Howden and Gallagher lead the hunt for WTW’s European business

Howden and Gallagher lead the hunt for WTW’s European business

Howden and Gallagher lead the hunt for WTW’s European business

Howden and A J Gallagher are frontrunners for the Willis Towers Watson (WTW) business in Europe that it seems Aon will have to dispose of to gain the EC’s approval for a planned $30bn acquisition of the group, a senior industry source in Germany told Commercial Risk Europe. It is also thought that McGill and Partners, the London-based broker launched…

Aviation buyers face ‘tough’ 2021 renewals

Aviation buyers face ‘tough’ 2021 renewals

Aviation buyers face ‘tough’ 2021 renewals

Aviation insurance buyers can expect another “complicated” renewal negotiation with their insurers this year as the impact of Covid-19 continues into 2021 and for longer than first thought, warned Gallagher. Launching the broker’s Q1 Plane Talking report, CEO of Gallagher Aerospace Peter Elson said aviation insurance buyers “will continue to face significant challenges in 2021 and they will again be…

Irish insurtech founders depart as interest in parametrics rises

Irish insurtech founders depart as interest in parametrics rises

Irish insurtech founders depart as interest in parametrics rises

The founders of an insurtech providing parametric insurance for business interruption (BI) are stepping down from the business as part of management handover. Ireland-based Blink Parametric was bought by UK insurer CPP Group in 2016, just six months after the tech firm was launched. The AIM-listed insurer will now assume control of Blink. The move comes at a time of…

Aviation eVTOL operators will ‘struggle’ to buy cover

Aviation eVTOL operators will ‘struggle’ to buy cover

Aviation eVTOL operators will ‘struggle’ to buy cover

New generation aircraft may not be able to buy insurance as underwriters steer clear of the emerging risk or impose unaffordable premiums, warns aerospace engineering firm Horizon Aircraft. Horizon Aircraft, which developed eVTOL (electric vertical take-off and landing) aircraft Cavorite X5, said commercial operators will not be able to provide enough data for underwriters to assess the risk. The company…

SiriusPoint launches into harsh market with $3bn of fresh capital

SiriusPoint launches into harsh market with $3bn of fresh capital

SiriusPoint launches into harsh market with $3bn of fresh capital

European risk and insurance managers will welcome news of the formal launch of SiriusPoint, a new Bermuda-based international specialty insurance and reinsurance company. Investors clearly like the look of the international P&C insurance and reinsurance markets currently, as the new carrier launches with more than $3bn in initial capital. SiriusPoint is the result of the previously announced merger between Third…

Sompo International partners with drone insurtech Flock to boost cover

Sompo International partners with drone insurtech Flock to boost cover

Sompo International partners with drone insurtech Flock to boost cover

Sompo International has partnered with UK insurtech company Flock, which provides data-based insurance solutions for commercial drone operators, to support the future of unmanned aviation by providing cover for drone cargoes, flying taxi passenger flights and drone swarm shows. It also paves the way to combine Sompo’s aviation underwriting expertise with Flock’s risk algorithms to provide insurance solutions for further…

Convex raises further $500m in capital to reach $3.2bn

Convex raises further $500m in capital to reach $3.2bn

Convex raises further $500m in capital to reach $3.2bn

Convex Group, which was set up by insurance industry veteran Stephen Catlin, has secured $500m of capital from investment firm Sixth Street, which lifts the specialty (re)insurer’s total to $3.2bn. The $500m of preferred equity capital from affiliates of Sixth Street follows a recent $1bn capital raise from a consortium led by Onex and GIC, in which Sixth Street also…

Aon launches fuel price insurance for shipping, aviation and other firms

Aon launches fuel price insurance for shipping, aviation and other firms

Aon launches fuel price insurance for shipping, aviation and other firms

Aon has launched a new fuel insurance product for shipping and aviation clients to protect buyers against rising fuel prices. The cover, backed by credit insurance, kicks in if the cost of fuel rises above a pre-agreed amount. Buyers taking out the policy can claim the difference between the agreed price and the higher cost of fuel for every month…

State-backed global aviation pool for BI cat risks mooted by insurance association

State-backed global aviation pool for BI cat risks mooted by insurance association

State-backed global aviation pool for BI cat risks mooted by insurance association

The International Union of Aerospace Insurers (IUAI) is exploring the idea of a global government-backed insurance pool to cover future aviation business interruption (BI) losses from catastrophic events such as a pandemic. The Federation of European Risk Management Association (Ferma) has not specifically backed the move. But it told CRE it supports efforts to deliver more capacity for BI catastrophic…

Aviation rate increases accelerate going into Q4 renewal, says Gallagher

Aviation rate increases accelerate going into Q4 renewal, says Gallagher

Aviation rate increases accelerate going into Q4 renewal, says Gallagher

Aviation clients face further rate hardening as the market enters its busiest time for renewals in the fourth quarter, according to Gallagher’s latest aviation report. The report says aviation rate increases accelerated in the third quarter, with the hardening trend to continue for Q4 renewals. Gallagher says it is possible that rate increases will accelerate further in 2021. “Considering the…

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