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...over rivals in the EU and US....
...US-listed Aon has a $65bn market value and employs 50,000 across 120 countries. In December it agreed a $13bn acquisition of US broker NFP, expanding the business it does with mid-sized companies....
...The UL network traces its roots to a late 19th century effort to help insurance companies save money by testing electrical products for fire risk....
...Another focus for MS Amlin is to grow its casualty insurance lines, such as policies which provide cover for legal claims against a company’s management team....
...Lemonade, whose shares have fallen more than 70 per cent since its first day of trading in New York in 2020, provides a range of insurance including for homes, pets and cars to customers in the US and Europe...
...Insurance prices are surging as companies look to repair their margins after years of significant losses from severe weather to insured properties, exacerbated by inflation in rebuild costs....
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...a particular challenge for underwriters....
...Insurance group Zurich has accused financier Lex Greensill, steel magnate Sanjeev Gupta and certain of their companies of a “conspiracy” to deceive its underwriters and create sham debts....
...In some cases, brokers say, companies have been able to buy insurance to cover more than $1bn of tax payments in the event they lose a dispute with the US Internal Revenue Service....
...In response, the consultancy expects home insurance prices to rise by 36 per cent over the two-year period....
...Howden, the UK insurance broker, has secured £500mn of insurance capacity from a group of Lloyd’s of London firms for a newly launched division that aims to turn tech start-ups into mini underwriters....
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...To protect themselves, underwriters will often ask for collateral that exceeds the amount of the judgment itself. They also charge an upfront fee of 1-3 per cent....
...This was likely to “push into pricing for 2024”, he added, though how significantly will depend on underwriters’ judgment as to whether the heightened storm activity requires the longer-term trend to be...
...One person familiar with the market negotiations said there was “frustration” among underwriters at the latest cancellation provisions....
...AI has already been used in the sector, for example in analysing claims, but the negotiation of specialist commercial insurance contracts — where underwriters provide policies covering against everything...
...Financials Acquisition Corp, a special purpose acquisition company, said on Monday it had terminated a plan to combine with a newly created entity, London Innovation Underwriters, after the latter received...
...The IRA’s bombing campaign, combined with a general pullback from reinsurers after US hurricane losses, had created a market failure in terrorism insurance as underwriters held back from offering cover....
...According to an index from insurance broker Marsh, global commercial insurance rates rose in the final three months of last year, the 25th straight quarter of increases....
...Last month, retailer John Lewis said it had stopped selling insurance for electric vehicles after Covea, its underwriter, withdrew cover while it reassessed the cost of EV repairs — a move confirmed by the...
...“The big question is, can the PE firms be a trusted owner of a life insurance company?” said Isabelle Santenac, global insurance leader at consultancy EY....
...Reinsurers, including Lloyd’s companies, are expected to bear the brunt....
...insurance profits as a proportion of revenues — of more than 10 per cent, its target....
...Howden said the progress of his group and others such as US-listed rival Gallagher had led to a broadening of competition in the highest reaches of insurance broking, almost three years after US regulators...
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