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HIIG closes over-subscribed $100mn rights issue

News

Capital

HIIG closes over-subscribed $100mn rights issue

Houston International Insurance Group (HIIG) has completed its previously-announced rights offering, which resulted in proceeds of $100mn for the Stephen Way-led insurer.

Wed 22 Apr 2020

PE firm Parthenon buys into Venbrook at around 10x Ebitda

News

Commercial insurance

PE firm Parthenon buys into Venbrook at around 10x Ebitda

Parthenon Capital has taken a majority stake in privately held US broker Venbrook Group, The Insurer can reveal.

Wed 22 Apr 2020

News

COVID-19

MPs urge insurers to settle Covid-19 claims with unpaid dividends

Three Members of Parliament (MP) in the UK are supporting an Early Day Motion (EDM) calling for leading insurers that have cancelled dividend payments to put these funds toward settling claims related to the coronavirus.

Wed 22 Apr 2020

Pressure for French P&C sector to cover pandemic costs will intensify: Moody’s

News

COVID-19

Pressure for French P&C sector to cover pandemic costs will intensify: Moody’s

Payments made by the French P&C sector to cover excluded pandemic-related risks and return premium to customers during a time of low claims frequency during the coronavirus lockdown will increase as political and social pressure mounts, Moody’s has predicted.

Wed 22 Apr 2020

Belgian govt latest to agree credit insurance backstop

News

COVID-19

Belgian govt latest to agree credit insurance backstop

The Belgian state and the nation’s credit insurers have signed an agreement that will see the government reinsure more than Eur57bn worth of credit limits.

Wed 22 Apr 2020

News

Willis launches financial institutions DBS panel with six carriers

Willis Towers Watson has confirmed the launch of its financial institutions (FI) carrier panel with support from Chubb, CNA, The Hartford, Sompo International, Travelers and Zurich.

Wed 22 Apr 2020

Hiscox action group claims it now has litigation financing in place

News

Business interruption

Hiscox action group claims it now has litigation financing in place

A group of small business owners are poised to launch legal action against FTSE 250 (re)insurer Hiscox having acquired the services of a leading litigation financing firm and appointed legal counsel, The Insurer understands.

Wed 22 Apr 2020

XPT takes GWP to $250mn with LP Risk acquisition

News

Commercial insurance

XPT takes GWP to $250mn with LP Risk acquisition

BP Marsh-backed specialty insurance distribution platform XPT Group has completed its sixth investment with a deal to buy MGA and wholesale broker LP Risk, The Insurer can reveal.

Wed 22 Apr 2020

Industry will fight “tooth and nail” in BI battle, warns Greenberg

News

COVID-19

Industry will fight “tooth and nail” in BI battle, warns Greenberg

The insurance industry will fight “tooth and nail” to ensure business interruption (BI) policies that exclude Covid-19 losses do not pay out, Chubb’s chairman and CEO has insisted, stating: “We will pay what we owe.”

Wed 22 Apr 2020

News

COVID-19

RLI reveals 500 Covid-19 claim notices as investors send its shares down 12%

Investors reacted to RLI’s first quarter results by sending its shares down 12 percent, while the company’s management revealed on an earnings call that it has already received 500 Covid-19 related claim notices but predicted the pandemic would accelerate management liability rate increases.

Wed 22 Apr 2020

News

Insurtech platform Bold Penguin partners with Markel for E&S coverage

Bold Penguin has announced a partnership with Markel Specialty to expand commercial offerings on the Bold Penguin Exchange to include excess and surplus (E&S) coverage.

Wed 22 Apr 2020

News

Monte Carlo

RenRe pulls out of Monte Carlo Rendez-Vous

RenaissanceRe will not be attending the Monte Carlo Rendez-Vous this year because of the ongoing Covid-19 uncertainty and concerns over public safety and economic hardship in the fallout from the pandemic, The Insurer can reveal.

Wed 22 Apr 2020

Analysis

COVID-19

Cat bonds nudge up after temporary Covid-19 sell-off

The temporary ILS sell off last month among investors looking to take advantage of the sector’s relative liquidity saw the Swiss Re cat bond index fall in March, analysis by The Insurer shows.

Wed 22 Apr 2020

Covid-19 “the largest event in insurance history”: Chubb’s Greenberg

News

Commercial insurance

Covid-19 “the largest event in insurance history”: Chubb’s Greenberg

The Covid-19 pandemic will be the largest ever event to hit the insurance industry when taking into account the impact on both the liability and asset side of its balance sheet, according to Chubb’s chairman and CEO Evan Greenberg.

Wed 22 Apr 2020

Euler Hermes says global economy set to contract at double 2009 levels

News

COVID-19

Euler Hermes says global economy set to contract at double 2009 levels

Major trade credit insurer Euler Hermes has downgraded its risk ratings for 18 countries and 126 sectors in the first quarter, predicting a contraction of the world’s GDP by 3.5 percent this year due to the pandemic.

Wed 22 Apr 2020

News

Wall Street futures point higher as Senate approves stimulus package

Wall Street futures rose early on Wednesday after the Senate yesterday sent a $484bn package of new pandemic relief funds to the House for likely approval as well as positive signs that a historic rout in oil markets may be stabilising.

Wed 22 Apr 2020