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Commercial claims in spotlight from US riots: PCS

News

Losses

Commercial claims in spotlight from US riots: PCS

Commercial claims will feature prominently in insurers’ exposure to US riot losses according to Property Claim Services (PCS), with the organisation confirming it has designated the civil disorder as a catastrophe in more than 20 states so far.

Fri 5 Jun 2020

Argo to pay $900K penalty in SEC settlement

News

Legal/ Regulatory

Argo to pay $900K penalty in SEC settlement

Argo has reached a $900,000 settlement with the Securities and Exchange Commission after the Bermuda-based (re)insurer faced charges of failing to fully disclose perquisites and benefits provided to former president and CEO Mark Watson (pictured).

Thu 4 Jun 2020

Covid-19 has accelerated rate adequacy push: Rob Berkley

News

Rates

Covid-19 has accelerated rate adequacy push: Rob Berkley

WR Berkley president and CEO Rob Berkley believes that Covid-19 has not changed the drivers that were hardening commercial insurance rates and may have accelerated them, with the executive stating prices will continue to go up for the foreseeable future.

Thu 4 Jun 2020

Podcast

Dan Glaser podcast Part III: MMC outlook and the future of Lloyd’s

In the third episode of our interview with MMC CEO, we look at the dilemma facing Lloyd’s and whether it should re-open its trading floor. We also examine why MMC has taken a different approach in managing costs.

Thu 4 Jun 2020

McGriff adds Marsh’s Kinne to executive risk group

News

People Moves

McGriff adds Marsh’s Kinne to executive risk group

US retail broker McGriff has hired Hank Kinne from Marsh to serve on its executive risk advisors group as senior vice president.

Thu 4 Jun 2020

News

Property catastrophe

CSU and TSR raise hurricane forecasts

Both Colorado State University (CSU) and Tropical Storm Risk (TSR) have raised their forecasts for the North Atlantic hurricane season.

Thu 4 Jun 2020

News

COVID-19

Ombudsman warns of Covid-19 complaints spike as numbers fall 23% YoY

The number of policyholder complaints regarding general insurance products sold in the UK fell by 23 percent in the year to March 2020, according to new data from the Financial Ombudsman Service (FOS), but going forward the organisation has warned of a spike in grievances being filed due to the coronavirus pandemic.

Thu 4 Jun 2020

AM Best stays negative on Third Point Re but points to improved underwriting

News

Rating actions

AM Best stays negative on Third Point Re but points to improved underwriting

AM Best has kept Third Point Re’s A- rating on negative outlook but noted the Bermudian reinsurer’s improved underwriting performance and recently diversified its reinsurance portfolio.

Thu 4 Jun 2020

AM Best puts Spinnaker ratings under review to assess Hippo deal

News

M&A

AM Best puts Spinnaker ratings under review to assess Hippo deal

AM Best has placed Spinnaker Insurance Company’s A- financial strength rating under review with developing implications in response to its announced acquisition by insurtech Hippo.

Thu 4 Jun 2020

Accredited to further build out platform after hitting $1bn premium mark

News

Fronting carriers

Accredited to further build out platform after hitting $1bn premium mark

R&Q’s program management and fronting specialist Accredited now has $1bn of contracted gross written premium (GWP) across its US and European platforms and has plans to further extend its footprint by geography and the paper it can offer MGA and reinsurer partners.

Thu 4 Jun 2020

News

Specialty

Munich Re Specialty Insurance looks to grow US program book

Munich Re Specialty Insurance (MRSI) is actively adding new programs in the US as it looks to replace business lost from long-term partner Glatfelter following its sale to AIG and capitalize on opportunities created as other carriers retrench from the space, The Insurer can reveal.

Thu 4 Jun 2020

Markel Specialty puts stop on writing event cancellation coverage

News

Commercial insurance

Markel Specialty puts stop on writing event cancellation coverage

Markel Specialty has temporarily stopped writing any new event cancellation policies, The Insurer has learned, in an “unusual” move which sources said sets it apart from its peers.

Thu 4 Jun 2020

News

MMC’s Glaser: Divisive £1bn Pool Re release presents “thorny” issues

Using Pool Re funds to relieve UK SME business interruption (BI) pressure from Covid-19 is one issue Dan Glaser, President and CEO of Marsh & McLennan Companies, regards as “thorny” and says he’s relieved he does not have to adopt an official position on.

Thu 4 Jun 2020

News

Top quartile Lloyd’s performers see 5% CR uplift on portfolio management

Lloyd’s top performers have reported a 5 percent uplift in their combined operating ratios as a result of strong portfolio management, according to a new report from the Lime Street market and Willis Towers Watson.

Thu 4 Jun 2020

Comment

Program Manager: no time like the present

Welcome to the first issue of Program Manager, the new monthly ezine brought to you by the publishers of The Insurer.

Thu 4 Jun 2020

News

Flood

Neptune Flood rolls out SME cover with Axa XL and Lloyd’s backing

AI-driven US MGU Neptune Flood has secured capacity from Axa XL and Lloyd’s to begin offering small and mid-sized businesses flood insurance for the 2020 hurricane season.

Thu 4 Jun 2020