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Aon suspends share buybacks and cuts third-party vendor/contractor spend

News

COVID-19

Aon suspends share buybacks and cuts third-party vendor/contractor spend

Aon has paused its share buyback plan and said it will reduce a range of non-salary expenses as it looks to prioritize measures to manage the Covid-19 impact on its business that do not impact individual employees first.

Mon 27 Apr 2020

Hoping for the best and preparing for the worst

Comment

COVID-19

Hoping for the best and preparing for the worst

Simply hoping for the best with no back-up plan is not a sensible approach and Aon Group CEO Greg Case – a product of the McKinsey & Co school of strategy – is undoubtedly one of the insurance industry’s master strategists, as his sixteen-year tenure at Aon has already shown.

Mon 27 Apr 2020

News

COVID-19

Axis estimates $235mn of Covid-19 claims in Q1 results

Axis Capital Holdings has preannounced first quarter pre-tax net claims of $300mn from catastrophe and other weather-related events, including $235mn for exposure to Covid-19 global pandemic claims based on the shelter in place running through to 31 July.

Mon 27 Apr 2020

News

NYC comptroller and pension funds call for US insurers to abandon coal

New York City comptroller Scott Stringer has called on AIG, Berkshire Hathaway and Liberty Mutual to immediately stop underwriting coal projects and withdraw investments in companies that extract or distribute thermal coal, on behalf of a number of the city’s pension funds.

Mon 27 Apr 2020

We need to reinforce the essential role of reinsurance: PartnerRe’s Colello

News

COVID-19

We need to reinforce the essential role of reinsurance: PartnerRe’s Colello

The lack of communication between the industry, politicians and the public must be rectified once the coronavirus crisis has abated to help foster a better understanding of the essential role reinsurance can play in rebuilding the economy, president of Partner Reinsurance Company of the US and P&C Americas CEO, Jon Colello, has said.

Mon 27 Apr 2020

Analysis

COVID-19

RLI leads US P&C stock fallers in renewed Covid-19 market rout

Specialty carrier RLI was the largest faller among the US-listed P&C carriers and brokers in The Insurer’s universe with its stock down over 21 percent last week as a renewed sell-off in equities swept markets on Covid-19 fears and turbulence in oil prices.

Mon 27 Apr 2020

News

Aon to impose global pay cuts in Covid-19 crisis

Aon Group chief executive Greg Case has written to all 50,000 global staff today informing employees that 70 percent of its global workforce will take a temporary reduction of approximately 20 percent of their salary as a result of the Covid-19 crisis, with the senior leadership team taking 50 percent salary cuts, The Insurer can reveal.

Mon 27 Apr 2020

BGSU hires Wade as US programs president

News

People Moves

BGSU hires Wade as US programs president

Brit has appointed Tracy Wade as vice president, programs within the Brit Global Specialty USA (BGSU) division, who joins from Maxum Specialty – part of the Hartford Insurance Group since 2016.

Mon 27 Apr 2020

Admiral forges ahead with normal dividend payment; pulls special over regulatory pressure

News

Results

Admiral forges ahead with normal dividend payment; pulls special over regulatory pressure

UK motor insurer Admiral has become the latest carrier to recommend a final dividend payment for the year-ended 31 December 2019 but has pushed back a special dividend until after recording its half-year results amid the economic uncertainty of Covid-19.

Mon 27 Apr 2020

News

COVID-19

Indian regulator demands halt to dividends over Covid-19

The Insurance Regulatory Authority of India (IRDAI) has called on domestic (re)insurers to suspend all discretionary dividend distributions until further notice in a move designed to conserve insurer capital during the coronavirus pandemic.

Mon 27 Apr 2020

News

LMX legend Bill Brown dies

It is often lamented that the London market does not produce characters like it used to. Over the weekend, the market lost one of its greatest: Bill Brown, the undisputed master of the London Market Excess of Loss (LMX) market in the eighties and early nineties, passed away.

Mon 27 Apr 2020

News

RSA & QBE now in policyholder sights as UK action groups mushroom

Commercial insurers RSA and QBE are the latest UK carriers to be targeted by small business owners who are being mobilised by the savvy use of traditional and social media and crowd-funding lawyers.

Mon 27 Apr 2020

Analysis

Global reinsurance capital up 15% to $605bn as ILS dips: Willis Re

Total capital dedicated to the global reinsurance industry grew by 15 percent to $605bn as at year-end 2019, however alternative capital in the sector slipped slightly, declining 3 percent on the back of catastrophe activity.

Mon 27 Apr 2020

News

COVID-19

Axa criticised by UK cinema chain over rejected £7mn Covid-19 BI claim

The UK arm of Axa is the latest insurer to face British policyholder criticism over its refusal to pay out on coronavirus-related business interruption losses, after the boss of one of Britain’s largest independent cinemas criticised the carrier over its refusal of an estimated £7mn claim.

Mon 27 Apr 2020

QIC’s former Lloyd’s chief Redmond to depart

News

People Moves

QIC’s former Lloyd’s chief Redmond to depart

QIC Global – the parent company of Lloyd’s carrier Antares and Bermuda-based Qatar Re – has confirmed its chief transformation officer and former MD of Antares, Stephen Redmond is set to leave the firm next month.

Mon 27 Apr 2020

COVID-19

Covid-19 virtual roundtable: Issue Six

For the last sixty-three years, over a long weekend in September, in the “billionaires playground” that is Monte Carlo, the crème de la crème of our industry have gathered.

Sun 26 Apr 2020