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AM Best highlights improving market and cost initiatives as it affirms Lloyd’s

News

Rating actions

AM Best highlights improving market and cost initiatives as it affirms Lloyd’s

AM Best has affirmed the A financial strength and “a+” long-term issuer credit ratings (ICR) of Lloyd’s and said it expects improving market conditions and recent remedial actions will drive better accident year performance over the next three years while its expense ratio will benefit from cost-cutting initiatives.

Wed 15 Jul 2020

News

Lemonade expands into pet health insurance

Newly-floated Lemonade has launched health insurance for cats and dogs, with the insurtech noting the pet health insurance market is valued at a couple of billion dollars.

Wed 15 Jul 2020

News

Drop in auto frequency drives 8.2 points reduction in Progressive’s June loss ratio

US personal lines giant Progressive said that a significant decrease in auto accident frequency as a result of Covid-19 restrictions contributed to a companywide loss and loss adjustment expense ratio reduction of 8.2 points in June, compared to the prior-year period.

Wed 15 Jul 2020

News

Wall Street climbs on coronavirus vaccine hopes

US equities extended gains on Wednesday as investor optimism about a coronavirus vaccine grew while also keeping a close eye on rising political tensions between Washington and Beijing.

Wed 15 Jul 2020

Everest names Arch’s DeBlasi in retail property role

News

People Moves

Everest names Arch’s DeBlasi in retail property role

Dean DeBlasi has joined Everest Insurance’s retail property group as vice president, east region manager.

Wed 15 Jul 2020

Failed insurers land FSCS with £126mn bill

News

Legal/ Regulatory

Failed insurers land FSCS with £126mn bill

The UK’s financial services lifeboat fund paid a total of £126mn ($153.5mn) in compensation to customers of failed insurance firms during the 2019/20 fiscal year.

Wed 15 Jul 2020

News

PIB swoops for online property broker UKinsuranceNET

UK broker consolidator PIB Group has made a move into the online insurance distribution space through the acquisition of specialist commercial property insurance website UKinsuranceNET.

Wed 15 Jul 2020

News

Casualty

LSM names Rieger head of casualty in Germany

Liberty Specialty Markets (LSM) has promoted Rainer Rieger as head of casualty, Germany.

Wed 15 Jul 2020

Q2 preannouncements set scene on US P&C earnings season

News

Results

Q2 preannouncements set scene on US P&C earnings season

While the second quarter reporting season hasn’t even officially started, a flurry of preannouncements from US-listed carriers points towards a messy Q2 containing a mixture of Covid-19 and civil unrest losses, on top of claims from the recent hail storms and tornadoes.

Wed 15 Jul 2020

PRA looks to extend management conduct pressures on insurers

News

Legal/ Regulatory

PRA looks to extend management conduct pressures on insurers

UK regulated insurers will be required to provide greater detail of how senior managers and executives breached conduct rules and any disciplinary action taken rather than simply notifying the regulator that an offence has occurred, the Bank of England’s Prudential Regulation Authority (PRA) has proposed.

Wed 15 Jul 2020

Compre confirms Hudson Structured has invested £23.2mn in legacy firm

News

Capital

Compre confirms Hudson Structured has invested £23.2mn in legacy firm

PE owned run-off acquisition firm Compre has confirmed the Bermuda ILS fund manager Hudson Structured Capital Management (HSCM) has taken a £23.2mn stake in the business, subject to regulatory approval.

Wed 15 Jul 2020

News

COVID-19

Covid-19 SMEs claim Arch paid out on policies disputed by Hiscox

Arch Insurance paid Covid-19 BI claims on the same Hiscox policy wordings which the latter has disputed liability, according to the legal arguments of one of the policyholder action groups ahead of the FCA-led test case which begins next week.

Wed 15 Jul 2020

News

COVID-19

Moody’s: Covid-19 to result in Eur50bn-80bn P&C losses

P&C losses from the Covid-19 pandemic could reach Eur80bn but will still be an earnings event for most European insurers, according to a new report by Moody’s published this morning.

Wed 15 Jul 2020

Coverys bolsters medical professional liability unit with Fang hire

News

People Moves

Coverys bolsters medical professional liability unit with Fang hire

Coverys Managing Agency Limited has hired Xiaohan Fang as an underwriter for Syndicate 1975.

Wed 15 Jul 2020

Chubb appoints CIAB’s Fielding to new general counsel role

News

People Moves

Chubb appoints CIAB’s Fielding to new general counsel role

Chubb has turned to the Council of Insurance Agents & Brokers (CIAB) to add to its government affairs team with John Fielding joining the giant carrier after four years with the trade body.

Wed 15 Jul 2020

Keystone and Bain form insurance platform to deploy $500mn in capital

News

M&A

Keystone and Bain form insurance platform to deploy $500mn in capital

Keystone Insurers Group and Bain Capital Credit have launched Keystone Agency Investors (KAI), a platform to acquire and invest in US retail insurance agencies that Keystone expects will accelerate its national expansion.

Tue 14 Jul 2020