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Cyber

Former Marsh cyber exec Groeber joins CFC

Shannon 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

News

Baden-Baden

Baden-Baden organisers to make decision on 2020 event by “end May”

The organisers of the annual October Baden-Baden Reinsurance Meeting will decide whether this year’s event will take place by the end of next month.

Wed 29 Apr 2020

VJ Dowling teams up with Lancer in bid to buy control of Protective

News

M&A

VJ Dowling teams up with Lancer in bid to buy control of Protective

VJ Dowling has partnered with trucking specialist Lancer Insurance Company and its CEO David Delaney in a bid to buy up all the Class A shares in Protective Insurance Corporation for 0.85x book value, The Insurer has learned.

Wed 29 Apr 2020

News

Renewals

AIG buys $500mn top-up for cat cover

AIG has secured $500mn of additional aggregate limit for its property cat programme as a proactive de-risking initiative ahead of what is forecasted to be an elevated hurricane season and a possible reinsurance capacity crunch driven by Covid-19 turmoil, The Insurer can reveal.

Wed 29 Apr 2020

Hiscox: a capital increase may shield against downgrade threat, says Peel Hunt

News

COVID-19

Hiscox: a capital increase may shield against downgrade threat, says Peel Hunt

Lloyd’s insurer Hiscox may look to raise equity pre-emptively to benefit from potential rate hardening driven by the Covid-19 pandemic but also to avoid any critical credit rating downgrades, according to Peel Hunt.

Wed 29 Apr 2020

Analysis

MPL market’s top table further strengthens hold on premium base

The concentration of premium held by the top 20 medical professional liability (MPL) underwriters in the US increased further in 2019, with consolidation between the specialist sector’s top players only likely to continue, according to AM Best.

Wed 29 Apr 2020

Beazley makes multiple legal hires to bolster global M&A franchise

News

M&A

Beazley makes multiple legal hires to bolster global M&A franchise

Lloyd’s carrier Beazley has hired five former lawyers to bolster its global M&A transaction team in the US, Europe and Asia.

Wed 29 Apr 2020

News

Axa, RSA and Zurich in sights of Mishcon-led hospitality action group over rejected BI claims

An action group representing the UK hospitality industry is the latest policyholder movement threatening collective legal action against insurers including Axa, RSA and Zurich over Covid-19 related business interruption claims.

Wed 29 Apr 2020

News

Results

Scor shares lose early gains as Q1 results avoid material Covid-19 impact

Shares in French reinsurer Scor were up nearly 6 percent in early trading before shedding its gains to trade flat by mid-morning despite the Paris-headquartered carrier reporting a consensus beating set of Q1 results.

Wed 29 Apr 2020

Hiscox and R&Q: when is first move an advantage?

Comment

COVID-19

Hiscox and R&Q: when is first move an advantage?

R&Q is making a habit of ballsy spring time capital raises. In March 2019, it raised £107mn from the equity markets, the equivalent of circa 40 percent of its then market cap.

Wed 29 Apr 2020

Hiscox shares close 4.4 percent lower after confirming potential capital raise

News

COVID-19

Hiscox shares close 4.4 percent lower after confirming potential capital raise

London-listed Hiscox saw its shares close 4.4 percent lower on Wednesday after the (re)insurer confirmed it is considering raising new equity.

Wed 29 Apr 2020

News

Results

Scor P&C posts Q1 94.5% combined ratio

Paris-headquartered tier one reinsurer Scor has delivered a combined ratio that was relatively flat at 94.5 percent in its P&C division for the first quarter.

Wed 29 Apr 2020

News

R&Q unveils $100mn equity raise backed by 777 Partners and Hudson Structured

London-listed R&Q has raised $100mn in fresh equity as it expects the Covid-19 crisis to create “considerable future opportunity” for the group’s legacy acquisitions and program underwriting services, the company announced this morning.

Wed 29 Apr 2020

Analysis

COVID-19

Covid-19 to cause further widening in economic resilience gap, says Swiss Re

The economic resilience gap is set to widen even further as a result of the Covid-19 outbreak although China – where the virus is thought to have originated – is the economy least vulnerable to the pandemic, according to Swiss Re.

Wed 29 Apr 2020

News

COVID-19

Markel takes $325mn Covid-19 underwriting hit in Q1 as CR jumps 23 points

Markel took a net $325mn hit from Covid-19 related underwriting losses during the first quarter of 2020 with the impact of the pandemic contributing 23 points to the (re)insurer’s combined ratio of 118 percent for the period.

Tue 28 Apr 2020

News

COVID-19

Underwriting results improve at The Hanover despite Covid-19 reserve provision

The Hanover has reported a 7.6 percent increase in Q1 operating income, but the quarter included a Covid-19 reserve provision, a fire loss that triggered a deductible on its property per risk reinsurance programme, as well as a big swing to net realized and unrealized investment losses.

Tue 28 Apr 2020