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APR 1 Renewals: Indian general insurance industry rejoices with soft pricing, surplus capacity and market discipline
GIC Re and Foreign Reinsurance Branches (FRBs) and IIO reinsurers...
IRDAI rejects appeal of general insurers and CBRs to review its collateral based cross border reinsurance norms
Indian general insurers, which will be generating a premium of over...
Arthur J. Gallagher & Co to acquire Willis Re and WTW’s corporate risk, broking, health and benefits services for $3.57 billion
Gallagher has agreed to purchase a group of businesses from Willis Towers Watson that includes:
Willis Re operations globally, excluding operations in mainland China and Hong Kong;
Global cedent facultative reinsurance, excluding operations in mainland China and Hong Kong;
Corporate Risk and Broking business unit known as Inspace globally and certain business undertaken for Aerospace Manufacturing clients;
Medi Assist Healthcare Services files IPO papers with Sebi
Those selling shares in the offer for sale include Dr Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital LLC and Investcorp Private Equity Fund I.
As per the draft papers, the company managed Rs 7,829.5 crore of health insurance premiums for the financial year 2020.
For the nine month ended December 2020, the company reported a total income of Rs 257.44 crore against Rs 245.16 crore a year ago. Its profit after tax was at Rs 33.09 crore for the nine months ended December 2020 as compared to Rs 31.04 crore in the same period last year.
Aon forms EMEA M&A and Transaction Solutions Advisory Board to support growth and expansion of M&A practice
The new advisory board will support the growth and development of Aon’s M&A practice across the UK and EMEA, as it continues to expand its client offerings to include solutions for intellectual property, cyber security and digital performance, retirement, benefits, talent and compensation, structured credit, tax and litigation risks, ESG and more.
Chubb and Marsh partnership to provide $150 million cover for the COVAX Program for 92 low and middle-income countries
Through Chubb’s and Marsh’s collaboration, up to $150 million in insurance is provided for the COVAX No Fault Compensation Program to cover compensation payments to eligible individuals in the 92 lower-income countries and economies, known as the Gavi COVAX Advance Market Commitment (AMC) eligible economies.
Insurance broker Marsh led the global placement of the bespoke solution. Chubb is the lead insurer, supported by a further 10 insurers located in the U.S., U.K., Germany, Ireland, Switzerland and Bermuda.
IRDAI panel makes various suggestions on retail engineering insurance products
On sum insured definition for retail segment for engineering products, it said: “Considering a near unanimous view from all stakeholders, the panel suggests Sum Insured limit of up to Rs 50 crores is recommended for retail segment”.
The group, as per the report, opined that the retail products with standard wordings with uniform coverage of a good range of essential covers are needed to give a comprehensive protection boost to the SME and MSME sector entities and units.
The products should be offered by all Indian insurers without any changes or modifications, it said.
EU asks if Aon rival Gallagher, others are right buyers for assets -sources
Earlier this month, Aon offered to sell assets in five European Union countries, Willis’ reinsurance arm and its German retirement benefits and consulting business, people with direct knowledge of the matter had told Reuters.
The package of concessions to the European Commission also included Willis’ insurance broking activities in France, including French unit Gras Savoye, as well as in Germany, Spain and the Netherlands.
Aon’s EU concessions for $30 billion Willis bid may not be enough:
Last Friday, the London-headquartered company submitted concessions to the European Union’s competition watchdog, which did not disclose details in line with its policy. The watchdog often requires acquiring companies to make concessions that will strengthen rivals before giving its go-ahead.
Aon has proposed selling Willis Re, its biggest concession, and Willis’ German retirement benefits and consulting business. It has also offered to sell Willis’ insurance broking activities in France, including French unit Gras Savoye, as well as in Germany, Spain and the Netherlands, one of the people said.
Aon, seeking EU nod on $30 billion Willis bid, offers to sell assets
Aon has proposed the sale of businesses in France, Germany, the Netherlands and Spain, including financial and professional lines and aerospace and cyber activities, the person said.
The package of concessions also includes corporate risk- broking activities in some other countries while a potential buyer examines those assets, the person said.
Aon launches innovative industry collaboration to protect global COVID-19 vaccine shipments
The solution provides transparent cargo insurance coverage for COVID-19 vaccines by combining sensor data and analytics. The offering enhances All Risk Marine Cargo insurance with timely payment for doses that fall outside of the agreed-upon temperature range while being transported or stored, enabling more effective risk management and claims support. Real-time reporting of any temperature deviation will also provide for the mitigation of losses and help maximize the number of doses that are administered to the public.
Lloyd’s launches pioneering parametric earthquake insurance policy in New Zealand
The new product Bounce is designed to provide New Zealanders with affordable earthquake insurance and fast claims payments, to support customers’ needs following an earthquake and quickly cover immediate expenses incurred. It does this by tracking Peak Ground Velocity (PGV) which triggers payment at levels of 20 centimetres per second and above.