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COVID-19

ABI pegs members Covid-19 claims at £1.2bn

The Association of British Insurers (ABI) has estimated its members will pay out £1.2bn ($1.48bn) in claims as a result of Covid-19 losses.

Sat 25 Apr 2020

News

COVID-19

UBS raises Covid-19 loss estimate to $30bn-$60bn on non-US BI fears

Analysts at UBS have raised their estimate of insured losses from the coronavirus pandemic to between $30bn and $60bn, from their previous range of $20bn to $40bn.

Fri 24 Apr 2020

Lexington hires Broks from Swiss Re CorSo

News

People Moves

Lexington hires Broks from Swiss Re CorSo

AIG’s E&S platform Lexington Insurance Company has hired Ella Broks from Swiss Re Corporate Solutions as national director of business development, The Insurer has learned.

Fri 24 Apr 2020

CAC meeting market challenges and set to place $300mn+ in 2020: Rice

News

Start-up

CAC meeting market challenges and set to place $300mn+ in 2020: Rice

CAC Specialty is set to place upwards of $300mn in premium by year end with the broker continuing to win new business despite the Covid-19 outbreak and actively seeking to bring in yet more talent, chief executive Mike Rice (pictured) has told The Insurer.

Fri 24 Apr 2020

Reinsurers brace for potential Covid-19 losses from FM Global

News

Business interruption

Reinsurers brace for potential Covid-19 losses from FM Global

Reinsurers are preparing for notification of a Covid-19 claim on FM Global’s $1.35bn xs $450mn cat programme along with losses on its quota share cover as a result of the communicable disease sub-limits it provided in its standard policies, The Insurer can reveal.

Fri 24 Apr 2020

RenRe and Nephila take tough Florida stance as Munich and Swiss look to grow

Analysis

Renewals

RenRe and Nephila take tough Florida stance as Munich and Swiss look to grow

The Florida renewal is shaping up to be even more disjointed than last year as recent market leaders RenaissanceRe and Nephila impose tighter underwriting criteria and giants Munich Re and Swiss Re step in to target increased market share, The Insurer can reveal.

Fri 24 Apr 2020

News

COVID-19

Covid-19 to cause “significant” premium setback: Mapfre

Sharp declines in global GDP caused by the spreading coronavirus will lead to “significant setbacks” in insurance premiums at the aggregate level, according to Mapfre.

Fri 24 Apr 2020

News

Business interruption

Retail groups throw support behind Pria

Momentum is building behind a US pandemic backstop, with a broad coalition of US retail groups urging Congress to pass the Pandemic Risk Insurance Act of 2020 (Pria).

Fri 24 Apr 2020

Brazil’s (re)insurance Covid-19 underwriting losses manageable: AM Best

News

Rating actions

Brazil’s (re)insurance Covid-19 underwriting losses manageable: AM Best

AM Best has commented that Brazil’s (re)insurance industry will be able to manage underwriting losses from the coronavirus outbreak, but has kept its negative outlook on the country’s reinsurance market.

Fri 24 Apr 2020

News

Aon predicts busy Q2 for ILS issuance despite Q1 postponements

Despite a few deals being postponed in the first quarter because of the coronavirus outbreak, Aon expects a busy second quarter for ILS insurance because of the large volume of bonds maturing.

Fri 24 Apr 2020

K2’s Pioneer takeover to complete in Q2 as terms signed

News

M&A

K2’s Pioneer takeover to complete in Q2 as terms signed

K2 Insurance Services is a step closer to acquiring MGA Pioneer Underwriters as the pair have signed on terms for the previously announced deal which is now expected to close by the end of the second quarter of 2020.

Fri 24 Apr 2020

News

Chubb names Markwick-Day upstream energy underwriting officer

Chubb has appointed Melanie Markwick-Day as senior upstream energy underwriting officer within its overseas general energy division.

Fri 24 Apr 2020

News

Trump economic adviser wants to “guard-rail” liability insurance suits

Larry Kudlow, the White House’s top economic advisor, has stressed the importance of protecting insurers as part of the Trump administration’s push to protect small businesses against liability from the spread of coronavirus.

Fri 24 Apr 2020

News

Former Swiss Re CEO Lippe passes away from Covid-19

The former chief executive of Swiss Re Stefan Lippe has died at the age of 65 after contracting the Covid-19 virus.

Fri 24 Apr 2020

Analysis

COVID-19

Covid-19 industry loss estimate tracker…

Coinciding with the first full week of first quarter reporting in the US, the industry has collectively begun posting its initial loss estimates from the Covid-19 crisis which Chubb CEO Evan Greenberg also described this week as the “largest event in insurance history”.

Fri 24 Apr 2020

Cancellation of Monte Carlo Rendez-Vous confirmed

News

COVID-19

Cancellation of Monte Carlo Rendez-Vous confirmed

The organisers of the 64th edition of the Rendez-Vous de Septembre have confirmed the event will not go ahead this year due to the global Covid-19 pandemic.

Fri 24 Apr 2020