Treasury names Griffith as City minister to lead UK financial reformsConservative MP and former Sky finance chief Andrew Griffith was appointed as the UK’s new City minister on Monday, assuming leadership of the government’s sweeping financial services reforms, including plans to overhaul the Solvency II insurance capital rules.
Scor appoints former MS Amlin executive Beazley as UK and Lloyd’s CEOScor has unveiled Chris Beazley as CEO of its UK operations and Lloyd’s syndicate, subject to regulatory approval.
Bermuda looks on as UK urged to rethink fast-tracking OECD tax dealThe new UK government is being urged to pause its fast-track adoption of the landmark OECD global minimum tax agreement which – if implemented – could have a significant impact on offshore markets such as Bermuda and the wider P&C industry.
COMMENT: The Society of Lloyd’s at work…The old adage that you only know your real friends in times of adversity is trotted out frequently but that doesn’t make it any less true.
Matthew Wilson resumes role as Brit CEOBrit’s Matthew Wilson will be resuming his role as group CEO following a temporary leave of absence due to health reasons.
New UK chancellor Kwarteng promises insurance executives regulatory overhaulThe UK’s new chancellor used his first meeting with City bosses – including Aviva’s Amanda Blanc – to urge financial services firms to aid customers during the cost of living crisis, while also promising that the government is poised to unveil a “radical” plan for economic growth.
Truss premiership leaves UK insurers unmoved; concerns rise on regulatory reformsLiz Truss will enter Downing Street later today after a drawn-out battle to become the next prime minister during which she pledged to slash taxes and red tape, but the move has generated uncertainty over the future of crucial new rules heading through parliament designed to bolster the City’s competitiveness.
IUA and British govt pen post-Grenfell cladding wordingThe International Underwriting Association (IUA) and British government have published a standardised policy wording for underwriters providing insurance for projects to remove cladding from high-rise buildings in the wake of the Grenfell Tower fire.
Aon-Howden UK construction poaching dispute gears up for full trialThe poaching dispute between Aon and UK rival Howden over the hire of Paul Tubb and five colleagues from Aon’s private finance initiatives (PFI) and construction unit has taken another step closer to trial after a High Court judge announced that a crucial case management hearing will take place in December.
Ariel Re becomes signatory of Standards Board for Alternative InvestmentAriel Re has become the first Lloyd’s business to become a signatory of the Standards Board for Alternative Investments (SBAI), with the firm’s head of platform development Tim Shreeve noting that Lloyd’s offers “a compelling alternative” to ILS fund structures.
Scor underperforms big four peers in choppy AugustShares in global reinsurer Scor shed almost 4 percent over August, underperforming its big four peers which all posted notable gains, as investors continued to look unfavourably on its second quarter earnings miss and its stock was dragged down by a wider market rout.
Tysers grows 8% in H1 despite reduction of business in high-risk jurisdictionsLondon market wholesale broker Tysers saw revenue growth of 8 percent during the first six months of 2022, according to disclosures within AUB Group’s half-year results.
London and Bermuda have a major stake in this drawn-out UK leadership election…In 12 days, the inexplicably long Conservative Party leadership election to replace Boris Johnson as prime minister will finally come to an end.
Is London a future hub for captives?Recent proposals to reform UK financial services regulation have done little to enhance the country’s attractiveness as a captive domicile. The Insurer examines what needs to be done if the UK is to become a viable hub for captive insurers.
European Q2 results: winners and losersWith the release of Zurich’s results last Thursday, the Q2 earnings season for European (re)insurers has drawn to a close. The Insurer’s analytics team looks at the winners and losers, comparing reported figures against market expectations and also examining other health factors.
Pool Re launches consultation over move to treaty modelUK terrorism mutual Pool Re has launched a consultation with its members about moving its reinsurance scheme to a catastrophe treaty reinsurance model, a move CEO Tom Clementi said would return more risk to the private market and drive greater awareness and penetration of terrorism cover.
Ocean Re begins European expansion with Oceva Risk acquisitionBarbadian reinsurance carrier Ocean International Reinsurance Company has acquired Oceva Risk Solutions, a London market-facing provider of capacity solutions in the UK, Europe and internationally.
Understanding the vital importance of good e-trading systemsEffective electronic trading systems are one of the most important drivers of development in any financial services market.
London specialty carriers’ H1 earnings bode well for Lloyd’s mid-year resultsMost London specialty markets have unveiled improved underwriting profits and a surge in premiums for the first half of 2022. Putting aside investment losses, the performance bodes well for Lloyd’s aggregate H1 results when they are published next month…
TMHCCI moves London market operations to the Walkie TalkieTokio Marine HCC International (TMHCCI) is to relocate its London market operations, including renewable energy insurer GCube, to 20 Fenchurch Street, commonly known as the Walkie Talkie.