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People Moves

Day confirmed as Topa CEO

Michael Day has been confirmed as president and CEO of private equity-backed carrier Topa Insurance Group after filling the position on an interim basis since the departure of John Donahue late last year.

Thu 7 May 2020

Zurich Canada appoints new head of risk services

News

People Moves

Zurich Canada appoints new head of risk services

Zurich Canada has appointed Chris Snider as its permanent head of risk services, a role the executive previously held on an interim basis.

Thu 7 May 2020

Selective shares down 8% despite BI assurances as CEO predicts top line pressures

News

COVID-19

Selective shares down 8% despite BI assurances as CEO predicts top line pressures

Selective’s president and CEO John Marchioni said that 90-95 percent of the insurer’s property policies include virus exclusions but admitted his company will face pressure on its top line growth “for the next few quarters”.

Thu 7 May 2020

OneAdvent buys property MGA Modus from CFC

News

Commercial property

OneAdvent buys property MGA Modus from CFC

London-based MGA platform OneAdvent has acquired Modus Underwriting, a digital-first MGA focused on providing niche property insurance products to brokers across the UK.

Thu 7 May 2020

Tornado exhausts risk cover as State Auto reveals portion of book doesn’t exclude virus

News

COVID-19

Tornado exhausts risk cover as State Auto reveals portion of book doesn’t exclude virus

State Auto has told investors that its business interruption (BI) exposure to Covid-19 is limited because its commercial policies require direct physical loss or damage to property, but also disclosed that almost half of its BOP and middle market policies don’t have a specific virus exclusion.

Thu 7 May 2020

FedNat reinsurance price increases “manageable”: CEO Braun

News

Property reinsurance

FedNat reinsurance price increases “manageable”: CEO Braun

FedNat CEO Michael Braun has said he appreciates reinsurance price increases are necessary, while indicating that the insurer could return to growing in its home state of Florida by the turn of the year.

Wed 6 May 2020

Everest’s Q1 operating income falls as Covid-19 and cat bite bottom line

News

Results

Everest’s Q1 operating income falls as Covid-19 and cat bite bottom line

Everest Re’s first quarter 2020 after-tax operating profit dipped by 41.8 percent year on year to $164.4mn after pre-announced Covid-19-related IBNR losses of $150mn and a further $30mn of catastrophe claims took their toll on its bottom line.

Wed 6 May 2020

News

COVID-19

RenRe takes $103.8mn Covid-19 charge in casualty and specialty unit

RenaissanceRe reported a 78 percent drop in first quarter operating profits to $33.4mn that included the impact of a $103.8mn hit from Covid-19 in casualty and specialty that added 21.1 points to the segment’s combined ratio.

Wed 6 May 2020

Podcast

Jonathan Sacher on FCA’s decision as Covid-19 BI disputes intensify

This week on The Best Policy podcast, we speak to the co-head of the multi-disciplinary insurance sector at Bryan Cave Leighton Paisner - Jonathan Sacher, one of the London market’s preeminent (re)insurance lawyers.

Wed 6 May 2020

News

COVID-19

Greenlight Re anticipates premium revenue reduction from Covid-19

Greenlight Re CEO Simon Burton is confident that Covid-19 will not lead to big underwriting losses for the reinsurer but said that it may result in a reduction in premium from clients refunding policyholders.

Wed 6 May 2020

Palomar drops cat bond and returns to traditional market at midyear

News

Earthquake

Palomar drops cat bond and returns to traditional market at midyear

Palomar Specialty has decided not to renew its $166mn Torrey Pines catastrophe bond while the expansive carrier has also confirmed it has already placed all of its midyear reinsurance renewal.

Wed 6 May 2020

Ironshore reiterates commitment to long-term care MPL market

News

COVID-19

Ironshore reiterates commitment to long-term care MPL market

Ironshore has reinforced its commitment to the healthcare insurance sector including the long-term care medical professional liability (MPL) market amid notable recent withdrawals in response to the Covid-19 outbreak.

Wed 6 May 2020

Lloyd’s syndicate DTW1991 asks judge to dismiss Florida BI suit

News

Business interruption

Lloyd’s syndicate DTW1991 asks judge to dismiss Florida BI suit

DTW1991 Underwriting has filed a dispositive motion in a Covid-19 business interruption (BI) case brought against it by Florida sports bar Prime Time Sports Grill, with the Lloyd’s underwriter arguing no facts have been alleged that give rise to coverage.

Wed 6 May 2020

USI to buy Associated Bank broker subsidiary for $266mn

News

M&A

USI to buy Associated Bank broker subsidiary for $266mn

USI has agreed to buy Associated Benefits & Risk Consulting (ABRC), a US broker with revenues of $89mn, from Associated Banc-Corp for $266mn.

Wed 6 May 2020

News

Hannover Re proceeds with Eur5.50 dividend despite Eiopa call

Hannover Re is to push forward with its proposed Eur5.50 ($5.95) per share dividend after shareholders approved the move despite the carrier withdrawing its 2020 profit guidance amidst the Covid-19 crisis.

Wed 6 May 2020

News

Hannover Re reveals “relatively small” Olympics exposure

German reinsurance giant Hannover Re has revealed that its maximum exposure to the postponement of the 2020 Tokyo Olympic Games is $50mn, well within the Eur220mn ($237.9mn) it disclosed it had set aside for complex claims associated with the coronavirus pandemic this morning.

Wed 6 May 2020