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Captive interest mounts with prospect of 24-36 months of hard market

News

Captives

Captive interest mounts with prospect of 24-36 months of hard market

The combination of a hard market and the Covid-19 outbreak means risk managers that don’t have a captive in place should form one and those that do have one already should reevaluate its use and identify further possible opportunities, according to Willis Towers Watson (WTW).

Wed 27 May 2020

Allstate extends payback plan with others likely to follow

News

COVID-19

Allstate extends payback plan with others likely to follow

Allstate is extending its Shelter-in-Place Payback programme to the end of June in a move which will see the carrier return more than $1bn to customers over three months, as Wells Fargo Securities analysts predict other carriers will continue their own refund plans.

Wed 27 May 2020

Umbrella and property hardening at fastest pace since 9/11: CIAB

News

Commercial insurance

Umbrella and property hardening at fastest pace since 9/11: CIAB

US commercial insurance hardening accelerated in the first quarter, according to a survey by The Council of Insurance Agents & Brokers (CIAB), but Covid-19 affected carriers’ ability to collect premium and the availability of coverage by the end of the quarter.

Tue 26 May 2020

Pria introduced in House with 20 co-sponsors

News

Business interruption

Pria introduced in House with 20 co-sponsors

Representative Carolyn Maloney, along with 20 Democrat co-sponsors, has formally introduced a bill that would create a backstop for future pandemics similar to the one for terrorism insurance.

Tue 26 May 2020

GuideOne takes Spain from The Hartford’s Navigators

News

Commercial property

GuideOne takes Spain from The Hartford’s Navigators

Expansive US mutual insurer GuideOne National has appointed Nigel Spain from The Hartford’s Navigators Insurance operation as head of global technical property, The Insurer can reveal.

Tue 26 May 2020

News

US P&C Q1 industry surplus down 9.3% on financial markets turmoil

Unrealised investment losses at Berkshire Hathaway and State Farm drove a 9.3 percent Q1 decline in US P&C industry surplus, but the sector’s underwriting results emerged largely unscathed from Covid-19, with the full impact to be felt in subsequent quarters, said AM Best.

Tue 26 May 2020

Axa commits to paying further French restaurant BI claims after ruling: reports

News

Business interruption

Axa commits to paying further French restaurant BI claims after ruling: reports

Axa has said it intends to pay 10 percent of business interruption claims filed by French restaurant owners, with those with similar wording to the court ruling last week that ordered the carrier to pay two months’ worth of pandemic related losses to a restaurateur set to receive payment.

Tue 26 May 2020

Covid-19 increases potential hurricane losses: KCC

News

Property catastrophe

Covid-19 increases potential hurricane losses: KCC

A new report from Karen Clark & Company (KCC) concludes that Covid-19 will increase any hurricane losses that occur this season because of hampered mitigation activities, more complicated business interruption claims, remotely settled claims and increased contractor costs.

Tue 26 May 2020

EC greenlights Dutch Eur1bn trade credit insurance backstop

News

COVID-19

EC greenlights Dutch Eur1bn trade credit insurance backstop

The European Commission has approved a Dutch guarantee scheme to support the country’s trade credit insurance market amid the pressures of the ongoing coronavirus pandemic.

Tue 26 May 2020

Ferma calls for pan-European systemic risk reinsurer

News

COVID-19

Ferma calls for pan-European systemic risk reinsurer

As European countries examine creating their own future pandemic reinsurance solutions, the continent’s Federation of European Risk Management Associations (Ferma) has called on the European Commission to create a EU-wide resilience framework for catastrophic risks such as epidemics, terrorism and cyber.

Tue 26 May 2020

CinFin continues efforts to reassure investors over Covid-19 BI exposures

News

Business interruption

CinFin continues efforts to reassure investors over Covid-19 BI exposures

Cincinnati Financial’s management has continued to tell investors that the company is confident that its commercial property policy language will stand up to legal challenges over pandemic claims because it requires direct physical damage or property loss for coverage to trigger.

Tue 26 May 2020

Willis Re takes GC’s Jones to head Atlanta office

News

People Moves

Willis Re takes GC’s Jones to head Atlanta office

Willis Re has hired back Graham Jones from Guy Carpenter to take the position of branch manager of its Atlanta office, The Insurer can reveal.

Tue 26 May 2020

Capsicum launches ransomware exposure model

News

Cyber

Capsicum launches ransomware exposure model

The leading cyber reinsurance intermediary Capsicum Re has released a modelling solution to quantify the expanding ransomware exposure threat.

Tue 26 May 2020

Baden-Baden 2020 decision delayed until July

News

COVID-19

Baden-Baden 2020 decision delayed until July

The organisers of the Baden-Baden Reinsurance Meeting have said a decision over the fate of the annual October event will now be made at the end of July.

Tue 26 May 2020

News

KBW: capital markets will treat equity raising “suspiciously”

Despite the recent flurry of successful post-Covid-19 fund raisings from the likes of Beazley, Hiscox, QBE and R&Q, investors will be generally sceptical of new initiatives, say KBW analysts William Hawkins and Meyer Shields.

Tue 26 May 2020

Canopius looks to Axa XL for APAC casualty head

News

People Moves

Canopius looks to Axa XL for APAC casualty head

Canopius has appointed Craig Elliott as casualty underwriter for APAC as the carrier looks to build its footprint in the region.

Tue 26 May 2020