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Reinsurance pricing momentum will continue even in light storm season: RenRe

News

Capital

Reinsurance pricing momentum will continue even in light storm season: RenRe

RenaissanceRe further trimmed its Florida book at 1 June and reduced its Southeast US exposure as it aims its bulked up balance sheet at the key 1 January renewals, with CEO Kevin O’Donnell expecting reinsurance pricing momentum to continue even if landfalling storm activity is quiet.

Wed 29 Jul 2020

Aviva Canada faces C$150mn hotels class action over BI losses

News

Business interruption

Aviva Canada faces C$150mn hotels class action over BI losses

Lerners has filed a proposed class action against Aviva Canada seeking Covid-19-related business interruption (BI) payouts on behalf of hotels, which follows a similar action from the law firm last month on behalf of Canadian legions.

Wed 29 Jul 2020

SoCal Edison cuts coverage but costs rise as recovery discussions continue

News

Losses

SoCal Edison cuts coverage but costs rise as recovery discussions continue

SoCal Edison (SCE) has trimmed the limit under its latest wildfire-specific insurance programme but seen the cost of the coverage increase once again as the California electric utility continues to negotiate claims payments with carriers for losses arising from the 2017, 2018 and 2019 wildfire seasons.

Wed 29 Jul 2020

QBE dismisses FCA’s “postcode lottery” claim in Covid-19 test case

News

Business interruption

QBE dismisses FCA’s “postcode lottery” claim in Covid-19 test case

The Financial Conduct Authority’s assertion that an indemnity under proximity clauses within disputed policy wordings amounted to a “postcode lottery” has been described as arbitrary and a misunderstanding of the facts in today’s High Court hearing.

Wed 29 Jul 2020

News

Nephila AUM down 9% in H1 as CatCo returns $900mn

Markel’s management believes there is a positive outlook for its insurance-linked securities operation, despite its assets under management (AUM) falling so far in 2020.

Wed 29 Jul 2020

Excess casualty rates up by more than 30% and public D&O up 60%: Axis

News

Commercial insurance

Excess casualty rates up by more than 30% and public D&O up 60%: Axis

Rate increases in Axis Capital’s insurance book accelerated to 15 percent in the second quarter, while pricing was up 12 percent in reinsurance as momentum built across the Bermudian’s portfolio, according to CEO Albert Benchimol.

Wed 29 Jul 2020

News

2020 underwriting year “far from lost”: Markel’s Whitt

Markel co-CEO Richard Whitt believes hard market conditions means the insurer can recover from the impact of Covid-19 in the second half of the year despite the uncertainties presented by the pandemic.

Wed 29 Jul 2020

Sampo and RMI in talks to acquire £1.3bn+ Hastings

News

M&A

Sampo and RMI in talks to acquire £1.3bn+ Hastings

UK motor insurer Hastings has confirmed it is in discussions over a potential takeover by a consortium comprising Finnish financial services group Sampo and Rand Merchant Investment Holdings.

Wed 29 Jul 2020

UK gov launches £500mn TV and film insurance scheme

News

COVID-19

UK gov launches £500mn TV and film insurance scheme

The UK Government has announced a £500mn ($649mn) scheme to kickstart film and television production struggling to secure insurance for Covid-related costs.

Wed 29 Jul 2020

North America commercial rate hikes accelerate to 14% in Q2: Chubb

News

Business interruption

North America commercial rate hikes accelerate to 14% in Q2: Chubb

Chubb’s Evan Greenberg has reported accelerating rate increases for North America commercial, international and London wholesale business, while also making the case for the insurer’s pandemic proposal and supporting Covid-19 liability safe harbours for US businesses.

Wed 29 Jul 2020

Acrisure buys Tulco’s AI insurance business to deploy insurtech at scale

News

M&A

Acrisure buys Tulco’s AI insurance business to deploy insurtech at scale

Fast growing intermediary platform Acrisure has bought artificial intelligence (AI) specialist Tulco’s insurance practice in a move it says will allow it to bring best-in-class data science, AI and machine learning capabilities to the insurance brokerage industry.

Wed 29 Jul 2020

CRC gears up for personal lines push with hires and M&A plans

News

M&A

CRC gears up for personal lines push with hires and M&A plans

Wholesale giant CRC has named Claire Willis as national personal lines practice leader as it targets significant growth in the segment after expanding its geographical footprint and adding ten producers in recent months, The Insurer can reveal.

Wed 29 Jul 2020

Jupiter welcomes new funds from Liberty Mutual and returning investor MS&AD

News

Capital raising

Jupiter welcomes new funds from Liberty Mutual and returning investor MS&AD

Data and analytics insurtech Jupiter Intelligence has raised additional capital from Liberty Mutual and MS&AD as the platform looks to expand its operations and push on with its product development to enable at-risk infrastructure to get a better understanding of the possible implications they face from climate change.

Wed 29 Jul 2020

Ex-treasury committee chair Morgan joins FSCS board as levy concerns mount

News

People Moves

Ex-treasury committee chair Morgan joins FSCS board as levy concerns mount

The Financial Services Compensation Scheme (FSCS) has appointed former Treasury select committee head Nicky Morgan to its board.

Wed 29 Jul 2020

LV= places 600 jobs at risk following L&G acquisition

News

People Moves

LV= places 600 jobs at risk following L&G acquisition

UK insurer LV= is to axe around 600 jobs over the next two and a half years as it looks to integrate its recently acquired Legal & General business and position itself for the future.

Wed 29 Jul 2020

News

Casualty

Lancashire to enter Bermuda casualty market in 2021

Lancashire will begin writing casualty business from Bermuda in early 2021 as part of a build out of its product lines on the island, The Insurer can reveal.

Wed 29 Jul 2020