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Non-profit focussed retail broker Lamb acquires Prestige

News

M&A

Non-profit focussed retail broker Lamb acquires Prestige

Non-profit and social services focussed intermediary Lamb Insurance Services has added to its capabilities in the southeast US with the acquisition of Prestige Insurance Services.

Wed 8 Jul 2020

Chubb puts forward public-private pandemic BI programme

News

Business interruption

Chubb puts forward public-private pandemic BI programme

Chubb has proposed the Pandemic Business Interruption Program, a two-part public-private partnership with a parametric trigger for small businesses and an indemnity trigger for large businesses in a move first revealed by this publication.

Wed 8 Jul 2020

Allstate to reverse independent agent business into NatGen to create top 5 player

Analysis

Homeowners insurance

Allstate to reverse independent agent business into NatGen to create top 5 player

Allstate’s proposed $4.0bn acquisition of National General will see it reverse merge its independent agent business including Encompass into the personal lines specialist to create a top five player in the $125bn premium segment.

Wed 8 Jul 2020

News

CCR Re completes Eur300mn bond issue to strengthen solvency

The reinsurance arm of French state-backed carrier Caisse Centrale de Réassurance (CCR) has announced the issuance of Eur300mn ($340.1mn) in tier 2 subordinated bonds.

Wed 8 Jul 2020

News

Professional liability

MRSI confirms miscellaneous professional liability entry

Munich Re Specialty Insurance (MRSI) has announced the release of a miscellaneous professional liability offering for non-specialist, commercial businesses, a move that was first revealed by The Insurer last month.

Wed 8 Jul 2020

News

Environmental

SPG buys environmental wholesale broker Beacon Hill Associates

Hub International’s Specialty Program Group (SPG) has announced its second acquisition of the week with a deal to buy environmental wholesale brokerage firm Beacon Hill Associates (BHA).

Wed 8 Jul 2020

California Wildfire Fund pulls $2bn reinsurance cover

News

Renewals

California Wildfire Fund pulls $2bn reinsurance cover

California Wildfire Fund (CWF) administrator the California Earthquake Authority (CEA) is not going ahead with its proposed $2bn 2020 reinsurance placement in the latest sign of tight capacity and increased pricing in the hardening market, The Insurer can reveal.

Wed 8 Jul 2020

US equities open higher as Euro P&C stocks retreat on virus outbreak

News

COVID-19

US equities open higher as Euro P&C stocks retreat on virus outbreak

US stocks rose modestly at the open on Wednesday despite weakness in equities in the previous session and renewed investor caution over the prospect of a quick economic recovery in the face of rising coronavirus infections and fresh lockdown orders.

Wed 8 Jul 2020

News

Losses

CSU ups hurricane season estimates

The Colorado State University (CSU) has once again revised upwards its outlook for the 2020 Atlantic Hurricane season, now predicting 20 named storms, up from its previous estimate of 19.

Wed 8 Jul 2020

Comment

Hope is not a strategy … so Case and Aon took a different path

A week ago today, Aon announced it was ending its controversial salary reduction scheme (and repaying the deferred sums, plus an additional five percent). Shortly afterwards, we asked CEO Greg Case whether he regretted the decision.

Wed 8 Jul 2020

First Group’s reserve strengthening a “lead indicator” of continuing US social inflation

News

Legal/ Regulatory

First Group’s reserve strengthening a “lead indicator” of continuing US social inflation

The UK-listed transportation firm First Group has reported further reserve strengthening of its North American commercial auto liabilities in an indicator there may be more US casualty reserve strengthening to come.

Wed 8 Jul 2020

News

PPL usage reaches all time high through July renewals

Risks bound on the London Market’s e-placement platform, Placing Platform Limited (PPL), reached a record high with 8031 placements in the week commencing 29 June.

Wed 8 Jul 2020

News

COVID-19

Vegas casino Circus Circus accuses AIG of “sleight of hand” over Covid-19 BI losses

In the latest example of a casino suing its insurer for denying a business interruption (BI) claim resulting from Covid-19, Circus Circus has filed a lawsuit against AIG over a policy providing $500mn of coverage for physical loss or damage to property and $96.8mn for loss of business income.

Wed 8 Jul 2020

News

Retro

Eklund dusts off retro ILS start-up plans

Former RenaissanceRe and Aeolus executive Dave Eklund has revived plans to launch a new retro-focussed ILS fund to target a hard market created by significant capacity shortages, The Insurer can reveal.

Wed 8 Jul 2020

News

QOMPLX unveils new MGA led by former Validus Re CEO Ward

Analytics platform QOMPLX has unveiled a new US-focussed MGA headed up by former Validus Re executives Conan Ward and Romel Salam with the platform now looking to secure capacity for its initial cyber offering.

Wed 8 Jul 2020

Willis Re names Lockton Re’s Moss co-head of specialty casualty

News

People Moves

Willis Re names Lockton Re’s Moss co-head of specialty casualty

Willis Re has formally named the former Lockton Re head of international P&C reinsurance, James Moss, as co-head of Willis Re Specialty’s casualty practice.

Wed 8 Jul 2020