NewsBusiness interruptionThompson BI bill loses momentum in Congress as three co-sponsors withdrawThree of the original nine co-sponsors of a bill introduced in Congress by Representative Mike Thompson earlier this month have withdrawn, suggesting the retroactive business interruption (BI) legislation has lost some momentum.Thu 30 Apr 2020
NewsBusiness interruptionThe Hartford set to face earnings call scrutiny over Covid-19 BI claimsInvestors will be hoping for clarity around policy wordings and virus exclusions when The Hartford faces analysts on its earnings call tomorrow after the US insurer disclosed in its 10-Q that it is experiencing increased property claims in the context of Covid-19 related business interruption.Thu 30 Apr 2020
NewsCOVID-19Argo facing $26mn pre-tax Covid-19 hit in Q1Argo’s first quarter 2020 results will include an estimated $29mn of pre-tax net catastrophe losses, some $26mn of which relates to the Covid-19 outbreak.Wed 29 Apr 2020
NewsLegacyR&Q pens £60mn LPT with Hamilton Syndicate 3334Legacy specialist R&Q has sealed a deal with Bermudian carrier Hamilton for a £60mn ($74.5mn) loss portfolio transfer (LPT) of its Lloyd’s syndicate 3334, The Insurer can reveal.Wed 29 Apr 2020
NewsCOVID-19The Hartford pauses share buybacks and reveals $50mn Covid-19 UW impactThe Hartford did not report a Covid-19 loss estimate for claims in its P&C business and instead revealed a $50mn pre-tax impact from the pandemic that was largely focused on its group benefits business.Wed 29 Apr 2020
NewsRatesJames River Q1 GWP plummets due to Uber cancellationJames River has reported a first quarter operating profit that beat analyst expectations but included a 27 percent drop in E&S gross written premium (GWP) and a deterioration in its combined ratio to 100.6 percent.Wed 29 Apr 2020
NewsLegal disputeUtica’s $64mn Fireman’s Fund reinsurance award thrown outThe Court of Appeals for the Second Circuit has overturned a $64mn award to Utica Mutual Insurance against Fireman’s Fund, in the latest twist in a long-running reinsurance dispute over asbestos liabilities on policies issued five decades ago.Wed 29 Apr 2020
NewsReinsurance now “a hard market” amid Covid-19 fallout: Markel’s WhittThe reinsurance market has hardened as demand for coverage increases amid declining risk appetites and primary carriers’ attempts to counteract capital bases that have contracted due to the Covid-19 outbreak, according to Markel’s co-chief executive Richie Whitt.Wed 29 Apr 2020
NewsBusiness interruptionPort Authority of NY-NJ issues Covid-19 loss notice on giant $1.6bn coverThe Port Authority of New York and New Jersey (PANY-NJ) has put out a precautionary first notice of loss to insurers on its $1.6bn property tower of a potential full limits claim for Covid-19 despite the policy having a low sub-limit for viruses, The Insurer can reveal.Wed 29 Apr 2020
NewsCOVID-19Michigan eighth state to introduce BI bill, Rhode Island considering oneEight states have now introduced legislation that would retroactively force insurers to pay business interruption losses resulting from Covid-19, after a bill was introduced in Michigan.Wed 29 Apr 2020
NewsCOVID-19S&P affirms Hiscox A rating despite Covid-19 BI tensionsS&P Global Ratings has affirmed its ‘A’ rating for Bermuda-based Hiscox and assigned the carrier a stable outlook despite the growing pressure from policyholder groups to pay out on Covid-19 exposed business interruption claims.Wed 29 Apr 2020
NewsCOVID-19Markel reveals Wimbledon and Olympics exposureMarkel’s first quarter net charge of $325mn for Covid-19 underwriting exposures factors in the insurer’s participation on event cancellation coverage for Wimbledon and the Olympics.Wed 29 Apr 2020
NewsPeople MovesLiberty builds out middle market team with Zurich and Travelers hiresLiberty Mutual has made a duo of hires to its middle market business, hiring Marcus Cooper from Zurich and Lisa Gentile from Travelers.Wed 29 Apr 2020
NewsCOVID-19The Hanover books $13mn of Covid-19 reserves and outlines BI exposureThe management of The Hanover has detailed the insurer’s exposure to Covid-19 business interruption (BI) losses and revealed that it has stopped share buybacks.Wed 29 Apr 2020
NewsCOVID-19Munich Re proceeds with Eur1.37bn dividend; emphasises financial resilienceMunich Re has moved forward with its dividend payment of Eur9.80 a share – or Eur1.37bn – despite only withdrawing its 2020 profit guidance earlier this month amidst the Covid-19 crisis.Wed 29 Apr 2020
NewsCyberFormer Marsh cyber exec Groeber joins CFCShannon Groeber, who was JLT Specialty USA’s cyber and E&O practice leader before its merger with Marsh last year, has joined CFC Underwriting as executive vice president.Wed 29 Apr 2020