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Brit expands private client offering with Chubb and Hiscox hires

News

People Moves

Brit expands private client offering with Chubb and Hiscox hires

Lloyd’s insurer Brit has continued to bolster its recently launched private client team with the hires of Chubb’s Andrew Thorn and Hiscox’s Alex Brice.

Tue 14 Jul 2020

News

Convex taps capital markets for $300mn Hypatia cat bond

2019 start-up (re)insurer Convex has secured $300mn of reinsurance through its first catastrophe bond issuance, the multi-peril Hypatia Ltd.

Tue 14 Jul 2020

News

CNA latest to sign up to AIR’s Touchstone cat modelling platform

CNA is now using AIR Worldwide’s Touchstone offering as its primary catastrophe risk modelling platform, with the risk modeller providing support to the Chicago, Illinois-headquartered carrier’s newly formed national accounts business line.

Tue 14 Jul 2020

News

Lloyd’s Part VII could require £200mn+ syndicate loan if Belgian regulator rejects plans

Lloyd’s syndicates face a loans collection of “at least” £200mn in order to fund the Part VII transfer to its Lloyd’s Insurance Company (LIC) Brussels platform if the national regulator does not approve the Corporation’s current proposals.

Tue 14 Jul 2020

News

QBE eyes growth in reinsurance and hardening markets

Chief executive of QBE Insurance Group, Pat Regan, is optimistic about growth in a number of markets around the world and in the group’s reinsurance segment, despite the uncertain backdrop created by Covid-19.

Tue 14 Jul 2020

AM Best notes broad opportunities for start-ups

News

Capital raising

AM Best notes broad opportunities for start-ups

The broad opportunities presented by the hardening market mean any new start-ups in 2020 are likely to focus on traditional insurance products, according to AM Best, which also highlighted hurdles for new formations.

Tue 14 Jul 2020

Arch names Shulman North America general counsel

News

Legal/ Regulatory

Arch names Shulman North America general counsel

Arch Insurance has a new general counsel for its North American operations with Regan Shulman replacing Patrick Nails in the role.

Tue 14 Jul 2020

News

Capital

Second Covid wave could eat into insurers’ capital buffers, warns S&P

Insurers’ ratings have proven resilient in the wake of the Covid-19 outbreak but S&P Global Ratings has warned that a second wave of the pandemic could eat into carriers’ capital buffers as financial market losses and insurance claims mount.

Mon 13 Jul 2020

H1 cat activity below 10-yr trends as hurricane season starts early: Aon

Analysis

Losses

H1 cat activity below 10-yr trends as hurricane season starts early: Aon

Preliminary natural cat losses for the first half of 2020 are below the 10-year average and median, while historical data does not indicate an early start to the Atlantic hurricane season directly correlates to higher industry losses for the season, according to Aon.

Mon 13 Jul 2020

Podcast

Pat Regan on QBE’s strategy and de-risking programme: Part II

In the second half of our interview with QBE’s CEO we look at the simplification strategy and wider de-risking programme Regan has led at QBE since he took the helm in 2017.

Mon 13 Jul 2020

June/July renewal trends included increased ILW buying: Aon

News

Capital

June/July renewal trends included increased ILW buying: Aon

Aon has identified June and July renewals trends such as inclusion of communicable disease language and increased industry loss warranty (ILW) demand in property and employers liability emerging as a potential loss stream in casualty.

Mon 13 Jul 2020

FCA: UK insurers’ intentions over pandemic BI cover “irrelevant”

News

Business interruption

FCA: UK insurers’ intentions over pandemic BI cover “irrelevant”

Whether an insurer did not intend to cover the Covid-19 pandemic within its policy wordings is “irrelevant” and “inadmissible”, the Financial Conduct Authority (FCA) will argue in its Test Case against eight UK carriers later this month.

Mon 13 Jul 2020

Munich Re the latest carrier to settle Merck NotPetya dispute

News

Commercial insurance

Munich Re the latest carrier to settle Merck NotPetya dispute

Munich Re has joined Allianz and two other carriers in settling a legal dispute with pharmaceutical giant Merck relating to losses from the 2017 NotPetya cyber attack that led to a claim for more than $1.3bn on its property policy, The Insurer can reveal.

Mon 13 Jul 2020

News

MMC highlights possibility of superregional pandemic solution

MMC executives in an interview with The Insurer have suggested nation states could come together to provide a wider solution for cross-border threats like pandemics and cyber, while also revealing they are not wed to any one idea for covering pandemics in the US.

Mon 13 Jul 2020

News

Cyber

Axis hires trio of US cyber and E&O underwriters

Axis Insurance has bolstered its US cyber and technology team with the appointments of Peter Smith, Emma Werth and Jessica Currier from Swiss Re, Tokio Marine HCC and Hiscox, respectively.

Mon 13 Jul 2020

News

People Moves

Dutt to take president role at Aeolus

Aditya Dutt will take the position of president and partner of ILS manager Aeolus Capital Management after serving a period of gardening leave following his departure from RenaissanceRe Holdings.

Mon 13 Jul 2020