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Losses

Heritage expects $27mn of Q2 weather losses

Florida-based Heritage Insurance Holdings has estimated it will take $26.8mn of net current accident quarter weather losses in the second quarter.

Tue 14 Jul 2020

Selective takes $83mn Q2 cat hit as storms and civil unrest bite

News

Losses

Selective takes $83mn Q2 cat hit as storms and civil unrest bite

Selective Insurance Group’s soon-to-be-published second quarter results will include an estimated $83mn of pre-tax net catastrophe losses, $61mn of which will be from two April storms and the civil unrest that arose across the US.

Tue 14 Jul 2020

APCIA to advocate for BCPP in meetings with House members

News

Commercial property

APCIA to advocate for BCPP in meetings with House members

American Property Casualty Insurance Association (APCIA) members will meet virtually with members of the House Financial Services Committee over the next two weeks to advocate for its Business Continuity Protection Program (BCPP) pandemic proposal.

Tue 14 Jul 2020

The Hanover to take $148mn Q2 cat losses

News

COVID-19

The Hanover to take $148mn Q2 cat losses

The Hanover Insurance Group said it expects to take a $148mn pre-tax hit from second quarter cat losses in its upcoming earnings, driven primarily by hail and wind storms in the Midwest in April and including the impact of property losses from civil unrest across the US.

Tue 14 Jul 2020

News

COVID-19

CinFin to take $231mn in Q2 cat losses and $65mn Covid-19 hit

US insurer Cincinnati Financial has preannounced second quarter pre-tax cat losses of around $231mn and a $65mn charge for pandemic-related incurred losses that includes a significant allocation to legal costs in defense of business interruption (BI) claims.

Tue 14 Jul 2020

News

Losses

Arch estimates up to $225mn Q2 cat losses

Arch Capital has estimated pre-tax net catastrophe losses of $205mn to $225mn across its property casualty insurance and reinsurance segments in the second quarter, including $170mn to $180mn for Covid-19 claims.

Tue 14 Jul 2020

Swiss Re teams up with Nationwide on digital Texas auto product

News

Personal auto

Swiss Re teams up with Nationwide on digital Texas auto product

Swiss Re has helped Nationwide launch a digital auto product in Texas by providing data analytics through a model the reinsurer is looking to roll out more aggressively in the US, The Insurer can reveal.

Tue 14 Jul 2020

Euclid Transactional opens Frankfurt office in DACH expansion drive

News

M&A

Euclid Transactional opens Frankfurt office in DACH expansion drive

Euclid Transactional has opened a new office in Frankfurt as the transactional insurance-focussed managing general agent makes a play to grow in Germany, Austria and Switzerland.

Tue 14 Jul 2020

AGCS shakes up North America leadership roles as profit driven overhaul begins

News

People Moves

AGCS shakes up North America leadership roles as profit driven overhaul begins

Allianz Global Corporate & Specialty (AGCS) has reshuffled some of its North American leadership roles as the platform takes the first steps of the broader business’s new transformation programme.

Tue 14 Jul 2020

News

Energy

Sompo International hires renewable energy duo from Pioneer

Sompo International has made two appointments to its energy business unit in London, with the hires of Warren Diogo and Sam Bishop from Pioneer Underwriting.

Tue 14 Jul 2020

CII: UK policyholders struggle to afford premiums

News

COVID-19

CII: UK policyholders struggle to afford premiums

Six in 10 insurance professionals have been contacted by customers who can no longer afford their premiums, according to the Chartered Insurance Institute (CII), as insurers continue to face regulatory pressure to alleviate customer premium pressures and maintain coverage during the Covid-19 pandemic.

Tue 14 Jul 2020

MIS re-launches portal ahead of hurricane season

News

Property catastrophe

MIS re-launches portal ahead of hurricane season

Geospatial imagery and (re)insurance intelligence consultancy McKenzie Intelligence Services (MIS) has relaunched its online MIS-Intel Portal as part of an evolution of their services to feature expanded capabilities based on customer feedback.

Tue 14 Jul 2020

Travelers’ Q2 suggests a “difficult” quarter for US property carriers

News

Results

Travelers’ Q2 suggests a “difficult” quarter for US property carriers

Travelers’ $854mn Q2 cat losses suggest it could be a bruising quarter for US carriers, according to KBW analyst Meyer Shields.

Tue 14 Jul 2020

Hudson Structured invests in run-off acquirer Compre

News

Capital raising

Hudson Structured invests in run-off acquirer Compre

Hudson Structured Capital Management (HSCM) has expanded its participation in the legacy market by making a direct capital investment in run-off specialist Compre, The Insurer can reveal.

Tue 14 Jul 2020

News

Losses

KCC estimates Fay insured losses at $400mn

Modelling firm Karen Clark & Company (KCC) has pegged insured losses from Tropical Storm Fay to be close to $400mn.

Tue 14 Jul 2020

AM Best: Odyssey a “top global reinsurer” as it affirms Fairfax units

News

Rating actions

AM Best: Odyssey a “top global reinsurer” as it affirms Fairfax units

Fairfax Financial offshoot Odyssey Re has been praised by AM Best for its diversified geographic footprint and large line capacity, as well as its broad product offering as the ratings agency affirmed the carrier’s financial strength (FSR) and long-term issuer credit ratings (ICR).

Tue 14 Jul 2020