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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

News

Cyber

Axis hires Lockton’s Perkins for cyber strategy head

Axis Insurance has appointed Max Perkins to the newly created role of head of strategy and innovation for the company’s global cyber and technology unit.

Thu 23 Apr 2020

US carriers go to battle over BI but is a compromise on the cards?

Comment

Business interruption

US carriers go to battle over BI but is a compromise on the cards?

The CEOs of US insurers have struck a bellicose tone about business interruption (BI) on their earnings calls but a new Willis report suggests they may ultimately have to compromise.

Thu 23 Apr 2020

Hiscox Action Group appoints Mishcon de Reya to fight rejected BI claims

News

Business interruption

Hiscox Action Group appoints Mishcon de Reya to fight rejected BI claims

The Hiscox Action Group has appointed Mishcon de Reya as its lead counsel in its legal action against FTSE 250 (re)insurer Hiscox.

Thu 23 Apr 2020

News

COVID-19

Greg Case: No Aon job losses over Covid-19

Aon has committed to protecting the roles of all 50,000 members of its global work force during the Covid-19 global pandemic crisis, The Insurer can reveal.

Thu 23 Apr 2020

Wall Street futures flat as London-listed (re)insurance stocks lead Euro losses

News

Results

Wall Street futures flat as London-listed (re)insurance stocks lead Euro losses

US futures were trading flat ahead of the open, while European and Asia-pacific stocks seesawed between gains and losses in mixed trading on Thursday following a rally on Wall Street as oil prices continued their overnight rebound.

Thu 23 Apr 2020

News

Beazley lifts four-strong US product recall team from Chubb

London-listed insurer Beazley has appointed four underwriters from Chubb as it prepares to launch a new US product recall solution in the second quarter of 2020.

Thu 23 Apr 2020

News

COVID-19

IRB Brasil Re withdraws 2020 guidance on Covid-19 as board members resign

IRB Brasil Re has withdrawn its 2020 financial guidance, days after the departure of Vinicius José de Almeida Albernaz and Alexsandro Broedel Lopes from the insurer’s board of directors, citing the challenges of the coronavirus as the reason behind each action.

Thu 23 Apr 2020

Liberty’s GRS names D’Orsi data and analytics head

News

People Moves

Liberty’s GRS names D’Orsi data and analytics head

Liberty Mutual has appointed Pete D’Orsi to the newly created role of chief data and analytics officer for its specialty (re)insurance operation, Global Risk Solutions (GRS), as it pursues AI integration.

Thu 23 Apr 2020

News

COVID-19

Willis Re’s Newman: Covid-19 driving mid-year panel turnover as market “schisms”

The pandemic crisis will have a significant impact on mid-year renewals as the changing appetites of reinsurers leads to a much higher turnover of panel participations than normal, Willis Re president and casualty expert Andrew Newman has told The Insurer.

Thu 23 Apr 2020

Insurers should factor “unprecedented” fiscal support into decision making: PRA

News

Legal/ Regulatory

Insurers should factor “unprecedented” fiscal support into decision making: PRA

The Bank of England’s Prudential Regulatory Authority (PRA) has reiterated its call to insurers to make “well-balanced” decisions on issues that may impact their internal ratings and to also take into account the “unprecedented level” of support provided by the Treasury and the regulators in the wake of the Covid-19 pandemic.

Thu 23 Apr 2020

News

Scor $200mn Atlas cat bond points to higher mid-year renewals

Scor’s $200mn delayed-cat bond Atlas Capital 2020-1 has upsized and closed at the top end of pricing, highlighting both the increased pricing of risk and also the continued resilience of the ILS market.

Thu 23 Apr 2020

Hiscox shares dip as BI dispute pressures intensifies

News

Share price

Hiscox shares dip as BI dispute pressures intensifies

Shares in London-listed Hiscox were trading down by as much as 5 percent as markets opened this morning as legal opposition to the carrier’s exclusion of business interruption (BI) coverage in relation to the coronavirus continues to escalate.

Thu 23 Apr 2020

CCR joins French gov working group on potential pandemic solution

News

COVID-19

CCR joins French gov working group on potential pandemic solution

The French Finance Ministry has called on state-backed carrier CCR and a number of sector trade bodies to join a government working group tasked with establishing an insurance framework to cover exceptional, one-off events such as pandemics.

Thu 23 Apr 2020

Analysis

COVID-19

Covid-19 claims manageable in all but worst-case scenario: Willis Re

A new Willis Re report suggests the systemic shock of Covid-19 has been manageable for reinsurers so far, but a capital squeeze is likely from continued asset-side volatility and increased claims emergence.

Thu 23 Apr 2020

News

COVID-19

Reinsurers using Covid-19 exclusions as “blunt instrument”: Willis Re

Willis Re has commented that the impact from Covid-19 “has far-reaching consequences for reinsurance structuring considerations and placement”, particularly in for the remainder of this year.

Thu 23 Apr 2020