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COVID-19

Swiss carrier Helvetia an early mover with Covid-19 settlement

St. Gallen-headquartered Helvetia Group has unveiled this morning a novel, without prejudice pandemic settlement offer to its restaurants and catering policyholders.

Tue 5 May 2020

MMC issues $750mn senior debt; Moody’s affirms negative outlook

News

Rating actions

MMC issues $750mn senior debt; Moody’s affirms negative outlook

MMC will issue $750mn in 10.5-year senior unsecured notes that will be used for general corporate purposes and ensure the New York headquartered broking titan can continue to pay back a portion of the borrowings under its revolving credit facility.

Tue 5 May 2020

Peak Re completes takeover of Lutece and rebrands to Peak Capital

News

M&A

Peak Re completes takeover of Lutece and rebrands to Peak Capital

Fosun-owned carrier Peak Re has completed the acquisition of Bermuda-based ILS asset manager Lutece Holdings and its subsidiary Lutece Investment Management.

Tue 5 May 2020

Berkshire Hathaway would write pandemic coverage “at the right price”

News

COVID-19

Berkshire Hathaway would write pandemic coverage “at the right price”

Berkshire Hathaway CEO Warren Buffett said the investment and insurance giant would be willing to write pandemic coverage in the aftermath of Covid-19 “at the right price”.

Tue 5 May 2020

Paragon completes Trident Public Risk acquisition from Argo

News

M&A

Paragon completes Trident Public Risk acquisition from Argo

MGA platform has closed on the purchase of Trident Public Risk Solutions from Argo in a move that it said positions it as one of the largest providers of commercial insurance coverage for public entities in the US.

Tue 5 May 2020

AIG takes $210mn write-down to wipe Blackboard

News

Commercial insurance

AIG takes $210mn write-down to wipe Blackboard

AIG has put its tech-driven middle market insurance operation Blackboard into run-off and taken a $210mn Q1 impairment charge to write down the asset on its balance sheet in the process.

Tue 5 May 2020

Watford Re swings to net loss as Covid-19 hits investments

News

Results

Watford Re swings to net loss as Covid-19 hits investments

Watford Re fell to a net loss of $267.8mn for the first quarter of 2020 as Covid-19-related volatility left it nursing a net investment loss of $262.7mn for the period.

Tue 5 May 2020

Covid-19 economic impact worries casualty reinsurers more than coverage mandates

News

Casualty Reinsurance

Covid-19 economic impact worries casualty reinsurers more than coverage mandates

The wider possible economic impact of the Covid-19 outbreak is of more concern to casualty reinsurers than any potential government mandates of coverage when pandemic-related losses are excluded, according to a new survey from BMS.

Tue 5 May 2020

Arch operating profits down 31% after Covid-19 hit

News

Results

Arch operating profits down 31% after Covid-19 hit

Arch Capital Group reported operating income per share of $0.46 that was ahead of the $0.41 mean of analyst estimates compiled by S&P that were adjusted to reflect the Bermudian’s preannounced Covid-19 charge earlier this month.

Tue 5 May 2020

News

Heritage grows GWP 9% and improves combined ratio in Q1

Florida carrier Heritage Insurance has improved its combined ratio by 2.1 points in a quarter in which it saw no impact from the economic slowdown brought on by Covid-19.

Mon 4 May 2020

AIG takes $272mn Covid-19 charge as GI combined ratio tops 100%

News

Business interruption

AIG takes $272mn Covid-19 charge as GI combined ratio tops 100%

AIG has reported $419mn of first quarter pre-tax cat losses in its general insurance (GI) operations, including a $272mn charge related to losses from Covid-19, and withdrawn previously issued earnings guidance.

Mon 4 May 2020

News

COVID-19

Covid-19 losses push Axis Q1 combined ratio to 119.8%

Axis Capital has reported a 22.9 point deterioration of its combined ratio in the first quarter as a result of pre-announced catastrophe and weather-related losses, while gross written premiums (GWP) fell 14.0 percent in the reinsurance segment but rose 10.5 percent in the insurance segment.

Mon 4 May 2020

Thor Equities sues FM Global for at least $20mn of Covid-19 losses

News

Business interruption

Thor Equities sues FM Global for at least $20mn of Covid-19 losses

Thor Equities, which owns commercial real estate in New York City and elsewhere, has sued FM Global for at least $20mn of rental and other losses from Covid-19 that it believes are covered by its $750mn limit property policy despite a $1mn communicable disease sublimit.

Mon 4 May 2020

Integrand denied in bid to stall arbitration with reinsurers

News

Legal dispute

Integrand denied in bid to stall arbitration with reinsurers

Integrand has been denied a motion to remand a reinsurance dispute over hurricane losses to the court overseeing its liquidation, with a judge instead ordering the Puerto Rico insurer to agree the appointment of arbitrators with its reinsurers.

Mon 4 May 2020

News

S&P upgrades CCR Re on Covid-19 resilience and “integral link” with French govt

CCR Re – the open market reinsurance arm of French state-backed CCR – has had its rating upgraded from ‘A-’ to ‘A’ by S&P on the back of the carrier’s profitability, its expected resilience to the Covid-19 pandemic and the “almost-certain” likelihood of government support if it were to experience any financial distress.

Mon 4 May 2020

CNA’s US and international property policies exclude virus: Robusto

News

Business interruption

CNA’s US and international property policies exclude virus: Robusto

Shares in CNA were up 3 percent this morning after CEO Dino Robusto told analysts that the insurer’s property policies exclude virus, its aging services book has minimal exposure to workers comp for frontline health care providers, and its healthcare professional liability portfolio has been de-risked.

Mon 4 May 2020