IRL July 2020

June’s defining headlines
Of all the headlines and stories in June, two caught my attention:
* Ryan Specialty Group and All Risks Sign Definitive Agreement to Merge
* Aon to restore most salaries cut by COVID-19 pandemic — and pay employees back what they gave up, plus a bonus

How America’s Insurance System Can Prepare For a Future Pandemic

The insurance industry, policyholders and governments throughout the world must come together on an approach that offers relief to those who need it now and develop a plan to implement mitigation strategies and a response mechanism for future pandemic events. The...

Here’s Why You Should Stay Away from Aon (AON) Right Now

Aon has been witnessing downward earnings estimate revisions of late. The Zacks Consensus Estimate for current-year bottom line of $9.72 per share has moved 0.2% south over the past seven days, indicative of analysts’ bearish sentiment on the stock. So, what could be...

Aon to offer pooled employer plans

Aon will begin offering a pooled employer plan effective Jan. 1, the company said Wednesday (June 24). [ed. Aon’s full press release below] Employers in unrelated businesses will be able to join the pooled 401(k) plan, a new type of multiple employer plan made...

Ryan Specialty Group and All Risks Sign Definitive Agreement to Merge

June 23, 2020, CHICAGO, IL – Ryan Specialty Group, LLC (RSG) and All Risks, Ltd. (All Risks) are pleased to announce they have signed a definitive agreement to merge. The two firms are insurance specialists with strengths that complement one another. Both have proven...

AM Best to Host Webinar on the State of the Italian Insurance Market

AM Best will host a complimentary webinar on Thursday, July 2, 2020, at 16:00 (CEST), Milan. Questions include: How does AM Best, the credit rating agency, specializing in the insurance and reinsurance sector, view the development of the Italian insurance industry?...

IRL June 2020

June Highlights Is a Risk-free Economic Recovery Feasible? Sure—It just requires a balance between NECESSITY, DUTY and POWER – read our Peruvian correspondent’s take on this on page 10 Business Interruption Insurance Coverage: The Next Century “Consequential...

Hong Kong – Insurance Authority warns against fraudulent website

The Insurance Authority (IA) today (19 May 2020) alerted the public to a fraudulent website with the domain name of “http://www.baofengins-hk.com”. The fraudulent website purports to be the official website of an authorized insurer of Hong Kong, Paofoong Insurance...

The Insurance Industry Post Covid-19

The Insurance Industry Post Covid-19 By George Worsley The coronavirus pandemic is having a disastrous effect on the economies of many nations. The shutdown of consumer businesses and the lockdown of movement in the United Kingdom has impacted the lifestyle of almost...

Open Hearts and Minds: a message to all of us

Open Hearts and Minds: a message to all of us [https://vimeo.com/405830743] Entrepreneur Fabrice de Waal started a project with the vision of sending a message of togetherness into the world. The result? The video “Open Hearts and Minds,” which according to de Waal...

Global Commercial Insurance Pricing Increased 14% in Q1

COVID-19 EXPECTED TO IMPACT PRICING IN 2020 Global average commercial insurance prices increased 14% in the first quarter of 2020, according to the Global Insurance Market Index, released today by Marsh, the world’s leading insurance broker and risk adviser. The...

The Future of Work: Is Remote Employment the New Normal?

The Future of Work: Is Remote Employment the New Normal? By Julia Hodges  As government leaders weigh when and how to reopen their economies, a question looms over business owners who have been forced to implement remote work: what does employment look like in a...