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NAIC issues Covid-19 related BI data call for all states

News

Business interruption

NAIC issues Covid-19 related BI data call for all states

The National Association of Insurance Commissioners (NAIC) has announced a data call of admitted and non-admitted domestic insurers’ business interruption (BI) exposures that will involve insurance regulators in all 50 US states, the District of Columbia and US territories.

Mon 4 May 2020

Mercury General trades up after 23% rise in operating profits

News

Results

Mercury General trades up after 23% rise in operating profits

Shares in Mercury General were trading up 2.1 percent this morning against a wider sector sell-off after the Californian carrier reported improved underwriting and operating results for the first quarter despite prior-year development in its homeowners and commercial auto businesses.

Mon 4 May 2020

Everest Re promotes Tibbitt to deputy CUO

News

People Moves

Everest Re promotes Tibbitt to deputy CUO

Everest Re has promoted Sharry Tibbitt to deputy chief underwriting officer (CUO), a role which will see her supporting CUO Chris Downey in managing and guiding the direction of the reinsurer’s book of business.

Mon 4 May 2020

Peak Re top line swells 23 percent in 2019

News

Results

Peak Re top line swells 23 percent in 2019

Hong Kong-based reinsurer Peak Re booked $1.7bn in gross written premium in 2019, a 23 percent increase from the $1.38bn reported a year earlier.

Mon 4 May 2020

News

AIG HNW Syndicate 2019 finally takes-off

AIG has announced the delayed launch of its high net worth Syndicate 2019 after it was first trailed in October last year.

Mon 4 May 2020

News

COVID-19

Fitch goes negative on Axis Capital on Covid-19 exposure

Axis Capital has been handed a negative outlook by ratings agency Fitch on the assumption that the Bermudian carriers’ performance will be further pressured in 2020 by coronavirus-related exposures.

Mon 4 May 2020

CNA shares trade down as Q1 results miss

News

COVID-19

CNA shares trade down as Q1 results miss

Shares in CNA were trading 1.1 percent lower shortly after the open on Monday after the Dino Robusto-led carrier delivered an operating EPS of $0.40, missing the Street’s $0.80 consensus.

Mon 4 May 2020

DC local government to consider mandating Covid-19 BI coverage

News

Business interruption

DC local government to consider mandating Covid-19 BI coverage

The legislative branch of Washington DC will this week discuss draft legislation that would mandate insurers cover Covid-19 business interruption (BI) losses for small businesses in the district.

Mon 4 May 2020

News

People Moves

Mauchamp returns to MS Amlin

MS Amlin AG, the Zurich-based reinsurance arm of Lloyd’s carrier MS Amlin, has named Grégoire Mauchamp as chief operating officer.

Mon 4 May 2020

Investment hit drives CNA to Q1 $61mn net loss

News

Results

Investment hit drives CNA to Q1 $61mn net loss

US carrier CNA has unveiled a net loss of $61mn in the first quarter, primarily driven by net investment losses of $169mn together with a more modest $15mn dent for Covid-19 related claims.

Mon 4 May 2020

Hiscox pressure groups form alliance over BI legal disputes

News

Business interruption

Hiscox pressure groups form alliance over BI legal disputes

The Hiscox Action Group and the Night Time Industries Association (NTIA), which together claim to represent nearly 500 U.K. businesses with insurance policies with Hiscox, have formed an alliance to pursue potential legal action against the FTSE 250 insurer over its denial of liability relating to BI coverage.

Mon 4 May 2020

News

People Moves

TMK names Chubb’s Shaw CUO

Former Chubb president Matthew Shaw has joined Tokio Marine Kiln (TMK) as chief underwriting officer.

Mon 4 May 2020

News

Swiss Re leads Euro losses as global stocks drop on US/China tensions

Shares in Swiss Re slid 6.5 percent in early trading this morning, while the other “big four” reinsurance giants – Munich Re, Hannover Re and Scor – traded down sharply as European markets followed Asia lower as tension flared between the US and China over the origin of the coronavirus pandemic.

Mon 4 May 2020

PartnerRe looks to Axis for head of financial risks

News

People Moves

PartnerRe looks to Axis for head of financial risks

Bermudian carrier PartnerRe has named Jeffrey Ryan head of financial risks.

Mon 4 May 2020

Analysis

WTW cites Covid-19 as Q1 insurtech funding shrinks

Insurtech funding was down 54 percent in the first quarter, reflecting the trend for fewer ‘mega-deals’ – transactions in excess of $100mn+ – as well as the impact on investor appetite from the Covid-19 pandemic, according to Willis Towers Watson.

Mon 4 May 2020

TigerRisk hires Po-Ba as Lloyd’s roll-out continues

News

People Moves

TigerRisk hires Po-Ba as Lloyd’s roll-out continues

Fresh from receiving backing from Flexpoint Ford, US reinsurance intermediary TigerRisk has recruited Lawrence Po-Ba to join the firm focussing on capital solutions for Lloyd’s syndicates.

Mon 4 May 2020