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COVID-19

Sirius takes $140mn Covid-19 hit and slumps to Q1 loss

Up-for-sale Sirius International has reported a $100mn first quarter operating loss that included a $140mn charge for pandemic claims heavily concentrated in its reinsurance operations that the Bermudian said represents its current view of the ultimate losses associated with Covid-19.

Wed 13 May 2020

Average D&O price per million up 104% in Q1: Aon

News

D&O

Average D&O price per million up 104% in Q1: Aon

Aon’s D&O pricing index reveals that pricing soared in the first quarter, with a headline figure of a 104.1 percent increase on average and an adjusted increase of 73.0 percent when excluding three clients that skewed the figures.

Wed 13 May 2020

News

BB&T rebrands retail insurance units as McGriff

BB&T Insurance Holdings has simplified the branding of its retail insurance subsidiaries – McGriff Insurance Services and McGriff Seibels & Williams – to McGriff.

Wed 13 May 2020

Analysis

COVID-19

Only $4bn of expected $30bn-$100bn Covid-19 insured losses booked: Willis Re

Just $4.2bn of an emerging, albeit wide-consensus range of $30bn to $100bn of (re)insurance industry losses relating to the Covid-19 outbreak have been booked, according to Willis Re.

Wed 13 May 2020

News

Fairfax backing enough for Brit’s Ki to launch in 2021: Wilson

Brit’s newly launched digital follow-only Lloyd’s syndicate has secured sufficient capital backing from parent company Fairfax to launch in 2021 without additional investment, Matthew Wilson has told The Insurer.

Wed 13 May 2020

News

People Moves

CorRisk names DeFelice A&E team lead

Ryan Specialty Group’s CorRisk Solutions has named Christine DeFelice as vice president and architects and engineers (A&E) team lead.

Wed 13 May 2020

News

RSA and Zego ramp up cover for van fleets

Gig-economy focused insurtech Zego has expanded its partnership with RSA to provide flexible cover for van fleets.

Wed 13 May 2020

Everest hires AIG’s Patel as UK head of transactional risk

News

People Moves

Everest hires AIG’s Patel as UK head of transactional risk

Everest Insurance has appointed former AIG underwriter Sujal Patel as the UK head of transactional risk for Everest Global Markets.

Wed 13 May 2020

House Democrats include cannabis insurance protections in $3trn package

News

Legal/ Regulatory

House Democrats include cannabis insurance protections in $3trn package

Cannabis businesses would be granted access to the banking system and their insurers shielded from federal criminal prosecution as part of a $3trn coronavirus relief package released by House Democrats.

Wed 13 May 2020

Nexus hires Aspen A&H head and launches new unit

News

People Moves

Nexus hires Aspen A&H head and launches new unit

Nexus Group has hired the prominent London Market Accident & Health (A&H) specialist Peter Slot to lead a new unit and grow its global A&H book.

Wed 13 May 2020

News

US futures edge higher as European (re)insurance stocks dip

US equity futures edged higher ahead of the open on Wednesday as investors awaited key comments on interest rate policy from Federal Reserve chairman Jerome Powell.

Wed 13 May 2020

News

M&A

Scor shares up on news of $9bn Covéa-PartnerRe deal break-down

Amidst a sea of red, Scor’s under-pressure shares were a rare flash of green on European traders’ screens today as they were up 4.5 percent by midday CET.

Wed 13 May 2020

News

Swiss Re predict $12trn loss to global GDP by 2021 due to Covid-19

Reinsurance giant Swiss Re has revised its 2020 global growth outlook to -3.8 percent, down from -1.2 percent as a result of the global pandemic, stating that western economies will bear the brunt of the downturn.

Wed 13 May 2020

RSA and QIC BI wordings spared FCA court scrutiny

News

Business interruption

RSA and QIC BI wordings spared FCA court scrutiny

Policies issued by UK insurers RSA and QIC Europe (QEL) via the MGA Eaton Gate are not included in the list of disputed coverage wordings being scrutinised by the High Court in conjunction with the regulator, Financial Conduct Authority (FCA), The Insurer can reveal.

Wed 13 May 2020

Gard swings back to black with fiscal 2020 profit of $93mn

News

Marine

Gard swings back to black with fiscal 2020 profit of $93mn

Marine insurer and P&I club Gard has returned to profit in the 2019/2020 financial year, posting a profit after tax of $93mn, compared to a $53mn loss in the prior year.

Wed 13 May 2020