Insurance news from Lloyd’s of London and Sompo International. Delano’s breakfast briefing.
Van attack in Canada
Ten people have been killed and 15 injured in a van attack in Toronto, the BBC and CBC reported. The driver “deliberately” plowed into pedestrians along a roughly 1km stretch of one of the city’s main roads. Police have arrested the suspect, a 25 year old man. Toronto’s police chief, Mark Saunders (pictured giving a press conference on 24 April), said there was no evidence of terrorism, but could not rule it out. Reuters quoted a US official as saying terrorism is being examined as the “likely motive”.
EU whistleblower protections
The European Commission introduced rules that would protect whistleblowers from retaliation, as reported by DW, the Financial Times, Reuters and Telegraph. The plan covers people exposing fraud, tax evasion, data breaches and violations of nuclear safety standards, among other transgressions. It comes in the wake of the LuxLeaks and other scandals. The proposal harmonises disparate rules across the EU. Firms with more than 50 staff or turnover above €10m would have to set up internal procedures to handle whistleblower reports, and would be unable to take legal action against tipsters. Frans Timmermans, the European Commission’s first vice president, said: “there should be no punishment for doing the right thing”. The measure now goes to the European Parliament and will also have to be approved by EU member state governments.
Germany aiming for Brexit banking deal
Berlin wants to help British banks maintain access to the European market post-Brexit, Bloomberg said. In return, the UK would have accept continued EU regulation and the jurisdiction of the European Court of Justice, according to the news agency’s source.
Fund firms build Brexit bases in Luxembourg & Paris
The number of job postings in the asset management sector in Luxembourg rose “close to six times” between early 2015 and late 2017, according to LinkedIn data analysed by the Financial Times. There were “more than 10 times as many jobs posted” in Paris over the same timeframe. Much of the recruitment is from UK and US fund houses preparing for Brexit, the FT said. In contrast, the number of jobs listings in London fell by roughly half between early 2015 and early 2018, International Investment observed.
Sompo gets Luxembourg OK
Sompo International, a Bermuda-based insurance and reinsurance firm, has received regulatory approval to set up a subsidiary in Luxembourg, reported Intelligent Insurer and Reinsurance News. The unit will be the company’s post-Brexit EU hub; Sompo will keep its London operation.
Lloyd’s going paperless
Lloyd’s of London is moving to mostly electronic trading next year, according to Reuters. “The largest commercial insurance market in the world still runs a trading room where thousands of brokers gather daily to negotiate contracts,” the news agency said. Its CEO said she wants 80% of trading to be digital by 2019.
Why Ray Hickey is learning Luxembourgish
Ray Hickey, the successful bar and restaurant owner, spoke about Luxembourg’s business climate (favourable) and living conditions (expensive) in an interview with the Irish Times. Hickey is quoted as saying: “I’m here for the long haul now. That’s it for me. It’s an unlikely destination, but I love it here.”
“Un doggy bag?”
French restaurants may soon be required to provide containers to sit-down diners who want to take their leftovers home, reported PRI. Asking for a doggy bag in France is generally seen as a cultural faux pas, but the takeaway container rule is included in a package of proposals that the French parliament is finalising in a bid to reduce food waste.