NewsCarbon Underwriting receives greenlight for Lloyd’s SIABManaging general underwriter (MGU) Carbon Underwriting has received in-principle approval from the Lloyd’s Franchise Board to launch a syndicate- in-a-box (SIAB), Syndicate 4747.Fri 1 May 2020
AnalysisCOVID-19MMC shares climb 12% in turbulent April to lead US-listed stocksBroking titan Marsh & Mclennan Companies (MMC) saw its stock value climb 12 percent in April to lead The Insurer’s universe of US-listed brokers and carriers as stock markets notched up healthy gains last month despite the continued economic shock caused by the coronavirus.Fri 1 May 2020
NewsPeople MovesLockton promotes Marrero and Taiym to senior US rolesUS broker Lockton has targeted further growth after promoting Hiram Marrero to president, global growth officer and Said Taiym to US chief operating officer.Fri 1 May 2020
NewsPeople MovesBurns & Wilcox adds PL exec McCormick from MarketScoutWholesale broker Burns & Wilcox has hired Laura McCormick as regional practice group leader, professional liability, for the southern US region, joining from MarketScout.Fri 1 May 2020
NewsResultsAon shares trade up after Q1 sees 5% organic growth led by reinsuranceAon shares were trading up over 3 percent this morning after the broker reported solid Q1 organic growth and said that around 80 percent of its revenue going forward relates to non-discretionary purchasing by clients with a 95 percent retention rate.Fri 1 May 2020
NewsBusiness interruptionWillis: Covid-19 insured losses could hit $140bn in extreme scenarioInsured losses stemming from the Covid-19 pandemic could be as high as $140bn, according to modelled scenario analysis by Willis Towers Watson.Fri 1 May 2020
NewsCOVID-19CCR hands 2019 income to state-backed trade credit backstop as CCR Re posts 98.1% CRFrench state-backed carrier Caisse Centrale de Réassurance (CCR) is cancelling its proposed dividend in favour of allocating 2019 net income to the newly launched state-guaranteed Covid-19 reinsurance scheme.Fri 1 May 2020
NewsLegal/ RegulatoryFCA to seek “urgent” UK court declaration as BI disputes intensifyOnly two weeks after signalling it was comfortable with UK insurers’ general stance on Covid-19 business interruption (BI) claims, the Financial Conduct Authority (FCA) is now seeking an “urgent” court declaration on the disputed wordings.Fri 1 May 2020
NewsQBE closes down 8 percent as APAC stocks fallShares in Australian carrier QBE slipped over 7 percent on Friday to lead a renewed sell-off in global equities after fresh economic data and a slew of US corporate earnings quashed investor confidence that the worst of the market turbulence may be behind them.Fri 1 May 2020
NewsPersonal autoUK motor profits could triple as drivers stay at home: JefferiesA sharp reduction in driving by UK motorists could slash 21.5 points from insurers’ combined ratios for the business line if the lockdown extends through to the end of Q3, potentially tripling underwriting profits, according to analysis from Jefferies.Fri 1 May 2020
AnalysisCOVID-19Scor surges 28% in April to lead European P&C stocksShares in French reinsurer Scor surged in April to lead The Insurer’s universe of European-listed carriers with its stock up almost 30 percent last month after the near-indiscriminate March equities rout.Fri 1 May 2020
NewsCOVID-19Gallagher braces for flat-to-negative organic growthArthur J Gallagher’s Patrick Gallagher has said it is possible organic growth may be flat or even negative for a couple of quarters as a result of Covid-19 - while M&A will also slow down - but predicted a rebound next year to organic growth similar to 2019.Fri 1 May 2020
NewsLegal disputeDE Shaw vows to fight Markel CatCo suit over ILW collateralMarkel CatCo has alleged DE Shaw is refusing to release collateral for industry loss warranties because of a difference of opinion over obligations relating to Typhoon Jebi, with the hedge fund countering that the lawsuit is “without merit”.Fri 1 May 2020
NewsCOVID-19Fairfax UW profits climb 17% despite $84.3mn Covid-19 chargeBrit, Allied World and Odyssey Group parent Fairfax Financial reported an improvement in its overall underwriting results but fell to a first quarter net loss of $1.26bn that included preannounced net losses on investments of $1.54bn.Fri 1 May 2020
NewsCOVID-19Covid-19 related revenue impact dents AJG organic growthCovid-19 related changes in estimated revenues have pushed Arthur J Gallagher’s first quarter organic growth down to 3.1 percent for its brokerage segment and 4.1 percent for its risk management segment.Thu 30 Apr 2020
NewsCommercial insuranceZurich hires Chubb’s Wells to replace Cooper as US middle market headZurich North America has appointed Alexander Wells as US head of middle market, replacing Marcus Cooper who recently joined Liberty Mutual.Thu 30 Apr 2020