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Cyber

Beazley extends cyber and financial lines coverages to Colombian insureds

Beazley has built out its offering to Colombian insureds by adding new specialist cyber and financial lines coverages for businesses and senior executives based in the Latin American country.

Mon 20 Jul 2020

Insurer policy wordings “encompass” epidemic risk: FCA

News

Business interruption

Insurer policy wordings “encompass” epidemic risk: FCA

The policy wordings under scrutiny in the Financial Conduct Authority’s test case “encompass” epidemic risk even if they were not designed to cover the risk specifically, the High Court heard on Monday.

Mon 20 Jul 2020

PE firm Thoma Bravo to buy software provider Majesco in $600mn deal

News

M&A

PE firm Thoma Bravo to buy software provider Majesco in $600mn deal

Majesco has agreed to be acquired by private equity firm Thoma Bravo in a deal valuing the cloud insurance software solutions company at $594mn.

Mon 20 Jul 2020

FCA to take action on misconduct despite SMCR delay

News

Legal/ Regulatory

FCA to take action on misconduct despite SMCR delay

The UK’s Financial Conduct Authority (FCA) has warned that it will take action against senior managers for misconduct, despite delays to the implementation of conduct rules for solo-regulated financial services firms.

Mon 20 Jul 2020

Munich Re pegs Q2 Covid-19 losses at Eur700mn and pulls 2020-2021 share buybacks

News

Capital

Munich Re pegs Q2 Covid-19 losses at Eur700mn and pulls 2020-2021 share buybacks

Munich Re has reported a Q2 net result of Eur600mn ($685mn) including a Eur700mn ($799mn) charge for Covid-19-related losses in the period driven by event cancellations, as it also revealed it will deploy additional capital to reinsurance rather than restart share buybacks.

Mon 20 Jul 2020

Ex-Argo LatAm CEO and CUO lead MGA XS Global’s expansion drive

News

People Moves

Ex-Argo LatAm CEO and CUO lead MGA XS Global’s expansion drive

The leadership team of Argo’s recently shuttered Latin American unit have re-emerged at the head of revamped Miami-based MGA XS Global as it targets growth in a range of business lines around the world, The Insurer can reveal.

Mon 20 Jul 2020

News

Losses

FedNat pegs Q2 cat losses at $48.3mn

Floridian carrier FedNat has estimated it expects to suffer $48.3mn in cat losses net of recoveries and reinsurance in the second quarter.

Mon 20 Jul 2020

FCA: 60 UK insurers and 370,000 policyholders “potentially” affected by BI test case

News

COVID-19

FCA: 60 UK insurers and 370,000 policyholders “potentially” affected by BI test case

The UK City regulator has said over 60 insurers and 370,000 policyholders could “potentially” be affected by its landmark High Court test case into disputed business interruption policy wordings which began today.

Mon 20 Jul 2020

Swiss Re names Bewersdorf CEO of iptiQ unit

News

People Moves

Swiss Re names Bewersdorf CEO of iptiQ unit

Swiss Re named Carlo Bewersdorf as the CEO of iptiQ, Swiss Re’s digital insurance platform.

Mon 20 Jul 2020

Hallmark inks commercial auto LPT with Darag

News

Legacy

Hallmark inks commercial auto LPT with Darag

US specialty insurer Hallmark Financial has entered into a loss portfolio transfer (LPT) with run-off specialist Darag for a commercial auto book of business.

Mon 20 Jul 2020

Piiq targets European expansion with greenlight for France hub

News

Aviation

Piiq targets European expansion with greenlight for France hub

Aerospace intermediary Piiq Risk Partners has received regulatory approval to operate in France as the broker looks to target growth across European markets and mitigate any Brexit fallout.

Mon 20 Jul 2020

Fidelis names Amlin’s Turner head of claims

News

People Moves

Fidelis names Amlin’s Turner head of claims

Fidelis Insurance Holdings has named David Turner head of claims, effective immediately.

Mon 20 Jul 2020

News

GIC Re shifts strategy following downgrade

Investment market volatility, in part driven by Covid-19, and exposure to “one of the worst years” for the Indian agricultural insurance market, are factors which Devesh Srivastava, chairman and managing director of GIC Re told The Insurer contributed to AM Best’s recent ratings downgrade of India’s national reinsurer.

Mon 20 Jul 2020

Chinese state seizes four insurers linked to conglomerate

News

Legal/ Regulatory

Chinese state seizes four insurers linked to conglomerate

Chinese regulators have seized control of four insurers linked with embattled conglomerate Tomorrow Holdings in a crackdown by the government to contain systemic risks within the financial sector.

Mon 20 Jul 2020

Lloyd’s insurer Apollo hires Axa XL specie and cargo duo

News

People Moves

Lloyd’s insurer Apollo hires Axa XL specie and cargo duo

Apollo Syndicate Management – the Lloyd’s insurer named in honour of Neil Armstrong’s 1969 moon landing – has hired two senior specie underwriters from rival Axa XL, Richard Panter and Charlotte Wilson, The Insurer can reveal.

Mon 20 Jul 2020

Analysis

Markets Review: Scor leads green week for Euro P&C stocks

European stocks rose cautiously last week with French reinsurer Scor leading the gains as European Union leaders discussed a deal on the bloc’s key coronavirus recovery package, while US cases continued to develop.

Mon 20 Jul 2020