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AIG’s virus sub-limits aggregate to less than 1% of its total commercial property limits

News

Business interruption

AIG’s virus sub-limits aggregate to less than 1% of its total commercial property limits

Investors reacted positively to commentary from AIG management on the insurer’s earnings call this morning, including reassurances over potential Covid-19 BI exposures on its property book.

Tue 5 May 2020

DC retroactive BI proposal pulled ahead of vote

News

Business interruption

DC retroactive BI proposal pulled ahead of vote

The Council of the District of Columbia has pulled a retroactive business interruption (BI) proposal that was initially included in a Covid-19 omnibus bill during debate, just hours after RIMS wrote it a letter asking for any action to be deferred until its impact on the insurance industry has been “fully vetted”.

Tue 5 May 2020

News

COVID-19

Hiscox launches £250mn+ equity raise

London-listed Hiscox is to issue new shares of up to 19.99 percent of its existing ordinary share capital to enable the carrier to “position the Group to respond to future growth opportunities and rate improvement in the US wholesale and reinsurance markets”.

Tue 5 May 2020

News

Axa faces “mid-triple digits” event cancellation hit; P&C drives 8% Q1 Axa XL revenue growth

Total revenues at Axa XL leapt 8 percent in the first quarter to Eur6.59bn ($7.14bn), driven primarily by an uptick in its P&C insurance business, where revenues climbed 10 percent to Eur4.6bn on the back of strong rate increases.

Tue 5 May 2020

News

COVID-19

No playbook for record unmodelled industry Covid-19 cat loss: AIG

The fallout of Covid-19 will impact all aspects of underwriting from limits available and deployed, terms and conditions, co-insurance and structure in insurance, to capacity headwinds in reinsurance and a crunch in retro and the ILS market, according to AIG president and global COO Peter Zaffino.

Tue 5 May 2020

BMS names Marsh’s Towneley as international chair

News

People Moves

BMS names Marsh’s Towneley as international chair

BMS Group has named Marsh’s Middle East and North Africa (MENA) chair Peregrine Towneley as chairman of international operations to lead the broker’s expansion in the Middle East.

Tue 5 May 2020

News

Rating actions

Axis responds to AM Best downgrade

Ratings agency AM Best has downgraded Bermudian Axis’ financial strength rating from “A+” to “A” on the back of deterioration in the carrier’s operating performance.

Tue 5 May 2020

News

COVID-19

Lloyd’s to accelerate 2021 business planning over Covid-19

The performance management directorate (PMD) is planning to speed up its 2021 business and capital planning for syndicates in response to challenges posed by the Covid-19 pandemic.

Tue 5 May 2020

US futures point higher while Euro (re)insurers gain as virus lockdowns ease

News

COVID-19

US futures point higher while Euro (re)insurers gain as virus lockdowns ease

US stock futures pointed higher on Tuesday as investors bet the US economy could start to reopen again while European and Asia-Pacific markets made widespread gains on renewed hope that economies will start to rebound as countries lift coronavirus restrictions.

Tue 5 May 2020

PA Supreme Court petitioned to fast track Covid-19 BI cases

News

Legal dispute

PA Supreme Court petitioned to fast track Covid-19 BI cases

A restaurant owner who is suing Erie Insurance has filed a petition with the Pennsylvania Supreme Court in the latest effort by a plaintiff to consolidate Covid-19 business interruption (BI) lawsuits against insurers.

Tue 5 May 2020

Analysis

COVID-19

Q1 reporters add to Covid-19 loss tracker

In a busy week for Q1 earnings reports, a flurry of US listed carriers have unveiled 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 from the past 24 hours.

Tue 5 May 2020

ERS adds former Ageas UK CEO Boisseau to board

News

People Moves

ERS adds former Ageas UK CEO Boisseau to board

Lloyd’s motor insurer ERS has appointed Francois-Xavier Boisseau, the former chief executive officer of Ageas UK Insurance to its board of directors.

Tue 5 May 2020

News

New $150mn Allstate cat bond Sanders Re highlights Florida pricing pressure

In what is already proving an unusually busy second quarter for new catastrophe bonds, a proposed new Florida-focussed issuance from Allstate highlights the increased risk pricing demands for windstorm cat capacity in the sunshine state.

Tue 5 May 2020

AmWINS new international CEO begins role

News

People Moves

AmWINS new international CEO begins role

Lloyd’s wholesale broker THB Group has welcomed Matthew Crane as its new CEO and president of the International division of parent AmWINS Group, finalising a move first announced in February.

Tue 5 May 2020

Mapfre flags Q1 profit miss with nat cat hit of Eur68mn

News

Results

Mapfre flags Q1 profit miss with nat cat hit of Eur68mn

Spanish (re)insurer Mapfre has signalled its Q1 net earnings will be down nearly a third on the previous year at Eur127mn ($137.8mn), driven by natural catastrophes in Spain and Puerto Rico that contributed to a loss bill of Eur68mn.

Tue 5 May 2020

Capsicum Re bolsters property & specialty team with trio of hires

News

People Moves

Capsicum Re bolsters property & specialty team with trio of hires

Capsicum Re has strengthened its property & specialty division with senior hires from rivals Price Forbes, Prospect and Aon.

Tue 5 May 2020