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FCA seeks to overturn insurer-friendly Orient Express decision

News

Business interruption

FCA seeks to overturn insurer-friendly Orient Express decision

The FCA fired a broadside yesterday at a landmark insurance legal decision which – if successful – could dramatically escalate UK insurers’ Covid-19 business interruption losses.

Wed 22 Jul 2020

News

Cyber

Coalition enters excess cyber market with Lloyd’s-backed capacity

Cyber insurtech Coalition is to enter the excess cyber insurance market for middle market businesses in the US, offering up to $10mn in aggregate limits backed by Lloyd’s.

Wed 22 Jul 2020

News

FedNat reveals Swiss Re quota share, buys additional XoL cover

Florida carrier FedNat Holding Company has placed its quota share reinsurance programme for 2020-2021 with Swiss Re, and revealed it bought additional excess of loss cover after announcing that programme.

Wed 22 Jul 2020

Covid’s “profound” impact may have “radically” shifted business environment: Aon

News

COVID-19

Covid’s “profound” impact may have “radically” shifted business environment: Aon

Covid-19’s economic and political implications will be profound, and firms should consider where they are operating around the world and how the pandemic may have radically changed those business environments, according to Aon.

Wed 22 Jul 2020

News

COVID-19

Europe’s big four insurers exposed to Eur6.1bn Covid-19 loss: KBW

Europe’s big four insurers – Axa, Allianz, Zurich and Generali – face gross losses of Eur6.1bn ($7.5bn) as a direct result of the Covid-19 pandemic, according to analysts’ estimates from Keefe, Bruyette & Woods (KBW).

Wed 22 Jul 2020

Wall Street tipped to follow Euro stocks lower as coronavirus overshadows state aid

News

COVID-19

Wall Street tipped to follow Euro stocks lower as coronavirus overshadows state aid

Wall Street futures tipped US equities to follow European and Asian stocks lower as persistent fears over the mounting coronavirus cases and waning confidence in Europe’s recovery plans.

Wed 22 Jul 2020

Italy’s Unipol taps capital markets for Eur100mn Azzurro Re II cat bond

News

Earthquake

Italy’s Unipol taps capital markets for Eur100mn Azzurro Re II cat bond

Italian primary insurer UnipolSai Assicurazioni S.p.A. has secured Eur100mn ($115.3mn) of reinsurance coverage with its European earthquake catastrophe bond Azzurro Re II.

Wed 22 Jul 2020

News

COVID-19

Companies need to enhance Covid-19 reporting: FRC

Companies need to do more to explain the impact of Covid-19 on their performance, according to the UK’s Financial Reporting Council (FRC).

Wed 22 Jul 2020

News

COVID-19

QBE flags H1 $750mn loss as Covid-19 and nat cats bite

QBE has warned of a $750mn interim pre-tax loss as a result of the Covid-19 pandemic, “extreme” investment market volatility and last summer’s heightened season of natural disasters.

Wed 22 Jul 2020

Brit’s Ki names Hearsum as managing director

News

People Moves

Brit’s Ki names Hearsum as managing director

Brit’s newly launched digital follow-only Lloyd’s syndicate Ki has named former Marsh JLT Specialty digital strategy head Dan Hearsum as managing director.

Wed 22 Jul 2020

Genworth and Axa reach £525mn settlement to end mis-selling battle

News

Legal dispute

Genworth and Axa reach £525mn settlement to end mis-selling battle

Genworth Financial has agreed to pay rival Axa more than £524mn ($665mn) in an out of court settlement to end the High Court dispute between them relating to liability for payment protection insurance mis-selling losses.

Wed 22 Jul 2020

News

Sompo’s Julian James: Growth on Lloyd’s platform “wasn’t possible”

Sompo International’s ambition to grow the business “simply wasn’t possible” on the Lloyd’s platform and that drove the company’s decision to exit One Lime Street, Julian James, CEO of international insurance at Sompo International, has told The Insurer.

Wed 22 Jul 2020

News

Cyber

HDI new capacity provider behind MGA Occam’s cyber offering

Hudson Structured Capital Management-backed cyber, energy and space-focused MGA Occam has secured fresh capacity from HDI Global Specialty SE to grow its cyber book, The Insurer can reveal.

Wed 22 Jul 2020

Lloyd’s underwriters facing up to $100mn WorldStrides loss

News

COVID-19

Lloyd’s underwriters facing up to $100mn WorldStrides loss

WorldStrides expects to receive a Covid-19-related payout of up to $100mn from its contingency cancellation policy with certain underwriters at Lloyd’s, the student travel company has revealed in a bankruptcy filing.

Wed 22 Jul 2020

Expansive Texas broker Higginbotham acquires Borden

News

M&A

Expansive Texas broker Higginbotham acquires Borden

Growth hungry broker Higginbotham has strengthened its foothold in Texas by agreeing a deal to acquire Borden Insurance.

Wed 22 Jul 2020

News

Cyber

Chubb widens lead as top US cyber insurer: AM Best

Chubb has pulled away from second placed Axa XL in the top US cyber insurers ranking, according to a new report from AM Best, while standalone cyber growth is expected to outpace that of packaged policies.

Wed 22 Jul 2020