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COVID-19

Mapfre solvency ratio dips 9.6 points on Covid-19 market downturn

Spanish (re)insurer Mapfre’s Solvency II ratio decreased by 9.6 percentage points during the first quarter of 2020 as a result of the global capital market turmoil driven by the coronavirus pandemic.

Thu 4 Jun 2020

PIB targets international reinsurance with German broker deal

News

M&A

PIB targets international reinsurance with German broker deal

PIB Group has acquired Munich-based Marx Re-Insurance Brokers in its latest step towards international expansion and marking the UK broker consolidator’s first foray into the reinsurance broking market.

Thu 4 Jun 2020

News

TotusRe duo call on UK insurers to lobby Government

The duo behind a proposed national systemic cat reinsurer TotusRe have today reiterated their call for the UK insurance industry to back their initiative and lobby the Chancellor of the Exchequer for his support.

Thu 4 Jun 2020

News

China Pacific to press on with London listing with Swiss Re as cornerstone investor

China Pacific Insurance is pressing ahead with a London listing under a stock link scheme between the UK and China despite the market turmoil wrought by Covid-19 and with Swiss Re acting as its cornerstone investor.

Thu 4 Jun 2020

News

Lloyd’s carrier Antares exits D&F property market and aviation

QIC Global-owned Antares has ceased writing open market property and aviation insurance, The Insurer can reveal.

Thu 4 Jun 2020

Allianz declines London restaurant BI claim in nod to Orient-Express defence

News

Business interruption

Allianz declines London restaurant BI claim in nod to Orient-Express defence

Allianz Insurance, the UK general insurance arm of Allianz Group, has responded to a lawsuit filed by a London cafe owner denied an insurance payout from Covid-19 business interruption, arguing the policy only covers interruption caused by theft and damage to property.

Thu 4 Jun 2020

News

Legacy

R&Q secures exclusivity with RenRe for £470mn Lloyd’s legacy book

London-listed R&Q has been awarded exclusivity by RenRe with a view to taking over a circa £470mn ($590mn) back years casualty book written through its Lloyd’s syndicate which would free up solvency capital for the Bermudian (re)insurer, The Insurer can reveal.

Thu 4 Jun 2020

UK gov approves £10bn trade credit insurance backstop

News

COVID-19

UK gov approves £10bn trade credit insurance backstop

A government-backed trade credit insurance guarantee during the Covid-19 pandemic will have the capacity to reinsure £10bn of transactions, HM Treasury said while unveiling the scheme this morning.

Thu 4 Jun 2020

News

Legacy

HIIG completes $95mn LPT with R&Q

Randall & Quilter Investment Holdings (R&Q) has announced a $95mn loss portfolio transfer (LPT) with the US insurance group HIIG, in a back years’ deal first revealed by The Insurer.

Thu 4 Jun 2020

Axa identifies 1,700 ambiguous French restaurant BI policies

News

Business interruption

Axa identifies 1,700 ambiguous French restaurant BI policies

Axa CEO Thomas Buberl has revealed the French insurer has 1,700 contracts with restaurant owners in its home country that are unclear about whether they cover business interruption (BI) losses from Covid-19 or not.

Thu 4 Jun 2020

Group set up to establish Covid-19 BI case discovery protocols

News

Business interruption

Group set up to establish Covid-19 BI case discovery protocols

The Institute for the Advancement of the American Legal System (IAALS) has launched a new project to create initial discovery protocols for US Covid-19 insurance claims, with a working group of 11 judges and defence and plaintiff lawyers.

Thu 4 Jun 2020

Hippo-Spinnaker deal brings paper guarantee

Comment

Fronting carriers

Hippo-Spinnaker deal brings paper guarantee

Rumours that Hippo and Spinnaker were in talks over a potential transaction had been circulating in the program fronting space for a number of months.

Thu 4 Jun 2020

Higginbotham continues growth with entertainment specialist Ascend

News

Commercial insurance

Higginbotham continues growth with entertainment specialist Ascend

Expansive Texas-based intermediary Higginbotham has acquired the specialist Dallas-based entertainment agency Ascend Insurance Brokerage.

Thu 4 Jun 2020

GCC insurers’ outlook cut to negative by AM Best

News

Rating actions

GCC insurers’ outlook cut to negative by AM Best

Gulf Cooperation Council (GCC) insurance markets have had their outlook revised to negative by AM Best, with the ratings agency citing the economic downturn impacting the region and an expected reduction in the demand for coverage as two of the reasons behind its decision.

Wed 3 Jun 2020

Power insurers’ withdrawal from fossil fuels slower than it looks: Willis

News

Specialty

Power insurers’ withdrawal from fossil fuels slower than it looks: Willis

The withdrawal of insurers that have announced they would no longer write coverage for coal-fired plants is much more gradual than it seems, Willis Towers Watson has noted in a report on the power sector.

Wed 3 Jun 2020

Watford and RenRe lead rally for US-listed (re)insurance stocks

News

Share price

Watford and RenRe lead rally for US-listed (re)insurance stocks

US-listed (re)insurance share prices soared in trading Wednesday as the Dow Jones Industrial Average closed up for the third straight day.

Wed 3 Jun 2020