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Truist Insurance Holdings reports organic revenue growth of 7.2%

News

Results

Truist Insurance Holdings reports organic revenue growth of 7.2%

CRC and McGriff’s banking parent Truist Financial Corporation reported organic revenue growth of 7.2 percent and adjusted Ebitda that jumped 22 percent from $140mn to $171mn in its Insurance Holdings business.

Mon 20 Apr 2020

Analysis

COVID-19

Q1 results a sideshow as investors seek insights on Covid-19 fallout

After the banking parent of retail broker McGriff and its wholesale stablemate CRC kicked off the US commercial P&C sector’s Q1 earnings season earlier today, attention will be focussed on tomorrow when Travelers, Chubb, RLI and WR Berkley all report.

Mon 20 Apr 2020

Piiq continues expansion with WTW’s Maynard

News

Aviation

Piiq continues expansion with WTW’s Maynard

Aerospace (re)insurance broker Piiq Risk Partners has appointed Willis Towers Watson’s Neil Maynard as senior partner.

Mon 20 Apr 2020

Viewpoint

Lloyd’s after lockdown will be digital…

Digital trading has been taken up at an exponential rate since Lloyd’s closed its underwriting floor on 19 March, and its subsequent success means document-based trading will be a thing of the past even when social distancing measures are lifted, predicts Brit Insurance CEO Matthew Wilson.

Mon 20 Apr 2020

News

European (re)insurance markets nudge higher on restriction easing hope

European (re)insurance traded marginally higher at the open in early trading gains despite rising optimism that governments around the world may soon reveal plans to ease coronavirus restrictions and reopen their economies.

Mon 20 Apr 2020

News

Cyber

BGSU boosts East Coast cyber team with DUAL hire

Brit Insurance has continued to build out its East Coast cyber team with the hiring of DUAL commercial underwriter Shana Stodolski, the Lloyd’s carrier confirmed today.

Mon 20 Apr 2020

Insurers face $2.6bn Olympics cancellation loss as postponement “very unrealistic without vaccine”

News

COVID-19

Insurers face $2.6bn Olympics cancellation loss as postponement “very unrealistic without vaccine”

Insurers with exposure to the cancellation of the Tokyo Olympics face the renewed likelihood of claims as high $2-2.6bn as officials say the postponement of the games – which would cost the industry around a quarter of the estimate of an outright cancellation – was “very unrealistic unless a vaccine is found”.

Mon 20 Apr 2020

Analysis

The long good Friday…

A Friday evening at the start of both the Easter and Passover festivals is a curious time to announce your CFO is leaving after little more than two years in the job.

Mon 20 Apr 2020

Southeast tornadoes expected to be fifth $1bn+ US outbreak of 2020

News

Losses

Southeast tornadoes expected to be fifth $1bn+ US outbreak of 2020

A severe weather outbreak that swept across southern and eastern US between 10 and 14 April is likely the fifth US severe convective storm event with economic losses of more than $1bn in 2020, with insured losses expected in the hundreds of millions, according to Aon’s Impact Forecasting unit.

Mon 20 Apr 2020

News

COVID-19

Covid-19 impact on driving fuels big drop in Progressive loss ratio

US auto insurer Progressive provided the first real data point on the exposure impact of the coronavirus shutdown as it reported a significantly lower loss ratio in March because of a fall-off in claims frequency in the last three weeks of the month.

Mon 20 Apr 2020

Comment

Lloyd’s e-placements: Never waste a crisis…

It is a universally acknowledged truth that a Lloyd’s market in need of reform must also be in want of a crisis.

Mon 20 Apr 2020

News

MGA Eaton Gate distributed multiple carriers’ products now subject to Covid-19 BI disputes

The London MGA Eaton Gate has bound risks on behalf of a number of UK insurers who are now refusing to pay out claims relating to BI losses from Covid-19, The Insurer can reveal.

Mon 20 Apr 2020

Program start-up Obsidian adds Larkin from Allianz as CUO

News

People Moves

Program start-up Obsidian adds Larkin from Allianz as CUO

Hybrid program fronting start-up Obsidian has added former Allianz executive Dan Larkin as its chief underwriting officer as the Bill Jewett-led carrier continues to build out its management team, The Insurer can reveal.

Mon 20 Apr 2020

KBW: “10%” chance of $300mn Hiscox rights issue

Analysis

Business interruption

KBW: “10%” chance of $300mn Hiscox rights issue

KBW analysts attach only a 10 percent probability to a worst-case scenario for BI exposure at Hiscox that would require the carrier to do a $300mn rights issue.

Mon 20 Apr 2020

The Maltese Falcon restaurant sues The Hartford and broker over BI denial

News

Business interruption

The Maltese Falcon restaurant sues The Hartford and broker over BI denial

A long-standing San Francisco restaurant has filed a lawsuit against an affiliate of The Hartford as well as its broker amid claims the coronavirus is causing “direct physical damage” and is therefore a covered cause of loss under its insurance programme.

Mon 20 Apr 2020

Hiscox slammed by celebrity chef Raymond Blanc over BI claim rejection

News

COVID-19

Hiscox slammed by celebrity chef Raymond Blanc over BI claim rejection

London-listed Hiscox plc is facing the prospect of another legal action – this time from French TV chef Raymond Blanc – who has enlisted solicitors after being denied a business interruption claim by the insurer.

Sun 19 Apr 2020