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EU approves £10bn UK trade credit insurance backstop

News

COVID-19

EU approves £10bn UK trade credit insurance backstop

The European Commission has approved UK plans for a £10bn ($14bn) guarantee scheme to help ensure trade credit insurance cover remains available for businesses.

Wed 29 Jul 2020

News

Lancashire shares dip on H1 miss

Lloyd’s carrier Lancashire saw its shares dip almost 7 percent after the open as investors reacted to the group’s H1 results.

Wed 29 Jul 2020

News

Miller unveils new PPE cargo offering in trio of new facility launches

Miller has formed a new Lloyd’s-backed North American cargo and stock through-put facility to support the fast shipment of personal protective equipment (PPE) around the world, with the launch just one of three specialist product launches the broker has made.

Wed 29 Jul 2020

News

Aviation

WTW adds former Marsh SVP Toms to aviation unit

Willis Towers Watson has added former Marsh senior vice president Simon Toms to its London-based aviation business, The Insurer can reveal.

Wed 29 Jul 2020

Arch looks to QBE and Chubb to bolster Australian A&H unit

News

A&H

Arch looks to QBE and Chubb to bolster Australian A&H unit

Arch Insurance Australia has named Melissa Ahern and Simon Reid as senior underwriters within its accident & health (A&H) division with immediate effect.

Wed 29 Jul 2020

PartnerRe reports u/w loss as Clarke to be replaced by Bonneau

News

People Moves

PartnerRe reports u/w loss as Clarke to be replaced by Bonneau

Exor-owned PartnerRe yesterday revealed a $260mn non-life underwriting loss in the second quarter and a Covid-19 hit of $305mn, as CEO Emmanuel Clarke announced plans to leave the group.

Wed 29 Jul 2020

Lancashire misses consensus as Covid-19 loss nudges up to $42mn

News

Results

Lancashire misses consensus as Covid-19 loss nudges up to $42mn

Lancashire has missed analysts’ consensus after reporting a pre-tax loss of $23mn for the first half of 2020, driven by a $42mn impact from Covid-19 in its property segment, while giving an upbeat assessment of the rating environment.

Wed 29 Jul 2020

Growth-hungry Higginbotham makes move into New Mexico

News

M&A

Growth-hungry Higginbotham makes move into New Mexico

Expansive Texas-based broker Higginbotham has made a move into New Mexico with the acquisition of Pat Campbell Insurance.

Wed 29 Jul 2020

News

Victor names Pioneer’s Johnson as Syndicate 2288 deputy active underwriter

In the latest appointment of a former Pioneer Underwriting executive, Marsh’s managing general underwriter Victor Insurance has named Erik Johnson as deputy active underwriter for Syndicate 2288.

Wed 29 Jul 2020

Markel Q2 comprehensive income up 75% as CR dips 7 points

News

Results

Markel Q2 comprehensive income up 75% as CR dips 7 points

Markel’s second quarter comprehensive income increased by more than 75 percent year on year to reach $1.09bn despite the company’s operations being “significantly” impacted by the Covid-19 outbreak.

Wed 29 Jul 2020

RenRe reveals further third-party capital raise in strong earnings beat

News

Casualty Reinsurance

RenRe reveals further third-party capital raise in strong earnings beat

RenaissanceRe said it raised over $250mn in gross capital in Q2 through its JVs and third party capital vehicles as it reported second quarter operating earnings of $190.1mn that was just down on the $198.8mn reported in the prior-year period but well ahead of Wall Street forecasts.

Tue 28 Jul 2020

The Hanover beats Wall Street estimates amid underlying CR improvement

News

Results

The Hanover beats Wall Street estimates amid underlying CR improvement

The Hanover’s second quarter 2020 operating income per share comfortably beat analysts’ estimates as the company recorded a 7.6 percentage point improvement in its underlying combined ratio year on year.

Tue 28 Jul 2020

Chubb falls to $254mn operating loss in “difficult” Q2

News

Results

Chubb falls to $254mn operating loss in “difficult” Q2

Chubb swung to a second quarter operating loss on $1.51bn of pre-announced catastrophe losses, while P&C net premiums fell from Covid-19 exposure adjustments on in-force policies.

Tue 28 Jul 2020

News

COVID-19

Axis leaves Covid-19 claims provision unchanged in earnings beat

Axis Capital said it left its $235mn loss pick for Covid-19 unchanged from the net claims provision it set in the first quarter, as it reported Q2 operating profits that came in well ahead of Wall Street forecasts.

Tue 28 Jul 2020

Analysis

APCIA

US P&C surplus dropped by $75.9bn in Q1 amid Covid-19 turmoil: ISO and APCIA

The US property casualty insurance industry suffered a record $75.9bn hit to its surplus during the first quarter of 2020 as Covid-19 pummelled stock markets around the world, although the sector is likely to have made ground back in Q2 as markets rebounded.

Tue 28 Jul 2020

CinFin has no plans to add BI virus exclusions: Johnston

News

Business interruption

CinFin has no plans to add BI virus exclusions: Johnston

Cincinnati Financial’s CEO Steven Johnston has stated the insurer does not need to add virus exclusions despite investor fears over its business interruption (BI) policies.

Tue 28 Jul 2020