to exit loose monetary policy measures, noting that the current environment of persisting inflation and negative interest rates is bringing about “major challenges” for the insurance industry,

PRA warns on preparedness as Brexit trade agreement deadline looms

The Bank of England’s Prudential Regulation Authority (PRA) has urged firms to ensure they are “operationally prepared” to enter the Temporary Permissions Regime (TPR) which will come into force if the UK and EU fail to sign a trade agreement by 31 December 2020.

UK industry presents plans for Pandemic Re to HM Treasury

The UK insurance industry has recently submitted a range of ideas to HM Treasury which, amongst others, proposes a new, Government-backed reinsurer to cover the thorny issue of non-physical damage BI losses in a bid to make the domestic economy more resilient for future pandemics.

Insurance Europe: Solvency II reporting ‘should be simplified and streamlined’

Insurance Europe has called on the European Commission to simplify and streamline Solvency II reporting requirements in its response to a consultation reviewing the regulatory framework.

California legislature passes insurance claims streamlining bill

A bill backed by California’s insurance commissioner Ricardo Lara that will streamline residential insurance claims for victims of disasters such as wildfires has passed the state’s legislature.

EU approves Eur2bn Italian trade credit backstop

The European Commission has approved a Eur2bn ($2.4bn) Italian scheme to support the trade credit insurance market throughout the Covid-19 pandemic.

Allianz Holdings names Twemlow chief legal officer

Allianz Holdings – the holding company which owns the principal insurance operations of Allianz SE in the UK – has named Christopher Twemlow as chief legal officer.

Catalina finally confirms FCA’s S166 review; commits to “implementing” changes

Apollo Global Management’s P&C legacy powerhouse Catalina Holdings has finally confirmed the reasons behind the UK regulatory investigation that was first revealed by this publication last year.

Aon and Alliant resolve dispute over construction practice hires

Aon has reached a settlement agreement over seven executives that left its construction practice to join Alliant, a new court filing has revealed.

Brown & Brown calls off Hauser deal after chairman’s college admissions charge

Brown & Brown has terminated its deal to buy Hauser after the chairman of the Ohio-based insurance agency agreed to plead guilty to charges in a college admission case.

Insurers call for more proactive EU plans to mitigate climate risks

Europe’s insurers have urged the EU to present a more ambitious and proactive strategy to reduce the risks of natural disasters such as flooding and earthquakes which are being exacerbated by climate change.

FCA investigates more than 150 Covid-19 related scams

The UK’s Financial Conduct Authority (FCA) is investigating more than 150 Coronavirus-related scams since the outbreak began, according to official figures.

Insurance exec Hauser charged in college admissions case

Insurance and private equity executive Mark Hauser, who is in the process of selling his Hauser agency to Brown & Brown, has agreed to plead guilty to charges in a college admission case.

Apollo’s Leon Black to be subpoenaed in Epstein Case: reports

Leon Black, the billionaire insurance investor and chairman, CEO and co-founder of private equity firm Apollo Global Management, is to be subpoenaed by the US Virgin Islands for information about his decades-long business ties with convicted sex offender Jeffrey Epstein, according to reports.

Ecclesiastical sets aside £14mn to pay pandemic claims

UK insurer Ecclesiastical has set aside £14mn ($18.3mn) to pay out on insurance claims linked to the Covid-19 pandemic where there is confirmed cover, the insurer disclosed in its half-year results.