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The special purpose acquisition company (SPAC) unveiled plans earlier this year to combine with London Innovation Underwriters and raise additional funds to deploy in the Lloyd's of London insurance market. The deal by Financials Acquisition Corp differs from a typical SPAC merger because the company has set up London Innovation Underwriters itself. It is not the first time that public market investors in London have backed a new insurance venture. In 2020, Conduit Holdings (CRE.L) listed on the London Stock Exchange, subsequently starting reinsurance activities. UBS and HSBC are joint global coordinators to the Financials Acquisition deal.

Persons: Britain's King Charles, Sarah Meyssonnier, William Allen, Lloyd's, Beazley, Carolyn Cohn, Pablo Mayo Cerqueiro, Anousha Organizations: City of, REUTERS, Financials, London Innovation Underwriters, Lloyds, Innovation Underwriters, Conduit Holdings, London Stock Exchange, UBS, HSBC, Thomson Locations: City, City of London, Britain, London, Lancashire, Lloyd's

☆ Major cyber attack could cost the world $3.5 trillion -Lloyd's of London
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

3D printed models of people working on computers and padlock are seen in front of a displayed CYBER ATTACK words and binary code in this picture illustration taken, February 1, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsLONDON, Oct 18 (Reuters) - A major cyber attack on a financial services payments system could lead to global losses of $3.5 trillion, with much of it not covered by insurance, commercial insurance market Lloyd's of London (SOLYD.UL) said on Wednesday. Cyber insurance saw over $9 billion in gross written premiums in 2022 and is forecast to grow to $13 billion to $25 billion by 2025, Lloyd's said. Over 20% of the world's cyber premium is placed in the Lloyd's market, Lloyd's said. Major cyber insurers Beazley (BEZG.L) and Hiscox (HSX.L) are among more than 50 insurance companies in the Lloyd's market.

Persons: Dado Ruvic, Lloyd's, ”, Bruce Carnegie, Brown, Beazley, Carolyn Cohn, Jonathan Oatis Organizations: REUTERS, Lloyd's, Cambridge Centre, Risk Studies, China, Thomson Locations: London, United, Japan

☆ Biden family dog Commander is no longer at the White House after biting incidents
▼ + stars: | 2023-10-05 | by ( Kelly O'Donnell | Zoë Richards | ) www.cnbc.com time to read: +3 min

U.S. President Joe Biden’s dog Commander looks down after Biden arrived back to the White House following his visit to Holy Trinity Catholic Church in Washington, U.S., September 30, 2023. WASHINGTON — President Joe Biden's dog Commander, whose history of biting became public in recent months, is no longer at the White House, a spokesperson for the first lady said Wednesday. The Daily Mail published photos of Commander and Dale Haney, the superintendent of the White House grounds, who has worked at the White House for more than 50 years. Last month, a Secret Service spokesman also confirmed to NBC News that Commander bit a Secret Service Uniformed Division police officer. The Bidens' other dog, Major, was sent to live in Delaware after repeated nipping incidents at the White House.

Persons: Joe Biden’s, Biden, Joe Biden's, Jill Biden's, Elizabeth Alexander, Alexander, Dale Haney, Haney, Bo, Sunny, George W, Laura Bush's Barney, Miss Beazley, Richard Nixon's, Champ, Kelly O'Donnell, Zoë Richards Organizations: Holy Trinity Catholic Church, WASHINGTON, White, Secret Service, White House, CNN, Daily Mail, Judicial, NBC News, Service Uniformed Division Locations: Washington , U.S, Delaware, Washington, New York

Signage is seen inside the Lloyd's of London building in the City of London financial district in London, Britain, April 16, 2019. The answer to that is yes," Neal told Reuters in an interview. "Absent UN intervention and UN clearance, we would not sanction the insurance," Neal said. The Lloyd's market estimated loss, net of reinsurance, from the Ukraine conflict was 1.6 billion pounds ($2 billion), he added. Lloyd's recorded a first-half pre-tax profit of 3.9 billion pounds ($4.9 billion) versus a loss of 1.8 billion pounds in the first half of 2022, helped in part by higher premium rates.

Persons: Hannah McKay, John Neal, Neal, Beazley, Adrian Cox, Cox, Lloyd's, Beazley's Cox, Sinead Cruise, Jan Harvey Organizations: REUTERS, United Nations, NATO, Moscow, Reuters, UN, Aeroflot, Thomson Locations: London, City, Britain, Turkey, Russia, Ukraine, Taiwan, Moscow

☆ Australia's war memorial mulls changing war hero display after defamation case
▼ + stars: | 2023-06-02 | by ( Kirsty Needham | ) www.reuters.com time to read: +3 min

Roberts-Smith, who quit his television excutive job on Friday, has not been charged with any offences. Australian civil courts require a lower threshold to prove accusations than criminal courts do. A four-year investigation known as the Brereton report found in 2020 that Australian special forces had allegedly killed 39 unarmed prisoners and civilians in Afghanistan. Kim Beazley, chair of the Australian War Memorial and a former defence minister, said the memorial in the national capital Canberra - where Roberts-Smith's uniform, medals and portrait are displayed - helps Australians to understand the conduct and consequences of war. Greens Senator David Shoebridge had earlier called for Roberts-Smith's uniform and medals to be removed from the memorial.

Persons: Ben Roberts, Smith, Roberts, Anthony Albanese, Brereton, Albanese, Chris Moraitis, Kim Beazley, David Shoebridge, Kirsty Needham, Byron Kaye Organizations: SYDNEY, Victoria Cross, Australian Federal Police, Special Forces, Australian, Canberra, Greens, U.S, Thomson Locations: Afghanistan, Australia, Sydney

☆ A weird, purple flying QR code made of drones appeared in the sky over London for no obvious reason
▼ + stars: | 2023-04-27 | by ( Kieran Corcoran | ) www.businessinsider.com time to read: +2 min

Drones traced weird patterns in the London sky on Wednesday for no clear reason. At one point they formed into a QR code linking to the site of an insurance company. Such QR codes are not a regular sight, but have been deployed before in China. An unusual sight appeared over London's river Thames on Wednesday night — a flying purple QR code without obvious explanation. Flying QR codes are not a frequent sight in the UK, but have been deployed elsewhere in the world, including in Shanghai, China, in 2021.

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