Zurich confirms talks to buy MetLife’s P&C business

Zurich confirms talks to buy MetLife’s P&C business

Zurich confirms talks to buy MetLife’s P&C business

Zurich Insurance has confirmed it is in discussions to acquire MetLife’s US P&C business, which predominantly covers car and home insurance, following media reports of a potential deal. Zurich said its subsidiary Farmers Group has proposed to buy the business in conjunction with the Farmers Exchanges. Zurich said terms of the deal are being negotiated and the acquisition has yet…

Praedicat develops clash risk models for Covid-19 liability exposures

Praedicat develops clash risk models for Covid-19 liability exposures

Praedicat develops clash risk models for Covid-19 liability exposures

Emerging risk modeller Praedicat has developed scenarios that allow casualty insurers to track Covid-19 liability exposures, manage aggregations and set aside reserves for potential legal cases, in a bid to help the market support customers. The clash scenarios developed by Praedicat within the Lloyd’s Lab insurtech facility are based on past mass-litigation cases. They map loss estimates against companies that…

RSA agrees £7.2bn sale to Intact and Tryg

RSA agrees £7.2bn sale to Intact and Tryg

RSA agrees £7.2bn sale to Intact and Tryg

RSA has agreed a £7.2bn sale to Intact Financial and Tryg that will see the insurer broken up. Scandinavian insurer Tryg will pay £4.2bn for RSA’s Swedish and Norwegian business. The deal will also see it co-own RSA’s Danish business, Codan, with Intact. Canadian firm Intact will pay £3bn to acquire RSA’s Canada, UK and International operations. The joint bid…

RSA Luxembourg appoints new head of liability

RSA Luxembourg appoints new head of liability

RSA Luxembourg appoints new head of liability

RSA Luxembourg has appointed Marilyne Furlan as its new head of liability lines for Europe. Ms Furlan has led the liability team at RSA France for the past six years and will now take on casualty and financial lines portfolios across Europe. Ms Furlan will report to Corentin Maurice, chief underwriting officer of RSA Luxembourg. Frédérique Roeder has been appointed…

UK regulator says insurers have ignored warning on reserves

UK regulator says insurers have ignored warning on reserves

UK regulator says insurers have ignored warning on reserves

The UK’s Prudential Regulation Authority (PRA) has told financial lines insurers to correct any weaknesses in reserving and warned it will “sharpen” its focus on firms with significant exposures to the risk. In a letter to CROs following a reserving review in the general insurance sector, the PRA said concerns raised last year about reserving and exposure have not been…

Aon launches IP tool to boost M&A value

Aon launches IP tool to boost M&A value

Aon launches IP tool to boost M&A value

Aon has developed a tool that measures the quality of intellectual property within companies involved in mergers and acquisitions. The Quality of Intellectual Property Solution (QoIP) has already been deployed for M&A transactions and generates reports to help companies that have invested in IP achieve higher M&A transaction values and for buyers to better gauge IP assets. “Our Quality of…

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Global insurance prices rose 20% in Q3, with increases of 34% in the UK and 15% in continental Europe, according to Marsh’s latest index, which saw the biggest jump since it began tracking figures back in 2012. The broker said it expects this rising trend to continue into 2021. Marsh’s third-quarter Global Insurance Market Index shows that all regions around…

Marsh’s index shows record rate increases of 20% in Q3

Marsh’s index shows record rate increases of 20% in Q3

Marsh’s index shows record rate increases of 20% in Q3

Marsh’s latest Global Insurance Market Index again showed record price increases as commercial P&C buyers faced up to average rises of 20% in Q3. This is the steepest year-on-year increase since the index was launched in 2012 and follows rises of 19% and 14% in the first two quarters of 2020. Ever increasing prices were evident in global property where…

Hiscox says rates at five-year high as it reserves $75m for Q3 cat losses

Hiscox says rates at five-year high as it reserves $75m for Q3 cat losses

Hiscox says rates at five-year high as it reserves $75m for Q3 cat losses

Hiscox CEO Bronek Masojada said in a trading statement ahead of full Q3 results that the first nine months of 2020 saw “the strongest pricing” the firm has seen in the London market and reinsurance for more than five years. The group said rates were up 18% across Hiscox’s London market business. They rose in almost every line, with US…

Greenberg says market hardening spread in Q3 with more to come

Greenberg says market hardening spread in Q3 with more to come

Greenberg says market hardening spread in Q3 with more to come

Chubb’s CEO Evan Greenberg says commercial insurance market hardening spread to more lines and territories in the third quarter and he believes there remains a way to go before the cycle’s peak is reached. Speaking during Chubb’s third-quarter results call, Mr Greenberg said the insurer continued to experience a “strong and continuously improving” commercial P&C pricing environment in Q3. He…

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