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RSA says H1 underlying profits up as Covid-19 losses are offset

News

Results

RSA says H1 underlying profits up as Covid-19 losses are offset

UK insurance group RSA posted an H1 combined ratio of 93.3 percent (95.2 percent H1 2019) while reassuring shareholders that the negative claims experience of Covid-19 was being broadly offset by benefits elsewhere.

Thu 30 Jul 2020

Australia to hold test case on Covid-19 BI disputes

News

Business interruption

Australia to hold test case on Covid-19 BI disputes

Australia is to follow the UK in holding a test case to help resolve disputed Covid-19 business interruption claims.

Thu 30 Jul 2020

ABI: “Moment has passed” for £1bn Pool Re fund release

News

COVID-19

ABI: “Moment has passed” for £1bn Pool Re fund release

The release of £1bn from state-backed terrorism reinsurer Pool Re to the UK’s smaller businesses impacted by the Covid-19 lockdown is looking more unlikely as businesses get back up and running.

Thu 30 Jul 2020

Generali boosted by international growth as H1 P&C profit rises 16.2%

News

Results

Generali boosted by international growth as H1 P&C profit rises 16.2%

Generali grew its property and casualty operating profit by 16.2 percent during the first half of the year, driven by growth outside of its domestic market in Italy.

Thu 30 Jul 2020

Hastings’ shares surge on takeover approach

News

M&A

Hastings’ shares surge on takeover approach

Shares in UK motor insurer Hastings jumped 18 percent on Wednesday after its biggest shareholder Rand Merchant Investment Holdings and Finnish insurer Sampo Oyj made a takeover approach.

Thu 30 Jul 2020

ABI’s estimate of Covid-19 hit to members increases to £1.7bn

News

Business interruption

ABI’s estimate of Covid-19 hit to members increases to £1.7bn

The Association of British Insurers (ABI) has increased its estimate of Covid-19 related claims it expects its members to pay out to £1.7bn ($2.2bn), marking a £500mn jump since its last took the pulse of the market in April.

Thu 30 Jul 2020

Analysis

Captives

Commercial market pricing dislocation paves way for profitable captives

Early indications from the flurry of second quarter results announcements have shown that the pricing environment continues to harden in the commercial insurance market, and the expectation remains that the dislocation is set to stay for the foreseeable future.

Thu 30 Jul 2020

Comment

Is the end nigh for the term ‘insurtech’?

Willis Towers Watson’s latest quarterly insurtech briefing included a provocative suggestion: is it time to stop labelling companies as insurtechs?

Thu 30 Jul 2020

News

COVID-19

Gartner slams forum of Tokio Marine Covid-19 event cancellation suit

Gartner has asked a Texas judge to dismiss a lawsuit filed against it by a Tokio Marine HCC unit seeking to cap its event cancellation payouts from Covid-19, arguing that the forum is unfair.

Thu 30 Jul 2020

Selective’s underlying profitability offsets Q2 cat surge

News

Results

Selective’s underlying profitability offsets Q2 cat surge

Selective’s CEO has said the carrier’s “excellent underlying profitability” helped offset the preannounced $83mn of catastrophe losses the insurer faced during the second quarter of the year.

Thu 30 Jul 2020

Universal lowers full-year earnings guidance on Q2 weather losses

News

Homeowners insurance

Universal lowers full-year earnings guidance on Q2 weather losses

Universal Insurance Holdings reported a 12.6 point increase in its combined ratio for the second quarter to 99.5 percent after confirming preannounced above average weather event losses and lowered its full year operating earnings guidance.

Wed 29 Jul 2020

Watford combined ratio worsens to 108% in Q2

News

Results

Watford combined ratio worsens to 108% in Q2

Watford Holdings has reported an underwriting loss for the second quarter, with a Covid-19 related hit of $5.2mn adding 4.0 points to its combined ratio.

Wed 29 Jul 2020

James River beats in Q2 as E&S renewal pricing increases 20%

News

Results

James River beats in Q2 as E&S renewal pricing increases 20%

James River has ended the first quarter by comfortably beating Wall Street estimates with the carrier benefitting from core E&S renewal pricing that increased by 20 percent year on year and an overall improvement in its underwriting profitability.

Wed 29 Jul 2020

Arch Q2 beats as cat losses come in at low end of guidance

News

Results

Arch Q2 beats as cat losses come in at low end of guidance

Arch Capital has reported after-tax operating income of $16.6mn for the second quarter, down from $317.4mn in the prior period, with catastrophe losses of $207.2mn coming in at the low end of a pre-announced range.

Wed 29 Jul 2020

News

Losses

United Fire expects $51mn in Q2 cat losses

US insurer United Fire Group has pre-announced $50.6mn in pre-tax catastrophe losses for the second quarter, which will add 19.2 points to its combined ratio.

Wed 29 Jul 2020

Orchid’s CrossCover hires three AmRisc execs as it continues buildout

News

People Moves

Orchid’s CrossCover hires three AmRisc execs as it continues buildout

Newly launched managing general underwriter (MGU) CrossCover has added three senior AmRisc executives, including its CEO of wholesale, as the middle-market commercial property specialist continues its buildout.

Wed 29 Jul 2020