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Gallagher ups price in second agreement to buy Willis reinsurance business

Arthur J. Gallagher & Co. announced Friday that it has agreed to buy Willis Towers Watson PLC’s treaty reinsurance business for a purchase price that could rise to $4 billion.

The announcement comes less than a month after a deal for Gallagher to buy a larger slice of Willis’ business for $3.57 billion fell apart after the transaction it was contingent on – Aon PLC’s much bigger proposed acquisition of Willis – was terminated in the face of regulatory opposition.

Under the terms of the latest deal, which is expected to close in the fourth quarter, Gallagher will make an initial payment of $3.25 billion and potentially pay another $750 million subject to third-year revenue targets, a Gallagher statement said. Gallagher will take on about 2,200 Willis reinsurance staff.

The operations Gallagher is buying generated $745 million in pro forma 2020 revenue and $265 million in earnings. The figures include

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Nigeria loses N530bn yearly to motor insurance evasion | The Guardian Nigeria News


Only 1.2m of 11.8m vehicles have third-party insurance

Although Nigeria has about 11.8 million registered vehicles plying the roads, only about 1.2 million of such vehicles have valid insurance.

The implications are that the nation’s insurance industry may be losing about N530 billion due to the unwillingness of motorists to register their vehicles, statistics available to The Guardian have shown.

The development, according to stakeholders is worsened by the inability of insurance companies to honour claims on the third party insurance that is predominant in the country.

Some insurance shareholders, however, argued that unless the companies obey the rules guiding the industry, vehicle owners might continue to shun motor insurance policies.

According to them, ‘’it is actually pathetic that Nigeria continues to lose money that would have actually impacted on the economy in several ways, especially in job creation, as vehicle owners presently prefer not to take insurance policies but

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Insurance industry most frequent focus of ransomware: Report

The insurance industry was the most frequent focus of ransomware attacks in the first half of this year, while the overall number of cyberattack incidents increased 125%, according to an Accenture PLC report released Wednesday.

The report from Accenture’s cyber investigation, forensics and response unit is based on data obtained from Accenture clients.

Ransomware was the most frequent malware by category, accounting for 38% of attacks, followed by backdoors, which allow criminals to bypass normal authentication channels and gain remote access, which accounted for 33% of the total, the report said. 

Insurance accounted for 23% of the ransomware attacks by industry, followed by consumer goods and services (17%) and telecommunications (16%), according to the report.

Fifty-four percent of ransomware attacks were against companies with between $1 billion and $9.9 billion in revenue, followed by companies with between $10 billion and $20 billion in revenue, at 20%.

“Despite heightened awareness, government

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Heirs Life, Insurance, Promise Efficient Service Delivery

Nume Ekeghe

Heirs Insurance Limited and Heirs Life Assurance, have confirmed that customers are now able to purchase insurance policies from their websites in mere minutes.

The company in a statement said the interactive websites ensures that customers have access to quick insurance, completing transactions in minutes wherever they are, without any human intervention.

The development, it added, signals the kick-off of its ambition to digitalise insurance and provide a viable alternative for customers to purchase products and request claims without delay, as well as learn more about insurance.

The Managing Director, Heir Life Assuance, Mr. Niyi Onifade, in the statement explained that the websites were designed to remove the barrier of accessibility.

He said: “For us at Heirs Insurance and Heirs Life, our business revolves largely around satisfying our customers and we understand the important role technology plays in making that happen, as well as widening the scope of

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Diversity and inclusion in focus as third edition of Dive In holds in September | The Guardian Nigeria News

Mary Alade, Chief Strategy Officer at Aon

Dive In, the insurance industry’s festival in commemoration of diversity and inclusion (D&I) has announced it will be hosting its event for the third consecutive year in Nigeria on 22 September 2021.

This year, the event which pays special attention to the socio-cultural issues in the workplace in Nigeria, will focus on the theme, ‘Mind the Generation Gap’ in order to task the industry to turn intention into action.

The organisers disclosed that registration for the event, and for other global events, opens on 5th of August, 2021 via diveinfestival.com

Speaking on the impact of the Dive In Festival in Nigeria so far, Mary Alade, Chief Strategy Officer at Aon – lead sponsor of Dive In Nigeria said: “The research results from the Dive-In Festival in Nigeria 2020 was quite an eye-opener and the letters to younger-self by senior female executives in the

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B2Z Small Business Insurance Review • Benzinga

Business owners have the opportunity to use all of B2Z’s products. Through the power of AI, customers now have the tools to assess and address their own coverage needs — all without ever having to speak with an agent.

The full suite of products include:

  • Cyber insurance: Tired of costly cyber attacks and data breaches? B2Z helps small businesses with fraud monitoring, legal fees and system damage coverage.
  • Workers’ compensation: This coverage pays for medical assistance if employees get injured on the job. It also may include expenses arising from litigation.
  • Business owners policy (BOP): Extending beyond general liability coverage, BOP coverage includes injuries to customers, structures and buildings. It also pays for litigation.
  • Professional liability: Coverage for professional liability includes claims resulting from substandard work, missed deadlines and professional negligence. Professional liability picks up where workers comp and BOP leave off by covering the business owner.
  • Hired and nonowned
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Business Insurance Won’t Pay Out? Here’s What You Need To Do

All businesses need insurance as part of their expenses to protect themselves against the unexpected. If your office is damaged, your building and contents insurance will cover the cost. Liability insurance will pay court costs and settlements if a customer is injured on your property and wants to sue. If you don’t have the right insurance in place, you can end up in serious financial trouble.

However, insurance doesn’t always guarantee protection. And, in some cases, your insurer may refuse to pay out. There are a number of reasons why your business insurance won’t pay out. But it’s often because there are mistakes with the information you gave or they don’t believe that you are being completely truthful about the circumstances of your claim.

This is especially true when trying to make a claim when a customer is injured on your property. It’s a tough situation to find yourself in,

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Making Business Insurance Simple with Zensurance

 

Credit: iStock

Business insurance can be overwhelming—Zensurance offers a new, digital solution that will simplify your life and clear your mind.

Maybe you’re a small business owner reopening after COVID or an entrepreneurial spirit looking to make your side hustle into a full-time gig. You might even be a long-time business owner looking to make a change in the marketplace—in any case, you’re going to need business insurance that fits your needs.

When it comes to purchasing business insurance in BC, like many aspects of business (and life), true success comes with understanding what you might not know and asking all the right questions.

For example, business owners may not know that their home insurance policy does not cover those who operate the business from their homes.

Business Interruption Insurance is a solid buy because it covers the loss of income that a business may suffer after a

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Connected car insurance startup Flock raises $17M Series A led by Chamath Palihapitiya – TechCrunch

Cast your mind back to that scene in “Minority Report” where all those autonomous cars are whizzing through the city. The more practically minded of you may well have gone: “Yeah, but what about the insurance?”

Among the startups building the on-demand, connected insurance world for the vehicles of tomorrow right now are U.K.-based Zego, which has raised $201.7 million. Another is Flock.

Emerging from an academic project to look at drones, Flock shifted into providing drone insurance, then commercial vehicle insurance. The twist is that it hooks into the telematics of cars so that the vehicle only triggers insurance cover when it’s actually moving, not when it’s sitting on the lot, incapable of causing any accidents.

Flock has now raised $17 million in a Series A funding led by Social Capital, the investment vehicle run by Chamath Palihapitiya, best known as a SPAC investor and chairman of Virgin

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New business insurance service helps companies, client or not

“It’s trying to ask the right questions to prompt more proactive thinking,” Josh Ryan told Insurance Business. His company, Hunter Broking Group, is behind the initiative.

“It’s trying to tell respondents that [based on their industry] these are the sorts of covers that they may not necessarily have or wanted but maybe [the survey] triggers them to ask their current broker about them,” he said.

An accounting firm, for instance, will complete the accounting-related survey and will then be emailed its confidence score and Hunter Broking Group’s recommendations. A further step of completing an application form is optional.

Ryan stated: “The survey is not designed so that every opportunity goes to us. Some of them could get high scores and be happy with what they’ve got. That’s also a good outcome for us, because it means there’s an SME business out there that is confident in their cover and the

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