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Enstar swings to $517mn net loss in investment markets turmoil

News

Results

Enstar swings to $517mn net loss in investment markets turmoil

Legacy-to-live carrier Enstar reported a first quarter net loss attributable to ordinary shareholders of $516.8mn, compared to a $358.8mn profit in the prior-year period driven by $634.5mn of net realized and unrealized losses on its investment portfolio.

Thu 7 May 2020

Analysis

COVID-19

Munich Re leap-frogs peers to lead Covid-19 industry loss table

Munich Re today revealed it had set aside Eur800mn for Covid-19 related losses, leap-frogging rival Swiss Re in disclosing the industry’s largest estimate yet for the pandemic.

Thu 7 May 2020

Florida carrier Centauri files $30mn+ poaching suit against Wellington

News

Homeowners insurance

Florida carrier Centauri files $30mn+ poaching suit against Wellington

Homeowners’ carrier Centauri Specialty Insurance Holdings (CSIH) and its MGA are suing a quartet of employees and Texas rival Wellington after hearing the executives were leaving to join the Aquiline-backed MGA last month, The Insurer can reveal.

Thu 7 May 2020

FHCF unlikely to go ahead with cat reinsurance renewal

News

Homeowners insurance

FHCF unlikely to go ahead with cat reinsurance renewal

The Florida Hurricane Catastrophe Fund (FHCF) looks unlikely to renew its expiring $920mn excess of loss reinsurance cover this year in a marketplace that appears increasingly challenging as the 1 June renewal draws close, The Insurer can reveal.

Thu 7 May 2020

Covid-19 BI litigation enters new phase as lawyers race to consolidate disputes

Analysis

Business interruption

Covid-19 BI litigation enters new phase as lawyers race to consolidate disputes

Recent weeks have seen US plaintiffs look to consolidate Covid-19 business interruption (BI) coverage disputes through class actions and other means that industry observers counter are not suitable for insurance.

Thu 7 May 2020

News

Event cancellations major component of Munich Re Eur800mn Covid-19 reserve

Munich Re has posted the industry’s largest Q1 Covid-19 loss reserve yet at Eur800mn and says expected contingency losses formed a significant component of its initial assessment.

Thu 7 May 2020

News

RSA leads Euro gains as markets edge higher

Shares in London-listed RSA climbed 6 percent in early trading after investors responded positively to the UK insurer’s Q1 trading statement to lead the gains in a mixed start to European trading.

Thu 7 May 2020

News

COVID-19

PRA postpones insurance stress test on Covid-19 pressures

The Bank of England’s Prudential Regulation Authority (PRA) has decided to pause further work on its insurance stress test, in a move designed to alleviate pressures on firms during the Covid-19 pandemic.

Thu 7 May 2020

Investors respond positively to Munich Re’s Q1 miss

News

Results

Investors respond positively to Munich Re’s Q1 miss

Shares in Munich Re ticked up this morning as investors responded positively to the carrier’s Q1 operating result of Eur397mn ($429mn) and Covid-19 losses of Eur800mn.

Thu 7 May 2020

Dual builds outs with takeover of NZ specialty lines MGA

News

M&A

Dual builds outs with takeover of NZ specialty lines MGA

Hyperion’s Dual has acquired the largest specialty lines underwriting agency in New Zealand International Underwriting Agencies (IUA), The Insurer can reveal.

Thu 7 May 2020

FCA to trial untested legal mechanism in “bold” BI fast-track move

News

Business interruption

FCA to trial untested legal mechanism in “bold” BI fast-track move

The Financial Conduct Authority (FCA) is to trial an as-yet untested mechanism to fast-track a potential long queue of BI policy wordings disputes between aggrieved business owners and their insurers, The Insurer can reveal.

Thu 7 May 2020

RSA shares climb on “strong” Q1 and Numis upgrade

News

Results

RSA shares climb on “strong” Q1 and Numis upgrade

RSA’s shares climbed over 4 percent as trading on the London Stock Exchange opened as investors responded positively to the UK insurer’s Q1 trading statement.

Thu 7 May 2020

News

COVID-19

Talanx reports Q1 CR of 99.8% on Eur313mn Covid-19 hit

Talanx – the majority shareholder in reinsurer Hannover Re and primary insurer HDI – reported a 9.3 percent drop in first quarter operating profit to Eur599mn ($616mn) that included the impact of a Eur313mn large loss hit from Covid-19.

Thu 7 May 2020

News

COVID-19

Munich Re Q1 operating profit halves on Eur800mn Covid-19 hit

Munich Re has reported an operating profit of Eur397mn ($428.5mn) in the first quarter, a 49 percent drop on Q1 2019 as the carrier books Eur800mn of losses from Covid-19, the largest disclosure by any carrier as yet.

Thu 7 May 2020

News

QBE rejects shareholder resolution from climate activist

Australian Insurance heavyweight QBE rejected demands from climate change investor activists today that it reduce its investment and underwriting exposures to the energy sector.

Thu 7 May 2020

UPC core income up but misses analyst expectations

News

Homeowners insurance

UPC core income up but misses analyst expectations

Florida carrier United Insurance Holdings (UPC) has reported an increase in first quarter core income to $9.1mn, up from $3.2mn, but a fall in net income resulting from unrealised losses on equity securities.

Thu 7 May 2020