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Mapfre partners with PE to launch Eur250mn fund

News

Private Equity

Mapfre partners with PE to launch Eur250mn fund

Spanish (re)insurer Mapfre has committed Eur250mn ($280mn) to launch a ‘fund of funds’ targeting the private equity market in partnership with Abante and Altamar.

Mon 22 Jun 2020

News

Cannasure doubles capacity on property and product liability offering

Expansive specialty MGA and wholesale broker Cannasure has significantly increased the capacity available on its core program offering for property and product liability following its 1 May reinsurance renewal, The Insurer can reveal.

Mon 22 Jun 2020

News

Wall Street futures climb on recovery hopes as Europeans trade down

US futures pushed higher on Monday as European equities fell with investor sentiment split between rising coronavirus cases in the US and Germany and optimism over fresh signs of quick economic recovery.

Mon 22 Jun 2020

Beazley builds out contingency offering with virtual events transmission cover

News

Business interruption

Beazley builds out contingency offering with virtual events transmission cover

London insurer Beazley has created a contingency product that is designed to cover event organisers if a transmission failure disrupts or cancels a virtual event.

Mon 22 Jun 2020

Spain and France argue on English court’s jurisdiction over Prestige oil spill P&I battle

News

Legal dispute

Spain and France argue on English court’s jurisdiction over Prestige oil spill P&I battle

Lawyers representing France and Spain have told a London court it does not have jurisdiction to hear cases accusing the European nations of violating an arbitration decision related to the MV Prestige oil spill that caused Eur1.5bn ($1.6bn) of damage.

Mon 22 Jun 2020

FCA appoints LSE head Nikhil Rathi as new CEO

News

Legal/ Regulatory

FCA appoints LSE head Nikhil Rathi as new CEO

HM Treasury has named the chief executive of the London Stock Exchange Nikhil Rathi as the next permanent head of the Financial Conduct Authority (FCA).

Mon 22 Jun 2020

News

Liberty Mutual Re adds Axa XL’s Mackie to US property treaty team

Liberty Mutual Re (LM Re), the reinsurance arm of Liberty Mutual Insurance Group, has named former Axa XL senior underwriter Scott Mackie as director of assumed reinsurance, property.

Mon 22 Jun 2020

QBE pulls trade credit cover for at risk retailers: reports

News

COVID-19

QBE pulls trade credit cover for at risk retailers: reports

Australian insurer QBE is to stop writing trade credit insurance for two national retailers over concerns the businesses will not survive the Covid-19 pandemic.

Mon 22 Jun 2020

News

COVID-19

Insurers will not ‘disadvantage’ medical professionals on Covid-19 testing, pledges ABI

The Association of British Insurers (ABI) has offered assurances to UK doctors and healthcare workers that insurance cover will remain open to them, even if they have tested positive for Covid-19.

Mon 22 Jun 2020

Analysis

Lancashire leads green week for European P&C stocks

Shares in London-listed Lancashire Holdings climbed 8 percent to lead a widespread green week for European P&C equities as investors weighed up rising coronavirus cases in the US and China against sprawling stimulus measures from central banks.

Mon 22 Jun 2020

ILS unlikely to find a role in future pandemic mitigation

News

COVID-19

ILS unlikely to find a role in future pandemic mitigation

The strong correlation between pandemic outbreaks and financial market stress means the insurance-linked securities (ILS) market is unlikely to play a major role in managing losses associated with future epidemics, according to Hudson Structured Capital Management’s Michael Millette.

Mon 22 Jun 2020

P&I market facing a flurry of Covid-19 losses from quarantined cruise ships

News

Marine

P&I market facing a flurry of Covid-19 losses from quarantined cruise ships

The P&I market is facing a number of attritional losses from cruise liners that were forced to quarantine or undertake extended voyages as a result of the Covid-19 pandemic, The Insurer can reveal.

Mon 22 Jun 2020

New Zealand EQC reveals NZ$186mn premium for reinsurance programme

News

Property catastrophe

New Zealand EQC reveals NZ$186mn premium for reinsurance programme

New Zealand’s Earthquake Commission (EQC) has told this publication that the premium for its NZ$6.2bn ($4.0bn) reinsurance programme is NZ$185.7mn for 2020/2021 with the retention unchanged at NZ$1.75bn.

Sat 20 Jun 2020

News

Watford shareholders exhibit director frustration with increased AGM vote withholding

Support for Watford Re’s director nominees is seemingly on the wane as the average number of dissenting voters for the Bermuda-based carrier’s director nominees at last week’s annual general meeting (AGM) increased to 27 percent.

Sat 20 Jun 2020

Expansion of workers comp laws adds further pressure on insurers

Analysis

COVID-19

Expansion of workers comp laws adds further pressure on insurers

The expansion of workers compensation laws by several US states in response to Covid-19 will lead to further losses in the under pressure sector, with observers suggesting pricing could even start to turn as a result.

Sat 20 Jun 2020

Nationwide E&S sees PL rates rise more than 50%

News

Commercial insurance

Nationwide E&S sees PL rates rise more than 50%

Nationwide E&S is seeing big price increases in almost every line of business, the company’s president Tom Clark said on Friday, but he warned the new capital poised to enter the market could have a softening effect.

Fri 19 Jun 2020