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Legacy

RenRe narrows bidders after returning to market with Lloyd’s legacy book

Bermudian carrier RenaissanceRe has returned to the legacy market, once again seeking an adverse development cover (ADC) for a circa £470mn ($579.8mn) casualty book written through its Lloyd’s syndicate, The Insurer can reveal.

Wed 27 May 2020

Swiss Re CorSo unveils US parametric hail coverage

News

Commercial property

Swiss Re CorSo unveils US parametric hail coverage

Swiss Re Corporate Solutions has launched a new parametric hail product in 11 US states, with the company stating it “addresses gaps in traditional insurance coverage” for a peril that cost carriers some $20bn last year.

Wed 27 May 2020

Reinsurers will not earn cost of capital in 2020: Fitch

News

Rating actions

Reinsurers will not earn cost of capital in 2020: Fitch

Fitch Ratings has concluded after conducting a sector review that the global reinsurance sector will fail to earn its cost of capital in 2020 amid the coronavirus crisis

Wed 27 May 2020

Gransbury promoted to head new QBE NA specialty group

News

People Moves

Gransbury promoted to head new QBE NA specialty group

QBE North America has promoted Steve Gransbury to head of its newly-created specialty insurance group, with Tara Krauss taking over his previous role of head of accident and health.

Wed 27 May 2020

PartnerRe names Meyenhofer specialty CEO as Haft heads new global cat unit

News

People Moves

PartnerRe names Meyenhofer specialty CEO as Haft heads new global cat unit

PartnerRe has appointed Philippe Meyenhofer CEO of its specialty lines unit while Greg Haft has been named CEO of the reinsurer’s newly formed global catastrophe operation.

Wed 27 May 2020

Brazil’s securities regulator opens IRB investigation

News

Legal/ Regulatory

Brazil’s securities regulator opens IRB investigation

Brazil’s securities regulator CVM is opening an investigation into IRB Brasil Resseguros.

Wed 27 May 2020

Comment

COVID-19

Harder and longer

If it looks and feels like a hard market, then it probably is a hard market. And the latest data points after the bank holiday weekend suggest there’s plenty of fuel to keep up US commercial insurance pricing momentum with the Covid-19 effect only set to drive the hard market even longer than expected.

Wed 27 May 2020

Lloyd’s forecasts worst case loss of £809mn for 2019 YoA

News

Results

Lloyd’s forecasts worst case loss of £809mn for 2019 YoA

Lloyd’s has forecast that non-third party backed syndicates will post a worst-case scenario loss of £808.7mn ($995mn) in the aggregate for the 2019 year of account (YoA).

Wed 27 May 2020

Covid-19 to further fuel W&I’s soaring take-up

News

Professional liability

Covid-19 to further fuel W&I’s soaring take-up

The Covid-19 outbreak will serve as yet further fuel to the fire of warranty and indemnity (W&I) insurance take-up with new data from Lockton highlighting how usage of the specialist coverage has soared in the six years to 2019.

Wed 27 May 2020

Marsh backs disgruntled policyholders in evidence submission to FCA BI investigation

News

COVID-19

Marsh backs disgruntled policyholders in evidence submission to FCA BI investigation

Broker Marsh has submitted evidence to the Financial Conduct Authority (FCA) as part of the UK regulator’s High Court test case consultation into disputed business interruption (BI) policy wordings.

Wed 27 May 2020

News

Axa shrugs off pandemic fears to lead rally in Euro-listed P&C stocks

Shares in Axa Group climbed over 5 percent in morning trading to lead a jump in European (re)insurance stocks on Wednesday which extended gains made yesterday as investors focused on the phased reopening of the economy.

Wed 27 May 2020

Catalina continues to bolster corporate governance; names former Old Mutual CEO Hemphill chair

News

Legacy

Catalina continues to bolster corporate governance; names former Old Mutual CEO Hemphill chair

Bermudian-headquartered legacy specialist Catalina Holdings has named former Old Mutual CEO Bruce Hemphill as non-executive chairman of the board and Caroline Foulger as senior independent non-exec director, effective immediately.

Wed 27 May 2020

Comment

A £1bn Pool Re raid may have unwelcome consequences…

Extraordinary times calls for extraordinary measures. That, presumably, is the justification for the UK industry’s proposed raid on Pool Re’s reserves.

Wed 27 May 2020

News

Brexit

Lloyd’s wins court approval for Part VII Brexit transfer

Lloyd’s of London has received approval from the High Court of England and Wales for its Part VII strategy for notifying policyholders about the proposed transfer of its existing European business to Lloyd’s Brussels.

Wed 27 May 2020

News

Irish insurer FBD faces business interruption court test case

Irish insurer FBD said it will wait for the result of a test case in October before it decides whether to pay out on 700 claims for business interruption made against it in connection with the pandemic.

Wed 27 May 2020

News

Flood

ICA pegs summer cats at $3.4bn

Insured losses across Australia stemming from summer catastrophe events now stands at A$5.1bn ($3.39bn), according to the Insurance Council of Australia (ICA).

Wed 27 May 2020