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APCIA: Covid-19 small business continuity losses could hit $383bn a month

News

Business interruption

APCIA: Covid-19 small business continuity losses could hit $383bn a month

Reiterating that forcing insurers to pay uncovered losses would threaten the industry’s stability, the APCIA has estimated that Covid-19 small business continuity losses could reach as high as $383bn a month compared to a total industry surplus of $800bn.

Fri 27 Mar 2020

Analysis

Losses

Bermuda paid $19bn of wildfire and typhoon losses in last 3 years

Bermuda’s (re)insurance industry paid out $9.2bn in gross California wildfire losses in the last three years and $9.6bn in gross Japanese typhoon losses over the past two years, new data from the island’s financial regulator shows.

Thu 26 Mar 2020

Accelerant secures A- rating for EU carrier platform

News

Rating actions

Accelerant secures A- rating for EU carrier platform

Start-up MGA-focused platform Accelerant has been given an A- rating by AM Best for its own Malta-based insurance company that will allow it to retain up to 20 percent of business written and cede the rest to reinsurers.

Thu 26 Mar 2020

Insurance stocks up again amid US markets’ biggest 3-day surge since 1930s

News

COVID-19

Insurance stocks up again amid US markets’ biggest 3-day surge since 1930s

US-listed (re)insurance stocks enjoyed a strong day of trading as markets surged on news that the Senate had approved a $2trn economic relief package.

Thu 26 Mar 2020

Obsidian secures A- rating and completes $100mn Genstar fundraise

News

Fronting carriers

Obsidian secures A- rating and completes $100mn Genstar fundraise

Obsidian has been assigned an AM Best A- rating after the Bill Jewett-led hybrid program fronting start-up completed its estimated $100mn capital raise from private equity firm Genstar.

Thu 26 Mar 2020

Kinsale promotions continue with Secor named commercial property lead

News

People Moves

Kinsale promotions continue with Secor named commercial property lead

E&S underwriter Kinsale Capital Group has continued its recent spree of executive appointments by promoting Jamie Secor to division manager, commercial property.

Thu 26 Mar 2020

Two more states introduce bills that would override Covid-19 exclusions

News

Business interruption

Two more states introduce bills that would override Covid-19 exclusions

Following New Jersey’s lead, lawmakers in Ohio and Massachusetts have introduced legislation that would force insurers to pay out Covid-19-related business interruption insurance losses regardless of any policy exclusions.

Thu 26 Mar 2020

Tremor launches weekly ILW auctions to sidestep Covid-19 challenges

News

Property catastrophe

Tremor launches weekly ILW auctions to sidestep Covid-19 challenges

Risk transfer marketplace Tremor has invited buyers and sellers of ILW (industry loss warranty) contracts to participate in a weekly auction on its trading platform, in a move the insurtech says reflects “the importance of keeping (re)insurance trades flowing” in the midst of the coronavirus-induced lockdowns.

Thu 26 Mar 2020

News

COVID-19

Sub-100 CR expected in 2020 as Covid-19 not impacting business volume: Lloyd’s

By continuing to put profitable underwriting at the centre of its strategy, Lloyd’s CEO John Neal expects the market to report a sub-100 combined ratio by next year.

Thu 26 Mar 2020

News

COVID-19

Lloyd’s solvency ratio slips 33 points as Covid-19 hits assets

Lloyd’s central solvency ratio has slipped 33 percentage points in the year-to-date as a result of the global capital market turmoil driven by the spreading coronavirus.

Thu 26 Mar 2020

Reinsurers “in reasonable shape” despite financial markets hit: GC

News

Capital

Reinsurers “in reasonable shape” despite financial markets hit: GC

Reinsurers remain “in reasonable shape overall” despite the hit to capital and earnings from financial markets turmoil that has led to the Solvency II ratios of Europeans in the sector dropping from 235 percent to 206 percent in the year-to-date, according to Guy Carpenter.

Thu 26 Mar 2020

Ardonagh loss narrows to £104.2mn in 2019

News

Results

Ardonagh loss narrows to £104.2mn in 2019

Private equity owned UK broker consolidator Ardonagh Group narrowed its annual pre-tax loss in 2019 to £104.2mn ($124.9mn) while reporting organic growth of 3 percent for the year and an improvement in underlying performance.

Thu 26 Mar 2020

News

COVID-19

Conservative MP tells insurers “we bailed you out”; rails over Covid-19 BI exclusions

A member of parliament for the UK Conservative government, Sir Roger Gale, is the latest voice to wade into the debate over whether the insurance industry should foot the bill for coronavirus-related business interruption despite policy T&C’s, deeming it “unacceptable” if they do not.

Thu 26 Mar 2020

News

Cyber

Maze ransomware hackers claim to have hit major cyber insurer Chubb

The Maze ransomware group has claimed to have attacked leading cyber insurance writer Chubb and stolen its data.

Thu 26 Mar 2020

Aviation and property D&F rates soar at Lloyd’s

Analysis

Results

Aviation and property D&F rates soar at Lloyd’s

Lloyd’s confirmed today that all ten major risk classes saw rates climb in 2019 much stronger than anticipated despite another underwriting loss year.

Thu 26 Mar 2020

UK regulator delays FY reporting deadline by 2 months

News

COVID-19

UK regulator delays FY reporting deadline by 2 months

The UK’s Financial Conduct Authority (FCA) has allowed listed companies to take an additional two months to produce their audited financial statements, as a temporary measure to provide relief to firms facing the challenges of corporate reporting during the coronavirus crisis.

Thu 26 Mar 2020