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Hiscox ordered to pay bankrupt drug distributor’s legal costs in opioid trial

News

Legal dispute

Hiscox ordered to pay bankrupt drug distributor’s legal costs in opioid trial

UK insurer Hiscox has been ordered by a New York federal judge to pay the legal costs of a bankrupt drug distributor over its alleged role in the opioid epidemic.

Fri 12 Jun 2020

News

European P&C stocks rebound after bruising sell-off

European (re)insurance stocks stabilised in early trading on Friday, with the majority of P&C carriers pointing higher following a sharp global sell-off that was sparked by renewed fears over the impact of the coronavirus pandemic.

Fri 12 Jun 2020

News

Atrium’s Harries replaces Greensmith on LMG board

The London Market Group (LMG) has added Atrium’s Richard Harries to its board, replacing the former UK CEO of Axa XL Paul Greensmith.

Fri 12 Jun 2020

News

Scor sheds 11% in week of renewed CIAM activism

Shares in Paris-headquartered Scor are currently trading over 11 percent down for the week after activist investor CIAM reignited its war-of-words against the French reinsurer with the release of a 32-page whitepaper calling for further reform of the carrier’s governance practices.

Fri 12 Jun 2020

News

QBE falls over 3% as Asia-Pacific stocks follow Wall Street lower

Shares in Australian carrier QBE slipped over 3 percent on Friday to lead a renewed sell-off in Asia-Pacific equities which followed Wall Street sharply lower as fears over a second wave of coronavirus infections hit investors’ hopes for a strong economic rebound.

Fri 12 Jun 2020

LV= exploring sale of life and pensions business: reports

News

M&A

LV= exploring sale of life and pensions business: reports

UK insurer LV= has reportedly appointed Fenchurch Advisory Partners to explore a potential sale of its life insurance and pensions units.

Fri 12 Jun 2020

News

Hiscox Re reduces Florida book despite 1 June rate rises

Positive rate increases of 20 to 30 percent at the recent Florida renewal may appear to be good news for reinsurers, but Hiscox Re has continued to reduce its participation in the Sunshine State owing to concerns that the improved pricing still does not match the exposure.

Fri 12 Jun 2020

Kinsale upgrade opens doors for new business

Analysis

Rating actions

Kinsale upgrade opens doors for new business

The upgrade of Kinsale Insurance Company to A by AM Best is likely to be seen as a well-timed boost for the specialty insurer that could open it up to new business opportunities at a time when the E&S market is booming.

Fri 12 Jun 2020

AIG and CinFin among biggest fallers in US stock market bloodbath

News

Share price

AIG and CinFin among biggest fallers in US stock market bloodbath

US-listed property casualty share prices plummeted Thursday (11 June) against the backdrop of investor panic over new coronavirus cases and a bleak economic outlook.

Thu 11 Jun 2020

Generali to pay BTG $260mn in settlement of BSI sale dispute

News

Legal dispute

Generali to pay BTG $260mn in settlement of BSI sale dispute

Italian insurer Generali has agreed to pay Brazilian bank BTG Pactual CHF245mn ($260mn) in a settlement of the arbitration over the sale of BSI.

Thu 11 Jun 2020

News

Liability

Beazley launches SME media liability policy in US

Beazley has announced a new occurrence media liability policy covering the risks faced by small to medium-sized media outlets and publishers in the US.

Thu 11 Jun 2020

Aspen confirms Eisler promotion and adds former Lloyd’s exec to full board

News

Commercial insurance

Aspen confirms Eisler promotion and adds former Lloyd’s exec to full board

Aspen has confirmed the promotion of Bruce Eisler to CUO of its insurance platform and CEO of its US platform and added former Lloyd’s and Swiss Re executive Theresa Froehlich to its group board.

Thu 11 Jun 2020

Analysis

Public bodies’ insurance interest spikes as Covid-19 bites budgets

The anticipated fallout from Covid-19 has caused a spike in interest from public sector bodies in budget insurance, with a growing number of organisations considering coverage in advance of expected funding cuts.

Thu 11 Jun 2020

Florida Supreme Court suspends lawyer that filed thousands of cases against insurers

News

Legal/ Regulatory

Florida Supreme Court suspends lawyer that filed thousands of cases against insurers

The Supreme Court of Florida has granted a petition for the emergency suspension of the owner of a law firm that has filed thousands of first party and assignment of benefits lawsuits against the state’s insurers.

Thu 11 Jun 2020

News

Cyber

US cyber loss ratio deteriorated 10 points in 2019: Aon

US cyber insurance premiums grew 11 percent in 2019 while ransomware attacks meant the loss ratio for this line worsened by 10 percentage points, an Aon analysis has revealed.

Thu 11 Jun 2020

US commercial policy transactions fell sharply as Covid-19 took hold: Ivans

News

Commercial insurance

US commercial policy transactions fell sharply as Covid-19 took hold: Ivans

Covid-19 forced US personal and commercial lines transaction activity volume down sharply in March and April before significantly rebounding throughout May, an analysis of policy transactions by Ivans has revealed.

Thu 11 Jun 2020