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COVID-19

Allianz disappoints analysts with Covid-19 driven 2020 profits warning

Allianz Group preannounced preliminary Q1 earnings that were in line with consensus but said it has pulled its 2020 target range for operating profit in a move that was described as a disappointing “capitulation” by KBW analyst Will Hawkins.

Thu 30 Apr 2020

S&P highlights US P&C silent pandemic exposure

Analysis

Business interruption

S&P highlights US P&C silent pandemic exposure

In addition to the business interruption liabilities arising from Covid-19 for the US property casualty sector, S&P Global Ratings has commented a number of business lines have silent pandemic coverage exposure.

Thu 30 Apr 2020

The Hartford reassures on Covid-19 but still shares fall 8%

News

Business interruption

The Hartford reassures on Covid-19 but still shares fall 8%

The Hartford responded to scrutiny from analysts on its earnings call yesterday about Covid-19 business interruption exposure by stating that an “exhaustive review” of policies confirmed that the “vast majority” of its contracts have a virus exclusion in place.

Thu 30 Apr 2020

MMC says Marsh and GC on course for 2020 organic growth despite Covid-19

News

Results

MMC says Marsh and GC on course for 2020 organic growth despite Covid-19

MMC shares closed up yesterday in contrast to a broad market sell-off as the firm said its broking platforms Marsh and Guy Carpenter are still expected to grow on an underlying basis this year, and group CEO Dan Glaser dismissed the idea of salary cuts as a “blunt instrument” that can have “lasting implications”.

Thu 30 Apr 2020

WTW discretionary spending cuts “probably sufficient” instead of salary reductions

News

COVID-19

WTW discretionary spending cuts “probably sufficient” instead of salary reductions

Willis Towers Watson CEO John Haley has commented that cutting discretionary spending “to the bone” means the broker is unlikely to have to reduce staff salaries like its proposed acquirer Aon has in response to Covid-19 pressures.

Thu 30 Apr 2020

Pool Re surplus pot in sights of BI hospitality action group

News

COVID-19

Pool Re surplus pot in sights of BI hospitality action group

A UK-based action group formed to tackle insurers over rejected Covid-19 business interruption claims has gone to the Chancellor of the Exchequer, calling on Rishi Sunak to release excess Pool Re funds to support the hospitality industry throughout the global pandemic.

Thu 30 Apr 2020

Swiss Re CFO holds firm on retroactive BI measures; provides bullish outlook on rates

News

COVID-19

Swiss Re CFO holds firm on retroactive BI measures; provides bullish outlook on rates

Swiss Re will fight any attempt which forces the carrier to provide retroactive cover for Covid-19 losses, CFO John Dacey has said.

Thu 30 Apr 2020

Analysis

COVID-19

Swiss Re leads Covid-19 industry loss table

In its first quarter trading statement today, Swiss Re disclosed the industry’s largest estimate yet for Covid-19-related losses while Bermuda-headquartered carrier Lancashire pegged its “provisional” net loss at a modest $35mn.

Thu 30 Apr 2020

ICA engages consultants for future pandemic insurance solution

News

COVID-19

ICA engages consultants for future pandemic insurance solution

The Insurance Council of Australia (ICA) has revealed it is working with actuarial consultants Finity to design a form of pandemic insurance in Australia as the trade body reports its member insurers have faced claims totalling A$4.6bn ($3.01bn) since September last year.

Thu 30 Apr 2020

MMC: $4.7bn Q1 revenues with 7 percent Guy Carp organic growth

News

Results

MMC: $4.7bn Q1 revenues with 7 percent Guy Carp organic growth

MMC Group CEO Dan Glaser has described his group’s first quarter results as “excellent” on the one-year anniversary of its landmark £4.3bn JLT deal completing.

Thu 30 Apr 2020

Expanding $790bn run-off market will lead to more deals in 2020

Analysis

Legacy

Expanding $790bn run-off market will lead to more deals in 2020

Yesterday, R&Q defied the volatile market conditions and raised $100mn (£80mn) in fresh equity in part to take advantage of new opportunities in its core legacy space expected to emerge from the fall-out of the Covid-19 crisis.

Thu 30 Apr 2020

WTW posts 4% Q1 organic revenue; withdraws 2020 guidance over Covid-19

News

Results

WTW posts 4% Q1 organic revenue; withdraws 2020 guidance over Covid-19

Willis Towers Watson has reported overall organic revenue growth of 4 percent in the first quarter, as the soon-to-be Aon-owned risk and consulting firm withdrew its full-year 2020 guidance over “uncertainties” caused by the Covid-19 pandemic.

Thu 30 Apr 2020

News

London-listed Lloyd’s carriers point higher in morning session

London-listed Beazley, Lancashire and Hiscox saw shares tick up modestly in early trading in a turbulent morning for European (re)insurance stocks as investors grappled with a wave of pre-market trading updates coupled with damning news on the French and German economies.

Thu 30 Apr 2020

Munich Re Syndicate promotes Jodrell to deputy CUO as Parnell retires

News

People Moves

Munich Re Syndicate promotes Jodrell to deputy CUO as Parnell retires

Munich Re Syndicate has appointed Natasha Jodrell deputy chief underwriting officer and as a member of its executive committee, taking over from Simon Parnell who is entering retirement.

Thu 30 Apr 2020

News

$300-$500mn Beazley capital raise “reasonable”

In the wake of Hiscox’s confirmation yesterday that it was mulling a capital raise, Jefferies analyst Philip Kett has increased the chance of its rival Beazley doing the same from 30 percent to 40 percent.

Thu 30 Apr 2020

News

Lancashire shares climb as Q1 GWP jumps 12%

Shares in London-listed Lancashire climbed over 2 percent in morning trading after it reported an 11.8 increase in gross premiums written in the first quarter to $242.8mn and disclosed a modest $35mn Covid-19 loss estimate.

Thu 30 Apr 2020