Willis Towers Watson names investment head Carl Hess as next CEO August 16, 2021 Insurance giant Willis Towers Watson today named company insider Carl Hess as its next CEO and president, three weeks after the collapse of its planned $30bn (£22.9bn) mega-merger with rival Aon. Hess, who currently heads up the firm’s investment, risk and reinsurance segment, will step into current CEO John Haley’s shoes immediately upon his retirement [...]
US insurance giant Gallagher snaps up Willis reinsurance arm in $3.25bn deal August 13, 2021 US insurance giant Arthur J. Gallagher has announced it will buy the treaty reinsurance brokerage arm of Willis Towers Watson for a proposed cash consideration of $3.25bn (£2.35bn). It comes just over a fortnight after Willis agreed to terminate a $30bn (£22.9bn) merger agreement with Aon, in what would have created the world’s largest insurance [...]
The latest British unicorn? Insurtech Marshmallow is waiting in the wings August 11, 2021 Marshmallow Financial Services is soon to announce its latest fundraising round that will bring its valuation to $1.2bn (£869m), joining the ranks of other recent UK unicorns Starling Bank, Gousto and Zego. Its latest cash injections is fuelled largely by existing investors, according to reports in Sky News citing “city insiders” with knowledge of the [...]
Fine dining restaurant planned for the top of Lloyd’s of London August 10, 2021 Lloyd’s of London is considering adding a Michelin-starred restaurant to the top of its headquarters as part of a revamp of the insurance marketplace’s iconic building spaces. The creation of a high-end restaurant with enviable views of London is being considered as a way to create ‘destination style’ experiences, and attract more clients and members of [...]
Aon and Willis Towers Watson call off $30bn insurance mega-merger over monopoly concerns July 27, 2021 Insurance giant Aon and Willis Towers Watson have agreed to terminate their $30bn (£22.9bn) merger agreement in what would have created the world’s largest insurance broker, and have blamed U.S. regulators’ objections for unacceptable delays and uncertainty. Aon cited an “impasse” with the U.S. Department of Justice (DOJ) as the reason behind the decision to [...]
Zurich UK switches $1bn into new ESG benchmark to cut its carbon emissions July 20, 2021 Zurich UK has switched almost $1bn (£73m) of its investment portfolio into a new ESG benchmark in a bid to reduce its carbon emissions. The insurance giant said, in an announcement today, the new benchmark will deliver a 30 per cent reduction in emissions as well as “enhanced” ESG outcomes, compared to its parent index. [...]
Branson and Bezos space race outruns insurers July 9, 2021 Billionaires Sir Richard Branson and Jeff Bezos are reportedly launching into space without insurance for injury or death. Brokers told the NYT’s Dealbook newsletter neither Branson or Bezos, or their respective companies Virgin Galactic and Blue Origin, have purchased liability insurance. This is most likely because there isn’t a fully functioning insurance system for casual [...]
Action group agrees settlement with Hiscox over business interruption cover June 28, 2021 Members of the Hiscox Action Group have reached a settlement with the insurer relating to business interruption losses suffered as a result of Covid-led lockdowns. The action group said the settlement is in line with the Supreme Court judgment on business interruption clauses, and that both parties were satisfied with the outcome. Both Hiscox and [...]
Prince Charles partners with insurance firms to tackle climate change June 24, 2021 Prince Charles has teamed up with the Lloyd’s of London insurance market to launch a task force aimed at transitioning the industry to a net zero economy. The task force will be chaired by Lloyd’s, with support from Charles’ Sustainable Markets Initiative. It will include the chief executives of insurance firms such as AXA, Allianz, [...]
Metallica sues Lloyd’s of London underwriters over postponed show losses June 15, 2021 Metallica is suing certain syndicates at Lloyd’s of London for allegedly refusing to pay out after the band was forced to postpone six South American shows due to Covid-19. The rock band filed paperwork in Los Angeles Superior Court last week, according to reports, in which they alleged the insurance market had breached its contract [...]