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Fitch stable on AIG P&C but negative on life and holding company over Covid-19

News

Rating actions

Fitch stable on AIG P&C but negative on life and holding company over Covid-19

Fitch has affirmed AIG and maintained a stable outlook on the A financial strength ratings of its P&C insurance operations, but revised the outlook to negative on its life insurance subsidiaries and holding company because of economic disruption and financial markets turmoil from Covid-19.

Wed 6 May 2020

Epic hires Howard to head elite athletes and entertainers unit

News

High net worth

Epic hires Howard to head elite athletes and entertainers unit

US retail broker Epic has hired Dave Howard to head up the unit of its high net worth platform that targets elite athletes, entertainers and other “successful” individuals.

Wed 6 May 2020

Nexus Specialty names Fried US head of claims

News

People Moves

Nexus Specialty names Fried US head of claims

London market managing general agency Nexus Group has hired Mike Fried from LVL Claims Services to lead its in-house claims team for Nexus Specialty in the US.

Wed 6 May 2020

News

Cobbs Allen and CAC Specialty establish partnership with Protecdiv

Cobbs Allen and its newly opened affiliate CAC specialty have teamed up with fellow recently launched intermediary Protecdiv to form a partnership that will broader their respective capabilities in the auto, financial, energy, construction, public entity and reinsurance markets.

Wed 6 May 2020

Cat losses drive State Auto to Q1 loss as CR climbs to 107.2%

News

Results

Cat losses drive State Auto to Q1 loss as CR climbs to 107.2%

Columbus, Ohio-headquartered State Auto has reported an operating loss of $7.8mn, or $0.18 per diluted share for the first quarter, compared to an operating profit of $13.6mn, or $0.31 per diluted share in the prior-year period.

Wed 6 May 2020

News

Wall Street futures point higher as Hiscox leads Euro stocks rally

US equity futures gained on Wednesday after President Donald Trump pushed again to reopen the economy while European (re)insurance stocks turned higher with investors allowing a little cautious optimism as countries tentatively lift coronavirus lockdowns.

Wed 6 May 2020

News

COVID-19

IRB Brasil Re delays Q1 results amid Covid-19 fallout

Brazilian carrier IRB Brasil Re has delayed the release of its first quarter results by six weeks to 18 June, citing the challenges posed by the global Covid-19 pandemic.

Wed 6 May 2020

Allianz latest to face prospect of BI legal action as London restaurant seeks court decision

News

Legal/ Regulatory

Allianz latest to face prospect of BI legal action as London restaurant seeks court decision

Allianz Insurance, the UK general insurance arm of Allianz Group, is the latest carrier to face policyholder legal action over its business interruption policies with Edwin Coe LLP and Harris Balcombe LLP spearheading a group action.

Wed 6 May 2020

News

QBE to raise $500mn in capital notes

Australian insurer QBE is to raise $500mn in fixed-rate capital notes in the latest step under a de-risking strategy at the Pat Regan-led carrier.

Wed 6 May 2020

Hiscox shares close 8% higher on £375mn discounted equity raise

News

Business interruption

Hiscox shares close 8% higher on £375mn discounted equity raise

Shares in Hiscox plc closed over 8 percent higher on Wednesday after the London-listed carrier’s move to raise fresh equity and bolster its balance sheet was welcomed by analysts and shareholders alike.

Wed 6 May 2020

News

GC and Tiger in joint mandate to raise capital for Carbon SIAB

Guy Carpenter and TigerRisk have a joint mandate to raise capital for the innovative data-led syndicate-in-a-box initiative to be launched by MGU Carbon Underwriting, The Insurer can reveal.

Wed 6 May 2020

Analysis

COVID-19

Hannover Re latest to post Covid-19 loss estimate…

In a busy week for Q1 earnings reports, Hannover Re has become the latest to unveil its loss estimates relating to the Covid-19 pandemic although the ultimate industry loss remains profoundly uncertain, especially in relation to BI losses from property programs. The Insurer tracks the latest changes.

Wed 6 May 2020

News

Capital

Hiscox buys ILWs ahead of hurricane season and eyes LPT to release capital

Hiscox is bolstering its existing reinsurance programme with the purchase of industry loss warranties (ILWs) ahead of the upcoming hurricane season and is looking at potential loss portfolio transfers (LPTs) to free up capital.

Wed 6 May 2020

Generali stresses ‘solid’ capital position following Fitch downgrade

News

COVID-19

Generali stresses ‘solid’ capital position following Fitch downgrade

Generali has emphasised its strong capital position following a financial strength downgrade by Fitch from “A+” to “A-” on the back of the recent downgrading of Italy’s sovereign debt and Covid-19 uncertainty.

Wed 6 May 2020

News

Hiscox confirms pricing for £375mn equity raise; analysts positive

Hiscox’s post-market news yesterday that it is to raise fresh equity and bolster its balance sheet was welcomed by analysts as giving the firm greater certainty ahead of the fast-approaching hurricane season.

Wed 6 May 2020

News

Hannover Re P&C reinsurance u/w profit slumps 94% in Q1; Eur220mn Covid-19 loss

Hannover Re has reported an underwriting result of Eur7.2mn ($7.8mn) in its P&C reinsurance division, sharply down on the Eur124.8mn it posted in the first quarter of 2019.

Wed 6 May 2020