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News

BMS and Protecdiv establish partnership to target US and international growth

Intermediaries BMS and Protecdiv have teamed up to pursue growth initiatives by providing a joint proposition to clients in the US and internationally.

Mon 13 Jul 2020

CinFin and Enstar gain despite choppy week for US P&C stocks

Analysis

COVID-19

CinFin and Enstar gain despite choppy week for US P&C stocks

Cincinnati Financial saw its shares rise over 8 percent in a week full of erratic swings for US-listed P&C stocks driven by investor worries about rising coronavirus counts and cautious optimism over the country’s economic recovery.

Mon 13 Jul 2020

Zurich offers free antibody testing to employees

News

COVID-19

Zurich offers free antibody testing to employees

Zurich Insurance is offering Covid-19 antibody testing for all employees and their immediate families in a move the insurer says will offer “peace of mind” around whether employees may have contracted the virus.

Mon 13 Jul 2020

Hiscox denies liability in defunct insurers motor claims handling suit

News

Legal dispute

Hiscox denies liability in defunct insurers motor claims handling suit

London-listed Hiscox has denied liability after being dragged into a High Court suit brought by two insolvent Danish insurance companies – Qudos and Gefion – over allegedly substandard claims handling services provided by a now defunct broker and its subcontractors.

Mon 13 Jul 2020

Insurers claim to have tackled dual pricing ahead of FCA review

News

Legal/ Regulatory

Insurers claim to have tackled dual pricing ahead of FCA review

The Association of British Insurers (ABI) has said the sector has implemented measures to tackle the “excessive” disparity in pricing between new and existing customers ahead of a review by the UK’s Financial Conduct Authority (FCA).

Mon 13 Jul 2020

RSG adds Gay to London team in European build out

News

People Moves

RSG adds Gay to London team in European build out

Ryan Specialty Group has continued to expand the underwriting capabilities of its European division, RSG Transactional Risks Europe (RSG TRE), with the hire of Will Gay.

Mon 13 Jul 2020

GC hires WTW’s Fac head Lawrence for new role in restructure

News

Facultative

GC hires WTW’s Fac head Lawrence for new role in restructure

Guy Carpenter has named former Willis Towers Watson global head of fac broking Henry Lawrence as a managing director of GC Fac UK, responsible for the US region.

Mon 13 Jul 2020

Markets Review: Axa shares dip in choppy week for Euro P&C stocks

News

COVID-19

Markets Review: Axa shares dip in choppy week for Euro P&C stocks

Shares in Europe’s largest insurer Axa fell over 3 percent last week in what was a choppy five days of trading for the continent’s P&C stocks as fears over rising US coronavirus cases appeared to offset hopes of a potential economic recovery.

Mon 13 Jul 2020

Analysis

COVID-19

Hyperion X remains wary of conservative Covid-19 loss estimates

A report by Hyperion X has signalled that the development of Covid-19 related losses may begin to eat into the “buffer of conservatism” carriers have included in their loss estimates and that if these losses were to develop adversely, the size of the impact could be of a magnitude akin to Katrina.

Mon 13 Jul 2020

Allianz takes top three Brazil P&C position after completing SulAmérica deal

News

M&A

Allianz takes top three Brazil P&C position after completing SulAmérica deal

Allianz has strengthened its position in Brazil’s property and casualty (P&C) insurance market after completing its previously announced acquisition of certain SulAmérica operations in the country.

Sat 11 Jul 2020

News

Losses

Insured losses from Missouri’s May 2019 tornadoes hit $190mn

Insured losses from the May 2019 tornadoes that ravaged several parts of Missouri, causing significant damage to both residential and commercial properties, reached $190mn, according to the state’s insurance regulator.

Fri 10 Jul 2020

News

Wholesale

BrokerTech Ventures adds four carrier and wholesale partnerships

BrokerTech Ventures, a broker-led investor group and accelerator programme for insurtech innovation, has added Cincinnati Insurance, RT Specialty, Amerisure Mutual and AmWINS as partners.

Fri 10 Jul 2020

News

Losses

Universal expects Q2 cat losses to be $17mn above plan

Florida-based carrier Universal Insurance Holdings has estimated second quarter incurred weather events above plan during the second quarter of $17mn pre-tax, net of reinsurance recoveries, or $12.8mn after tax.

Fri 10 Jul 2020

WR Berkley’s $145mn Q2 cat loss estimate includes $85mn Covid hit

News

COVID-19

WR Berkley’s $145mn Q2 cat loss estimate includes $85mn Covid hit

WR Berkley expects to take an $85mn pre-tax hit from Covid-19 related losses in its second quarter results, with the specialty insurer estimating a further $60mn knock from civil unrest and severe weather events during the period.

Fri 10 Jul 2020

Gaglio the latest exec to leave Argo’s Ariel Re

News

People Moves

Gaglio the latest exec to leave Argo’s Ariel Re

Ariel Re’s head of US property reinsurance Reed Gaglio has followed his senior colleagues Ryan Mather and Matthew Wilken in leaving the Argo platform in Bermuda, The Insurer can reveal.

Fri 10 Jul 2020

News

Marine

Sompo International adds to US marine team with RLI’s Donovan

Sompo International has brought in Michael Donovan to its US insurance team as the company bolsters its capabilities in the ocean marine market, The Insurer has learned.

Fri 10 Jul 2020