NewsR&W claim rate to rise to one in every four policies: AonAn Aon study on the North American representations and warranties (R&W) market has revealed that from 2014 to 2018 claims were filed on one in every five policies, a figure that is expected to tick up to one in every four this year.Mon 8 Jun 2020
NewsM&AAJG makes US and Australian broker acquisitionsArthur J Gallagher has announced two acquisitions: Las Vegas, Nevada-based real estate E&O specialist CRES Insurance Services and Australian mid-market insurance broker CA Insurance Brokers.Mon 8 Jun 2020
NewsLegal/ RegulatoryCalifornia commissioner Lara joins dissenting voices against proposed wildfire billCalifornia insurance commissioner Ricardo Lara has voiced his opposition to a new wildfire bill that would hit property owners in the Golden State with higher insurance rates.Mon 8 Jun 2020
NewsCapital raisingLemonade files for IPO, reveals multi-year quota share detailsHomeowners and renters insurtech Lemonade has filed for a proposed initial public offering (IPO) of its common stock on the New York Stock Exchange under the ticker symbol “LMND”, while revealing the structure of its reinsurance programmes.Mon 8 Jun 2020
NewsCommercial insuranceUS commercial insurance rates up over 6% in Q1: WTW’s ClipsWillis Towers Watson is the latest to provide a data point for surging US commercial rates in the first quarter, with its Commercial Lines Insurance Pricing Survey (Clips) indicating an aggregate price increase of over 6 percent.Mon 8 Jun 2020
NewsBusiness interruptionNI Assembly hits out at insurer “intransigence” in ABI evidence hearingNorthern Ireland Assembly members have hit out at the UK insurance industry over its “deeply unfair” handling of Covid-19 related business interruption claims citing “real concern” and anger among business owners toward insurers.Mon 8 Jun 2020
NewsCOVID-19Dive In festival moves onlineThe flagship festival for diversity and inclusion (D&I) in the insurance industry – Dive In – is to take place as a virtual festival this year as a result of the Covid-19 pandemic.Mon 8 Jun 2020
NewsPeople MovesAxa XL fills vacant Eurasia CEO role with veteran VeyryAxa XL has appointed Xavier Veyry CEO of Asia and Europe in what is the latest change the company has made to its newly configured leadership team.Mon 8 Jun 2020
NewsCapitalAssuredPartners raises $300mn debt as run-rate revenues pass $1.5bnRetail broker consolidator AssuredPartners went to the capital markets late last month for a new $300mn term loan in what it saw as an attractive window to provide a buffer against economic headwinds and to continue pursuing a still active pipeline of opportunities.Mon 8 Jun 2020
NewsPeople MovesHDI launches London political and credit risk team with Neon hiresHannover-headquartered HDI Global Specialty has launched a political and credit risk team in London with the hires of former Neon underwriter’s Nick Robinson and Anthony Vaughan.Mon 8 Jun 2020
CommentModel CitizensFlorida’s cat fund and its insurer of last resort Citizens are both products of the unique dynamics of the private homeowners insurance market in the state.Mon 8 Jun 2020
NewsM&AGenstar-backed Worldwide Facilities agrees Royal Oak acquisitionAcquisitive US wholesale broker Worldwide Facilities has agreed a deal to add the Richmond, Virginia-based Royal Oak Underwriters to its roster.Mon 8 Jun 2020
NewsPeople MovesAxis Re promotes Leahey to lead agriculture reinsuranceAxis Re, the reinsurance unit of Axis Capital, has promoted Michael Leahey to head of agriculture reinsurance, effective 1 July.Mon 8 Jun 2020
NewsAegis reports “record” e-trading usage as Covid-19 forces market onlineLloyd’s managing agency Aegis London’s online quote-and-bind platform Opal handled over $5mn of net premiums in May as the use of electronic trading within the London market continues to boom during the coronavirus lockdown.Mon 8 Jun 2020
NewsCOVID-19Axa and Hiscox face latest BI group legal action from UK galleries and museumsA group of UK art organisations – including major contemporary art galleries, museums and sole traders – are preparing to file a class-action against Axa and Hiscox over rebutted business interruption claims in the wake of the Covid-19 pandemic.Mon 8 Jun 2020
NewsAon adds Clarke to M&A teamAon’s M&A and transaction solutions (AMATS) division has named Harriet Clarke as director and announced the launch of a real estate solution for M&A transactions.Mon 8 Jun 2020