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ProAssurance says long-term care exposure mitigated after cutbacks

News

COVID-19

ProAssurance says long-term care exposure mitigated after cutbacks

ProAssurance has said the “significant reduction” in the amount of long-term care medical professional liability (MPL) business on its books over the last nine months means its exposure to the expected increase in sector claims from Covid-19 has been mitigated.

Fri 8 May 2020

XPT’s Western Security Surplus buys Houston Surplus Lines

News

M&A

XPT’s Western Security Surplus buys Houston Surplus Lines

BP Marsh-backed specialty insurance distribution platform XPT Group has added a second acquisition in three weeks with its Western Specialty Surplus (WSS) unit buying binding authority specialist Houston Surplus Lines (HSL), The Insurer can reveal.

Fri 8 May 2020

News

People Moves

Maiden names CFO Haveron as co-CEO

Maiden Holdings has named its chief financial officer Patrick Haveron as co-CEO alongside Lawrence Metz, effective immediately.

Fri 8 May 2020

News

People Moves

Venbrook brings in new CFO

Venbrook Group has brought in a new chief financial officer just weeks after private equity firm Parthenon Capital took a majority stake in the US broker.

Fri 8 May 2020

News

COVID-19

Argo execs look to reassure investors on Covid-19 exposures

The “vast majority” of Argo’s business interruption policies contain virus exclusions and those that do not have “separate and distinct” limits of coverage, according to chief financial officer Jay Bullock.

Fri 8 May 2020

News

Commercial insurance

Zurich reshuffles commercial insurance underwriting unit

Zurich has reshuffled the senior management positions within its commercial insurance division and created two new roles designed to simplify its underwriting function.

Fri 8 May 2020

AIG and associations weigh in on Covid-19 BI case in PA Supreme Court

News

Business interruption

AIG and associations weigh in on Covid-19 BI case in PA Supreme Court

AIG and numerous insurance trade associations have filed briefs urging the Pennsylvania Supreme Court to reject an emergency petition from a restaurant owner seeking to speed up a Covid-19 business interruption (BI) case against Erie Insurance Exchange and consolidate it with other cases.

Fri 8 May 2020

White Mountains swings to net loss on investment marks

News

Results

White Mountains swings to net loss on investment marks

White Mountains reported a $166.0mn operating loss for the first quarter that included solid revenue growth in its specialty insurance distribution platform but heavy net realised and unrealised investment losses amid the financial markets turmoil from Covid-19.

Fri 8 May 2020

S&P goes negative on Swiss Re ratings outlook

News

Rating actions

S&P goes negative on Swiss Re ratings outlook

Swiss Re has had the outlook on its AA- ratings revised to negative from stable by S&P Global Ratings on the back of a deterioration in the reinsurer’s underwriting performance in recent years rather than its current Covid-19 losses.

Fri 8 May 2020

Reinsurers need to act now on US BI issue: BCLP’s Sacher

News

Business interruption

Reinsurers need to act now on US BI issue: BCLP’s Sacher

Bryan Cave Leighton Paisner’s Jonathan Sacher has warned that overseas markets including London and Bermuda must take note of how the business interruption (BI) debate is evolving in the US, or else reinsurers could find themselves caught up in state legislation on which they have had no input.

Fri 8 May 2020

Comment

Risk managers to the rescue?

Weeks of mounting pressure on insurers from US State and Federal lawmakers to retroactively cover BI claims was eased in Washington DC on Tuesday – even if only temporarily.

Fri 8 May 2020

News

Case & Haley confident Aon-WTW will complete on time despite Covid-19 pressure

The global Covid-19 pandemic and the subsequent economic shockwaves being felt by the (re)insurance industry and clients alike, is only serving to reinforce the logic of combining Aon and Willis Towers Watson (WTW) to create the industry’s preeminent global professional services firm, the CEOs of both firms have told The Insurer.

Fri 8 May 2020

Viewpoint

Case & Haley: Covid-19 further validates Aon-WTW deal logic

In an exclusive wide-ranging interview with The Insurer, Greg Case and John Haley, chief executives of Aon and Willis Towers Watson (WTW) respectively, discuss the significance of the Aon-WTW deal in the wake of the global pandemic, while sharing their thoughts on the future of the industry.

Fri 8 May 2020

Podcast

Jonathan Sacher on what to expect in overseas jurisdictions and how reinsurers should respond

The second part of our interview proves an equally fascinating journey, as Bryan Cave Leighton Paisner’s Jonathan Sacher focuses on the US where insurers face activist regulators and politicians, a plaintiff bar and potentially agreed policy holders in the world’s most litigious society.

Fri 8 May 2020

News

COVID-19

ProAssurance warns of possible “meaningful” Covid-19 impact in future quarters

Medical malpractice specialist ProAssurance has warned the Covid-19 outbreak may have “a meaningful impact” on its results in future quarters, although the business saw no material effects of the outbreak during the first three months of the year.

Fri 8 May 2020

HCI reports 11.5 points improvement in CR to 88.8%

News

Results

HCI reports 11.5 points improvement in CR to 88.8%

Florida homeowners carrier HCI Group reported a significant improvement in its first quarter underwriting performance with a combined ratio that was 11.5 points lower at 88.8 percent.

Thu 7 May 2020