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European (re)insurance stocks mixed as investors grapple with tumbling oil prices

News

COVID-19

European (re)insurance stocks mixed as investors grapple with tumbling oil prices

European (re)insurance stocks seesawed between gains and losses in morning trading as volatility across the oil markets continued to hit investor confidence, partially offset by continuing reports that progress is being made towards finding a coronavirus vaccine.

Wed 22 Apr 2020

UK’s MoJ delays whiplash reforms over Covid-19 crisis

News

Legal/ Regulatory

UK’s MoJ delays whiplash reforms over Covid-19 crisis

The UK government’s Ministry of Justice (MoJ) has once again delayed reforms to the whiplash claims process as a result of the “unprecedented impact” of the coronavirus pandemic on insurers and courts.

Wed 22 Apr 2020

Chaucer replaces chairman Stooke with former XL Catlin exec Jardine

News

People Moves

Chaucer replaces chairman Stooke with former XL Catlin exec Jardine

Chaucer has appointed Paul Jardine as non-executive chairman to succeed Chris Stooke, who will retire from the board later this year.

Wed 22 Apr 2020

WTW hires former Axa exec De Montgolfier as France head

News

People Moves

WTW hires former Axa exec De Montgolfier as France head

Willis Towers Watson has appointed Cyrille de Montgolfier as leader of its French business, Gras Savoye Willis Towers Watson.

Wed 22 Apr 2020

Hyperion’s Howden defends (re)insurers amidst “unjustified” criticism

Viewpoint

COVID-19

Hyperion’s Howden defends (re)insurers amidst “unjustified” criticism

Hyperion Group CEO David Howden has come to the defence of embattled carriers who are currently targets of Covid-19 brickbats by hailing some of the criticisms as opportunistic and “unjustified“.

Wed 22 Apr 2020

Heavyweight support puts Pool Re in pandemic pole position

Analysis

COVID-19

Heavyweight support puts Pool Re in pandemic pole position

Number 11 Downing Street – the home to the UK’s Chancellor of the Exchequer – has recently entertained three different early-stage propositions on how it could work with the insurance industry over a future pandemic reinsurance solution.

Wed 22 Apr 2020

News

Hiscox shares nudge up as contingency losses pegged at $175mn

Hiscox plc – one of the largest event cancellation markets in Lloyd’s – has calculated it has net exposures of up to $150mn if coronavirus-induced restrictions on travel and mass gatherings continue until August.

Wed 22 Apr 2020

News

COVID-19

Beazley share price dips on Covid-19 loss update

London-listed Beazley has estimated its exposure to total claims from Covid-19 on first party business to be $170mn net of reinsurance.

Wed 22 Apr 2020

Scor reports rate improvement at 1.4 with Japanese cat restructuring

News

Renewals

Scor reports rate improvement at 1.4 with Japanese cat restructuring

Scor Global P&C reported a 6.6 percent risk adjusted average increase in pricing at the 1 April renewals with GWP climbing 5.7 percent to Eur504mn ($547mn).

Wed 22 Apr 2020

Reinsurers upped retro buying in 2019 as P&C GWP climbed 9%

Analysis

Capital

Reinsurers upped retro buying in 2019 as P&C GWP climbed 9%

The cession ratio of Aon’s Reinsurance Aggregate (AGA) increased to 15.4 percent in 2019, up from 14.9 percent in 2018, with the broker noting a challenging operating environment during the year.

Wed 22 Apr 2020

Reinsurers’ market cap down 29% YTD: Aon

Analysis

Share price

Reinsurers’ market cap down 29% YTD: Aon

The total stock market value of Aon’s Reinsurance Aggregate (ARA) of 23 companies has fallen 29 percent year to date pushing trading multiples to a discount to book, although this is an improvement from the slump in market capitalisation during March.

Wed 22 Apr 2020

News

Guy Carpenter pays tribute to Sal Zaffino

Guy Carpenter has paid tribute to the reinsurance broker’s former chairman and CEO Salvatore Zaffino, who passed away at the weekend.

Wed 22 Apr 2020

RIMS urges passage of pandemic insurance backstop

News

COVID-19

RIMS urges passage of pandemic insurance backstop

Risk management society RIMS has written to the US Treasury, Congress and President Donald Trump to request the creation of a pandemic risk insurance programme, while noting two thirds of its members expect business interruption losses from Covid-19.

Wed 22 Apr 2020

“Vast majority” of WR Berkley property policies have virus exclusion

News

Business interruption

“Vast majority” of WR Berkley property policies have virus exclusion

Rob Berkley, president and CEO of WR Berkley, has stressed that almost all the insurer’s property policies require physical damage and have virus exclusions while explaining that most of his firm’s $65mn provision for Covid-19 losses is for incurred but not reported losses.

Wed 22 Apr 2020

RLI reports in-line earnings and updates risk factors for Covid-19

News

Commercial insurance

RLI reports in-line earnings and updates risk factors for Covid-19

RLI reported in-line operating profits and a net loss for the first quarter driven by market volatility as it also revealed in an SEC filing that it is updating risk factors affecting its business to reflect the potential impact of Covid-19.

Tue 21 Apr 2020

News

COVID-19

Talanx drops Eur900-950mn 2020 profit target over Covid-19 “uncertainties”

German insurance group Talanx has pulled its 2020 net income target of “more than Eur900mn” to Eur950mn over uncertainties relating to the coronavirus outbreak.

Tue 21 Apr 2020