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Argo surges 8% amid generally modest gains for US P&C stocks

News

Share price

Argo surges 8% amid generally modest gains for US P&C stocks

Argo Group’s share price has recovered some of the damage done during another punishing week, with an 8 percent rise in Friday trading far exceeding the gains of most other US-listed (re)insurance stocks.

Fri 15 May 2020

Cayman Islands adds eight new insurers in Q1

News

Captives

Cayman Islands adds eight new insurers in Q1

The Cayman Islands welcomed eight newly licensed insurance companies during the first quarter of 2020, including HIIG Re and catastrophe bonds from US insurers Nationwide and USAA.

Fri 15 May 2020

Airline premium could drop by 50% to circa $1bn in 2020

News

Aviation

Airline premium could drop by 50% to circa $1bn in 2020

The airline insurance market’s premium base could dip to as low as just $1bn based on market estimates due to the anticipated impact of the Covid-19 outbreak, The Insurer understands.

Fri 15 May 2020

Exor unlikely to entertain any other offers for PartnerRe: S&P

News

M&A

Exor unlikely to entertain any other offers for PartnerRe: S&P

While revising PartnerRe’s outlook to stable from positive in response to the termination of its $9bn acquisition by Covéa, S&P Global Ratings said it sees a low probability of Exor entertaining other offers for the Bermudian reinsurer.

Fri 15 May 2020

Alliant hits back in Marsh lawsuit over energy executive hires

News

Legal dispute

Alliant hits back in Marsh lawsuit over energy executive hires

Seven individuals that were sued by Marsh after they joined Alliant’s energy team in October have filed a response to the lawsuit, with one executive also making counterclaims against Marsh and demanding at least $1mn in damages from his former employer, The Insurer can reveal.

Fri 15 May 2020

PA Supreme Court denies petition to fast track Covid-19 BI suit

News

Business interruption

PA Supreme Court denies petition to fast track Covid-19 BI suit

In a case of such potential importance that industry trade groups and AIG rushed to weigh in, Pennsylvania’s Supreme Court has denied an emergency petition seeking to speed up a Covid-19 business interruption (BI) case and consolidate it with other disputes.

Fri 15 May 2020

Citizens adds to 2020 budget and looks to buy more coastal and PLA limit

News

Property reinsurance

Citizens adds to 2020 budget and looks to buy more coastal and PLA limit

Florida’s Citizens Property Insurance Corporation asked its board yesterday (14 May) to approve a maximum spend of $145mn for risk transfer that is 16 percent higher than the $125mn placeholder included when its full-year budget was published in December as it looks to buy additional limit for its coastal account and personal lines accounts (PLA).

Fri 15 May 2020

FM Global wrote $3bn of communicable disease sub-limits

News

Business interruption

FM Global wrote $3bn of communicable disease sub-limits

FM Global has begun booking reserves for Covid-19 claims running into the several hundreds of millions of dollars on the communicable disease coverage it offered in its standard policies that aggregates to around $3bn in total sub-limits, The Insurer understands.

Fri 15 May 2020

News

Liability

Ethos launches real estate liability program with Ascot and Faraday paper

MGU platform Ethos Specialty has secured capacity from its parent Ascot and Gen Re’s Lloyd’s operation Faraday to support the launch of a new analytics-driven commercial general liability program for US real estate owners and managers, The Insurer can reveal.

Fri 15 May 2020

News

Heavyweight European trio call for Monte Carlo response

Executives from Tiger Risk, Gossmann & Cie and DEVK Re have penned an open letter to the industry calling for scheduled Monte Carlo meetings to go ahead as planned via online platforms, while cautioning against the cancellation of Baden-Baden in October.

Fri 15 May 2020

ILS facing another year of trapped capital; focus on ground-up deals

Analysis

COVID-19

ILS facing another year of trapped capital; focus on ground-up deals

The private ILS collateralised reinsurance market will face significant Covid-19 losses from ground-up transactions such as private QS deals and sidecars, leading to another year of trapped capital and potential investor discontent.

Fri 15 May 2020

McGriff acquires EB focussed Peak Health

News

M&A

McGriff acquires EB focussed Peak Health

BB&T Insurance Holdings’ retail broking platform McGriff has built out its employee benefits platform with the acquisition of Peak Health for an undisclosed sum.

Fri 15 May 2020

Allianz names Berry as chief risk officer

News

People Moves

Allianz names Berry as chief risk officer

Allianz has named John Berry as chief risk officer for Allianz Holdings and Allianz Insurance.

Fri 15 May 2020

News

Skuld swings to U/W red in fiscal 2020 with 109% CR

Scandinavian P&I Club Skuld has posted a combined ratio of 109 percent for the 2019/2020 fiscal year, with the result impacted by costs associated with previous year closure of Skuld’s Lloyd’s syndicate 1897.

Fri 15 May 2020

European (re)insurance stocks rise on lockdown optimism

News

COVID-19

European (re)insurance stocks rise on lockdown optimism

European (re)insurance stocks made a modest recovery in early trading after a sharp drop on Thursday with investors buoyed by Chinese growth data and renewed optimism over the easing of lockdowns across the continent.

Fri 15 May 2020

News

Aon prepares for tougher renewal discussions on $300mn ACT renewal

Amidst pressure on London market broker facilities in response to a rapidly hardening market and the prospect of a fourth year of underwriting losses, Aon has confirmed it has “recently initiated” work on the 2021 structure of its flagship Aon Client Treaty (ACT).

Fri 15 May 2020