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State Farm, Heritage and Tokio Marine dominate Hawaii homeowners as Douglas nears

Hurricane Douglas has intensified to a category 3 storm as it churns across the Pacific with current forecasts indicating a close approach to the Hawaiian Islands, where the homeowners insurance market is led by State Farm, Heritage and Tokio Marine.

Sat 25 Jul 2020

Apollo takes fight with former Athene execs to NY state court

News

Legal dispute

Apollo takes fight with former Athene execs to NY state court

Apollo Global Management – the investment heavyweight and parent of (re)insurer Aspen – has sued two former Athene employees in New York state court in the latest twist in a bitter dispute over executives that left to create life insurance venture Caldera Holdings.

Sat 25 Jul 2020

Hanna expected to become hurricane before Texas landfall

News

Energy

Hanna expected to become hurricane before Texas landfall

The latest forecast from the National Hurricane Center (NHC) has Tropical Storm Hanna steadily strengthening to a hurricane before an expected landfall Saturday afternoon in Texas near Corpus Christi, a port city that is also a major hub for the energy industry.

Fri 24 Jul 2020

News

Baden-Baden

Baden Baden 2020 latest conference to be pulled

The Baden-Baden Reinsurance Meeting is the latest industry gathering to be cancelled because of the Covid-19 outbreak.

Fri 24 Jul 2020

News

Auto insurtech Claim Genius raises $5.5mn in series A round

Claim Genius, an insurtech offering vehicle damage assessment solutions using AI, has closed $5.5mn in a series A funding round, following a $2.3mn seed round in 2018.

Fri 24 Jul 2020

Suits against FM and Zurich seek to consolidate university Covid-19 claims

News

Business interruption

Suits against FM and Zurich seek to consolidate university Covid-19 claims

Universities have sued FM Global and Zurich for payment of Covid-19 business interruption (BI) losses under policies providing hundreds of millions of dollars of coverage in two class action lawsuits filed on behalf of all other institutions of higher education.

Fri 24 Jul 2020

Covid-19 BI suits against Erie in Pennsylvania state courts to be coordinated

News

Business interruption

Covid-19 BI suits against Erie in Pennsylvania state courts to be coordinated

Lawsuits against Erie Insurance Exchange in three different Philadelphia counties will be grouped together, a judge has ruled over the objections of the insurer.

Fri 24 Jul 2020

Watchdog weighs in on EU trade credit schemes

News

COVID-19

Watchdog weighs in on EU trade credit schemes

Europe’s insurance watchdog has set out guidelines for how the EU regulators should oversee credit (re)insurance schemes put in place across the Continent in response to the financial impact of the Covid-19 pandemic.

Fri 24 Jul 2020

News

Tropical Storm Hanna heads towards Texas while Gonzalo could become hurricane

A depression in the Gulf of Mexico has strengthened into Tropical Storm Hanna and is heading towards Texas while Tropical Storm Gonzalo could still become a hurricane and Hurricane Douglas in the Pacific is heading towards Hawaii.

Fri 24 Jul 2020

Fleming Re talking to additional capital providers to gear up for run-off opportunity

News

Legacy

Fleming Re talking to additional capital providers to gear up for run-off opportunity

Private equity-backed Bermudian legacy start-up Fleming Re is closing on two further transactions and talking to potential capital providers to scale up for what it expects to be increasing opportunities in the segment this year and beyond, The Insurer can reveal.

Fri 24 Jul 2020

Swiss Re provides “Sleeping Beauties” cover for insurers of grounded airline fleets

News

Aviation

Swiss Re provides “Sleeping Beauties” cover for insurers of grounded airline fleets

Swiss Re is structuring reinsurance solutions to fill gaps in the treaties of aviation insurers by providing temporary protection against natural catastrophe risk concentrations resulting from the grounding of airline fleets during Covid-19, The Insurer can reveal.

Fri 24 Jul 2020

News

COVID-19

Sompo’s James: Covid-19 has changed group’s “tactical decisions”

The outbreak and ongoing repercussions of Covid-19 has prompted key decision makers at Sompo International to change some of its “tactical decisions and opportunities,” CEO of international insurance at Sompo International Julian James told The Insurer during the latest The Best Policy podcast episode.

Fri 24 Jul 2020

News

Odyssey appoints new CEO for its London wholesaler Tysers

Odyssey Investment Partners (Odyssey) has ended its search for a long-term leader of its international broking interests with the appointment of London-based, Deloitte UK head insurance Clive Buesnel as Tysers CEO.

Fri 24 Jul 2020

News

Legacy

R&Q founder Randall sells $1mn shares

Ken Randall, the founder of the Bermuda-headquartered legacy acquisitions and program management firm Randall & Quilter Investment Holdings Ltd (R&Q), has sold £760,000 of company equity ($1mn), a filing with the London Stock Exchange confirmed today.

Fri 24 Jul 2020

News

Wall Street futures and European equities fall on US-China tensions

Wall Street futures tipped US equities to follow European and Asian stocks lower as concerns about heightened friction between the US and China weighed heavily on investor sentiment.

Fri 24 Jul 2020

Scor’s Conoscente bullish on 1/1 reinsurance price hikes

News

Renewals

Scor’s Conoscente bullish on 1/1 reinsurance price hikes

Scor is anticipating a hike in European non-life reinsurance price increases at the important 1 January 2021 renewals, according to the French reinsurer’s chief executive of Global P&C Jean-Paul Conoscente.

Fri 24 Jul 2020