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Viewpoint

The emergence of a secondary ILS market

The insurance-linked securities (ILS) market has in general performed well in recent years, particularly in relation to catastrophe bonds. The performance of the market and increasing investor demand has commentators predicting that investment in ILS will become more mainstream, with the market looking set to stay and continuing to develop to meet the appetite for investment.

Tue 21 Jul 2020

State Auto on course for another quarterly operating loss after $90mn cat hit

News

Losses

State Auto on course for another quarterly operating loss after $90mn cat hit

Equity analysts expect State Auto to fall to a consecutive quarterly operating loss after it revealed that its Q2 result will be impacted by $90mn – or 26.5 points – of net catastrophe losses, primarily driven by wind and hail events that impacted the South and Midwest US.

Tue 21 Jul 2020

News

Insurtech Coverly closes for new business

Insurtech start-up Coverly is closing down and will no longer offer small business insurance.

Tue 21 Jul 2020

Generali leads gains as Euro stocks point higher on EU stimulus deal

News

COVID-19

Generali leads gains as Euro stocks point higher on EU stimulus deal

European P&C stocks gained on Tuesday morning after EU leaders struck a deal on a landmark Eur750mn ($858mn) coronavirus recovery package.

Tue 21 Jul 2020

Optio launches A&H division with Delande hire

News

People Moves

Optio launches A&H division with Delande hire

PE-backed London-based MGA Optio Underwriting has launched an accident and health (A&H) division, following the appointment of Darren Delande.

Tue 21 Jul 2020

News

Axa retains its #1 position ahead of European rival Allianz

The top two largest European insurers by revenues remain unchanged with Axa continuing to outpace its German rival Allianz, according to recent analysis.

Tue 21 Jul 2020

Perils pegs Australian hailstorms at A$1.81bn

News

Losses

Perils pegs Australian hailstorms at A$1.81bn

The loss calculation service Perils has estimated that the January 2020 Australian hailstorms is set to ring up an insured loss bill of A$1.81bn ($1.27bn).

Tue 21 Jul 2020

News

Aquiline closes investment in Netherlands-based broker Quintes

The Jeff Greenberg-led private equity firm Aquiline Capital Partners has closed an investment in independent Netherlands-based broker Quintes Holding.

Tue 21 Jul 2020

Analysis

Europe’s 15 largest insurers’ grow premiums 5.2% in 2019 driven by non-life

A ranking of the largest European insurance groups released by Mapfre reveals that non-life premium growth far outstriped that of the life segment, while Axa, Allianz and Generali continue to dominate.

Tue 21 Jul 2020

News

Howden CEO reveals European ambition

Europe is set to play a “key part” of Howden Broking Group’s growth strategy in the next five years as the broker plans to expand its operations via organic growth and acquisition, CEO José Manuel González told The Insurer.

Tue 21 Jul 2020

BHSI hires AGCS’ Amandi to lead German FI offering

News

People Moves

BHSI hires AGCS’ Amandi to lead German FI offering

Berkshire Hathaway Specialty Insurance (BHSI) has brought in Dr Frank Amandi from rival Allianz Global Corporate & Specialty (AGCS) to lead its financial institutions offering in Germany.

Tue 21 Jul 2020

News

Business interruption

Fashion brand Altar’d State sues Hartford for $29mn in Covid-19 BI coverage

US women’s fashion brand Altar’d State has sued The Hartford for denying a Covid-19-related business interruption (BI) claim under a policy that the lawsuit claims has a $28.9mn business income limit per occurrence.

Tue 21 Jul 2020

RB Jones hires Gambino to build out cargo offering

News

Marine

RB Jones hires Gambino to build out cargo offering

Specialist marine managing general underwriter (MGU) RB Jones has hired John Gambino as cargo manager as the HW Kaufman Group offshoot builds out its operations.

Tue 21 Jul 2020

Lee joins up with Bissett and Foreman at expansive Lockton Re

News

Retro

Lee joins up with Bissett and Foreman at expansive Lockton Re

Recently departed Aon retro specialist Jeremy Lee is teaming up with his former colleagues Bob Bissett and Matt Foreman at expansive Lockton Re.

Tue 21 Jul 2020

Investors should target P&C stocks leveraged to UW not assets: JMP

News

Commercial insurance

Investors should target P&C stocks leveraged to UW not assets: JMP

Although book values will have rebounded in Q2 on the back of flat interest rates, tightening credit spreads and rising equity markets, investors should in the near term focus on companies more driven by underwriting results than investments, according to JMP Securities analyst Matt Carletti.

Mon 20 Jul 2020

Cohen & Co raises Eur375mn to invest in European insurance debt

News

Capital raising

Cohen & Co raises Eur375mn to invest in European insurance debt

Cohen & Company has raised Eur375mn ($429m) which will be used to provide subordinated debt to small-to-medium sized European insurance companies that have limited access to the capital markets.

Mon 20 Jul 2020