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Monte Carlo 2020: official statement on future expected shortly

News

COVID-19

Monte Carlo 2020: official statement on future expected shortly

The organisers of the Monte Carlo Rendez-Vous have told this publication that an official statement on the future of the 2020 event will be issued next week despite growing scepticism that the flagship gathering will be another major event cancellation victim of the Covid-19 crisis.

Fri 24 Apr 2020

News

Beazley shares climb on bullish analyst cyber comment

Shares in London-listed Beazley overcame another broad sell-off across European (re)insurance equities to trade up in early trading on the back of a bullish analyst comment which highlighted the carriers’ “material opportunity” in the cyber market.

Fri 24 Apr 2020

News

COVID-19

John Neal: Covid-19 “largest insurance challenge industry has ever faced”

Lloyd’s CEO John Neal has warned that the Covid-19 pandemic has the potential to dwarf major disasters such as Hurricane Katrina or the 9/11 terror attacks and lead to losses into the “hundreds of billions”.

Fri 24 Apr 2020

News

COVID-19

Storebrand shares slide on Covid-19 profits warning

Shares in Oslo-listed Storebrand fell over 2 percent in early trading as the Norwegian firm became the latest European carrier to issue a profits warning in response to the Covid-19 crisis.

Fri 24 Apr 2020

News

Cyber

Beazley upgraded on a “generational” cyber opportunity

Investment bank Jefferies has upgraded London-listed Beazley to “buy” on the back of the carriers’ “material opportunity” in the cyber market afforded by a sudden surge in the population working from home causing an upticks in risk, pricing and demand.

Fri 24 Apr 2020

RenRe puts mandatory pandemic exclusion on most reinsurance business

News

Casualty Reinsurance

RenRe puts mandatory pandemic exclusion on most reinsurance business

RenaissanceRe is attaching a mandatory pandemic exclusion to quotes across the vast majority of its reinsurance portfolio on renewal and new business, The Insurer can reveal.

Fri 24 Apr 2020

R&Q pens loss portfolio transfer with self-storage insurer Repwest

News

Legacy

R&Q pens loss portfolio transfer with self-storage insurer Repwest

Randall & Quilter Investment Holdings (R&Q) has entered into a loss portfolio transfer (LPT) reinsurance contract and transfer agreement with the Amerco-owned Repwest Insurance Company.

Fri 24 Apr 2020

QBE brings in GC to market $300mn NA legacy portfolio

News

Commercial insurance

QBE brings in GC to market $300mn NA legacy portfolio

QBE is working with Guy Carpenter to find a legacy solution for a $300mn portfolio of the Australia-based carrier’s North American E&S business, The Insurer can reveal.

Thu 23 Apr 2020

Maiden to appeal Nasdaq delisting ruling

News

Share price

Maiden to appeal Nasdaq delisting ruling

Maiden Holdings is set to appeal a ruling that would see the Vermont-based reinsurer delisted from the Nasdaq Capital Market next week after its stock failed to trade at $1 or more for 10 consecutive days.

Thu 23 Apr 2020

Transverse gets A- rating for E&S platform

News

Rating actions

Transverse gets A- rating for E&S platform

Program fronting start-up Transverse Insurance Group (TIG) has secured an A- AM Best financial strength rating for its recently acquired E&S platform.

Thu 23 Apr 2020

Insurers urge Illinois governor against BI executive action

News

Business interruption

Insurers urge Illinois governor against BI executive action

Insurers and industry trade groups have written to Illinois governor JB Pritzker after hearing he was considering executive action that would require insurers to provide business interruption (BI) coverage retroactively.

Thu 23 Apr 2020

All Risks working with Reagan Consulting on sale process

News

Commercial insurance

All Risks working with Reagan Consulting on sale process

Independent US wholesale broker and MGA platform All Risks is in a sale process advised by Reagan Consulting that is expected to lead to a transaction with a strategic buyer in the intermediary space, The Insurer can reveal.

Thu 23 Apr 2020

Podcast

David Howden on how the industry is coping with Covid-19: Part II

In the second half of our interview, Hyperion CEO David Howden shares his views about the future of Lloyd’s market and Hyperion’s growth strategy post-pandemic.

Thu 23 Apr 2020

News

COVID-19

Everest estimates $150mn of Q1 Covid-19 losses

Everest Re Group has estimated the impact of Covid-19 on its first quarter results, including $150mn in pre-tax net first party losses for claims related to the pandemic.

Thu 23 Apr 2020

No case for universal property rebates as Covid-19 causes exposures to rise: BMS

News

Commercial property

No case for universal property rebates as Covid-19 causes exposures to rise: BMS

There is no case for commercial property underwriters to issue universal rebates to insureds as carriers deal with “a shift in hazards” relating to the Covid-19 lockdown, according to BMS.

Thu 23 Apr 2020

News

COVID-19

Paying for excluded Covid-19 exposures risks industry’s solvency: Benchimol

Axis Capital’s CEO Albert Benchimol has become the latest industry figure to say it is not reasonable to expect insurers to pay out for Covid-19-related claims which have not been underwritten or priced for and doing so would “put at risk the solvency of our industry.”

Thu 23 Apr 2020