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M&A

Aon-WTW: A marriage made in Miami

Less than two months after MMC’s audacious £4.3bn swoop for JLT, Aon Group CEO Greg Case presented the merits of a deal with rival WTW in a November 2018 Aon London Board meeting, an SEC proxy filing shows.

Mon 11 May 2020

News

Fitch goes negative on MSI ratings outlook

Mitsui Sumitomo Insurance (MSI) has had the outlook on its ‘A+’ rating revised to negative from stable by Fitch with the rating agency citing increased pressure on the insurer’s capitalisation from Covid-19-related volatility in stock-market performance.

Mon 11 May 2020

News

Flood

Guy Carpenter launches probabilistic Philippines Flood Model

Guy Carpenter has launched a countrywide flood model for the Philippines, enabling insurers to assess flood exposure, one of the most frequent natural hazards in the region.

Mon 11 May 2020

Former Scor CEO François Négrier dies aged 91

News

People Moves

Former Scor CEO François Négrier dies aged 91

François Négrier, who was chief executive officer of French reinsurer Scor from 1974 to 1993, passed away on 1 May 2020, at the age of 91.

Mon 11 May 2020

News

Hiscox shares tick upwards as Euro stocks falter

Shares in London-listed Hiscox made steady gains in early trading as an early rally in European equities ran out of steam despite moves by the UK government to get the country back to work, and actions across the continent to relax lockdowns.

Mon 11 May 2020

Analysis

AIG, RenRe and Watford lead US-listed P&C stock surge

Arch-backed Bermudian Watford Re saw its shares climb almost 17 percent to lead The Insurer’s universe of US-listed brokers and carriers while Wall Street posted consecutive rallies to end last week higher amid the prospects of the global economy reopening soon.

Mon 11 May 2020

Covéa in French regulator ACPR’s sights over PartnerRe deal: reports

News

M&A

Covéa in French regulator ACPR’s sights over PartnerRe deal: reports

French financial prudential regulator ACPR has pointed out “deficiencies” in the governance of mutual insurer Covéa and asked its CEO Thierry Derez to rectify the situation by mid-May.

Mon 11 May 2020

Analysis

Hiscox surges and Allianz falls in turbulent week trading for European P&C stocks

In a volatile week for European P&C stocks, a long-short on Hiscox-Allianz would have resulted in a 24 percent gain, highlighting the variation in equity performance last week.

Mon 11 May 2020

News

AM Best highlights ILS fund redemptions and trapped capital from Covid-19

ILS fund managers may see more redemptions as investors unwind their positions, including selling cat bonds to generate liquidity, while trapped capital relating to Covid-19 exposures could be held for multiple years, according to AM Best.

Mon 11 May 2020

Third Point Re eyes opportunities in Lloyd’s reserves covers

News

Rating actions

Third Point Re eyes opportunities in Lloyd’s reserves covers

Third Point Re CEO Dan Malloy believes there are opportunities for the Bermudian reinsurer to provide structured reserve covers for Lloyd’s syndicates as a result of Covid-19, but has revealed premiums may take a hit in other areas as a result of the pandemic.

Mon 11 May 2020

Suncorp: 1.7 cat renewal on track but aggregate covers “challenging”

News

Renewals

Suncorp: 1.7 cat renewal on track but aggregate covers “challenging”

Australian heavyweight general insurer Suncorp says it remains “on track” to complete the renewal of its multi-structured cat reinsurance programmes despite the heavy bushfires and hail losses in 19/20.

Mon 11 May 2020

Hong Kong watchdog in running for FCA CEO role

News

Legal/ Regulatory

Hong Kong watchdog in running for FCA CEO role

The chief executive officer of the Hong Kong Securities and Futures Commission (SFC), Ashley Alder is being considered for the top job at UK regulator Financial Conduct Authority (FCA).

Mon 11 May 2020

News

COVID-19

IAIS warns on retrospective Covid-19 moves

The International Association of Insurance Supervisors (AIS) has added to the siren calls from the industry about the dangers of retrospectively imposing BI liabilities on to (re)insurers from the Covid-19 pandemic.

Mon 11 May 2020

News

ABI criticised for “callous and wrong” stance; July timetable for pioneering UK court hearing

An open letter to the Association of British Insurers (ABI) has once again highlighted the impact on the industry’s reputation from the Covid-19 business interruption claims strategy of some of its members.

Sun 10 May 2020

Everest and RenRe highlight Covid-19 trapped collateral effect

News

Capital

Everest and RenRe highlight Covid-19 trapped collateral effect

Potential trapped collateral at ILS funds related to Covid-19 uncertainty is compounding a capacity shortage in the reinsurance and retro market, according to Bermudians Everest Re and RenaissanceRe.

Sat 9 May 2020

News

COVID-19

Covid-19 drives surging rates for senior care facilities

Loss hit senior living and long-term care facilities are facing liability rate increases of more than 50 percent at a time when the sector finds itself facing increased scrutiny owing to its potential Covid-19 exposure.

Sat 9 May 2020