Hello Michael, Insurtech & more…Keep up with the latest insurance news in our weekly round-up… 

Prudential appoints former government minister Baroness Vadera as new chair

Insurer Prudential said it had appointed former banker and government minister baroness Shriti Vadera to chair its business. Vadera will join from Santander UK where she is chair. She is also senior independent director of mining giant BHP Group. Philip Remnant, Prudential’s senior independent director, said: “Shriti Vadera was the unanimous choice of the board following a rigorous assessment of external and internal candidates from around the world.

Lloyds pension schemes agree £10bn longevity swap

The UK’s second-largest longevity swap ever has been completed after Lloyds Banking Group Pensions Trustees Limited agreed a £10bn transaction with Pacific Life Re. Andy McAleese, Pacific Life Re’s head of longevity, said: “There have been record volumes of pension risk transfer in 2019 and we are continuing to see very strong demand carrying over into 2020. “This milestone arrangement demonstrates that longevity swaps continue to be an important risk transfer tool for pension schemes.”

Insurtech investment soared to %6bn in 2019, says Willis Towers Watson

The insurtech sector received $6.37 billion in investments throughout 2019, with nearly $2 billion of that figure coming from the fourth quarter alone, a Willis Towers Watson report has found.

And finally…

Insurer Aviva apologises to mistaken Michaels

Several thousand Aviva customers have received an apology after the insurer mistakenly called them all Michael. The company, which has millions of customers, blamed a “temporary technical error” for the incorrect emails. It stressed that the wrong name in the email greeting was the only mistake and no personal details had been compromised.