Weekly News Update – 17th May

BIBA took over Manchester this week, exploring what’s next on the horizon for brokers and the insurance ecosystem. Warren Buffett has been revealed as Chubb’s (not-so-secret) minority stakeholder. New guidance from GCHQ’s National Crime Security Centre and three insurance associations aims to reduce ransom payments from victims of cyber crime.

BIBA CEO: “We can work together for the greater good” (Source: Insurance Business Magazine)
Graeme Trudgill told attendees “Together we are asking ‘What’s Next?’ Not to create fear, but to identify the challenges and the opportunities. Because, together, we can realise our potential.”

Berkshire Hathaway reveals secret minority stake in insurer Chubb (Source: Financial Times)
Warren Buffett’s conglomerate has amassed a $6.7bn stake in the insurer, highlighting his continued interest in financial services.

Cyber insurance industry unites to bear down on ransom payments (Source: NCSC)
Three insurance associations have joined forces to provide guidance that will “improve market-wide ransomware discipline and undermine the profitability of the ransom business model to reduce harm to victim organisations”.

Apollo: supporting sustainable innovation (Source: Instech)
Instech sat down with Apollo ibott 1971 to discuss how what its looking for in its MGA partners and how it’s making use of the Lloyd’s ICX allowance.

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