Lloyd’s of London reveals roster of merged board and council

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It was in May 2019 when Insurance Business reported on Lloyd’s of London’s proposal to merge its council and franchise board into a single governing body for the Lloyd’s market and the corporation. Now, despite it being unable to hold a full contested election process due to the coronavirus lockdown, the centuries-old exchange has introduced the new line-up which is effective June 01.

Chairing the reformed council is Bruce Carnegie-Brown, who is joined by senior independent deputy chairman and fellow nominated member Andy Haste. Other nominated members include Angela Crawford-Ingle, Fiona Luck, Neil Maidment, John Sununu, John Neal, and Burkhard

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Guy Carpenter secures agreement to boost terrorism modelling capabilities

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Reinsurance specialist Guy Carpenter & Company, a subsidiary of Marsh & McLennan Companies, has entered into an exclusive multi-year agreement with technology and engineering company Synthetik to enhance its proprietary terrorism modelling product Sunstone.

Synthetik provides computational modelling for the global terrorism reinsurance market. The company specialises in explosive-blast and weapons-effects modelling, and works with both government bodies and the private sector to develop data-science applications, models and simulation code, Guy Carpenter said.

Synthetik is now incorporating its software into a terrorism insurance loss model. Its 3D blast-load calculation model has been applied to cityscape models in order to provide

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Swiss Re Institute: Climate change impacting natural catastrophe events

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“Climate change is happening,” said Thomas Holzheu, Chief Economist for the Americas, Swiss Re Institute. “We have observed the rise of average temperatures and sea levels are rising. We also observe longer and more frequent heat waves, more erratic rain patterns and more extreme weather events. These climate change patterns are affecting catastrophe (CAT) events.

“Where we see particular evidence of increased losses is in secondary perils, such as wildfires, tornadoes, inland rainfall, and flooding from severe rainfall events, some of which are linked to primary perils. For example, we’re seeing more and more losses from hurricanes that are tied

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Tokio Marine HCC completes acquisition of GCube

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Tokio Marine HCC has completed the acquisition of specialist renewable energy underwriter GCube, after the deal was announced in March.

According to Tokio Marine HCC’s statement, the move will boost its capabilities in renewable energy insurance, by combining GCube’s 25 years of experience in the international renewables industry with its global footprint and financial scale.

Following its acquisition, GCube will be able to expand its presence in key renewables markets worldwide, including Japan and Taiwan, while continuing to develop and enhance its product offering to asset and portfolio owners, the statement said.

With increased focus on renewable energy as a

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