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Tennessee tornadoes cause $1bn of damage as commercial structures hit hard

News

Commercial property

Tennessee tornadoes cause $1bn of damage as commercial structures hit hard

The spate of tornadoes that tore through Tennessee earlier this month are thought to have caused more than $1bn of damage according to CoreLogic, with Moody’s noting that commercial structures are expected to have suffered a greater-than-normal hit from the storms.

Mon 9 Mar 2020

News

M&A

Aon shares fall almost 16% on WTW deal

Shares in Aon plunged almost 16 percent in mid-day trading on Monday following news the broking giant had agreed a merger with rival Willis Towers Watson (WTW) in a $30bn all-share deal that will combine the world’s second and third-largest insurance brokers.

Mon 9 Mar 2020

News

US insurance stocks plunge following trading pause

US insurance share prices followed Europe in plummeting in early trading today, with Aon the biggest faller following its announced acquisition of Willis Towers Watson and AIG also falling almost 12 percent.

Mon 9 Mar 2020

Aon aims to keep $672mn+ Willis Re and build lead over GC

News

M&A

Aon aims to keep $672mn+ Willis Re and build lead over GC

Aon CEO Greg Case has said he is confident regulatory approvals will be secured across the combined portfolio with Willis, indicating the creation of a reinsurance broking powerhouse that would be larger than Guy Carpenter-JLT Re by some margin.

Mon 9 Mar 2020

Analysts bullish on Aon-WTW shareholder value

News

M&A

Analysts bullish on Aon-WTW shareholder value

Shares in Aon plunged almost 11 percent shortly after market open on Monday following news the broking giant had agreed a merger with rival Willis Towers Watson in a $30bn all-share deal that will combine the world’s second and third-largest insurance brokers.

Mon 9 Mar 2020

Prudential looks to float or sell stake in US business

News

M&A

Prudential looks to float or sell stake in US business

UK-based life insurer Prudential is poised to unveil plans to float or partially sell its US business Jackson National Life as it responds to demands from activist investor Third Point, the Dan Loeb-led hedge fund and sponsor of the Bermudian Third Point Re, which is demanding the insurer should break itself up.

Mon 9 Mar 2020

CAC Specialty brings in FI claims expert O’Neil from Alliant

News

People Moves

CAC Specialty brings in FI claims expert O’Neil from Alliant

CAC Specialty continues to add talent to its roster with Carrie O’Neil joining the expansive broker’s ranks after a brief period with Alliant.

Mon 9 Mar 2020

News

M&A

Aon set to acquire Willis Towers Watson

Broking giant Aon is set to buy Willis Towers Watson in an all stock transaction, creating a combined equity value of $80bn.

Mon 9 Mar 2020

European (re)insurance stocks slump to 2016 lows following overnight oil crash

News

Results

European (re)insurance stocks slump to 2016 lows following overnight oil crash

Swiss Re is one in a number of European carriers to see its share price fall to its lowest point since the summer of 2016 – in the aftermath of the UK’s Brexit referendum – after European equities indices followed Asia-Pacific markets by trading down sharply this morning.

Mon 9 Mar 2020

Lloyd’s faces renewed scrutiny for failing to maintain complaints systems

News

Legal/ Regulatory

Lloyd’s faces renewed scrutiny for failing to maintain complaints systems

Lloyd’s of London is facing scrutiny – for the second time in a matter of months – for failing to maintain its internal complaints system.

Mon 9 Mar 2020

No ‘coronapocalypse’ for P&C insurers: JMP

News

COVID-19

No ‘coronapocalypse’ for P&C insurers: JMP

Despite the sea of red among major global stock indices this morning, the property and casualty (P&C) insurance sector is not likely to face any material negative impacts from the coronavirus spread, with some lines even standing to see an improvement from mass quarantines.

Mon 9 Mar 2020

QBE shares slide over 10% in Asia-Pacific bloodbath

News

COVID-19

QBE shares slide over 10% in Asia-Pacific bloodbath

Shares in Australian insurer QBE closed down 10.44 percent on Monday as Asia-Pacific equities plunged following a shock crash in oil prices and yet another wave of panic over the spreading coronavirus.

Mon 9 Mar 2020

News

Losses

Perils pegs Dragi-Eberhard storm losses at Eur782mn

Loss aggregation firm Perils has pegged property damage losses from extratropical cyclone Dragi-Eberhard, which impacted the British Isles, and Western and Central Europe on 9 and 10 March 2019, at Eur782mn ($896.6mn).

Mon 9 Mar 2020

News

Prudential responds to Third Point activism

Third Point, the Dan Loeb-led hedge fund and sponsor of the Bermudian reinsurer that shares its name, appears to have provoked an immediate response from the UK-based life insurer Prudential plc after last month disclosing a 5 percent stake and publishing a letter encouraging the Board to take a more aggressive approach to shareholder value creation.

Mon 9 Mar 2020

News

Argo reveals details of $3.3mn Watson perquisites after investigation

Corporate flights and tickets to New York society get-together The Met Gala are just some of the perquisites valued at $3.3mn that Argo has identified as not having been disclosed or fully disclosed by former chief executive Mark Watson between 2017 and 2019.

Sat 7 Mar 2020

Comment

Commercial insurance

Opening the floodgates?

A court ruling on the first proposed IBT in Oklahoma could lead to a surge of activity in the $350bn US legacy market…

Fri 6 Mar 2020