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CSU predicts 4 major Atlantic hurricanes in ‘above-normal’ 2020 season

Colorado State University (CSU) has predicted above-normal tropical cyclone activity during the 2020 Atlantic hurricane season, which will include 12 hurricanes, including four major, and 18 named storms, in the latest report from Aon’s Impact Forecasting arm.

Fri 3 Apr 2020

Comment

So, why doesn’t Aon just keep Miller?

Despite the global recession and the ice chill that has frozen the deal-financing markets, few would bet against Aon Group CEO Greg Case delivering on his bold, career-defining WTW swoop signed last month.

Fri 3 Apr 2020

Mixed national regulator response as EIOPA requests halt to dividends

News

Legal/ Regulatory

Mixed national regulator response as EIOPA requests halt to dividends

European regulators have been reacting to EIOPA’s call to “temporarily suspend all discretionary dividend distributions and share buy backs” with some such as the Dutch Central Bank adhering to the recommendation, while Germany’s BaFin takes its own approach.

Fri 3 Apr 2020

Industry set to dodge $2.6bn Olympics loss on postponement decision

News

Losses

Industry set to dodge $2.6bn Olympics loss on postponement decision

The insurance industry is set to pay out between $500mn and $650mn as a result of the postponement of the Tokyo Olympics, a mere quarter of the $2.6bn maximum loss bill the industry could have faced had the games been cancelled entirely, analysis by The Insurer shows.

Fri 3 Apr 2020

Olympics postponement over cancellation to slash industry loss to $500-$650mn

Analysis

COVID-19

Olympics postponement over cancellation to slash industry loss to $500-$650mn

The postponement of the Tokyo Olympics from 2020 to 2021 is likely to cost the industry between $500-$650mn, around a quarter of the estimate for an outright cancellation which has been pegged at $2-2.6bn, analysis by The Insurer shows.

Fri 3 Apr 2020

Louisiana won’t be the last state to take aim at insurers

Comment

Business interruption

Louisiana won’t be the last state to take aim at insurers

Louisiana has joined the handful of US states that could let Covid-19 claims get out of hand for insurers by considering legislation to override policy exclusions.

Thu 2 Apr 2020

Non-standard auto market frets over US state mandates

News

COVID-19

Non-standard auto market frets over US state mandates

BMS has revealed that the biggest Covid-19-related concern among non-standard auto carriers, MGAs and reinsurers is US states putting moratoriums on policy cancellations for non-payment, while a reduction in premiums could leave smaller MGAs fighting for survival.

Thu 2 Apr 2020

Blackboard chalks up another state, adds Travelers and Zurich hires

News

People Moves

Blackboard chalks up another state, adds Travelers and Zurich hires

AIG subsidiary Blackboard Insurance has hired three senior executives and expanded its coverage to Washington State.

Thu 2 Apr 2020

IRB Brasil Re sees further personnel changes as directors depart

News

People Moves

IRB Brasil Re sees further personnel changes as directors depart

Yet more oversight changes have been made at beleaguered IRB Brasil Re, with two of its directors leaving the company’s board.

Thu 2 Apr 2020

Only one Florida downgrade as M&A and carrier actions avert Demotech threat

News

Homeowners insurance

Only one Florida downgrade as M&A and carrier actions avert Demotech threat

After telling The Insurer last month that several Florida homeowners carriers remained candidates for downgrades, Demotech cut the ratings of just one company it follows in the sector as it completed its year-end review.

Thu 2 Apr 2020

Applied Underwriters agrees Centauri deal that secures Floridian’s A rating

News

Homeowners insurance

Applied Underwriters agrees Centauri deal that secures Floridian’s A rating

Applied Underwriters has bought the MGA of Florida homeowners specialist Centauri Insurance along with an option to acquire its two carrier subsidiaries in a transaction that provides them with immediate liquidity and secures their Demotech A ratings, The Insurer can reveal.

Thu 2 Apr 2020

Analysis

COVID-19

Covid-19 changing the underwriting of D&O risks

The coronavirus outbreak is already having a big impact on the D&O market, brokers report, with underwriters slowing down renewals with pandemic-related questions and looking to add exclusions, potential losses from the pandemic manifesting and increased upwards pressure on rates.

Thu 2 Apr 2020

News

Aviation

War facing strongest rating demand across aviation market

Rates across the aviation insurance market continue to rise, but it is the war sub-class of business where the demand for pricing improvement is strongest as underwriters grapple with a series of losses on their books, according to Gallagher’s latest Plane Talking report.

Thu 2 Apr 2020

WTW hires Norton Rose lawyer to lead tax insurance group

News

People Moves

WTW hires Norton Rose lawyer to lead tax insurance group

Willis Towers Watson has appointed Sheldon Elefant as head of the tax insurance group within the M&A division of its Corporate Risk and Broking business.

Thu 2 Apr 2020

News

Aviation

Aviation underwriters remain on the hunt for rate despite Covid-19 downturn

The Covid-19 outbreak may have brought international air travel almost to a standstill but aviation insurers will continue to push for rate improvements, according to Gallagher’s latest Plane Talking report.

Thu 2 Apr 2020

News

Fitch puts Lloyd’s on negative watch over Covid-19 exposures

Rating agency Fitch has placed Lloyd’s of London on rating negative watch (RNW), citing concerns over claims from the Covid-19 pandemic taking a toll on Lloyd’s already weak underwriting performance.

Thu 2 Apr 2020