February 23, 2018

Looking West

Looking West

Lloyd’s: Failure of cloud to cost USD15 bn

Lloyd’s in partnership with AIR Worldwide, recently launched a new report, Cloud Down – The impacts on the 
US economy, which analyses the financial impact of the failure of a leading cloud provider in the US. The report analyses losses for 12.4 million US organisations and proposes an alternative approach...

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AIG to acquire Validus

American International Group, Inc. has announced it will acquire all outstanding common shares of Validus Holdings, Ltd. The transaction enhances AIG’s general insurance business, adding a leading reinsurance platform, an insurance-linked securities asset manager, a meaningful presence at Lloyd’s and complementary capabilities in the US crop and excess and surplus...

Allianz Suisse to acquire DAS Switzerland

Allianz Group has agreed to acquire the legal protection insurance subsidiary DAS Switzerland and assets of DAS Luxembourg and Slovakia from German insurance group ERGO Group AG. The acquisition will strengthen the competitive position of Allianz Suisse, making it one of the top three firms offering legal protection coverage in...

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Friederike losses up to EUR800 mn

Storm Friederike, which swept across Germany recently, may likely have caused insured losses of up to EUR800 million (USD980 million), experts have concluded. The German insurance association GDV estimated insured losses of EUR500 million, while models from the insurance consultant Meyerthole Siems Kohlruss (MSK) forecast losses of EUR800 million. Meteorologists...

Amazon, Berkshire, JPMorgan partner to cut healthcare costs

Amazon.com Inc Berkshire Hathaway Inc and JPMorgan Chase & Co have said they will form a company to cut health costs for their employees, setting up a major challenge to the US healthcare system. The new, not-for-profit venture will initially focus on technology for “simplified, high-quality and transparent healthcare” for...

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Bupa strikes digital health partnership with HealthTap

Bupa and HealthTap have entered into a partnership with a view to enhance the speed, convenience and quality of care for Bupa customers. No financial details of the partnership were revealed, but the companies said that over the past year they have been working towards a number of solutions for day-to-day customer...

Moody’s outlook stable on global reinsurers

Moody’s Investors Service holds a stable outlook for global reinsurance companies despite the impacts of third-quarter catastrophe losses, citing strong capital positions and the expectation of price hardening. According to Moody’s, a survey of reinsurance buyers shows that buyers are expecting to pay more for protection on loss-affected lines during...

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Total global losses of USD306 billion in 2017: Swiss Re

Preliminary estimates for insured global losses resulting from natural and man-made disasters in 2017 are around USD136 billion, well-above the annual average of the previous 10 years, and the third highest since Sigma records began in 1970, stated reinsurer Swiss Re in a report released recently. Total economic losses soared...

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Allianz invests in micro-insurer

Allianz has invested USD96.6 million in micro-insurer BIMA, which sells insurance by mobile phone in Africa, Asia and Latin America. The deal values the company at USD290 million including debt, Stewart Langdon, partner at exiting investor LeapFrog Investments, told Reuters. Insurers in developed markets are trying to expand their presence...

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Aegon to sell stake in US unit to Scor

Dutch insurer Aegon NV has said it would sell part of the remaining stake it holds in US life insurance unit Transamerica to property and life reinsurer Scor SE. The deal covers about half of the life reinsurance business that Transamerica retained after an earlier stake sale to Scor in...

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