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Lockton Re adds to advisory capabilities with Aon’s Hyer

News

People Moves

Lockton Re adds to advisory capabilities with Aon’s Hyer

Lockton Re’s bid to build out its roster has seen the expansive reinsurance broker bring in Paul Hyer from Aon as rating agency advisory leader, The Insurer has learned.

Thu 28 May 2020

AIG shares surge 31% in month-to-date as Euro-P&C rally fades

News

COVID-19

AIG shares surge 31% in month-to-date as Euro-P&C rally fades

Shares in AIG have climbed over 31 percent since the beginning of May as stock in the US insurance giant rebound markedly from a bruising first quarter sell-off which saw values hit their lowest level since the start of 2012.

Thu 28 May 2020

News

Cyber

Gallagher’s Pen names Patel head of cyber

Pen Underwriting – Gallagher’s managing general agent – has promoted Hamir Patel to head of cyber, succeeding Adrian Scott who was named managing director of international & financial lines as part of the wider suite of internal promotions revealed in February.

Thu 28 May 2020

MGU Victor and Ageas target £60mn GWP in capacity tie-up

News

Commercial insurance

MGU Victor and Ageas target £60mn GWP in capacity tie-up

Managing general underwriter (MGU) Victor Insurance UK and personal lines insurer Ageas have signed a multi-year capacity agreement to support the writing of £60mn ($73.5mn) in gross written premium (GWP) across commercial lines policies over the next five years.

Thu 28 May 2020

News

Beazley to retain 10% of market facilities business; eyes $1bn GWP

Beazley intends to grow its newly split out market facilities business to write circa $1bn in gross written premium with the Lloyd’s blue-chip retaining 10 percent of premium, according to investment bank Jefferies.

Thu 28 May 2020

Markel continues Asia build out with terrorism underwriter Zhi

News

People Moves

Markel continues Asia build out with terrorism underwriter Zhi

Markel International has appointed Pek Hui Zhi as terrorism underwriter for Asia.

Thu 28 May 2020

News

High net worth

Brit enters HNW insurance market

Lloyd’s insurer Brit has entered into the high net worth (HNW) insurance market with the launch of a private client business.

Thu 28 May 2020

Hiscox Syndicate 6104 forecasts another heavy loss year

News

Losses

Hiscox Syndicate 6104 forecasts another heavy loss year

Hiscox Syndicate 6104 is forecasting a bruising mid-point loss of 70 percent capacity for the 2019 underwriting year of account, making it by some distance the worst performing syndicate backed by third-party capital under Lloyd’s traditional three-year accounting system.

Thu 28 May 2020

ABI reiterates call for “significant” gov support on future pandemic cover

News

COVID-19

ABI reiterates call for “significant” gov support on future pandemic cover

The Association of British Insurers (ABI) has reiterated its call on government to provide “significant levels of state support” to make pandemic insurance affordable for small businesses in the wake of the coronavirus pandemic.

Thu 28 May 2020

News

Program

PAK Programs adds craft beer industry to drone risk assessment service

Program administrator PAK Programs is expanding its drone-based risk assessment service from wineries to also cover the craft beer industry.

Thu 28 May 2020

Pricing and regulatory pressures to hinder UK motor sector growth: Investec

Analysis

Personal auto

Pricing and regulatory pressures to hinder UK motor sector growth: Investec

Despite UK personal lines insurers materially outperforming the rest of the insurance market during the Covid-19-driven sell-off in the first quarter of 2020, investment bank Investec has offered a pessimistic view for the sector with price competition and regulatory pressures set to hinder growth into 2021.

Wed 27 May 2020

FHCF confirms it will not go ahead with cat reinsurance renewal

News

Homeowners insurance

FHCF confirms it will not go ahead with cat reinsurance renewal

The Florida Hurricane Catastrophe Fund (FHCF) has confirmed it will not renew its expiring $920mn excess of loss reinsurance cover at 1 June in the latest example of a tight market where capacity is “less abundant” than in previous years.

Wed 27 May 2020

News

Scor latest (re)insurer to join UN’s Net Zero carbon initiative

Scor has joined the growing list of (re)insurance companies who have committed to pulling back from investing in thermal coal by signing up to the Net-Zero Asset Owner Alliance.

Wed 27 May 2020

PRIA takes step forward but carrier scepticism remains…

Comment

Business interruption

PRIA takes step forward but carrier scepticism remains…

The Pandemic Risk Insurance Act of 2020 (Pria) has now been formally introduced with heavyweight support from MMC and RIMS but it would be an exaggeration to say the insurance industry is unanimously lined up behind it.

Wed 27 May 2020

Obsidian looks to aggregator opportunity and traditional program business

News

Fronting carriers

Obsidian looks to aggregator opportunity and traditional program business

Genstar-backed hybrid fronting start-up Obsidian is targeting opportunities with retail and wholesale risk aggregators as well as more “traditional” MGA program business as it looks to build out its platform with a dual strategic focus.

Wed 27 May 2020

Niche entertainment insurance market facing losses from Covid-19 shutdown

News

Commercial insurance

Niche entertainment insurance market facing losses from Covid-19 shutdown

Allianz Global Corporate & Specialty (AGCS)-backed MGA Reel Media, Chubb, Hiscox, OneBeacon, ProSight Specialty and WR Berkley are among insurers who could be facing up to an estimated $1bn in Covid-19 related claims associated with the suspension and delay of US movie and TV productions.

Wed 27 May 2020