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News

Asia P&C stocks gain on Chinese recovery data; FTSE points higher

Shares in Asia Pacific edged higher on Friday with investors buoyed by fresh indications that China’s economy could be recovering from the coronavirus-driven downtown despite rising trade tensions between the US and China.

Fri 15 May 2020

News

Legacy

Karl Wall’s legacy start-up to launch Bermudian reinsurer Carrick Re

Carrick Specialty Holdings, the legacy start-up led by former Enstar US president and CEO Karl Wall has registered a new Class 3A Bermudian reinsurer called Carrick Re, The Insurer can reveal.

Fri 15 May 2020

Aon tells clients equating govt orders to property damage will see claims rejected

News

Business interruption

Aon tells clients equating govt orders to property damage will see claims rejected

In a report issued to clients, Aon has cautioned that claims will likely be rejected by insurers if they are made on the premise that government stay-at-home orders in response to Covid-19 resulted in property damage and business interruption (BI) coverage should pay out.

Fri 15 May 2020

The war of words around BI lawsuits in the US

Analysis

Business interruption

The war of words around BI lawsuits in the US

Proclamations from politicians, judges and civil authority officials could prove influential as plaintiffs suing their insurers over Covid-19 business interruption (BI) losses look to argue that direct physical damage has been caused.

Fri 15 May 2020

News

Aon creates national middle market unit

Aon has formed a new national middle market practice which will be led by broking veteran Rob Stein.

Fri 15 May 2020

IGI operating profit more than doubles despite Q1 Covid-19 charge

News

Results

IGI operating profit more than doubles despite Q1 Covid-19 charge

International General Insurance Holdings (IGI) ended a busy first quarter by more than doubling its operating income to $13.4mn despite taking a $2mn hit from net claims and claims expenses related to the Covid-19 outbreak.

Thu 14 May 2020

Covid-19 accelerating North American rate hardening, says Aon

Analysis

Rates

Covid-19 accelerating North American rate hardening, says Aon

Pricing and rates continue to harden in North America’s insurance market with Covid-19 only serving to accelerate the transition as losses and low interest rates take their toll on underwriters’ ability to turn a profit.

Thu 14 May 2020

AM Best takes PartnerRe off review following sale collapse; Fitch turns negative

News

Rating actions

AM Best takes PartnerRe off review following sale collapse; Fitch turns negative

AM Best has removed PartnerRe from under review with developing implications and affirmed its A+ financial strength rating after its $9bn sale to Covéa fell through, a move that follows Fitch placing its ratings of the reinsurer on negative outlook.

Thu 14 May 2020

News

Hiscox shares dip 6% to lead European P&C sell-off

Shares in London-listed Hiscox closed almost 6 percent lower on Thursday to lead a renewed sell-off among European (re)insurance stocks as investors responded to rising US jobless totals and further uncertainty over the coronavirus impact on the global economy.

Thu 14 May 2020

Fitch slaps negative outlook on PartnerRe after Covéa deal falls through

News

Rating actions

Fitch slaps negative outlook on PartnerRe after Covéa deal falls through

Fitch has removed PartnerRe’s A+ financial strength rating from ratings watch positive and assigned a negative outlook in response to the breakdown of its $9bn acquisition by Covéa.

Thu 14 May 2020

Lloyd’s underwriting room closed until “at least August”: Neal

News

COVID-19

Lloyd’s underwriting room closed until “at least August”: Neal

Lloyd’s closure of the underwriting room will not be lifted before August at the earliest, Lloyd’s CEO John Neal confirmed today while also reassuring that the industry can “without a doubt” withstand the loss impact of Covid-19.

Thu 14 May 2020

News

Texas surplus lines premium up 14.8% in April

Texas’s excess and surplus lines market showed no signs of a Covid-19 slowdown in April, with the Surplus Lines Stamping Office of Texas (SLTX) recording $741.7mn in premium - up 14.8 percent over April 2019.

Thu 14 May 2020

News

Cyber

AmWINS launches umbrella program to combat silent cyber

Wholesale broking giant AmWINS Group has launched CyberUP, a cyber umbrella program designed to fill gaps in coverage resulting from silent cyber incidents.

Thu 14 May 2020

Liberty downplays Covid-19 insured loss impact as Q1 operating profits climb 8%

News

Results

Liberty downplays Covid-19 insured loss impact as Q1 operating profits climb 8%

Liberty Mutual reported an 8.3 percent increase in pre-tax operating profits to $805mn for the first quarter as chairman and CEO David Long reasserted his position that Covid-19 insured losses for the carrier will be similar to what it would experience for a “moderately sized catastrophe loss”.

Thu 14 May 2020

Louisiana proposal to impose retroactive Covid-19 BI cover pulled

News

Business interruption

Louisiana proposal to impose retroactive Covid-19 BI cover pulled

A bid by a Louisiana senator to force insurers to pay out on business interruption (BI) claims even if policies contained virus or pandemic exclusion has been scrapped.

Thu 14 May 2020

Analysis

COVID-19

Lloyd’s: Covid-19 will cost global P&C industry $203bn

In a curiously precise estimate, Lloyd’s predicts Covid-19 will cost the non-life industry $203bn in insured and investment losses, making it the largest loss event ever experienced by the global market by some distance.

Thu 14 May 2020