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Pierce named Lockton Capital Markets CEO after Jhaveri departs

News

People Moves

Pierce named Lockton Capital Markets CEO after Jhaveri departs

Lockton Capital Markets (LCM) has appointed Ken Pierce as CEO - with the assets of his Vanpoint Advisors firm to be merged into LCM - following the departure of Vishal Jhaveri after less than two years.

Mon 1 Jun 2020

News

HSCM launches Bermudian transformer

ILS fund manager Hudson Structured Capital Management (HSCM) has received approval from the Bermuda Monetary Authority to launch a newly-formed special purpose insurer on the island, BumbleBee Re.

Mon 1 Jun 2020

Comment

Setting targets is brave but shows R&Q confidence…

2019 feels a long time ago which might explain why there was a sense of a history lesson with R&Q’s strong FY results published this morning (share price up 13 percent by midday).

Mon 1 Jun 2020

“Above-average” 2020 hurricane season begins with rates up and capital down

News

Losses

“Above-average” 2020 hurricane season begins with rates up and capital down

As the North Atlantic hurricane season gets underway, the consensus forecast is for an “above-average” 17 named storm formations in 2020 which one analyst has predicted could be “the spark in the tinderbox” for further significant rate hardening.

Mon 1 Jun 2020

News

R&Q shares climb 14% as analysts welcome FY results

Shares in legacy acquisitions and program management firm Randall & Quilter (R&Q) closed up almost 14 percent today as investors and analysts welcomed the group’s 2019 results, which included a 180 percent increase in pre-tax profits to £40mn ($49.6mn) and an upbeat outlook on market prospects.

Mon 1 Jun 2020

MMC’s Glaser commends FCA’s “real leadership” over Covid-19 claims

News

Legal/ Regulatory

MMC’s Glaser commends FCA’s “real leadership” over Covid-19 claims

The Financial Conduct Authority (FCA) is “showing real leadership” in its handling of disputed BI claims linked to the Covid-19 lockdown, said Dan Glaser, president and CEO of Marsh & McLennan Companies, as he warned that legal disputes could leak into the intermediary space as well.

Mon 1 Jun 2020

Palomar surges 20% over buoyant May for US P&C stocks

Analysis

COVID-19

Palomar surges 20% over buoyant May for US P&C stocks

Shares in expansive specialty insurer Palomar surged almost 20 percent over May as US-listed P&C stocks closed out the month with healthy gains on a massive market-wide run on optimism of an economic reopening.

Mon 1 Jun 2020

News

FHCF helps ease Florida pressure as most renewals get home in +20-30% range

The decision by Florida’s cat fund to pull its $920mn reinsurance placement helped ease supply constraints late in the 1 June renewal as almost all deals were completed on time, albeit with repriced orders, private deals, shortfall covers and “last resort” capacity at play, The Insurer can reveal.

Mon 1 Jun 2020

Hiscox Action Group legal move pushed back on litigation funder delay

News

COVID-19

Hiscox Action Group legal move pushed back on litigation funder delay

The Hiscox Action Group‘s (HAG) planned legal move against London-listed Hiscox has been pushed back by several weeks as a result of delays in finalising litigation funding, The Insurer can reveal.

Mon 1 Jun 2020

Comment

COVID-19

All together now…

A legitimate criticism of the insurance industry is that it rarely talks with one voice. This is particularly true in the UK where there are more representative and lobbying groups than days of the week (Including ABI, BIBA, CII, IUA, Lloyd’s, LMA, LMG and Liiba – and we’ve probably missed a few).

Mon 1 Jun 2020

Hiscox, Lloyd’s, QBE and RSA amongst insurers named in landmark FCA BI test case

News

Business interruption

Hiscox, Lloyd’s, QBE and RSA amongst insurers named in landmark FCA BI test case

The UK’s Financial Conduct Authority has revealed the eight insurers – including Hiscox, Arch, QBE, RSA and Zurich – who have disputed BI claims relating to the Covid-19 lock down and who will actively participate in its landmark High Court test case.

Mon 1 Jun 2020

Analysis

Hiscox down 48% YTD on continued Covid-19 hit to Euro P&C stocks

Despite a widespread recovery in European P&C stocks over May, shares in London-listed Hiscox have shed almost 50 percent of their value in the year-to-date.

Mon 1 Jun 2020

UK industry rallies behind Catlin Pandemic Re initiative

News

COVID-19

UK industry rallies behind Catlin Pandemic Re initiative

The UK insurance industry has rallied behind Stephen Catlin’s recently launched Pandemic Re Steering Committee with the unveiling today of a new project committee, six working groups, dozens of volunteers and the declared support of a host of heavyweight organisations.

Mon 1 Jun 2020

News

Marine

Marine market exposed as 2020 hurricane season commences

The marine insurance market is on heightened alert as the 2020 North America hurricane season officially starts today, as the Covid-19 lockdown led to vessels being laid up along the US East coast and Caribbean.

Mon 1 Jun 2020

R&Q says 2019 an “outstanding” year as pre-tax profits leap

News

Fronting carriers

R&Q says 2019 an “outstanding” year as pre-tax profits leap

The London-listed legacy acquisitions and program management firm Randall & Quilter (R&Q) unveiled an 180 percent increase in 2019 pre-tax profits this morning, accompanied by a confident outlook on an accelerated demand for its services caused by the expected Covid-19 shake-out.

Mon 1 Jun 2020

Podcast

MMC’s Dan Glaser on the Covid-19 impact and pandemic coverage: Part I

This week on The Best Policy, we speak to Dan Glaser - the President and CEO of Marsh & McLennan Companies.

Sun 31 May 2020