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News

M&A

Allianz confirms Eur277mn+ JV with BBVA

Allianz has agreed to acquire 50 percent plus one share of a joint venture launched with Spanish bank Banco Bilbao Vizcaya Argentaria SA (BBVA) for up to Eur377mn ($408mn).

Tue 28 Apr 2020

Perils adds Aus motor in 2020 exposure database launch

News

Losses

Perils adds Aus motor in 2020 exposure database launch

Catastrophe insurance data firm Perils has launched the 11th iteration of its Industry Exposure Database (IED) which for the first time also includes a detailed industry exposure portfolio for the motor line of business in Australia.

Tue 28 Apr 2020

Analysis

COVID-19

Covid-19 to add 2pp to European reinsurers’ 2020 CRs: KBW

Keefe Bruyette & Woods predicts European reinsurers will report a poor Q1 that may also set the tone for a “potentially weak year”.

Tue 28 Apr 2020

Hyperion rules out Miller move as Howden commits to no salary cuts

News

M&A

Hyperion rules out Miller move as Howden commits to no salary cuts

Hyperion will not entertain a bid for rival Miller when owner WTW re-starts the sale process for the London market wholesaler, Group CEO David Howden has confirmed.

Tue 28 Apr 2020

Arch 2012 names Croome active underwriter; Biggas promoted to deputy role

News

People Moves

Arch 2012 names Croome active underwriter; Biggas promoted to deputy role

Arch Insurance International, the international and Lloyd’s arm of Arch Capital Group, has promoted James Croome to active underwriter of Arch Syndicate 2012 while Marie Biggas has been named deputy active underwriter.

Tue 28 Apr 2020

Tech start-up Solomonic lands £650K funding and steps up Covid-19 claims tracking

News

Legal/ Regulatory

Tech start-up Solomonic lands £650K funding and steps up Covid-19 claims tracking

UK litigation intelligence and analytics firm Solomonic has recently closed a successful investment round, raising £650,000 in an oversubscribed fundraise.

Tue 28 Apr 2020

Brown & Brown to borrow for Covid-19 liquidity as it reports 5.6% organic growth

News

Commercial insurance

Brown & Brown to borrow for Covid-19 liquidity as it reports 5.6% organic growth

Brown & Brown said it will draw down $250mn from its revolving credit facility to pay for its previously announced LP Insurance Services acquisition and provide additional liquidity to strengthen its financial position in the event that cash flow is hit by Covid-19.

Tue 28 Apr 2020

Cincinnati Financial did not specifically exclude virus from property policies

News

Business interruption

Cincinnati Financial did not specifically exclude virus from property policies

Cincinnati Financial is set for scrutiny from analysts on its earnings call after disclosing in its 10-Q filing that its standard market commercial property policies do not contain a specific Covid-19 exclusion.

Mon 27 Apr 2020

Universal operating income drops 25% in Q1

News

Results

Universal operating income drops 25% in Q1

Florida carrier Universal Insurance Holdings has reported adjusting operating income of $35.4mn in the first quarter, down 25.3 percent from $47.3mn in the prior year period.

Mon 27 Apr 2020

News

CinFin shareholders’ equity down 18.5% on Q1 unrealised losses

Cincinnati Financial fell to a net loss of $1.23bn in the first quarter of 2020 as unrealised investment losses took their toll and underwriting profit fell by $67mn year-on-year to $24mn.

Mon 27 Apr 2020

News

People Moves

Axis CUO Gesick to depart in July

Axis Capital’s chief underwriting officer Eric Gesick has resigned from the (re)insurer and will leave in July, while the company’s insurance division has promoted Bob Quane to CUO, The Insurer can reveal.

Mon 27 Apr 2020

News

COVID-19

Real estate firm sued in fourth Covid-19 related D&O suit

A shareholder in real estate firm Phoenix Tree Holdings Limited has filed what is believed to be the fourth coronavirus-related securities class action lawsuit, and the first against a non-US company.

Mon 27 Apr 2020

Everest Re’s Jonathan Zaffino to join Ascot as president

News

People Moves

Everest Re’s Jonathan Zaffino to join Ascot as president

Jonathan Zaffino is set to join expansive CPPIB-backed (re)insurer Ascot as group president, The Insurer can reveal.

Mon 27 Apr 2020

Viewpoint

COVID-19

Covid-19: An opportunity to rewrite the industry’s story?

The global Covid-19 pandemic has presented the (re)insurance industry with an opportunity to “redress the imbalance” of how carriers and brokers alike are viewed in the eyes of its customers and the general public, says London & International Insurance Brokers’ Association (LIIBA) CEO Chris Croft.

Mon 27 Apr 2020

Cancelling Monte Carlo – the right thing to do

Comment

COVID-19

Cancelling Monte Carlo – the right thing to do

Last week the organisers of the Rendez-Vous de Septembre confirmed that this year’s event would not take place in the fallout of the global Covid-19 pandemic.

Mon 27 Apr 2020

News

COVID-19

Insurers must “go the extra mile” on “grey areas” in Covid-19 claims: UK Treasury Committee

Mel Stride MP, chair of the Treasury Committee, has urged insurers to go “the extra mile” and to be clear and fair with coronavirus claimants – especially where there is grey areas in policies – after the Association of British Insurers (ABI) told the Committee its members are forecast to pay out £1.2bn ($1.5bn) as result of the pandemic.

Mon 27 Apr 2020