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Program

RPS and Munich Re Specialty Insurance unveil public entity program

Risk Placement Services (RPS) has partnered with Munich Re Specialty Insurance (MRSI) to launch a new public entity program.

Mon 13 Apr 2020

News

COVID-19

Covid-19 “unlikely” to impact health XoLs, says Guy Carp

It is “unlikely” the coronavirus outbreak will have a significant impact on excess of loss medical reinsurance contracts, although quota share and aggregate programmes may find themselves being triggered, according to Guy Carpenter.

Mon 13 Apr 2020

Seven Senators caution Trump against retroactive BI proposals

News

COVID-19

Seven Senators caution Trump against retroactive BI proposals

On the same day that Donald Trump demanded insurers pay Covid-19 business interruption (BI) losses where fair, a group of seven US Republican Senators wrote a letter to the president urging him to reject any proposal that would retroactively mandate coverage.

Mon 13 Apr 2020

AIG provides market clarity on communicable disease

News

Business interruption

AIG provides market clarity on communicable disease

AIG is continuing to exclude communicable disease as standard on its own property and BI forms and those manuscripted by brokers but will offer fully underwritten tailored, sub-limited and priced coverage for clients that specifically request it, The Insurer can reveal.

Mon 13 Apr 2020

Insurers ordered to refund premiums in California

News

COVID-19

Insurers ordered to refund premiums in California

California insurance commissioner Ricardo Lara has ordered insurers to return premiums for at least six lines of business, citing a reduced risk of loss due to shelter in place restrictions.

Mon 13 Apr 2020

News

Greenlight Re warns on Q1 net loss of up to $43mn

Greenlight Capital Re has issued a profits warning ahead of its Q1 earnings release, forecasting a net loss of up to $43mn driven by a hit on its investment portfolio that will wipe up to 10 percent from book value per share in the period.

Mon 13 Apr 2020

Chubb and CinFin latest to offer auto discounts

News

COVID-19

Chubb and CinFin latest to offer auto discounts

Chubb and Cincinnati Financial have become the latest US insurers to offer auto policyholders credits owing to the reduction in driving activity arising from the Covid-19 outbreak.

Mon 13 Apr 2020

US P&C stocks surge in biggest rally since 2008 with turnaround at AIG and Hallmark

News

Results

US P&C stocks surge in biggest rally since 2008 with turnaround at AIG and Hallmark

Little and large duo Hallmark and AIG have managed to shed the title of biggest fallers in The Insurer’s universe – having previously topped the list of the biggest (re)insurance fallers on Wall Street for three consecutive weeks – to lead the rally in US listed P&C stock last week, analysis by this publication shows.

Mon 13 Apr 2020

Analysis

COVID-19

Update: Hiscox reputation and balance sheet in firing line over mounting Covid-19 BI claims

Sassy advertising campaigns costing $500mn+ since 2010 and a reputation for superior customer service has transformed Lloyd’s blue-chip specialty (re)insurer Hiscox plc into a leading US and European SME commercial carrier.

Mon 13 Apr 2020

News

COVID-19

Covid-19 complexity could ‘alarm’ alternative capital

Political pressures to pay claims for risks which were initially excluded and not priced has the potential to alarm alternative capital investors, Luca Albertini, chief executive of Leadenhall Capital Partners has said.

Mon 13 Apr 2020

Florida restaurants sue Lloyd’s syndicates in Covid-19 BI class action

News

Business interruption

Florida restaurants sue Lloyd’s syndicates in Covid-19 BI class action

The El Novillo Restaurant Group in Florida has filed a preemptive lawsuit against Lloyd’s syndicates owned by Axa XL, Beazley, Brit, WR Berkley and Cincinnati Financial anticipating a refusal to pay out for business interruption caused by the coronavirus under its all-risk commercial property policy.

Mon 13 Apr 2020

Beazley and Hiscox lead European P&C rally

News

Results

Beazley and Hiscox lead European P&C rally

Blue chip insurers Beazley and Hiscox led the charge in European insurance stocks last week, as European equities leapt over the four days of trading as steady optimism rippled through stock markets that the spread of coronavirus is abating.

Mon 13 Apr 2020

Markel looks to QBE’s Yu for Asia claims head

News

People Moves

Markel looks to QBE’s Yu for Asia claims head

Markel International has appointed Bo Yu as claims lead for Asia, based in Singapore.

Mon 13 Apr 2020

COVID-19

Covid-19 virtual roundtable: Issue Four

The past seven days have been arguably the most eventful yet in terms of Covid-19’s impact on the global insurance industry.

Sun 12 Apr 2020

Hiscox faces group legal action over rejected coronavirus BI claims

News

Legal dispute

Hiscox faces group legal action over rejected coronavirus BI claims

London-listed carrier Hiscox plc is facing the threat of legal action over the payment of business interruption claims resulting from Covid-19.

Sun 12 Apr 2020

Industry groups hit back at draft bill mandating national emergency BI cover

News

Business interruption

Industry groups hit back at draft bill mandating national emergency BI cover

In response to the latest effort by a politician to expand the scope of business interruption (BI) cover, industry trade groups have strongly opposed a draft bill that would prospectively require insurers to cover national emergencies.

Sat 11 Apr 2020