A J Gallagher ‘wide open’ to buying more Aon-Willis assets

A J Gallagher ‘wide open’ to buying more Aon-Willis assets

A J Gallagher ‘wide open’ to buying more Aon-Willis assets

Arthur J Gallagher is willing to purchase more business from Aon and Willis Towers Watson (WTW), beyond the assets representing $1.3bn in annual revenue the firm has already agreed to buy, as its larger rivals respond to regulatory objections to their merger deal in the US. “In terms of other opportunities relative to becoming the remedy, we are wide open…

Camillo leads new insurer consortium to boost cyber risk management

Camillo leads new insurer consortium to boost cyber risk management

Camillo leads new insurer consortium to boost cyber risk management

A group of leading insurers have launched CyberAcuView under the leadership of AIG’s former head of cyber in EMEA Mark Camillo, to boost cyber risk mitigation and drive better insurance solutions. AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance and Travelers are among the group of cyber insurers sponsoring and supporting CyberAcuView. Using the collective expertise of its members,…

GDPR could be the target of UK’s post-Brexit ‘red tape’ cutting

GDPR could be the target of UK’s post-Brexit ‘red tape’ cutting

GDPR could be the target of UK’s post-Brexit ‘red tape’ cutting

An independent report into post-Brexit UK regulation, commissioned by the country’s Prime Minister, has recommended replacing the General Data Protection Regulation (GDPR) and reforming insurance rules as part of a new proportionate risk-based and growth-orientated approach. The independent Taskforce on Innovation, Growth and Regulatory Reform said Brexit offered a “one-off opportunity to set out a bold new UK regulatory framework…

Lloyd’s reinsures Central Fund for £650m, led by JP Morgan-backed cell company

Lloyd’s reinsures Central Fund for £650m, led by JP Morgan-backed cell company

Lloyd’s reinsures Central Fund for £650m, led by JP Morgan-backed cell company

Lloyd’s has placed a new £650m reinsurance cover for its Central Fund, a £3bn pool held back for large losses that exhaust other funds held by underwriters in the market. The five-year retrocessional reinsurance is supported by a new cell company, Constellation IC Ltd, backed by JP Morgan. According to a report in the Financial Times, this collateralised layer will…

DOJ complaint threatens to scupper Aon-WTW deal

DOJ complaint threatens to scupper Aon-WTW deal

DOJ complaint threatens to scupper Aon-WTW deal

The US Department of Justice (DOJ) has filed a civil antitrust lawsuit in the US District Court for the District of Columbia, to block Aon’s planned $30bn acquisition of Willis Towers Watson (WTW). The DOJ says the combination of the two firms, turning the ‘Big Three’ into the ‘Big Two’, would seriously limit choice and competition for customers, inevitably lead…

Wind: Mitigating the environmental impact

Wind: Mitigating the environmental impact

Wind: Mitigating the environmental impact

While the climate case for renewables is undeniable and the economic case is becoming increasingly compelling, clean energy does present some threats to the environment that need to be navigated. The potential benefits of renewable energy sources such as wind, solar, hydro, tidal and geothermal are widely known, including a reduction in greenhouse gas emissions, the diversification of energy supplies…

Howden brings Aon execs on board to lead further expansion in Europe

Howden brings Aon execs on board to lead further expansion in Europe

Howden brings Aon execs on board to lead further expansion in Europe

Rapidly expanding international insurance broker Howden has appointed Aon’s Luigi Sturani as CEO and Enrico Nanni as chief commercial officer (CCO) for Europe, as it looks to drive further growth in the region. New CEO Mr Sturani was previously at Aon for 15 years, having held the roles of CEO of specialty, EMEA, and managing director and head of global…

HDI Group to restructure in Germany

HDI Group to restructure in Germany

HDI Group to restructure in Germany

Germany’s HDI Group is to simplify its operational structure as part of an effort to speed up digitalisation across its operations. The 21 companies in the Talanx-owned primary insurance group in Germany will almost halve. The number of local businesses will also be reduced, without site closings, downsizing or relocations, Talanx said in a statement. In the spring of 2022,…

Australian agency 360 buys majority stake in NZ operation

Australian agency 360 buys majority stake in NZ operation

Australian agency 360 buys majority stake in NZ operation

Australian specialist underwriting agency 360 Underwriting Solutions has acquired a majority equity stake in TLC Insurance New Zealand. According to 360 Underwriting Solutions, TLC is a boutique underwriting agency specialising in all types of mobile plant and heavy machinery solutions, in addition to its specialist focus on the forestry sector. The acquisition is the first significant announcement for Sydney-based 360…

Economic resilience won’t fully recover this year after 18% drop in 2020, says Swiss Re

Economic resilience won’t fully recover this year after 18% drop in 2020, says Swiss Re

Economic resilience won’t fully recover this year after 18% drop in 2020, says Swiss Re

Global macroeconomic resilience receded by 18% in 2020, damaged by the impact of Covid-19, according to Swiss Re Institute’s Resilience Index. All 31 countries tracked in the index saw their resilience levels drop in 2020, with the exception of South Africa, which recorded an increase, and Chile, Mexico and Turkey where levels were unchanged. The Macroeconomic Resilience Index fell to…