From Best's Review: A Combined Approach

Startupbootcamp InsurTech’s VanderLinden: Insurers must implement incremental innovation and disruptive innovation at the same time.

March 01, 2019 Full Story

European Commission Approves MMC Acquisition of JLT

The European Commission has approved the acquisition of Jardine Lloyd Thompson Group plc by Marsh & McLennan Cos. Inc. — making it possible for the two brokers to close on their tie-up in about a week.

March 25, 2019 Full Story

John Neal

Lloyd’s CEO Responds to Reports of Lloyd’s Sexual Misconduct: No Room for Workplace Harassment

John Neal, chief executive officer of Lloyd’s, has responded to published accounts of ongoing sexual harassment in the workplace in the London insurance market.
March 25, 2019 Full Story

Pinnacle Actuarial Resources

Agent/Broker

Suncorp Sells Australian Nonlife Insurance Broking Business
Suncorp Group Ltd. has divested its general insurance broking business in Australia as part of the group’s efforts to further simplify its business.
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Asia/Pacific

PICC Property & Casualty Co. Net Falls 21.8% in 2018
PICC Property & Casualty Co. Ltd. reported a 21.8% drop in net profit to 15.5 billion yuan (US$2.35 billion) in 2018, amid intense market competition and significant catastrophe impact, according to China’s largest nonlife insurer.
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Captive Market

Michael Meehan

Milliman Consultant: Captive Board Members Need Crash Courses in Risk
Michael Meehan, a consultant at Milliman, said board members of captive insurance organizations often know more about the sponsoring organization’s activities than they do about risk and insurance, putting the onus on them to educate themselves. Meehan spoke with AM BestTV at the Captive Insurance Companies Association’s International Conference in Tucson, Arizona.
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Commercial Coverage

Swiss Re Confirms Coverage Participation in Crashed Ethiopian Airlines Plane
Swiss Re confirmed it participated in manufacturer liability cover and was a co-insurer of Ethiopian Airlines, which lost a Boeing 737 in a crash.
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Conference

Paul Ranis

Greenberg Traurig Partner: Insurers Stepping Up Efforts to Head Off #MeToo Claims
Paul Ranis, partner, Greenberg Traurig, said preventing workplace harassment issues means moving beyond employee handbooks and focusing on changing company cultures. Ranis spoke with AM BestTV at the 2019 Philadelphia Reinsurance Symposium.
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Gregory Cobb

Sage VP: Captives, Reinsurers Aligning Investments With ESG Principles
Gregory Cobb, vice president, investment strategy, Sage Advisory, said insurers of all types are showing greater interest in aligning their investment portfolios with sustainability, environmental, social, governance and similar standards. Cobb spoke with AM BestTV at the Captive Insurance Companies Association’s International Conference in Tucson, Arizona.
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Health

Marlene Caride

New Jersey Switches to State-Based Health Insurance Exchange
New Jersey Gov. Phil Murphy is moving the state from the federal health insurance exchange into a state-based system.
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Study Says Reinsurance Plan Would Cut Colorado Health Care Costs 23%
A study commissioned by the Colorado Division of Insurance has found a state reinsurance program could save consumers on the individual health insurance market $250 million by cutting payments to providers.
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Lloyd's

Hilary Weaver

Lloyd’s Chief Risk Officer to Leave Post at End of March
Hilary Weaver, chief risk officer at Lloyd’s, will be stepping down at the end of March after 16 years, the company said in a statement.
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Mergers & Acquisitions

FWD Confirms Talks to Acquire Thailand’s SCB Life Business, Completes Takaful Acquisition in Malaysia
Hong Kong-based FWD Group has confirmed it is in negotiations with Thailand’s Siam Commercial Bank about a potential acquisition of the bank’s life insurance operations.
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Middle East/Africa

Wasef Jabsheh

International General Insurance CEO: Market Conditions Present New Opportunities
International General Insurance Holdings Ltd. saw a “strong recovery” in 2018 from catastrophe losses in the previous year
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Regulation

PICC Group’s Investment Chief Under Disciplinary Investigation
PICC Investment Holding Co. Ltd.’s senior executive Hong Liu is under disciplinary investigation, according to a statement from the Central Commission for Discipline Inspection of the Communist Party of China and the National Supervisory Commission
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Reinsurance

Kevin O"Donnell

RenaissanceRe Completes $1.5 Billion Tokio Millennium Re Acquisition
RenaissanceRe Holdings Ltd. has completed its acquisition of Tokio Millennium Re. The deal enhances RenaissanceRe’s product selection and access to attractive risk, according to President and Chief Executive Officer Kevin O’Donnell.
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Steve Robson

Willis Re Appoints Head of London Market Reinsurance Claims
Willis Re said Steve Robson has joined the company as head of London market reinsurance claims, effective immediately.
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Technology

Ryan Rugg

Strategist to London Conference: Blockchain Has Transformed Insurance
By offering underwriters and brokers an uninterrupted insight into business processes, blockchain has transformed insurance, Ryan Rugg, global head of insurance for software firm R3, told the Insurtech Insights conference in London.
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United Kingdom

Richard Rowney

Liverpool Victoria Friendly Society to Convert to Company Limited by Guarantee
Liverpool Victoria Friendly Society Ltd. announced it will convert from a friendly society as the separation of its general insurance business progresses ahead of schedule, said the group’s chief executive officer.
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Washington

US Senate to Question PBMs, Including Cigna and UnitedHealth, Over Drug Pricing
A U.S. Senate committee has invited five of the country’s largest pharmacy benefits managers — including units from Cigna Corp., and UnitedHealth Group — to testify April 3 on how they arrive at the prices for drugs delivered through their PBM networks.
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