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13 January 2021 – Headlines & Stories of Interest

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“How did you go bankrupt?” Two ways. Gradually, then suddenly. ~ Ernest Hemingway from The Sun Also Rises

“The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought, and that’s sort of exactly the Mexican story. It took forever and then it took a night.” ­Rudi Dornbusch, MIT Economist, free market economy specialist and has been an advisor to Carlos Salinas. The quote is from an interview on Frontline about the Mexican peso crisis (1994)


The world at a glance

  • Denmark – Tax Alert – Stormrådet Contribution Decrease From 2021 – Impendulo confirms that the contribution to the Stormrådet will decrease from DKK 60.00 per policy to DKK 40.00 per policy, effective from the 1st of July 2021. Click here to read more on the Stormrådet website.
  • EUIreland & United Kingdom – Insurance Regulatory Update January 2021

Headlines

Insurance firms suspend political donations after violence at Capitol

Aon Drops Trump Organization

Willis Towers Watson adds Shanghai to its Global Markets Property & Casualty Hub

Willis Towers Watson rolls out new cyber risk assessment services

Aon makes two additions to tax insurance practice

Aon launches fuel insurance product for shipping, aviation sectors

Lemonade Is Selling 3 Million New Shares -- Should Investors Be Worried?

A look back at a wild year – 676 M&A insurance broker transactions in 2020 – really in just months because April & May saw little or no M&A action

Senior Appointments Announced at Hamilton’s Lloyd’s Operations

  • Trevor Ormes as Deputy Active Underwriter of Syndicate 4000 and Head of Professional Lines, and Florence Mognetti as Head of Political Risk.

Chubb Names Michael Kessler Global Head of Company's Cyber Risk Insurance Business

Chubb Appoints Jeremiah Konz Chief Reinsurance Officer

RT Specialty Announces New Binding Authority Team

Extracurricular

All Travelers to U.S. Will Need Negative COVID Test – Starting January 26, all international passengers flying into the United States—including returning U.S. citizens—will need to provide proof of a negative COVID-19 test prior to boarding, according to a new order issued by the U.S. Centers for Disease Control and Prevention (CDC) on Jan 13

IRL editor: If you would like to subscribe to the IRL click here – we’d be honored to have you join our global watch of the insurance and related businesses. Included with your subscription are the ISN Market Guides by country provide detailed information on local insurance requirements including compulsory coverages, legislation, supervision, non-admitted insurance, main classes, product information, and more.

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Posted by Alex Hodges
Alex has 40+ years of experience in the industry with a specific interest in the international P&C business. Alex began his career with Rollins Burdick Hunter Co in Chicago; moved to New York with the firm; then back to Chicago HQ after the acquisition of RBH by Aon. As part of Aon’s global acquisition team, he moved to The Netherlands to help with the integration of Hudig-Langeveldt and Frank B. Hall in Europe, Scandinavia, United Kingdom and the Middle East. Alex has expertise managing large multinational insurance programs. His last position with Aon was managing the Aon-owned Strategic Underwriters International MGA for Kidnap, Ransom & Extortion, Workplace Violence and Political Risk. Alex is the founder of Insurance Services Network Corporation and Editor-in-Chief of the IRL – Insurance Research Letter.

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