AUB and PSC confirm one-month delay to Tysers UK retail joint ventureAustralian broking houses AUB Group and PSC Insurance Group have announced a one-month delay to the joint venture over Tysers’ UK retail business, which will now be effective from 1 May 2023.
Howden: London market poised for “significant” sustainable energy growthLondon market insurers are expressing a bullish appetite for sustainable energy risks, with 80 percent of respondents in a new Howden survey planning “significant” growth of between 15 and 25 percent in 2023.
TVWTW’s Swift not ruling out reinsurance re-entryAs WTW’s block-out with reinsurance draws to an end, Alastair “Swifty” Swift says the firm would consider re-entering the space and accessing other capital market vehicles “if it creates better value for clients”.
Pen enters IP insurance market with Gallagher’s AlsegardGallagher-backed UK MGA Pen Underwriting has appointed Erik Alsegard to form a new dedicated intellectual property underwriting practice to diversify its product offering for intangible assets.
PRA unveils plans to test insurer liquidity risk following Credit Suisse falloutThe UK’s Prudential Regulation Authority (PRA) is to run a system-wide stress test to investigate the behaviours of insurers in response to a “severe” stress on financial markets as the regulator ups oversight in the aftermath of a number of liquidity crises in the banking sector.
Tysers positions energy division for growth with Moore named directorLondon market wholesale broker Tysers has appointed Mark Moore as director of energy, with a mandate to help grow the firm’s energy division.
AM Best: UK ILS framework to boost London market growthAM Best has maintained its stable outlook on the London insurance market with the rating agency citing its belief that the UK’s onshore ILS regime will allow the market to compete with the likes of Bermuda, forecasting that improved access for third-party capital will support growth opportunities.
Lloyd’s result not quite as good as predicted – here’s whyLloyd’s stated year-on-year rate improvement not reflected in reported loss ratios.
TVLloyd’s Neal: “Genuine threat” of mid-year capacity crunchThere is a “genuine threat” that the capacity shortage witnessed at 1.1 will feed through to the June and July renewals, Lloyd’s CEO John Neal has warned, but the strong underwriting results delivered by the market in 2022 should go some way to attracting new capital.
FCA calls in regulatory veteran and NCA boss to strengthen enforcement leadershipThe Financial Conduct Authority has appointed Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight as it ramps up efforts to tackle financial crime.
HMT: UK stance on OECD tax plans will bolster competitiveness of London firmsThe British government has dismissed concerns raised by the London (re)insurance market over its decision to push forward with the OECD’s controversial global minimum tax measures, arguing the move will protect the UK tax base against “aggressive tax planning” and “level the playing field” for UK firms.
Blanc: UK govt work on adaptation finance “inadequate”; financial sector ready to alignAviva CEO Amanda Blanc has called for greater accountability of the UK government for the delivery of adaptation finance against the impacts of climate change, criticising current efforts as “inadequate”.
Casualty turnaround places all Lloyd’s insurance segments in the blackA sharp turnaround in the performance of casualty insurance has seen all primary segments of the Lloyd’s market deliver an underwriting profit for 2022, the first time all classes have returned to the black in over five years.
City financial leaders form Finance for Growth initiative to “kickstart” the UK sectorLloyd’s is among a contingent of financial and professional services firms based in the City of London that are set to devise a long-term plan to “reinforce and renew” the UK’s position as a global financial centre.
HM Treasury says post-Brexit regulatory reforms progressing as plannedHM Treasury has doubled down on its commitment to boost growth and competitiveness in the London market, confirming to The Insurer that its new legislative reforms and overhaul of insurer capital requirements are moving “through parliament as planned”.
Russia-Ukraine and pandemic BI push UK insurance litigation claims values up 64% in 2022The number of insurance-related legal disputes in the UK fell by almost 22 percent in 2022 but a surge in high-value multi-party litigation over pandemic business interruption (BI) and Russia-Ukraine related aviation claims saw the average value of claims rise 64 percent.
Ardonagh Specialty talent exits now 50+ since $500mn Corant dealArdonagh Specialty has now parted company with more than 50 producers and executives since 2022 when it began the process to weld together its collection of once fiercely independent London market brokers and MGAs, analysis by The Insurer shows.
Acrisure Re names Ed Broking’s Jones as head of marine and spaceAcrisure Re, the reinsurance intermediary of Grand Rapids, Michigan-based broker Acrisure, has appointed Chris Jones as head of marine and space, based in London.
UK insurers set to pick up £219mn subsidence claims bill from 2022 heatwaveUK insurers are expecting to pay £219mn ($268mn) in subsidence claims from 2022, with the majority of claims arising from record-breaking high temperatures over the summer, according to new figures from the Association of British Insurers.
Scor Syndicate posts 90.1% CR in 2022 as underwriting profit jumps 48%Scor delivered a combined ratio of 90.1 percent in 2022 at its Lloyd’s platform – marking a 1.4 percentage point improvement on the prior year – as Syndicate 2015 saw its underwriting profit increase to £20.4mn for the calendar year.