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18 February 2021 – Headlines & Bits of Interest

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The world at a glance

Australia – Aon wins ARPC account from Guy Carpenter

Australia – First it was the EU and now Australia are having second thoughts about the proposed AON / Willis merger. Read what the Australian Competition and Consumer Commission’s gripe is: Preliminary competition concerns over Aon's proposed merger of Willis Towers Watson

Hong Kong – UK Highlights Rising Political Risk in New Business Guidance on Hong Kong – The UK Government pointedly dropped references to relations with its former colony as “positive” and “beneficial.” This development shines a light on the increasing need for companies to seriously consider buying political risk insurance even in so-called safe environments. This cover provides much more than just expropriation & nationalization…talk to your broker 

EU – New paper outlines European insurance industry positions on liability and artificial intelligence. Can the existing legal liability framework continue or must there be a separate liability regime for AI? You can download the paper from the headline above or click this link.

Sweden – Insurely raises €2.5M to make the insurance industry more transparent, accessible. This is actually a good read. You’ll find out what it is going to do with the money (something most cos discourage talking about). And most interestingly, read what Martin Einemo, CEO & co-founder of Insurely, says is the real problem in the global insurance market is and what Insurely plans to do about it. This is worth a 3-minute read.

United Kingdom – insurance & reinsurance regulation. If you are interested in this, you might print it for your next plane ride – it’s pretty exhaustive on the subject 

Headlines

Another Maersk ship sailing for LA loses containers. Not long ago we reported that another Maersk ship had 700+ containers fall off during rough seas. These ships are impossibly huge – just look at the images with this article. You could pack most of small city on one of those ships. 

AIG’s Duperreault to step down from Exec Chair role by 2022 – Peter S. Zaffino is set to take over the role of Chief Executive Officer (CEO) from Brian Duperreault, who will instead serve as Executive Chairman of the Board until the end of this year. Zaffino, who currently serves as President and Global Chief Operating Officer at AIG, will transition into his CEO position on March 1, 2021.

New senior appointments at Willis Towers Watson – Willis Towers Watson announced a group hire of the entire team from Hong Kong-based human capital analytics and software company, Jobable

USI Insurance Services acquired Spokane, Washington-based Inland Insurance, Inc. Founded in 2006, Inland Insurance is an independent risk management and employee benefits agency serving businesses and individuals throughout eastern Washington. As usual terms of the transaction were not disclosed.

Berkshire Hathaway takes stake in Marsh & McLennan – $499mn worth (4,267,825 shares)

ADT and Hippo Partner – Further proof that technology-based insurers are making real headway and will lead the personal lines market before long. Hippo is on a mission to transform home insurance for the modern household.

Extracurricular

Pentagon admits it has been testing wreckage from UFO crashes & findings may ‘change our lives forever,’ expert says – Interestingly, the DIA released 154 pages of test results that includes reports on a mysterious “memory” metal called Nitinol, which remembers its original shape when foldedEditor: Not too sure about this but I am fairly certain that we are not alone!

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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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