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19 January 2021 – Headlines & Stories of Interest

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The world at a glance

FranceIslamic finance regulation and supervision in France – De Gaulle Fleurance & Associés

GermanyFuture regulation of German insurance business by UK insurers – Clyde & Co LLP

IrelandHow Much to Charge an Electric Car – A brief from Chill Insurance. IRL editor: While this article discusses the considerations for switching to an EV and ranks them, one BIG thing missing from electric car talk is how long batteries last and the cost to replace.

USA: RIMS Annual Convention Goes Dark but Virtual. Yesterday RIMS announced a reformatted, fully digital RIMS LIVE 2021 scheduled for April 19 - 29. Details will be announced by RIMS shortly

Here’s what you can expect from RIMS LIVE 2021 digital conference experience: 

  • The biggest risk management event ever with over 100 hours of knowledge-building and thought-leading insight that now fits your schedule. All sessions will be recorded and available during and for 60 days after the conference.
  • Game-changing and capability-advancing solutions – hundreds of them – in a newly designed digital RIMS Marketplace. 
  • Network-boosting social events for you to virtually “shake-hands” with your peers and set one-on-one meetings with other leaders in the profession.
  • Greater inclusivity and diversity. We’re ready to welcome risk professionals at all-levels, from all backgrounds and parts of the world.

Headlines in the Emerging New World

AkinovA becomes the First New Regulated Insurance Marketplace for 150 Years – Say goodbye to insurance as we knew it. AkinovA enables capital providers, brokers, agents and cover buyers with a safe and remote electronic space to enable them to exchange information and agree transactions within a low friction environment. READ this article for some real eye openers

Chubb Secures Insurance Partnership Deal with Revolut – Another FinTech taking the stage

Aon CEO Greg Case Recognized as Top Ally on INvolve OUTstanding LGBT+ List

Headlines in the World as It Is

Insurance broker McGill eyes $1bn of Irish hub business after Brexit switch

Hamilton Hires Clay Rhoades to Expand US MGA

Arthur J. Gallagher & Co. Acquires Atlas General Insurance Services – In case you haven’t noticed more and more brokers are building out or acquiring MGAs – there are many reasons for this but a principal reason involves money – OPM (other people’s money)

BGC Partners unveils holding company for its insurance interests – As the new name for BGC Insurance (BGCI), Corant will comprise its broking operations Ed, Besso, Piiq Risk Partners and Junge as well as the group’s MGAs Cooper Gay, Globe Underwriting and Epsilon. Each of these businesses will continue to operate under their separate brands with Corant acting as the overall holding company

USI Insurance Services Acquires CB Insurance – Another example of the old model. Personal lines are heading quickly to InsurTech / FinTech whichever you want to call it. There will be little need for anyone but an advisor as AI takes center stage with personal insurance

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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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