Keep up with what has been happening this week in our latest insurance news round-up…
RSA Insurance is in talks with Canadian insurer Intact and Danish insurer Tryg in a £7bn takeover deal; which can lead to the break-up of one of the FTSE 100’s oldest companies. They received an offer after their shares increased by 46% after reports of a possible deal.
Fidelity International have purchase Legal & General’s personal investing business worth nearly £6bn which will add 300,00 customers to their client base.
Marsh release their Global Insurance Market Index which shows that the prices for global commercial insurance has increased by 20% in the third quarter of 2020. This increase has been the largest since the index was launched in 2012.
Insurance company, Travelers has won a business interruption lawsuit in a case brought by Real Hospitality LLC, doing business as Ed’s Burger Joint, as the judge agreed with Travelers that even if Royal Hospitality met the requirements for coverage (which they didn’t), their policy has a virus exclusion clause which would still apply.
Insurance market, Lloyd’s of London has announced that they will slash operating costs by £800 million within the next few years by increasing automation to speed up the underwriting process.