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CinFin shares fall 12.5% as CEO reiterates BI not covered unless property damage

News

COVID-19

CinFin shares fall 12.5% as CEO reiterates BI not covered unless property damage

Cincinnati Financial’s share price fell by 12.5 percent despite CEO Steven Johnston’s repeated assertion that Covid-19-related business interruption (BI) claims are not covered under his firm’s commercial property policies “unless there is direct physical damage or loss to property”.

Tue 28 Apr 2020

RSA shares close up 7.4 percent to lead Euro gains

News

COVID-19

RSA shares close up 7.4 percent to lead Euro gains

London-listed RSA saw its shares close up over 7 percent on Tuesday to lead a broad rally across many European (re)insurance stocks on optimism about the lifting of coronavirus lockdown measures.

Tue 28 Apr 2020

Universal’s latest $50mn Irma loss creep takes it to limit of private reinsurance

News

Losses

Universal’s latest $50mn Irma loss creep takes it to limit of private reinsurance

Universal Insurance Holdings has added $50mn to its ultimate loss estimate from Hurricane Irma with the gross number of $1.45bn taking it to the limit of its private reinsurance cover such that any further deterioration will be absorbed by the Florida Hurricane Catastrophe Fund (FHCF) or taken net.

Tue 28 Apr 2020

Covid-19 to slow M&A activity as valuations reassessed: Brown & Brown

News

Commercial insurance

Covid-19 to slow M&A activity as valuations reassessed: Brown & Brown

Acquisitive US broker Brown & Brown said that the economic slowdown resulting from Covid-19 will impact M&A activity as buyers and sellers seek to factor in the impact on future performance and adjust valuations accordingly.

Tue 28 Apr 2020

News

Fresh fears on $2.6bn Olympics loss as organisers warn no second postponement

Insurers with exposure to the cancellation of the Tokyo Olympics face the renewed prospect of claims reaching $2-2.6bn as officials warn the postponed games will be “scrapped” if they cannot take place in 2021.

Tue 28 Apr 2020

News

COVID-19

Liberty Mutual says Covid-19 u/w impact akin to moderate cat loss

Liberty Mutual expects Covid-19’s impact on its insurance business will be like that of “a moderately sized catastrophe loss” with its trade credit, general liability, workers compensation and event cancellation underwriting units the most exposed to losses, chairman and CEO David Long has said.

Tue 28 Apr 2020

HIIG appoints Great American veteran to board as repositioning continues

News

People Moves

HIIG appoints Great American veteran to board as repositioning continues

Amidst the fog created by the Covid-19 crisis, recent developments at Stephen Way’s Houston International Insurance Group (HIIG) have gone largely unremarked.

Tue 28 Apr 2020

News

Florida’s Citizens heads to renewal with outperformance on Irma creep

Ultimate loss estimates for Hurricane Irma from Florida’s Citizens had deteriorated by only 19 percent between the end of 2017 and the end of 2019, representing significantly lower loss creep than several private homeowners carriers in the state.

Tue 28 Apr 2020

Congress mulls alternative bill to Democrat’s retrospective BI proposal

News

COVID-19

Congress mulls alternative bill to Democrat’s retrospective BI proposal

The US House of Representatives is considering legislation that would legally obligate insurers to pay future business interruption claims arising from national emergencies but would not force insurers to provide retroactive cover for Covid-19 losses.

Tue 28 Apr 2020

News

People Moves

McGill and Partners COO Garland exits

Denise Garland, a founding partner and chief operating officer of McGill and Partners, has left the broking start-up a year after joining to launch the firm, The Insurer can reveal.

Tue 28 Apr 2020

News

Hiscox shares dip as European peers tick higher

Shares in Hiscox traded sharply lower on Tuesday before recouping its losses slightly in a turbulent morning session for the London-listed carrier while many European (re)insurance ticked up modestly on optimism about the lifting of coronavirus lockdown measures.

Tue 28 Apr 2020

News

Program

Transverse adding new programs despite uncertain environment

Program fronting start-up Transverse says it is actively signing up new programs despite an uncertain environment in the industry and beyond as it welcomed the receipt of an AM Best A- rating for its new E&S carrier.

Tue 28 Apr 2020

News

COVID-19

Axa XL sidesteps Covid-19 restrictions with remote risk assessment tool

Axa XL’s Risk Consulting division has launched a risk assessment service that will allow the firm to remotely evaluate loss mitigation measures amid Covid-19 restrictions.

Tue 28 Apr 2020

Anbang sues South Korea’s Mirae over $5.8bn hotel deal

News

Legal dispute

Anbang sues South Korea’s Mirae over $5.8bn hotel deal

Distressed Chinese insurer Anbang Insurance Group has filed a lawsuit against Mirae Asset Global Investments over the Korean financial services company’s failure to complete a $5.8bn purchase of 15 luxury hotels in the United States.

Tue 28 Apr 2020

WRB Underwriting builds D&F property team with trio of hires

News

D&F

WRB Underwriting builds D&F property team with trio of hires

Lloyd’s managing agency WRB Underwriting has appointed Sarah Reeve, Dan Black and Olly Durell as senior underwriters in its property division.

Tue 28 Apr 2020

Catalina replaces CFO Fleming with former Axa XL finance head Irby

News

People Moves

Catalina replaces CFO Fleming with former Axa XL finance head Irby

Apollo-backed Catalina has become the second Bermuda-based legacy heavyweight in under a month to replace its CFO, with Derrick Irby succeeding Chris Fleming in the role.

Tue 28 Apr 2020