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News

COVID-19

Chubb to take $1.81bn Q2 hit from Covid-19, nat cats and civil unrest

Chubb has estimated its second quarter results will include $1.81bn of pre-tax global net catastrophe losses – $1.37bn of which come from Covid-19 pandemic losses – as well as $259mn of reserve development for US child molestation claims.

Mon 6 Jul 2020

News

Capital

Bermuda alternative capital UW losses hit $3bn in 2018: BMA

Analysis of statutory filings by the Bermuda Monetary Authority (BMA) shows that underwriting losses from alternative capital on the island widened from $2.7bn in 2017 to $3.0bn in 2018.

Mon 6 Jul 2020

AM Best warns of potential Irma claims rush ahead of deadline

Analysis

Commercial property

AM Best warns of potential Irma claims rush ahead of deadline

The balance of power in the Florida market has shifted to reinsurers while Irma loss creep for Florida’s property insurers could ramp up ahead of the statute of limitation for filing claims, AM Best has warned.

Mon 6 Jul 2020

AJ Gallagher a likely buyer of Willis Re if sold: Wells Fargo

News

M&A

AJ Gallagher a likely buyer of Willis Re if sold: Wells Fargo

AJ Gallagher (AJG) would be “strongly positioned” to buy Willis Re if it is necessary to divest the reinsurance broker as part of the Aon-Willis transaction, according to Wells Fargo analysts.

Mon 6 Jul 2020

News

People Moves

TigerRisk hires Jackson from Aon

TigerRisk has announced another hire from Aon, with the appointment of Joe Jackson to its North American team.

Mon 6 Jul 2020

Analysis

M&A

Covid-19 drives down global M&A deals

The impact of the economic uncertainty caused by the Covid-19 pandemic has significantly driven down global dealmaking in the first six months of 2020, with North America showing the sharpest decline.

Mon 6 Jul 2020

Tyson Foods fire loss halves to below $150mn

News

Losses

Tyson Foods fire loss halves to below $150mn

Underwriters in the food processing and manufacturing segment have been given some respite as estimated losses from the fire and shutdown of a Tyson Foods beef processing plant last August have more than halved to come in at less than $150mn, The Insurer can reveal.

Mon 6 Jul 2020

Comment

Losses

Florida opportunity draws interest

The well-documented woes of the Florida homeowners market might not paint a picture of a burgeoning opportunity for new entrants, but a number of recent developments point to fresh interest in the Sunshine State.

Mon 6 Jul 2020

Argo parts ways with CFO Bullock in latest management overhaul

News

People Moves

Argo parts ways with CFO Bullock in latest management overhaul

Argo Group’s chief financial officer Jay Bullock is to depart the Bermudian-headquartered carrier as part of a management overhaul led by new CEO Kevin Rehnberg.

Mon 6 Jul 2020

CPIC to raise $155mn in over-allotment option following LSE debut

News

Results

CPIC to raise $155mn in over-allotment option following LSE debut

China Pacific Insurance Company (CPIC) is to raise a further $154.8mn by triggering an over-allotment option for its offering of global depositary receipts on the Shanghai-London Stock Connect segment of the London Stock Exchange.

Mon 6 Jul 2020

News

Gallagher’s Pen Underwriting targets £1bn GWP

Gallagher’s UK MGA arm Pen Underwriting is targeting £1bn ($1.25bn) in gross written premium as part of a bold new five-year strategy of accelerated growth on the underwriting platform.

Mon 6 Jul 2020

Podcast

Podcast: Brian O’Hara on “It’s not the score, it’s the trip” and other industry topics…

In this week’s exclusive episode on The Best Policy, we are joined by industry veteran and Chairman of Front Street Advisors, Brian O’Hara - the former Chairman and CEO of XL Capital Ltd., now XL Group.

Mon 6 Jul 2020

Apollo appoints TigerRisk in $50mn+ fund raise

News

Capital raising

Apollo appoints TigerRisk in $50mn+ fund raise

Lloyd’s insurer Apollo Partners LLP has appointed TigerRisk Capital Markets & Advisory to advise on a fund raise that will enable the managing agent to scale up its underwriting limits in 2021 and capitalise on the rapidly hardening market conditions, The Insurer can reveal.

Mon 6 Jul 2020

Michael Rice announces plans to retire from RSG

News

People Moves

Michael Rice announces plans to retire from RSG

The current chairman and chief executive of RSG Underwriting Managers, Michael D Rice, has announced his intent to retire at the end of 2020.

Mon 6 Jul 2020

News

Capital

Lloyd’s no longer accepting Deutsche Bank, Commerzbank credit; pushes back on LOCs in major capital reform

In an overhaul of its reliance on banks’ letters of credit (LOCs) for its own regulatory capital, Lloyd’s will no longer accept security from seven financial institutions including Deutsche Bank, Commerzbank and Clydesdale Bank while separately capping its aggregate exposures to other banks.

Mon 6 Jul 2020

Rokstone enters London D&F market with Mitsui Sumitomo backing

News

D&F

Rokstone enters London D&F market with Mitsui Sumitomo backing

London MGA Rokstone has extended its delegated authorities to include US and international property D&F with a new facility provided by the UK arm of Mitsui Sumitomo Insurance Co, The Insurer can reveal.

Mon 6 Jul 2020