Tysers: AUB in pole position ahead of Ardonagh to acquire Lloyd’s oldest brokerSydney-headquartered AUB Group is poised to acquire London wholesaler Tysers ahead of rival bidder Ardonagh with final terms close to being agreed, The Insurer can reveal.
Ex-Munich Re exec Rear and KBW’s Allen set for £150mn London SPAC: reportsFormer Munich Re Digital Partners CEO Andy Rear and ex-KBW executive William Allen are expected to launch a £150mn ($196.5mn) fundraising for a special purpose acquisition company (SPAC) in the coming days, according to reports.
Insurindex: “Underwriter opinion of London insurers as employers is extremely low”Ben Bolton from Insurindex reflects on a new employment survey which reveals the obstacles facing insurers as employers and how they can overcome them.
John Glen MP: Regulators and industry “a balancing act” but primary competitiveness “a non-starter”Economic Secretary to the Treasury John Glen has dismissed calls from the industry to make growth and competitiveness a primary objective, telling the House of Lords Industry and Regulators Committee this morning that it would undermine the regulators’ position.
City minister: Russian sanctions will have “limited impact” on London marketAt a wide-ranging evidence session at the House of Lords Industry and Regulators Committee this morning, City minister John Glen explained that sanctions imposed on Russia would have a “limited impact overall” on the London market.
Occam completes Beech acquisitionLondon-headquarterd MGA Occam has completed its acquisition of terrorism-focused MGA Beech Underwriting Agencies.
Markel begins making distributions to CatCo investorsMarkel has begun returning capital to investors in the Bermuda and London funds linked to its shuttered retro fund manager Markel CatCo Investment Management.
Carbon builds property unit with Chubb’s TurnerLondon-based MGU Carbon Underwriting has continued the expansion of its underwriting team with the appointment of Claire Turner as a property underwriter.
Lords’ inquiry to quiz City minister on Russia sanctionsThe House of Lords Industry and Regulators Committee is to question City minister John Glen on the success of the UK government’s recent sanctions against Russia and the expected impact of the new rules on London’s (re)insurance industry.
UK gov launches review of pandemic live events reinsurance schemeThe UK government has launched a review of its state-backed Live Events Reinsurance Scheme, designed to cover venues, promoters and artists from Covid-related cancellation costs for live events.
BP Marsh backs Ritchie-led start-up Lloyd’s broker DenisonSpecialist UK insurance investor BP Marsh & Partners has acquired a 40 percent stake in Denison and Partners, the start-up Lloyd’s broker founded by former BMS Group executive Alasdair Ritchie.
Lancashire share price fall now equivalent to $380mn net Ukraine lossLancashire’s share price has shed 25 percent since Russian president Vladimir Putin ordered troops into Ukraine which is the equivalent to a net $380mn loss, according to Jefferies analysts.
Arch strengthens D&O unit with AGCS’ DalyArch Insurance International has continued the build-out of its commercial D&O unit with the appointment of Linda Daly as senior underwriter, executive assurance.
Lord Grimstone calls for new products to address new perilsAs the scale of global risks increases, insurance companies must come up with new tools and better pricing as part of a wider effort from the private sector to help drive resilience, the UK’s minister for investment has said.
Pool Re members unanimously back UK gov strategic review dealUK terrorism mutual Pool Re has secured unanimous approval from its 100+ members for the recent deal agreed between the mutual’s board and the UK government following the conclusion of HM Treasury (HMT)’s long-running review.
Beazley tops first Insurindex ranking of London market brandsBeazley has topped a new power brand ranking for the London specialty market which aims to benchmark the performance of individual brands.
Russia and Belarus represent less than 1% of Lloyd’s businessLloyd’s has said in a statement that Russia and Belarus represent less than 1 percent of the business transacted through the market, adding that it would look to curtail Russian exposure in several of its specialist insurance classes.
PPL usage reaches all-time high in 2021Risks bound on the London market’s e-placement platform, Placing Platform Limited (PPL), reached a record high of 187,374 placements in 2021.
Russia exposures within Lloyd’s “level of comfort”: SansomLloyd’s exposure to losses relating to Russia’s invasion of Ukraine remain “well within” its level of comfort, according to Lloyd’s chief risk officer David Sansom.
Russia sanctions not “material” to London market: Axa XL McGovernThe London (re)insurance market is well equipped to act quickly and comply with the international sanctions being levied against Russia in response to its invasion of Ukraine, according to Axa XL’s Sean McGovern.