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COVID-19

Covid-19 economic fallout tops list of sector concerns: WEF

The immediate economic fallout from the Covid-19 pandemic dominates the list of near-term worries of risk professionals, according to the World Economic Forum, with the prospect of a prolonged global recession, high unemployment and a rise in protectionism the main drivers of companies’ risk perceptions.

Tue 19 May 2020

UK insurers seek reputational repair with £150mn+ in charitable donations

Analysis

COVID-19

UK insurers seek reputational repair with £150mn+ in charitable donations

UK-headquartered carriers and brokers have so far pledged over £150mn ($183mn) in donations to charities supporting coronavirus relief efforts amidst growing criticism of the industry’s response to the crisis.

Tue 19 May 2020

Beazley shares up 12 percent following £247mn equity raise

News

Results

Beazley shares up 12 percent following £247mn equity raise

Lloyd’s carrier Beazley saw its share price leap 12 percent in early trading today in London following confirmation of the pricing of a £247mn equity placing and positive analyst commentary around the company’s prospects.

Tue 19 May 2020

Comment

COVID-19

The Covid-correlation test

Reinsurers entering the burgeoning market for assuming mortgage-related risk in the last few years have been drawn to stellar results and the promise of diversifying, uncorrelated business.

Mon 18 May 2020

US P&C stocks surge as Dow has best day since early April

News

Share price

US P&C stocks surge as Dow has best day since early April

US-listed property casualty shares rallied Monday, with many recording gains of more than 5 percent led by Argo and WR Berkley.

Mon 18 May 2020

News

COVID-19

S&P warns of Covid-19 capital event that could trigger reinsurer downgrades

S&P Global Ratings has warned that the Covid-19 outbreak may be a capital event for some reinsurers that could lead to downgrades, as it revised its outlook for the reinsurance sector to negative.

Mon 18 May 2020

Apollo-Catalina interest in Sirius shows P&C appetite still strong

Comment

M&A

Apollo-Catalina interest in Sirius shows P&C appetite still strong

News linking Apollo Global Management with involvement in the Sirius sales process along with its Bermuda legacy specialist Catalina indicates that the investment giant’s appetite for the P&C sector is unsated despite a leaning towards life in recent years*.

Mon 18 May 2020

NY judge denies preliminary injunction in Covid-19 BI case against Hartford

News

Business interruption

NY judge denies preliminary injunction in Covid-19 BI case against Hartford

A Southern District of New York judge has denied a publishing company’s emergency application for a preliminary injunction against The Hartford subsidiary Sentinel Insurance over business interruption (BI) losses resulting from Covid-19.

Mon 18 May 2020

News

Capital raising

SelectQuote targets up to $475mn in IPO

US insurance price comparison company SelectQuote has filed for an initial public offering on the New York Stock Exchange to raise total proceeds of between $425mn and $475mn.

Mon 18 May 2020

New Pria draft bill released with federal cap upped 50% to $750bn

News

Business interruption

New Pria draft bill released with federal cap upped 50% to $750bn

A new discussion draft of the Pandemic Risk Insurance Act of 2020 (Pria) has been circulated, with changes including an increase in the annual limit of federal responsibility, an adjustment of lines of business covered and the addition of captive insurers.

Mon 18 May 2020

News

COVID-19

III voices concern over Covid-19 retro BI push and launches Fair campaign

The Insurance Information Institute (III) has become the latest trade group to voice its concerns over the industry retroactively carrying the burden of the Covid-19 crisis with the organisation launching a new campaign designed to ensure the insurance industry maintains its integral role in supporting US economic growth and stability.

Mon 18 May 2020

Market tightening to drive Everest Re outperformance: KBW

News

COVID-19

Market tightening to drive Everest Re outperformance: KBW

Rising (re)insurance rates will partially offset Everest Re’s Covid-19 underwriting and investment losses, according to equity analyst Keefe, Bruyette & Woods, which has maintained an “outperform” rating on the Bermudian.

Mon 18 May 2020

News

COVID-19

Beazley launches £247mn equity raise

Blue chip Lloyd’s insurer Beazley is to issue new shares of around 15 percent of its existing ordinary share capital as it positions the business “for future growth opportunities as well as providing further strength to the balance sheet in light of the continued uncertainty from Covid-19”.

Mon 18 May 2020

AM Best stress test finds most rated carriers can withstand pandemic

News

Capital

AM Best stress test finds most rated carriers can withstand pandemic

AM Best has said that most insurers are set to see a significant hit to earnings in 2020 rather than a material decline in risk-adjusted capitalization as it released the findings of its initial stress testing for the Covid-19 impact.

Mon 18 May 2020

News

Canopius backs insurtech Delos on Cali property cover

Property insurtech managing general agent Delos Insurance Solutions has announced an insurance product backed by Canopius to offer protection to low-risk homes within California wildfire regions.

Mon 18 May 2020

News

People Moves

Addesso joins BMS as chairman of US arm

Expansive broker BMS Group has appointed former Everest Re president and CEO Dominic Addesso as non-executive chairman and ex-Lloyd’s North America president LoriAnn Lowery-Biggers as an independent non-executive director of its US reinsurance platform BMS Intermediaries Inc.

Mon 18 May 2020