Marsh & McLennan to buy JLT for $5.6bn

Marsh & McLennan to buy JLT for $5.6bn

Marsh & McLennan to buy JLT for $5.6bn

Marsh & McLennan Companies (MMC) is set to buy rival Jardine Lloyd Thompson (JLT) in a $5.6bn cash deal. The parent company of Marsh and Guy Carpenter said the deal for London-listed JLT has been approved by boards on both sides of the transaction. The bid amounts to $5.6bn in fully diluted equity value, or an estimated enterprise value of…

China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Reinsurance is set to spend close to a billion dollars acquiring specialty insurer Chaucer from Hanover Insurance. The deal, which is still subject to shareholder and regulatory approval, is expected to close by early 2019. China Re will acquire Chaucer Insurance, Hannover Australia and Hannover Insurance International Holdings in return for $865m in cash and an $85m dividend to…

Human error sparks high number of data-breach notifications in Australia

Human error sparks high number of data-breach notifications in Australia

Human error sparks high number of data-breach notifications in Australia

Risk managers need to focus as much on people as machines when working out how to prevent data breaches, because human error is the second-highest overall source of the problem – and in some sectors the highest – according to the second quarterly report into notifiable data breaches, issued by the Office of the Australian Information Commissioner (OAIC). The commissioner…

AGCS and Nephilia extend weather risk hedges to solar market

AGCS and Nephilia extend weather risk hedges to solar market

AGCS and Nephilia extend weather risk hedges to solar market

Nephila Climate, the weather and ESG-driven specialty division of Bermuda-based Nephila Holdings, together with Allianz Global Corporate & Specialty’s (AGCS’s) alternative risk transfer unit, have closed a first set of solar proxy revenue swaps for two projects in Australia, the Susan River Solar and Childers Solar facilities. The two new five-year transactions announced this week by Nephila and AGCS will…

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…

Beazley covers charities for event cancellation

Beazley covers charities for event cancellation

Beazley covers charities for event cancellation

Beazley has launched a worldwide event cancellation insurance product for registered charities to protect costs and loss of revenue. Beazley said the bespoke product covers charities for income that would have been raised at events, ranging from donations to raffles. The insurer added that charity clients will receive a 10% discount on its standard event cancellation premium. Seren Eaglestone, contingency…

Aon appoints Lambrou as new CEO of commercial global specialties business

Aon appoints Lambrou as new CEO of commercial global specialties business

Aon appoints Lambrou as new CEO of commercial global specialties business

Aon has appointed Lambros Lambrou to the newly-created role of chief commercial officer and CEO of Global Specialties for commercial risk business. Mr Lambrou was previously CEO of Aon Risk Solutions, Australia and has worked in the risk management industry for over three decades. “Global Specialties is a critical element of how we identify and address our clients’ most pressing…

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