The stories making waves this week
Lloyd’s has taken concert promoter AEG Live to court to cancel the insurance policy for Michael Jackson’s 2009 ‘This Is It’ tour, called off following the singer’s death. Lloyd’s has refused to pay out on a non-appearance and cancellation policy, claiming AEG Live withheld information about the singer’s medical condition.
Political violence, strikes, riots and war are now as big a threat to businesses as terrorism, according to Aon Risk Solutions. Its 2011 terrorism and political violence map shows increased risk of political violence in the Middle East and North Africa in the wake of the Arab Spring uprisings.
Terra Firma has ruled out making an offer for Lloyd’s insurer Chaucer. Guy Hands’ private equity firm’s announcement follows the recommendation by Chaucer’s board that shareholders accept US insurer Hanover’s £313m offer for the company.
Music and entertainment broker Robertson Taylor’s chief, John Silcock, has quit, reported insurancetimes.co.uk last week. His directorship of the Oxygen Insurance Brokers subsidiary was terminated this month, according to a Companies House filing.