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News

Admiral premium return paves way for dividend payout: KBW

Admiral’s move to issue a refund of some £110mn ($134.8mn) in premiums could have been necessary to justify a dividend payment despite regulator and media pressure to refrain, according to Keefe Bruyette & Woods.

Tue 21 Apr 2020

Aon’s reinsurance e-trading platform gets Lloyd’s accreditation

News

COVID-19

Aon’s reinsurance e-trading platform gets Lloyd’s accreditation

Aon’s electronic trading portal ABConnect Placements has been accredited by Lloyd’s as part of the electronic placing mandate for reinsurance.

Tue 21 Apr 2020

Travelers hits back at Geragos with countersuit in Covid-19 BI dispute

News

Business interruption

Travelers hits back at Geragos with countersuit in Covid-19 BI dispute

Travelers has filed a countersuit against trial lawyer Mark Geragos that argues his business interruption losses from Covid-19 are not covered, with the insurer pointing to virus exclusions in the policies and stating that there was no physical loss.

Tue 21 Apr 2020

Investment drives Q1 loss for Tryg as Covid-19 conditions bite

News

Results

Investment drives Q1 loss for Tryg as Covid-19 conditions bite

Danish insurer Tryg saw its investment returns plummet to a loss of DKK 980mn ($142.8mn), driving an overall loss of DKK 372mn in the first quarter compared with profit before tax of DKK 930mn in Q1 2019.

Tue 21 Apr 2020

Travelers shares lose early gains after CEO reassures on BI wordings

News

Commercial insurance

Travelers shares lose early gains after CEO reassures on BI wordings

Travelers shares lost early gains of around 4 percent to close flat yesterday (21 April) after CEO Alan Schnitzer reassured investors about wordings on business interruption (BI) policies and said that undermining contract certainty would set a “dangerous precedent” as he also warned of a wave of Covid-19 frivolous lawsuits.

Tue 21 Apr 2020

Gunter shuffles Axa-XL exec line-up as Robertson, Greensmith, Lyles and Sheddon exit

News

People Moves

Gunter shuffles Axa-XL exec line-up as Robertson, Greensmith, Lyles and Sheddon exit

Axa XL’s recently appointed CEO Scott Gunter has moved to restructure the carrier’s operating model, making a swathe of changes to its leadership team.

Tue 21 Apr 2020

Analysis

Insurers’ credit spreads higher than real estate or auto

Investors in debt issued by European (re)insurance companies are experiencing higher yields than any other sector’s credit despite spreads narrowing since the trough of the mid-March market sell-off.

Tue 21 Apr 2020

News

Axa XL’s Greensmith heading to AIG to lead global specialty

Axa XL’s Paul Greensmith is heading to AIG to lead the US insurance giant’s global specialty business, The Insurer can reveal.

Tue 21 Apr 2020

Comment

COVID-19

UK insurers finally out of Covid-19 first gear…

The UK insurance industry has not – publicly at least – had a good Covid-19 crisis.

Tue 21 Apr 2020

News

US futures dip on oil rout and North Korea’s Kim health reports

Wall Street futures dropped on Tuesday as a crash in oil prices fuelled further Covid-19 related economic concerns and on conflicting reports that North Korea’s Kim Jong-Un was in critical condition after he underwent a medical procedure.

Tue 21 Apr 2020

News

Capital

NA reinsurers’ thinner capital buffers at risk of heavy cat year: S&P

S&P Global Ratings has warned it will likely take negative rating actions on North American reinsurers if Covid-19 becomes a capital event and they aren’t able to rebuild their capitalisation over the next 12-24 months.

Tue 21 Apr 2020

Travelers takes first Covid-19 charge in catastrophe-hit Q1 earnings miss

News

Results

Travelers takes first Covid-19 charge in catastrophe-hit Q1 earnings miss

An $86mn charge for the impact of Covid-19 in Q1 in addition to higher cat losses of $333mn offset an improved underlying underwriting gain as Travelers reported core income of $676mn that was down on the $755mn generated in the prior-year period.

Tue 21 Apr 2020

Trade credit cover “severely reduced” without UK Gov backstop: ABI

News

COVID-19

Trade credit cover “severely reduced” without UK Gov backstop: ABI

The availability of trade credit insurance will be “severely reduced” if the Covid-19 pandemic causes the anticipated increase in UK business insolvencies, reinforcing the need for a state funded backstop for trade credit insurers, the Association of British Insurers (ABI) has said.

Tue 21 Apr 2020

Coverys replaces Sloan with former Novae CUO Forster

News

People Moves

Coverys replaces Sloan with former Novae CUO Forster

Coverys Managing Agency Limited, the Lloyd’s managing agent of syndicates 1975, 1991 and 3330, has appointed Robert Forster as director of underwriting, replacing Phil Sloan who is stepping away from the role.

Tue 21 Apr 2020

News

Swiss Re shares fall 9% as stock trades ex-dividend; leads European losses

Swiss Re shares fell almost 9 percent in early trading, leading the losses across European markets, as the reinsurance giant’s stock began to trade without the value of the next dividend payment.

Tue 21 Apr 2020

News

Beazley launches Labuan operation

Bluechip insurer Beazley has built out its operations in Malaysia with Beazley Labuan Limited, as the carrier looks to extend its distribution capabilities into the Asia Pacific region.

Tue 21 Apr 2020