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Mapfre Re falls to Eur51.7mn H1 loss as books Eur153mn Covid-19 hit

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Results

Mapfre Re falls to Eur51.7mn H1 loss as books Eur153mn Covid-19 hit

The reinsurance arm of Spanish reinsurer Mapfre has fallen to a H1 loss of Eur51.7mn ($59.9mn) on the back of Covid-19 losses and catastrophes in Puerto Rico and Spain.

Fri 24 Jul 2020

News

Gossmann & Cie given greenlight for Malta risk carrier

European run-off specialist Gossmann & Cie has been granted regulatory approval by the Maltese Regulator (MFSA) to launch a protected cell company (PCC) on the island.

Fri 24 Jul 2020

News

People Moves

Tysers confirms Buesnel as CEO

Tysers has confirmed the appointment of Deloitte’s Clive Buesnel as the new Group CEO of the London-headquartered wholesale broker, as revealed by The Insurer earlier today.

Fri 24 Jul 2020

News

Scor’s Kessler backs pan-European pandemic solution

Scor chairman and group CEO Denis Kessler said he would favour a pan-European pandemic scheme to cover future business interruption losses, rather than any national plan, as the French reinsurer swung to a quarterly loss.

Fri 24 Jul 2020

News

Buesnel poised to lead PE-owned $3bn+ London wholesaler Tysers-RFIB

Clive Buesnel, the head of Deloitte’s UK insurance practice and global reinsurance leader, has been earmarked by private equity firm Odyssey Investment Partners to lead its Tysers-RFIB broking Group, The Insurer can reveal.

Fri 24 Jul 2020

Insurers fight back at “blatantly fallacious” FCA case

News

Business interruption

Insurers fight back at “blatantly fallacious” FCA case

The defendant insurers have fought back in the Financial Conduct Authority’s (FCA) High Court test case, accusing the UK regulator of trying to impose contractual terms on carriers that they never agreed to.

Fri 24 Jul 2020

News

Aviation

Lockton Re adds GC’s Barden as aviation chairman

Lockton Re has appointed former JLT Re aviation partner Graham Barden as chairman of its aviation and aerospace practice.

Fri 24 Jul 2020

News

Results

IAG adds new agg cat and stop loss as it outlines FY20 results

Insurance Australia Group (IAG) said it has added new aggregate catastrophe and stop loss coverages that align with its financial year as it preannounced full year results that included prior year reserve charges but a net neutral Covid-19 impact.

Fri 24 Jul 2020

Hallmark files delayed Q1 results with $45mn goodwill write-down

News

Commercial insurance

Hallmark files delayed Q1 results with $45mn goodwill write-down

US specialty insurer Hallmark Financial Services reported a small operating profit of $4.6mn in its much-delayed Q1 earnings release but fell to a $64.3mn net loss that included a $44.7mn write-down of goodwill and net investment losses of $29.3mn.

Fri 24 Jul 2020

Tesla hopes to have second iteration of insurance product in states by year end

News

Personal auto

Tesla hopes to have second iteration of insurance product in states by year end

Tesla is currently working on “version two” of its insurance product, with the electric car manufacturer hopeful that its revamped coverage will get regulatory sign-off and be offered in “a handful of states” by the end of the year.

Thu 23 Jul 2020

Analysis

COVID-19

Travelers shares trade down despite Q2 direct Covid-19 losses of only $114mn

Travelers revealed on its earnings call that Q2 losses directly relating to Covid-19 totaled just $114mn, including in workers compensation – a line of business in which CEO Alan Schnitzer said pricing looks to be bottoming out.

Thu 23 Jul 2020

UK gov urged to create emergency insurance fund or film and TV shoots “doomed”

News

COVID-19

UK gov urged to create emergency insurance fund or film and TV shoots “doomed”

A British Parliamentary body has urged the government to create an emergency insurance fund to support the UK’s film and television industry drive to get back to work, warning that if such support is not provided then shoots “are doomed to failure”.

Thu 23 Jul 2020

Everest Re names Karmilowicz insurance CEO

News

People Moves

Everest Re names Karmilowicz insurance CEO

Everest Re has made the internal appointment of Michael Karmilowicz as the new CEO of its insurance division filling the position left vacant when Jonathan Zaffino quit the carrier to join Ascot back in April.

Thu 23 Jul 2020

News

COVID-19

Everest to take $160mn Covid-19 hit in Q2 earnings

Bermudian (re)insurer Everest Re has preannounced a $160mn charge for pre-tax net pandemic losses in Q2 as well as $15mn in cat losses from claims relating to civil unrest in the US.

Thu 23 Jul 2020

WIA continues growth drive with move into South Carolina

News

M&A

WIA continues growth drive with move into South Carolina

World Insurance Associates (WIA) has continued its recent expansion drive with a move into South Carolina following the acquisition of Professional Insurance Consulting (PIC).

Thu 23 Jul 2020

News

Rating actions

AM Best affirms CCR Re’s A rating

AM Best has affirmed the A financial strength and “a” credit rating of French reinsurer CRC Re on the back of its “very strong” balance sheet and the unlimited guarantee provided by the country’s government to parent CCR’s state-backed business.

Thu 23 Jul 2020