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Earthquake

New Zealand EQC renews NZ$6.2bn Aon-placed reinsurance programme

New Zealand’s Earthquake Commission (EQC) has renewed its NZ$6.2bn ($4.0bn) reinsurance programme for the forthcoming year, with the cover provided by the Aon-placed programme unchanged from last year.

Thu 18 Jun 2020

News

Fidelis flexes to $2.1bn as it spies hard-market opportunities

Despite evidence of some “defensive” capital raises among the carriers who have raised post-Covid-19 equity, Fidelis’ chief risk officer Charles Mathias says the group’s recent $500mn equity raise and separate $300mn debt issue – which completed today – puts it “firmly on the front foot” for the hard market conditions of 2020-21.

Thu 18 Jun 2020

News

Fidelis completes $300mn debt issue

Richard Brindle’s Fidelis Insurance Holdings Ltd has followed up its combined $800mn equity raises in 2020 with a $300mn debt issue that has completed today.

Thu 18 Jun 2020

News

Cyber

Insurers grossly underestimate the risk of a cyber breach: study

A new ESI ThoughtLab study into cybersecurity investment by different industries reveals the insurance industry is the top investor in cyber security, while 60 percent of companies in all industries plan on increasing their cyber insurance spend.

Thu 18 Jun 2020

California Wildfire Fund goes to market with $2bn reinsurance cover

News

Wildfires

California Wildfire Fund goes to market with $2bn reinsurance cover

The California Wildfire Fund’s (CWF) administrator the California Earthquake Authority (CEA) and its reinsurance broker Guy Carpenter have been holding virtual meetings with reinsurers this week as they seek quotes on a $2bn cover that is now targeting an inception date of 10 July, The Insurer can reveal.

Thu 18 Jun 2020

AmTrust and former CFO to pay $10.5mn to settle SEC charges

News

Legal/ Regulatory

AmTrust and former CFO to pay $10.5mn to settle SEC charges

AmTrust Financial Services and its former CFO Ronald Pipoly have agreed to pay a combined $10.5mn to settle Securities and Exchange Commission charges that they failed to disclose material facts about how the company estimated its insurance losses and reserves.

Thu 18 Jun 2020

Prudential sells Jackson equity stake to Apollo-backed Athene for $500mn

News

M&A

Prudential sells Jackson equity stake to Apollo-backed Athene for $500mn

UK life insurer Prudential has sold a minority stake in its US business, Jackson, to Apollo Global-backed Athene Holding for $500mn, in the first phase of its plan to create an independent US business.

Thu 18 Jun 2020

Allstate facing $350mn pre-tax cat hit in May

News

Losses

Allstate facing $350mn pre-tax cat hit in May

Allstate has estimated a pre-tax hit of $350mn from a series of catastrophe events that struck the US during May.

Thu 18 Jun 2020

S&P affirms Scor’s AA- ratings on sufficient capital buffer against Covid-19 losses

News

Rating actions

S&P affirms Scor’s AA- ratings on sufficient capital buffer against Covid-19 losses

S&P Global Ratings has affirmed Scor’s AA- financial strength and issuer credit ratings, citing the Paris-headquartered reinsurer’s sufficient capital to resist Covid-19-related losses.

Thu 18 Jun 2020

Comment

The Future at Lloyd’s… post-Covid-19

Yesterday, John Neal wrote to the market unveiling a host of changes that will allow underwriters and brokers alike to return to One Lime Street from 1 September.

Thu 18 Jun 2020

Bermuda carriers maintain “healthy” capital levels in worst case stress test: BMA

News

Legal/ Regulatory

Bermuda carriers maintain “healthy” capital levels in worst case stress test: BMA

All Bermudian insurers participating in an industry stress test would be able to meet their regulatory obligations and show “healthy capitalisation levels” under a worst case material loss scenario, according to the Bermuda Monetary Authority (BMA).

Thu 18 Jun 2020

News

New start-ups markedly different Class of 2001: Appleby’s Adderley

The hardening of the (re)insurance market may share some similarities to that which arose in the wake of the September 11 terrorist attacks but the spate of new start-ups set to make their presence felt in the coming months are markedly different from those that formed almost two decades ago.

Thu 18 Jun 2020

Helvetia raises CHF300mn to fund Caser deal

News

COVID-19

Helvetia raises CHF300mn to fund Caser deal

Swiss carrier Helvetia has raised CHF300mn ($316mn) through an accelerating bookbuilding as it becomes the latest carrier to raise capital since the Covid-19 lock down.

Thu 18 Jun 2020

News

Lloyd’s apologises over historic slavery links

Lloyd’s has acknowledged its role in the slave trade hundreds of years ago and has pledged to support minority groups as the spotlight turns to corporates’ historic links to the practice.

Thu 18 Jun 2020

Munich Re Syndicate looks to Axa XL for head of marine

News

People Moves

Munich Re Syndicate looks to Axa XL for head of marine

Munich Re Syndicate has named Rob McAdams as head of marine, taking over from Simon Parnell who is set to retire.

Thu 18 Jun 2020

Morrissey to retire as IIS president and CEO

News

People Moves

Morrissey to retire as IIS president and CEO

The International Insurance Society (IIS) has announced that Mike Morrissey will retire as president and CEO, after more than 11 years in the position.

Thu 18 Jun 2020