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News

Sompo’s domestic reinsurance recoveries down in 2019

The domestic P&C arm of Japanese insurance giant Sompo saw its reinsurance recoveries fall over 7 percent year-on-year in 2019, despite another bruising year of natural catastrophes in the form of typhoons Faxai and Hagibis.

Fri 29 May 2020

Wall Street futures point lower as Euro P&C stocks weaken on Asia tensions

News

COVID-19

Wall Street futures point lower as Euro P&C stocks weaken on Asia tensions

US equity futures slipped ahead of the open on Friday as geopolitical tensions dented global stocks with traders braced for an upcoming news conference on US-China relations from President Donald Trump.

Fri 29 May 2020

News

Up-for-sale Neon continues to pursue £300mn+ restart option despite legacy focus

Despite being placed into run-off in January 2020 following a volte-face by owner AFG and the subsequent failure of restart talks with UK PE firm Alchemy Partners, up-for-sale Lloyd‘s insurer Neon is still being marketed as a potential live underwriting platform with prospective buyers.

Fri 29 May 2020

News

COVID-19

LV offers Covid-19 premium reductions as FCA urges virus breaks

Protection specialist LV= is introducing a premium reduction option for existing policyholders during the coronavirus pandemic, following calls by the Financial Conduct Authority (FCA) to provide savings for policyholders who may be in financial distress.

Fri 29 May 2020

Covid-19 mortgage delinquencies to compound hurricane season

News

Losses

Covid-19 mortgage delinquencies to compound hurricane season

This years’ hurricane season will likely be impacted by the economic fallout of Covid-19, with cities at high risk of storm surge damage also facing the risk of mortgage delinquencies, risk modelling firm CoreLogic has said.

Fri 29 May 2020

Aquiline set for further insurance investments with $2bn PE fund

News

Capital

Aquiline set for further insurance investments with $2bn PE fund

Jeff Greenberg-led private equity firm Aquiline Capital Partners has closed its Financial Services Fund IV with more than $2bn in total commitments, well above the $1.5bn fundraise targeted.

Fri 29 May 2020

US severe convective storm insured losses top $13bn in 2020: Aon

News

Commercial property

US severe convective storm insured losses top $13bn in 2020: Aon

Three storm events since mid-May will add over $1bn+ of insured losses to a convective storm loss total for 2020 that is already over $10bn for the 13th year running, according to Impact Forecasting.

Fri 29 May 2020

PG&E moves closer to California Wildfire Fund inclusion

News

Wildfires

PG&E moves closer to California Wildfire Fund inclusion

PG&E has taken a step closer to being eligible to participate in the Golden State’s Wildfire Fund after the California Public Utilities Commission (CPUC) approved the utility’s Chapter 11 Plan of Reorganization.

Fri 29 May 2020

NCOIL welcomes Pria introduction, says further work needed

News

Business interruption

NCOIL welcomes Pria introduction, says further work needed

The National Council of Insurance Legislators (NCOIL) has applauded the introduction of the Pandemic Risk Insurance Act of 2020 (Pria) in US Congress but stressed that more discussion is needed.

Thu 28 May 2020

Aon creates hardship relief programme to support pay cut-hit staff

News

COVID-19

Aon creates hardship relief programme to support pay cut-hit staff

Aon has formulated a hardship relief programme allowing US staff to request a waiver from the 20 percent pay-cut that has been imposed on the majority of its employees, The Insurer has learned.

Thu 28 May 2020

Analysis

Insurance bonds attractive, but Argo a potential fallen angel: Twelve Capital

Insurance bonds are a compelling source of reliable income for investors, with Argo the only potential “fallen angel” among property casualty issuers, a new report from Twelve Capital has concluded.

Thu 28 May 2020

New HIIG CEO targets team hires and renewal rights transactions

News

Commercial insurance

New HIIG CEO targets team hires and renewal rights transactions

Houston International Insurance Group (HIIG) CEO Andrew Robinson is targeting the addition of new underwriting teams and renewal rights transactions to capitalize on hard market conditions in a bid to build the carrier out as a top-tier primary specialty player.

Thu 28 May 2020

North’s exposure to Golden Ray pushes CR to 125.8%

News

Losses

North’s exposure to Golden Ray pushes CR to 125.8%

The North of England P&I Vlub’s exposure to the Grande America and Golden Ray casualties, the latter of which is set to cost the market more than $400mn, pushed the protection and indemnity mutual’s combined ratio to 125.8 percent for the 2019/20 policy year.

Thu 28 May 2020

Insurance associations urge Congress to pass liability protections

News

COVID-19

Insurance associations urge Congress to pass liability protections

Four US insurance associations are among more than 200 trade associations and other groups that have written to Congress to request the quick enactment of liability relief legislation related to the Covid-19 pandemic.

Thu 28 May 2020

Sirius-backed Pie to form and buy insurers after $127mn capital raise

News

Workers' compensation

Sirius-backed Pie to form and buy insurers after $127mn capital raise

Workers compensation insurtech Pie Insurance is to use most of the proceeds from $127mn of new financing and capital commitments to form and purchase licensed insurers.

Thu 28 May 2020

Florida renewal points to “sustainable hardening” in reinsurance market: JMP

News

Renewals

Florida renewal points to “sustainable hardening” in reinsurance market: JMP

The average rate increases of 25 to 35 percent at the 1 June Florida renewal following significant price rises at the 1 April Japan renewal indicate a sustainable hardening in the reinsurance market, JMP Securities analysts have said.

Thu 28 May 2020