Search | The Insurer TV

Viewpoint

Capital

Amid an unprecedented confluence of headwinds, solutions for achieving capital optimization

The Covid-19 pandemic clearly presents significant challenges to insurers, but it is also becoming increasingly clear that (re)insurers are likely entering a far more favorable underwriting environment.

Sat 30 May 2020

News

Swiss Re-supported MiCRO makes Colombia move

The Swiss Re-backed Microinsurance Catastrophe Risk Organisation has taken its first steps outside of its Central American test phase and made a move into Colombia.

Sat 30 May 2020

Ratings agencies praise Everest’s outperformance

News

Rating actions

Ratings agencies praise Everest’s outperformance

AM Best and S&P Global Ratings have both affirmed Everest Re’s ratings, highlighting its outperformance of peers and noting Covid-19 losses are manageable.

Fri 29 May 2020

Universal buys more open market cat limit and says cost increase “reasonable”

News

Homeowners insurance

Universal buys more open market cat limit and says cost increase “reasonable”

Florida’s Universal Insurance Holdings said it completed its 1 June incepting cat reinsurance programme with more open market cat capacity than previously from reinsurers including Nephila and RenRe.

Fri 29 May 2020

Argo drops 10% in down day for US P&C stocks

News

Share price

Argo drops 10% in down day for US P&C stocks

Argo had most of the share price gains it had enjoyed this week wiped out in trading Friday, with its 10.1 percent drop the largest among US-listed property casualty stocks.

Fri 29 May 2020

New Burns & Wilcox complaint reveals 6% of its employees joined CRC

News

Legal dispute

New Burns & Wilcox complaint reveals 6% of its employees joined CRC

Burns & Wilcox is continuing with its hiring dispute against wholesaler broking rival CRC Insurance Services, filing an amended complaint that reveals 60 employees joined CRC – the equivalent of 6 percent of its workforce across the US.

Fri 29 May 2020

Chubb centre stage for Broadway Covid-19 claims

News

Specialty

Chubb centre stage for Broadway Covid-19 claims

Covid-19-related losses emerging from New York City’s famous Broadway theatre district are piling up with Chubb the most exposed to so-called performance disruption claims, sources have told The Insurer.

Fri 29 May 2020

AssuredPartners buys Florida agency Cypress

News

M&A

AssuredPartners buys Florida agency Cypress

AssuredPartners has acquired Cypress Insurance Group, an agency with a team of 20 and $3mn in annualised revenues.

Fri 29 May 2020

K2’s takeover of Pioneer Underwriters closes

News

M&A

K2’s takeover of Pioneer Underwriters closes

K2 Insurance Services has completed its transaction to take over Pioneer’s ongoing underwriting portfolio as well as the MGA’s underwriting and support staff.

Fri 29 May 2020

AM Best stays negative on HIIG following CEO change

News

Rating actions

AM Best stays negative on HIIG following CEO change

AM Best has stated that it will closely monitor the financial results of Houston International Insurance Group (HIIG) following the appointment of Andrew Robinson as CEO but its A- rating and negative outlook remain unchanged.

Fri 29 May 2020

S&P forecasts 103% combined ratio for Munich Re in 2020

News

COVID-19

S&P forecasts 103% combined ratio for Munich Re in 2020

S&P Global Ratings has affirmed Munich Re’s AA- rating, stating it has sufficient capital to resist Covid-19 related losses, but revised down its earnings projections for the German reinsurer.

Fri 29 May 2020

News

COVID-19

Travelers extends Covid-19 auto credit programme to June

Travelers has extended its Stay-at-Home auto premium credit programme for another month with the company’s personal auto insurance customers now also set to receive a 15 percent credit on their June premiums.

Fri 29 May 2020

Lloyd’s developing ‘virtual’ underwriting room

News

COVID-19

Lloyd’s developing ‘virtual’ underwriting room

Lloyd’s has announced it is developing a “virtual” underwriting room, which could eventually be used alongside the physical room at 1 Lime Street, as part of the market’s response to Covid-19.

Fri 29 May 2020

IRB Brasil Re downgraded by AM Best over ERM shift

News

Rating actions

IRB Brasil Re downgraded by AM Best over ERM shift

IRB Brasil Re’s torrid 2020 has continued with AM Best downgrading the carrier’s financial strength and issuer credit ratings to A- (Excellent) and a-, respectively, with the agency warning further downwards revisions may follow.

Fri 29 May 2020

News

COVID-19

Tokio Marine HCC sues Gartner to cap Covid-19 claims at $150mn

A subsidiary of Tokio Marine HCC has filed a lawsuit against Gartner, seeking a declaration that the research and advisory company is not entitled to more than $150mn in event cancellation insurance related to Covid-19.

Fri 29 May 2020

London broker Paragon doubles sale price to £83mn after strong 2019

News

M&A

London broker Paragon doubles sale price to £83mn after strong 2019

Acquisitive Australian intermediary PSC Insurance Group is to pay a higher than expected “earn-out” tranche to the management and staff of London market broker Paragon following a strong 2019 performance by the executive liability specialist.

Fri 29 May 2020