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Commercial insurance

S&P’s Dolin-Benguigui joins Barclays

Barclays Investment Bank has hired Tracy Dolin-Benguigui from S&P Global Ratings as a director and senior equity research analyst, The Insurer has learned.

Tue 9 Jun 2020

Broadway Covid-19 insured losses expected to top $300mn

News

Commercial insurance

Broadway Covid-19 insured losses expected to top $300mn

Insured losses emanating from New York’s Broadway theatre district are expected to pass the $300mn mark as the industry’s exposure to Covid-19-related performance disruption claims continues to mount.

Tue 9 Jun 2020

Ransomware attacks up 25% in Q1: Beazley

News

Cyber

Ransomware attacks up 25% in Q1: Beazley

Beazley has warned that Covid-19-related phishing scams will dominate the analysis of the cyber insurance market’s second quarter following a 25 percent rise in ransomware attacks overall in Q1.

Tue 9 Jun 2020

News

Lancashire to raise circa £287mn to take “full advantage” of return to hard market

London-listed Lancashire Holdings is to issue approximately 39.6 million new common shares – with a value of US$0.50 per share in the capital of the Company – as it looks to raise roughly £287mn ($365mn) in fresh equity to take advantage of accelerated hardening rates as a result of the Covid-19 pandemic.

Tue 9 Jun 2020

News

Aon gives UK Reinsurance Solutions employees Friday afternoons off during pandemic

Aon has written to UK employees in its Reinsurance Solutions arm offering staff Friday afternoons off work until the end of August as the London (re)insurance market continues to operate remotely in response to the global Covid-19 pandemic.

Tue 9 Jun 2020

Rehman named CNA Hardy UK & Ireland CEO as Brosnan steps down

News

People Moves

Rehman named CNA Hardy UK & Ireland CEO as Brosnan steps down

CNA Hardy’s chief operating officer Jalil Rehman has been named president and CEO for UK & Europe, succeeding David Brosnan who is set to retire in September.

Tue 9 Jun 2020

AIG’s Validus is biggest reinsurer on Citizens 2020 programme

News

Property reinsurance

AIG’s Validus is biggest reinsurer on Citizens 2020 programme

AIG’s reinsurance arm Validus Re is once again the biggest overall participant on the Citizens traditional cat cover in place for the 2020 hurricane season, including rollover cover from a 2018 multi-year placement, The Insurer can reveal.

Tue 9 Jun 2020

Brown & Riding takes Dauth from Breckenridge

News

People Moves

Brown & Riding takes Dauth from Breckenridge

Brown & Riding has hired transportation program specialist Michael Dauth and his team from MGA platform Breckenridge Insurance Services in a move that will also see the US wholesale broker open a Houston office, The Insurer can reveal.

Tue 9 Jun 2020

News

Lloyd’s CEO and Council members establish SME-focussed pandemic group

Lloyd’s John Neal has become the latest industry leader to set-up a pandemic working group with senior members of the Lloyd’s Council supporting the initiative, The Insurer can reveal.

Tue 9 Jun 2020

BP Marsh shares surge 14% as NAV climbs over 2019

News

Results

BP Marsh shares surge 14% as NAV climbs over 2019

Shares in specialist UK insurance investor BP Marsh surged over 14 percent in morning trading after the firm reported an 8.5 percent increase in the equity value of its portfolio for the year ended 31 January 2020 and a consolidated profit after tax of £12.5mn.

Tue 9 Jun 2020

News

Helvetia pegs pandemic losses at “high double-digit million” after hospitality settlement

Swiss carrier Helvetia has said the Covid-19 pandemic will result in a pre-tax hit in the “high double-digit million” on its 2020 insurance result following a pioneering settlement offer to its restaurants and catering policyholders.

Tue 9 Jun 2020

News

Scor, R&Q and Travelers add their support to civil rights movement

Executives from French reinsurer Scor, UK-based legacy and programs specialist R&Q and US-giant Travelers have added their support to the civil rights movement that has arisen across the US and reiterated their commitment to diversity and inclusion.

Tue 9 Jun 2020

News

Munich Re scales back London market MGA support

Reinsurance giant Munich Re has been pulling backing from a number of MGAs in the London market, The Insurer can reveal.

Tue 9 Jun 2020

News

US wholesale heavyweights in $1bn+ talks

Ryan Specialty Group’s wholesale arm is the frontrunner to buy independent US broker and MGA platform All Risks with discussions between the two parties at an advanced stage, The Insurer can reveal.

Tue 9 Jun 2020

Best time to invest in (re)insurance since 9/11: Morningstar

Analysis

COVID-19

Best time to invest in (re)insurance since 9/11: Morningstar

There has not been a better buying opportunity for investors to make a play in the (re)insurance industry since the 11 September terrorist attacks back in 2001 providing carriers’ exposure to Covid-19-related losses is manageable, according to Morningstar Equity Research.

Tue 9 Jun 2020

Hallmark Financial share price surges 47%, AIG up 8.5%

News

Commercial insurance

Hallmark Financial share price surges 47%, AIG up 8.5%

The share price of embattled specialty insurer Hallmark Financial rose 47 percent in trading Monday (8 June).

Tue 9 Jun 2020