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Securities class action filings drop 12.5% in H1: R-T’s LaCroix

News

Commercial insurance

Securities class action filings drop 12.5% in H1: R-T’s LaCroix

US securities class action (SCA) lawsuit filings in the first half of this year were down 12.5 percent on the same period in 2019 as a result of Covid-19, according to an analysis by D&O attorney Kevin LaCroix of R-T Specialty.

Fri 3 Jul 2020

ReAlign creates program carrier platform with National Lloyds and American Summit deal

News

Casualty

ReAlign creates program carrier platform with National Lloyds and American Summit deal

Recently launched vehicle ReAlign Insurance Holdings has completed a transaction that sees it take over National Lloyds and American Summit from Align Financial Holdings (AFH), the PE-backed program and MGA that acquired the two carriers from Hilltop Holdings earlier this year.

Fri 3 Jul 2020

Investors’ thirst for Lemonade a good sign for other insurtechs

Comment

Capital raising

Investors’ thirst for Lemonade a good sign for other insurtechs

Lemonade’s soaring share price in its first day of trading will help assuage fears over how insurtechs are viewed in a post-Covid world.

Fri 3 Jul 2020

News

Losses

UPC reveals $30mn Q2 cat hit

United Insurance Holdings (UPC) has estimated second quarter catastrophe losses of $30mn before taxes, and $23mn after tax, net of reinsurance recoveries.

Fri 3 Jul 2020

Lowther and Zeng ILS manager to target “entire insurance value-chain”

News

Commercial insurance

Lowther and Zeng ILS manager to target “entire insurance value-chain”

Richard Lowther and Lixin Zeng’s proposed property-focused start-up Integral ILS will target E&S business through a tie-up with wholesale giant AmWINS, and reinsurance and retro by working with TransRe as it looks to access the “entire insurance value-chain”.

Thu 2 Jul 2020

California considers retroactive BI legislation

News

Business interruption

California considers retroactive BI legislation

Legislation has been amended in California to create a presumption that Covid-19 caused business interruption losses under commercial insurance policies, a move that follows Rhode Island recently introducing a retroactive BI bill.

Thu 2 Jul 2020

EVP Grange leaves Argo after only six months

News

Commercial insurance

EVP Grange leaves Argo after only six months

Jeff Grange has left Argo Group only six months after joining as executive vice president for the Bermudian’s US operations, The Insurer can reveal.

Thu 2 Jul 2020

News

Capital raising

Covid-related (re)insurer capital raising hits $16bn: Willis Re

Willis Re has estimated industry Covid-related capital raising at $16bn, with the broker adding that it is also seeing increased activity in capital-motivated reinsurance transactions.

Thu 2 Jul 2020

Airmic: insurers at risk of flight to alternative risk transfer

News

COVID-19

Airmic: insurers at risk of flight to alternative risk transfer

An ill-judged response to the Covid-19 pandemic could trigger a flight to alternative transfer options such as captives, according to Airmic, the UK association for risk and insurance professionals.

Thu 2 Jul 2020

Lemonade share price soars 140% in first day of trading

News

Capital raising

Lemonade share price soars 140% in first day of trading

The share price of insurtech Lemonade soared almost 140 percent after the stock began trading on the New York Stock Exchange on Thursday.

Thu 2 Jul 2020

India’s GIC Re downgraded to B++ by AM Best on balance sheet deterioration

News

Rating actions

India’s GIC Re downgraded to B++ by AM Best on balance sheet deterioration

AM Best has downgraded the financial strength and issuer credit ratings of General Insurance Corporation of India (GIC Re) below the critical A- threshold, with the agency warning the Covid-19 pandemic may further pressure operating performance and balance sheet strength.

Thu 2 Jul 2020

FM Global to cut back pulp and paper portfolio

News

Commercial insurance

FM Global to cut back pulp and paper portfolio

Industrial insurance giant FM Global is set to meaningfully reduce its participation on programmes it has previously written 100 percent for a portion of clients in the loss-struck pulp and paper segment of its forest products book, The Insurer can reveal.

Thu 2 Jul 2020

Comment

Commercial property

Striking out…

Insurers risk further damage to the industry’s reputation if they impose blanket SRCC exclusions on standard property policies.

Thu 2 Jul 2020

IGI swoops on Chaucer for new head of casualty and professional lines

News

People Moves

IGI swoops on Chaucer for new head of casualty and professional lines

International General Insurance Holdings (IGI) has appointed Ian Noble as its new head of casualty and professional lines.

Thu 2 Jul 2020

Lockton Re adds TransRe’s Izzo to New York office

News

People Moves

Lockton Re adds TransRe’s Izzo to New York office

Expansive reinsurance broker Lockton Re has hired TransRe’s Anthony Izzo as a senior broker based in its New York office.

Thu 2 Jul 2020

Wall Street stocks rally on jobless data as Europe climbs on vaccine hopes

News

COVID-19

Wall Street stocks rally on jobless data as Europe climbs on vaccine hopes

US equities jumped at the opening bell on Thursday after better than expected payroll data buoyed investor hopes that the world’s largest economy is on track for a rapid recovery while European P&C stocks rose on continuing hopes of a coronavirus vaccine.

Thu 2 Jul 2020