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Former Napslo president Brooks dies of coronavirus

Kevin Brooks, who led Berkshire Hathaway’s E&S insurer General Star until 2001, died on 3 April of complications due to coronavirus.

Tue 7 Apr 2020

News

AIG shares up 8% as Wall Street rally peters out

Shares in AIG surged by more than 14 percent in early trading on Wall Street yesterday but then eased back to close up around 8 percent as a surge in US equities driven by hopes about a slowing of the pace of the spread of coronavirus tailed off.

Tue 7 Apr 2020

News

COVID-19

Australian regulator amplifies call to cut dividends in Covid-19 crisis

The Australian Prudential Regulation Authority (APRA) has asked firms to limit dividends and preserve their capital in the latest move by industry regulators to curb payouts while the extent of damage done to the economy by the coronavirus is being determined.

Tue 7 Apr 2020

News

QBE’s Pryce not a Hancock successor candidate

QBE International’s out-going CEO Richard Pryce is to retire from the London market early next year which, absent a volte-face, also removes himself as a contender to succeed Jon Hancock as director of Performance Management at Lloyd’s.

Tue 7 Apr 2020

News

COVID-19

Covid-19 industry fallout to be worse than 9/11 warns Catlin

The coronavirus pandemic will have a greater financial impact on the global P&C (re)insurance sector than the 9/11 terrorist attacks in 2001, bringing with it a renewed threat of capital shortages, potential run-offs and fresh cash flow challenges, industry entrepreneur Stephen Catlin has warned.

Tue 7 Apr 2020

Wall Street futures surge as global stocks rally on coronavirus optimism

News

COVID-19

Wall Street futures surge as global stocks rally on coronavirus optimism

Wall Street futures pointed sharply higher ahead of opening as coronavirus optimism looks set to extend Monday’s stock market surge into a second day.

Tue 7 Apr 2020

One80 buys program specialist International Excess Program Managers

News

M&A

One80 buys program specialist International Excess Program Managers

Expansive One80 Intermediaries has completed its largest acquisition to date with a deal to buy wholesale broker and program manager International Excess Program Managers (IEPM).

Tue 7 Apr 2020

News

Brexit

FCA triples Brexit budget in 2020/21 despite coronavirus crunch

The UK’s Financial Conduct Authority (FCA) has tripled the budget allocated to Brexit measures from £5mn to £15mn for the 2020/21 financial year, citing its additional focus on managing the country’s departure from the EU alongside the “massive” economic challenges wrought by the coronavirus.

Tue 7 Apr 2020

News

UK watchdog relaxes misconduct rules amid coronavirus crisis

The Financial Conduct Authority has softened aspects of its Senior Managers and Certification Regime (SMCR) to minimise the burden on firms during the coronavirus crisis.

Tue 7 Apr 2020

Beazley shares climb 10% as European markets rally

News

COVID-19

Beazley shares climb 10% as European markets rally

Shares in London-listed Lloyd’s carrier Beazley surged almost 10 percent as European equities leapt in morning trading, building on Monday’s gains, as steady optimism rippled through stock markets that the spread of coronavirus is abating.

Tue 7 Apr 2020

Aston Lark names Stevenson to lead Cheltenham office

News

People Moves

Aston Lark names Stevenson to lead Cheltenham office

Goldman Sachs-backed broker Aston Lark has named Jim Stevenson as associate director and head of its new Cheltenham office, with effect from 6 April 2020.

Tue 7 Apr 2020

HIIG’s LPT negotiator Kemp promoted to CRO

News

People Moves

HIIG’s LPT negotiator Kemp promoted to CRO

Houston International Insurance Group (HIIG) has appointed Rhonda Kemp to the newly created role of chief risk officer, after she took a lead role in negotiating a loss portfolio transfer (LPT) deal with R&Q in February.

Tue 7 Apr 2020

News

GRP-backed Greens pens double broker acquisition

GRP-owned Green Insurance Group has acquired RT Williams Insurance Brokers (RTW) and NIB Insurance Brokers (NIB), an appointed representative of RTW.

Tue 7 Apr 2020

Coronavirus forces Crawford to pull 2020 guidance

News

COVID-19

Coronavirus forces Crawford to pull 2020 guidance

Claims management firm Crawford & Co has become the latest in a growing list of sector firms to withdraw the 2020 guidance it provided during its Q4 and full-year 2020 earnings call, as a result of the coronavirus pandemic.

Tue 7 Apr 2020

Asia-Pacific stocks build on strong Wall Street gains

News

COVID-19

Asia-Pacific stocks build on strong Wall Street gains

Asia-Pacific (re)insurance stocks climbed for a second day as momentum builds following yesterday’s strong rally on Wall Street.

Tue 7 Apr 2020

News

COVID-19

FCA focuses on fairness amid Covid-19 in 2020/21 business priorities

The UK’s Financial Conduct Authority (FCA) has set out its annual list of priorities, with a focus on the challenges presented by Covid-19, ensuring that customers receive support and businesses know what is expected of them during this unprecedented time.

Tue 7 Apr 2020