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Eiopa mulls benefits of a new, cross-border pandemic reinsurance solution

News

COVID-19

Eiopa mulls benefits of a new, cross-border pandemic reinsurance solution

The European Union’s Eur750bn ($879.5bn) Covid-19 member state rescue package points to the potential benefits of a public-private pandemic solution involving all the EU member states, the insurance regulatory body Eiopa said yesterday.

Tue 28 Jul 2020

QIC records H1 loss of $54.4m as Covid-19 hits international units

News

Results

QIC records H1 loss of $54.4m as Covid-19 hits international units

Qatar Insurance Company (QIC) reported a consolidated net loss of $54.4mn during the first half of 2020 driven by the impact of Covid-19 across its operating units.

Tue 28 Jul 2020

Interview: If the FCA succeeds, insolvencies could “loom large on the horizon”

Viewpoint

Business interruption

Interview: If the FCA succeeds, insolvencies could “loom large on the horizon”

In a year where so many assumptions, plans and received wisdoms have been torn up and thrown like confetti into a gale, the UK regulator’s decision to sue the insurance companies that it regulates is just one of the many remarkable events that define the new “normal”.

Tue 28 Jul 2020

Guy Carpenter adds Piatti to global risk solutions team

News

People Moves

Guy Carpenter adds Piatti to global risk solutions team

Guy Carpenter has bolstered its global risk solutions business with the appointment of Andrea Piatti as managing director, effective 3 August.

Tue 28 Jul 2020

News

Lemonade shares drop 6.4% after analyst says it is overpriced

Lemonade’s share price fell 6.4 percent to close at $73.00 in trading Monday after analysts initiated coverage on the renters insurtech with a wide range of expectations, including Goldman Sachs analyst Heath Terry slapping it with a sell rating and $44 price target.

Tue 28 Jul 2020

UK motor insurance costs fall to four year low as driving plummets during lockdown

News

COVID-19

UK motor insurance costs fall to four year low as driving plummets during lockdown

The cost of a comprehensive motor insurance policy in Britain fell 3 percent in the second quarter to its lowest quarterly level in four years as a result of the steep drop off in driving during the Covid-19 lockdown.

Tue 28 Jul 2020

Hallmark regains Nasdaq compliance following Q1 filing

News

Legal/ Regulatory

Hallmark regains Nasdaq compliance following Q1 filing

Hallmark Financial Services has regained compliance with Nasdaq’s periodic filing requirement, the US specialty insurer has announced.

Mon 27 Jul 2020

Brown and Brown organic revenue growth slows to 0.5% as retail shrinks

News

COVID-19

Brown and Brown organic revenue growth slows to 0.5% as retail shrinks

US broker Brown & Brown reported that second quarter organic growth slowed to 0.5 percent amid Covid-19 as a decline in its largest retail division of 2.6 percent and a lower 0.1 percent increase in wholesale were tempered by strong underlying growth in national programs of 15.5 percent.

Mon 27 Jul 2020

Aspen’s diminished earnings power leads to Moody’s downgrade

News

Rating actions

Aspen’s diminished earnings power leads to Moody’s downgrade

Moody’s has cited Aspen’s diminished earnings power and difficulty in rebuilding balance sheet strength as reasons for downgrading the Bermudian (re)insurer’s financial strength rating to A3.

Mon 27 Jul 2020

News

Results

CinFin beats and criticizes equities accounting rules that cause swing in net results

Cincinnati Financial has reported operating profits just ahead of Wall Street expectations that were reset with the preannouncement of cat losses and Covid-19 charges earlier this month, along with a big increase in net income from mark-to-market movements on the insurer’s equity portfolio.

Mon 27 Jul 2020

News

Zurich Canada makes renewed mid-market and programs push with trio of AGCS hires

Zurich Canada is making a return to the broader middle market and programs space and has made three hires from Allianz Global Corporate & Specialty (AGCS) to spearhead its latest move into the sector.

Mon 27 Jul 2020

Analysis

H1 property cat bond issuance 20% higher than all of 2019: Aon

Aon expects the busy ILS pipeline to continue after a total of $2.8bn property cat bond limit was placed in the second quarter of this year, bringing issuance year to date to $6.5bn – 20 percent higher than the issuance in the whole of 2019.

Mon 27 Jul 2020

News

Energy

Miller forms new London focussed GL energy facility

Miller’s energy team has formed a new London Market general liability (GL) facility in response to a curtailing of capacity in the sector and the withdrawal of certain key players such as Liberty Europe and Aspen.

Mon 27 Jul 2020

MGA Aurous enters D&F market with Antares’ Curtis

News

People Moves

MGA Aurous enters D&F market with Antares’ Curtis

London-based Aurous has entered the property D&F class with the hire of Will Curtis who was most recently at Antares.

Mon 27 Jul 2020

Hiscox describes FCA’s attempt to overturn BI case law as “extreme”

News

Business interruption

Hiscox describes FCA’s attempt to overturn BI case law as “extreme”

The Financial Conduct Authority’s (FCA) “extreme” attempt to categorise the Covid-19 pandemic and subsequent government action as one indivisible peril seeks to “rewrite the bargain” between insurers and insureds and has “no basis” in fact or law, the High Court heard today.

Mon 27 Jul 2020

News

Duck Creek targets $200mn IPO

P&C software provider Duck Creek has set out plans to raise up to $200mn in an initial public offering (IPO).

Mon 27 Jul 2020