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Hallmark down 25% in red week for P&C stocks on Wall Street

Analysis

COVID-19

Hallmark down 25% in red week for P&C stocks on Wall Street

Specialty insurer Hallmark Financial was the hardest hit on yet another red week on Wall Street with its stock shedding almost 25 percent of its value over the five day trading period to lead the sell-off across The Insurer’s universe of US-listed P&C carriers and brokers.

Mon 18 May 2020

Lloyd’s Carnegie-Brown calls for Pool Re fund to expand beyond terrorism cover

News

Cyber

Lloyd’s Carnegie-Brown calls for Pool Re fund to expand beyond terrorism cover

The chairman of Lloyd’s, Bruce Carnegie-Brown called for more flexibility over the use of Pool Re’s reserve fund to assist with a wider array of risks outside of terrorism.

Mon 18 May 2020

News

COVID-19

ABI confirms £100mn Covid-19 charity fund

The Association of British Insurers (ABI) has teamed up with a number of insurance sector trade bodies to launch a £100mn ($122mn) Covid-19 charitable fund with £82.5mn having already been pledged to charities supporting Coronavirus-relief efforts.

Mon 18 May 2020

MS Amlin names former Chaucer CEO Slabbert chairman

News

People Moves

MS Amlin names former Chaucer CEO Slabbert chairman

Lloyd’s (re)insurer MS Amlin Underwriting Limited (MS AUL) has named Johan Slabbert chairman of the board.

Mon 18 May 2020

BMS inks preferred partner agreement with Chilean broker Insurex Re

News

People Moves

BMS inks preferred partner agreement with Chilean broker Insurex Re

BMS has entered an agreement with Chilean reinsurance broker Insurex Re as the broking house looks to build out its presence in South America from its Miami hub.

Mon 18 May 2020

News

Ed rolls-out e-trading platform TradEd in Bermuda

At a time when Covid-19 lockdowns is putting even greater pressure on the industry to digitalise risk placements, BGC Insurance’s wholesaler subsidiary Ed has rolled out its electronic trading platform TradEd to Bermuda.

Mon 18 May 2020

Industry duo form TotusRe collective for future pandemic risks

News

COVID-19

Industry duo form TotusRe collective for future pandemic risks

Two insurance industry executives have called for the sector to unite behind TotusRe, an open collective designed to help the insurance sector and government better plan for catastrophic events.

Mon 18 May 2020

News

BGC Insurance posts 43% Q1 revenue growth to $45mn; hires to drag in Q2

The owner of London market wholesalers Ed and Besso posted a near 43 percent increase in Q1 2020 revenues fuelled by the completed acquisition of the former and organic growth in both businesses.

Mon 18 May 2020

Hiscox Action Group set to launch legal action this week

News

Business interruption

Hiscox Action Group set to launch legal action this week

London-listed Hiscox faces renewed threats of legal action over the rejection of business interruption claims related to the Covid-19 pandemic, with The Hiscox Action Group reportedly been given the go-ahead from lawyers and funders to start legal action in the coming days.

Mon 18 May 2020

Beazley down 15% in turbulent week for European P&C stocks

Analysis

COVID-19

Beazley down 15% in turbulent week for European P&C stocks

In what proved to be another volatile week for European P&C stocks, shares in London-listed Beazley shed over 15 percent of its value over the five day trading period to lead a renewed sell-off across The Insurer’s universe of European-listed carriers.

Mon 18 May 2020

News

COVID-19

FCA invites BI policyholder complaints for groundbreaking Covid-19 test case

The Financial Conduct Authority has appointed London law firm Herbert Smith to assist in its groundbreaking Covid-19 test case initiative and is inviting policyholders and their brokers to submit complaints by 20 May.

Mon 18 May 2020

Hallmark Financial receives Nasdaq notice after filing delay

News

Legal/ Regulatory

Hallmark Financial receives Nasdaq notice after filing delay

Specialty insurer Hallmark Financial has received a notice from Nasdaq warning it is not in compliance with listing rules after it failed to timely file its 10-Q form for the first quarter and has not yet filed its 10-K for 2019.

Sat 16 May 2020

Swiss Re names Brahin as Americas region leader of public sector solutions

News

People Moves

Swiss Re names Brahin as Americas region leader of public sector solutions

Swiss Re’s head of investor relations Philippe Brahin is taking up a new role within the company’s public sector solutions team.

Sat 16 May 2020

Maiden posts first net profit in two years in Q1

News

Results

Maiden posts first net profit in two years in Q1

Maiden Holdings has reported non-Gaap operating earnings of $3.1mn for the first quarter, compared with an operating loss of $27.6mn in the prior year period, while revealing its first net profit since the first quarter of 2018.

Fri 15 May 2020

Apollo’s Catalina involved in Sirius sales process

News

Legacy

Apollo’s Catalina involved in Sirius sales process

Apollo and its legacy specialist Catalina are involoved in the next stage of the sales process for Sirius International, indicating that potential live and run-off buyers are under consideration as the Bermudian seeks to resolve its future, The Insurer can reveal.

Fri 15 May 2020

News

COVID-19

California extends Covid-19 premium refund timeframe

California insurance commissioner Ricardo Lara has extended the time period for which insurers must return premiums through to the end of May, and told policyholders and carriers the directive may be pushed into June and beyond.

Fri 15 May 2020