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News

Birketts acquires EC3 Legal

East Anglia-headquartered law firm Birketts has acquired London-based insurance law firm EC3 Legal.

Tue 12 May 2020

News

Proxy firms cautiously support AIG pay ahead of AGM

Proxy advisory firms have offered support for AIG’s executive pay ahead of its annual general meeting on Wednesday (13 May) – a turnaround from the past two years when both Institutional Shareholders Services (ISS) and Glass Lewis opposed the insurer’s executive pay packages.

Tue 12 May 2020

News

Marine hull market on heightened alert as hurricane season looms

With the 2020 North Atlantic hurricane season fast approaching, the marine hull market faces the prospect of hundreds of high value vessels – from cruise ships to sailing boats – having to relocate ahead of 1 June.

Tue 12 May 2020

Analysis

COVID-19

Allianz reports largest Covid-19 loss of European P&C insurers

German insurance giant Allianz today revealed it had experienced Eur500mn ($542mn) of Covid-19 related losses in its P&C division in the first quarter, as well as Eur300mn in its life and health business, the largest estimate yet from any European P&C insurer.

Tue 12 May 2020

Life & health capital market investors to be pivotal in future pandemic hedging solutions

Viewpoint

COVID-19

Life & health capital market investors to be pivotal in future pandemic hedging solutions

The high death toll and tragedy associated with the Covid-19 outbreak cannot be downplayed, but the current crisis may also have a potentially significant impact for some insurers, with the wider industry set to learn some important lessons, says Securis partner Luca Tres.

Tue 12 May 2020

Allianz shares dip as CFO signals Eur1bn+ P&C Covid-19 losses

News

Results

Allianz shares dip as CFO signals Eur1bn+ P&C Covid-19 losses

Shares in Allianz were trading hands at a 3 percent discount to yesterday’s close today after the German carrier revealed pandemic-related losses in its non-life business could ultimately be as high as Eur1.12bn ($1.21bn).

Tue 12 May 2020

Fitch hands Hiscox stable outlook on capital raise

News

Rating actions

Fitch hands Hiscox stable outlook on capital raise

London-listed Hiscox has seen its ratings outlook revised from negative to stable by Fitch after the Lloyd’s carrier launched a £375mn ($464mn) capital raise which the ratings firm said would act as a “buffer” against any Covid-19 exposures.

Tue 12 May 2020

Aegis looks to ERS for CFO and Axa XL for general counsel

News

People Moves

Aegis looks to ERS for CFO and Axa XL for general counsel

Lloyd’s managing agency Aegis has made two appointments to its senior leadership team.

Tue 12 May 2020

News

Trade credit

Canada latest to create trade credit backstop

The Canadian government has become the latest country to provide capacity to trade credit insurers as a result of the Covid-19 pandemic.

Tue 12 May 2020

Chubb appoints Bremner as head of management liability

News

People Moves

Chubb appoints Bremner as head of management liability

Peter Bremner has been appointed as head of management liability for Chubb Global Markets (CGM) and regional head of financial lines, Eurasia and Africa.

Tue 12 May 2020

News

Hiscox and Beazley lead Euro sell-off as (re)insurance stocks tumble

Shares in London-listed Hiscox fell over 3 percent this morning to lead a widespread sell-off across European (re)insurance equities driven by renewed investor fears over a second wave of coronavirus infections.

Tue 12 May 2020

News

QBE shares slip to close nearer YTD low

Shares in Australian carrier QBE slipped almost 2 percent today as Asia-Pacific (re)insurance stocks dipped on concerns over a second wave of coronavirus infections in the region and poor Chinese economic data.

Tue 12 May 2020

EC3 Brokers launches specialty unit with RFIB’s Lane

News

People Moves

EC3 Brokers launches specialty unit with RFIB’s Lane

BP Marsh-backed EC3 Brokers has launched a new specialty unit led by former RFIB executive Jonathon Lane as head of casualty and cyber, The Insurer can reveal.

Tue 12 May 2020

Allianz Q1 profits squeezed as P&C posts hefty Eur500mn Covid-19 charge

News

Results

Allianz Q1 profits squeezed as P&C posts hefty Eur500mn Covid-19 charge

Allianz saw its shares trade down nearly 3 percent at the open after the carrier reported a 29.1 percent slump in operating profit in its P&C division to Eur1.03bn in the first quarter of 2020, with the underwriting result pressured by an increase in losses from natural catastrophes which were up Eur300mn as well as Eur500mn in Covid-19 related losses.

Tue 12 May 2020

US Treasury shares concerns about retroactive BI legislation

News

Business interruption

US Treasury shares concerns about retroactive BI legislation

The US Department of the Treasury has responded to letters from members of Congress that urged the Trump administration to oppose retroactive business interruption (BI) proposals by saying it shares their concerns about forcing insurers to pay Covid-19 claims.

Tue 12 May 2020

News

Crypto.com adds $100mn to insurance programme with Arch-led Lloyd’s cover

Cryptocurrency trading platform Crypto.com has bolstered its insurance programme by securing a further $100mn of protection from Lloyd’s.

Tue 12 May 2020