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Admiral unveils £190mn Covid-19 response

News

Commercial auto

Admiral unveils £190mn Covid-19 response

The UK’s largest motor insurer Admiral has become the country’s first carrier to respond significantly to the drop-off in driving activity brought about by the Covid-19 outbreak by handing back £110mn to its policyholders.

Tue 21 Apr 2020

News

People Moves

Charles Taylor CEO Marock steps down

Long-serving CEO of Charles Taylor, David Marock, has decided to step down from the role after nine years at the helm.

Tue 21 Apr 2020

News

People Moves

Swiss Re CorSo names Grass CFO

Swiss Re Corporate Solutions has appointed Matthias Grass as chief financial officer, replacing Martin Mueller, who has been appointed head global finance transformation for the Swiss Re Group.

Tue 21 Apr 2020

Lloyd’s to supply BI exposure data to PRA as explores &quote;Pandemic Re&quote; backstop

News

Business interruption

Lloyd’s to supply BI exposure data to PRA as explores "Pandemic Re" backstop

Lloyd’s of London has called for its members to specify the details of their business interruption coverage, five weeks after beginning its stress-test on managing agents, which will be supplied to the UK’s Prudential Regulation Authority (PRA).

Tue 21 Apr 2020

News

Industry heavyweights gather behind Pool Re as potential UK pandemic solution

Pool Re, and a number of industry heavyweights close to the state-backed terrorism reinsurer, have formed a steering group to lead research into the optimal structure of a UK public-private pandemic reinsurer.

Tue 21 Apr 2020

FM Global receives Fitch boost despite broad pandemic wordings

News

Rating actions

FM Global receives Fitch boost despite broad pandemic wordings

Despite having one of the broadest pandemic wordings among US commercial insurers ahead of the Covid-19 crisis, FM Global has received a boost from Fitch Ratings after the agency conducted a stress test analysis of carrier’s balance sheets.

Tue 21 Apr 2020

Asia-Pacific stocks dip on renewed virus pessimism and historic oil plunge

News

COVID-19

Asia-Pacific stocks dip on renewed virus pessimism and historic oil plunge

Asia-Pacific (re)insurance stocks fell on Tuesday on news that North Korean leader Kim Jung-Un is seriously ill, investor pessimism that the easing of countries’ coronavirus-induced lockdowns will take longer than expected and as US crude prices plunged to negative levels overnight.

Tue 21 Apr 2020

News

Aviation

Aviation war market witnessing demand uptick over Covid-19 groundings

Aviation hull war underwriters are facing a surge in demand for cover as airlines look to increase limits in place for grounded fleets, The Insurer understands.

Tue 21 Apr 2020

Everest hires Van Helden from Lloyd’s for business development role

News

People Moves

Everest hires Van Helden from Lloyd’s for business development role

Everest Insurance has hired Ralph van Helden as business development director for its global markets unit as the company once again turns to the Corporation of Lloyd’s to build out its roster.

Tue 21 Apr 2020

Lockton Mountain West Series hires Aon veteran Bolger

News

People Moves

Lockton Mountain West Series hires Aon veteran Bolger

Lockton has added to its Mountain West Series operations with the arrival of the long-standing managing director of Aon’s Denver office, John Bolger.

Mon 20 Apr 2020

State regulators influence the BI debate

News

Business interruption

State regulators influence the BI debate

Comments from the National Association of Insurance Commissioners (NAIC) and individual state insurance regulators could prove helpful to the industry as it tries to stave off building pressure to pay business interruption (BI) claims that it has not priced for.

Mon 20 Apr 2020

Aviva’s dentist exposure materially lower than CAD$400mn: Morgan Stanley

News

COVID-19

Aviva’s dentist exposure materially lower than CAD$400mn: Morgan Stanley

Aviva Canada’s exposure to practice interruption claims from its TripleGuard dentists product is limited to approximately 9,000 policyholders, which would put loss estimates at well below the CAD$400mn-CAD$800mn range cited in recent reports, according to Morgan Stanley analysts.

Mon 20 Apr 2020

Analysis

COVID-19

Insurers swamped by deluge of state regulator Covid-19 actions

The Insurer takes a deep dive into the response at the state level to the coronavirus pandemic in the US that has brought a wave of requests and data calls as well as wide-ranging regulatory orders

Mon 20 Apr 2020

News

COVID-19

Lloyd’s and Aspen among insurers targeted in six Covid-19 BI class action suits

Class action lawsuits have been filed against six insurers for denial of Covid-19 business interruption (BI) claims, in what the plaintiffs believe represents “the broadest effort yet to compel insurance companies to fulfil promises made” to US businesses.

Mon 20 Apr 2020

Organic growth to flatten despite P&C pricing momentum: Truist

News

Results

Organic growth to flatten despite P&C pricing momentum: Truist

McGriff and CRC’s banking parent Truist said that it expects organic growth in its insurance business to fall back to a flat to 2 percent up range for the remainder of the year despite momentum continuing on pricing.

Mon 20 Apr 2020

News

Scor’s Kessler warns against mutualisation of pandemic insurance

CEO and chairman of French (re)insurer Scor, Denis Kessler, has cautioned that mutual national pandemic reinsurance backstops do not exist for a reason and has questioned the “advisability” and “feasibility” of introducing such schemes.

Mon 20 Apr 2020