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COVID-19

IAG warns on dividend as Covid-19 market rout dents investment returns

Insurance Australia Group (IAG) has maintained its fiscal 2020 guidance but warned it is unlikely to pay a final dividend in September after losing A$280mn ($178.8mn) in investment income amid uncertainty over the impact of the coronavirus.

Mon 4 May 2020

Doing the right thing? At least the FCA is…

Comment

Results

Doing the right thing? At least the FCA is…

Extraordinary is not a word typically associated with financial regulators. Just like the markets they oversee, their preference is for the ordinary; for calm and normality. One joins the Navy, not a regulator, to experience a life of excitement.

Mon 4 May 2020

News

Black Forest Reinsurance Consulting launches in Continental Europe

A new run-off focused firm, Black Forest Reinsurance Consulting – which is led by Jens Ziser – has been set-up to provide (re)insurance consulting services out of Germany.

Mon 4 May 2020

Best Western Hotels mulls legal action over declined £100mn BI claims

News

Business interruption

Best Western Hotels mulls legal action over declined £100mn BI claims

Best Western Hotels is considering legal action against its insurers over their refusal to pay out circa £100mn ($125mn) of lockdown-related business interruption claims.

Mon 4 May 2020

News

QIC raises $300mn to support capital position as Markerstudy debt repayment looms

Qatar Insurance Company (QIC) has announced the issuance of $300mn in tier 2 capital notes as the Doha-headquartered carrier looks to bolster its capital position through the prevailing financial market turbulence brought about by the Covid-19 pandemic and with the delayed deadline of a $300mn+ debt from UK MGA Markerstudy fast-approaching.

Mon 4 May 2020

UW profits at Berkshire Hathaway dwarfed by $55bn investment losses

News

COVID-19

UW profits at Berkshire Hathaway dwarfed by $55bn investment losses

Relatively stable first quarter net underwriting earnings of $363mn (Q1 2019: $389mn) at Berkshire Hathaway’s (re)insurance operations that included a $230mn Covid-19 charge were overshadowed by huge group-level unrealized investment losses of $54.5bn that led to a $49.7bn net loss.

Mon 4 May 2020

Analysis

Business interruption

Folly of the Covid-19 numbers game

Like the global economy, the (re)insurance industry is in uncharted territory, and the Q1 earnings season to date has confirmed that it will be some time before the real loss impact on the sector from the pandemic can be quantified.

Mon 4 May 2020

News

Argo falls 11% as US (re)insurance stocks battered in Friday trading

The majority of US-listed (re)insurers suffered share price falls on Friday that outweighed that of the wider markets, with Argo and Hallmark Financial particularly hard hit.

Fri 1 May 2020

RIMS acknowledges drawbacks in forcing insurers to retroactively cover BI

News

Business interruption

RIMS acknowledges drawbacks in forcing insurers to retroactively cover BI

The chair of RIMS’s external affairs committee has told this publication the society recognises the challenges that would result from retroactively forcing insurers to cover business interruption (BI) losses, despite it sounding good for insureds in theory.

Fri 1 May 2020

CEA and Guy Carp to begin marketing wildfire fund renewal

News

Casualty Reinsurance

CEA and Guy Carp to begin marketing wildfire fund renewal

The California Earthquake Authority (CEA) and Guy Carpenter are due to begin marketing the state’s Wildfire Fund reinsurance programme ahead of its 1 June renewal, although any hopes of building out its size may be challenged by hardening market conditions.

Fri 1 May 2020

News

People Moves

IAT Re execs Mattox and Baker leave

IAT Reinsurance Company managing directors Peter Mattox and Steven Baker have both left the assumed reinsurance arm of the US specialty insurer, The Insurer can reveal.

Fri 1 May 2020

E&S submissions “recovered significantly” in past two weeks: Kinsale

News

COVID-19

E&S submissions “recovered significantly” in past two weeks: Kinsale

Excess and surplus lines specialist Kinsale has revealed that submissions have bounced back recently after a Covid-19 driven slowdown, while discussing Q1 results that included a 46.6 percent increase in gross written premiums.

Fri 1 May 2020

News

COVID-19

James River anticipates “raft” of general liability Covid-19 claims

James River chairman and CEO J Adam Abram has highlighted general liability as a source of Covid-19 claims, which he believes will not progress far, while revealing the Bermudian (re)insurer has received 200 total claims related to the pandemic.

Fri 1 May 2020

QIC Action Group secures Shepherd and Wedderburn to advise on rejected BI claims

News

Business interruption

QIC Action Group secures Shepherd and Wedderburn to advise on rejected BI claims

The newly formed QIC Action Group has appointed Shepherd and Wedderburn LLP to advise on its legal action against QIC Europe (QEL) and London-based managing general underwriter Eaton Gate, The Insurer understands.

Fri 1 May 2020

AM Best affirms Convex subsidiaries’ ratings

News

Rating actions

AM Best affirms Convex subsidiaries’ ratings

AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” of Convex’s core operating entities.

Fri 1 May 2020

AM Best places Watford Re’s A- rating under review

News

Rating actions

AM Best places Watford Re’s A- rating under review

AM Best has responded to Watford Re’s pre-announcement of a $300mn Q1 net investment loss by placing the Bermudian reinsurer’s A- financial strength rating and “a-“ long-term issuer credit ratings under review with negative implications.

Fri 1 May 2020