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Munich Re’s updated epidemic product gaining interest but high cost a hurdle

News

COVID-19

Munich Re’s updated epidemic product gaining interest but high cost a hurdle

Munich Re is out in the market with an updated version of its Epidemic Risk Solutions (ERS) offering, with the platform seeing plenty of interest in the Covid-19 fallout although sources said take-up is not thought to be high because of the prices being quoted.

Tue 28 Jul 2020

AIG investment advisory unit to pay $40mn SEC settlement

News

Legal/ Regulatory

AIG investment advisory unit to pay $40mn SEC settlement

AIG investment advisory unit VALIC Financial Advisors (VFA) will pay $40mn to settle a pair of Securities and Exchange Commission (SEC) actions for failing to disclose to teachers and other investors practices that generated millions of dollars in fees.

Tue 28 Jul 2020

PartnerRe books $320mn Q2 Covid hit as non-life CR climbs to 121.3%

News

Results

PartnerRe books $320mn Q2 Covid hit as non-life CR climbs to 121.3%

Exor-owned PartnerRe has fallen to a $260mn non-life underwriting loss in the second quarter, as the division suffered $305mn in losses stemming from the pandemic.

Tue 28 Jul 2020

PartnerRe names Bonneau CEO as Clarke leaves

News

People Moves

PartnerRe names Bonneau CEO as Clarke leaves

PartnerRe has appointed board member and industry veteran Jacques Bonneau as president and CEO to take over from Emmanuel Clarke, who is leaving the Bermudian by “mutual agreement” to pursue other opportunities outside the group.

Tue 28 Jul 2020

Arch notes FCA’s ‘misreading’ of crucial policy extension

News

Business interruption

Arch notes FCA’s ‘misreading’ of crucial policy extension

The Financial Conduct Authority has “singularly failed” to provide a rule of law that the government-mandated lockdown triggers an Arch policy extension under scrutiny in its test case into disputed business interruption wordings, the High Court heard today.

Tue 28 Jul 2020

Start-up capital could impact organic growth: Brown & Brown

News

Commercial insurance

Start-up capital could impact organic growth: Brown & Brown

Surging organic growth in Brown & Brown’s programs business of 15.5 percent for the second quarter helped keep it just about in positive territory overall, but new start-up capital coming into the segment could temper that performance later this year, according to the intermediary’s CEO.

Tue 28 Jul 2020

Venture launches nonprofits program with GuideOne hire

News

People Moves

Venture launches nonprofits program with GuideOne hire

Venture Insurance Programs has revealed a new insurance program for community and social services, including nonprofits and for-profits, with former GuideOne underwriter Erin Crawford Peterson as practice leader.

Tue 28 Jul 2020

News

Legacy

Apollo Syndicate and GC working on £130mn Lloyd’s legacy solution

Apollo Syndicate 1969 has engaged Guy Carpenter to advise on a potential Lloyd’s legacy deal with reserves of £130mn ($168mn), The Insurer can reveal.

Tue 28 Jul 2020

News

Aviation

Gallagher wins host of aviation accounts from rivals

The aviation arm of US/international intermediary Gallagher has swooped on rivals for a series of airline accounts, including the national carriers of Russia and Uzbekistan as well as a host of low cost carriers, The Insurer can reveal.

Tue 28 Jul 2020

Palomar’s new E&S subsidiary gets AM Best rating

News

Rating actions

Palomar’s new E&S subsidiary gets AM Best rating

Palomar Specialty’s new excess and surplus lines (E&S) subsidiary, which was announced in June, has received a rating from AM Best.

Tue 28 Jul 2020

News

Flood

US flood insurance confusion laid bare by new Neptune and USF study

A new survey has laid bare the stark misconceptions that many US homeowners and renters have about their exposure to flood risk, as well as the options available to them to mitigate the peril.

Tue 28 Jul 2020

ABI names Clark regulation head as Savill steps away

News

People Moves

ABI names Clark regulation head as Savill steps away

The Association of British Insurers (ABI) has named Charlotte Clark CBE as director of regulation, replacing Hugh Savill who is retiring at the end of the year.

Tue 28 Jul 2020

Hurricane Hanna to cost insurers $350mn: KCC

News

Losses

Hurricane Hanna to cost insurers $350mn: KCC

Hurricane Hanna will cost the private insurance market close to $350mn, according to a preliminary estimate from Karen Clark & Company (KCC).

Tue 28 Jul 2020

News

Phinsys adds Moore and Toran to management team

Lloyd’s Lab participant Phinsys has continued to scale up its operations with the addition of William Moore and Michael Toran to its senior management team.

Tue 28 Jul 2020

Canopius promotes Pike to head of CPR team

News

People Moves

Canopius promotes Pike to head of CPR team

Lloyd’s insurer Canopius has promoted Stephen Pike to head of its credit and political risk (CPR) team, effective immediately.

Tue 28 Jul 2020

News

Q2 insurtech funding surges 71% over Covid-hit Q1: WTW

Insurtech funding rebounded strongly in the second quarter but deal count was significantly down, as investors shunned seed and angel deals in favour of supporting later-stage fundraisings, according to Willis Towers Watson.

Tue 28 Jul 2020