London Market

RPC’s Mansfield: It's a Wonderful Life, Insurance

With the festive season firmly in full-swing and with Christmas fast approaching, RPC partner Peter Mansfield takes a look at the world of insurance through the guise of Frank Capra’s 1946 perennial Christmas classic, It's A Wonderful Life…

JMP: Divide emerging between Euro and US cat renewals with former now expected to clear in time for 1.1

Following a recent investor trip in London last week, JMP analyst Matt Carletti says he now expects 1.1 cat pricing up anywhere between 40 to 70 percent for US property cat while a clear divide has recently emerged between US and European renewals.

A Simpsons saviour emerges…

Ask an historian what occurred in 1757 and they might answer the Battle of Plassey. It was, after all, a key chapter in the seven-year war between Britain and France; even more so, it was a major milestone chapter in Anglo-Indian history as it led to the establishment of British rule on the sub-continent.

Luxury retailer Liberty sues insurers over BI losses as UK claims continue to mount

The owner of London’s high-end department store Liberty has filed a multi-million pound legal claim against insurers Liberty Mutual and Swiss Re over the payment of claims related to business interruption (BI) losses suffered as a result of the pandemic lockdowns.

BMS expands London DUA and programme division with trio of Marsh hires

Specialist broker BMS has appointed Richard Wynn as managing director of specialty classes within its London delegated underwriting authority (DUA) and programmes division, one of a trio of hires from Marsh at the unit.

French digital insurer Wakam confirms UK pet MGA tie-up

French digital insurer and insurtech Wakam has entered into a fronting partnership with UK pet insurance provider and MGA ManyPets, confirming a deal first revealed by The Insurer early last week.

Judge declines Metallica event cancellation lawsuit against Lloyd’s insurers

A California judge has ruled that a group of Lloyd's of London underwriters are not liable to compensate Metallica for financial losses the American rock band said were caused by the Covid-19 pandemic after six South American shows were cancelled in April 2020.

Axis repositions aviation portfolio with a focus on ~$110mn primary business

Axis Capital is pivoting the underwriting focus of its aviation business away from writing the class on a reinsurance basis towards its $110mn primary operations, and as a result will discontinue writing the class out of Axis Re, The Insurer can reveal.

IUA names LSM’s Hobbs as chair

The International Underwriting Association has named Phil Hobbs as chair ahead of Rob Kuchinski’s retirement on 1 January 2023.

Numis hands R&Q management duo boost as it predicts return to profit in 2023

Numis has given R&Q’s new management team a vote of confidence after the company’s annus horribilis while putting a buy rating on its much reduced share price.

ABI: UK insurers’ tax contribution rises to “record” £17.2bn in 2021-22

British insurers contributed £17.2bn ($21.8bn) in tax to the UK economy for 2021-22, according to the Association of British Insurers, a figure which it said underlines the significant contribution made by the sector to government coffers.

TMK joins Aon Client Treaty as facility renews for 2023

Aon has added Tokio Marine Kiln as a participant on its flagship London market facility Aon Client Treaty ahead of its upcoming renewal, The Insurer can reveal.

City watchdog pledges to review FSCS compensation limits

The Financial Conduct Authority has pledged to review compensation limits to consider whether they remain at an “appropriate level”, following concerns across UK financial services, and the insurance sector in particular, about increasing costs.

FCA ups climate focus with ESG advisory committee

The UK’s Financial Conduct Authority (FCA) has launched a new advisory committee to execute the City watchdog’s ESG-related responsibilities.

Cardiff City sues broker Miller for £10mn+ over Emiliano Sala death

Miller is facing a £10mn+ lawsuit from Cardiff City Football Club alleging a breach of duty by the broker which meant it did not have insurance in place for the accidental death of Argentinian player Emiliano Sala in 2019.

Aon’s Dudley elected to Lloyd’s Council after seeing off Irick challenge

Richard Dudley has won the vote to succeed Dominic Christian as a working member of the Lloyd’s Council.

Gallagher brings in ex-England captain Robshaw as business development executive

Gallagher has hired former England rugby union captain Chris Robshaw as a business development executive within its specialty sports practice.

Industry welcomes UK govt plans to launch competitiveness objective for regulators

Prominent London market bodies have given their backing to government plans to shake up UK financial services regulation, which will see the introduction of a competitiveness objective for the City’s regulators.

UK govt commits to secondary competitiveness objective

The UK government is to issue new remit letters to the FCA and PRA as part of chancellor Jeremy Hunt’s new Edinburgh Reforms to overhaul the regulatory framework for the financial services sector.

Langley wins controversial City election as she calls on London market to use its “powerful voice”

Sue Langley, the non-executive chair of Gallagher UK and future Lord Mayor, is calling on the London (re)insurance market to use its “powerful voice” and fully engage with the City of London Corporation after years of under-representation.

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