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News

Wall Street futures trade lower on jobless figures as global stocks falter

Global equities retreated on Thursday while US stock futures pointed downwards as investors await a report that will give a first sense of how much damage the pandemic is doing to the American labour market.

Thu 26 Mar 2020

Willis Re adds GC’s Melanson to lead health practice

News

People Moves

Willis Re adds GC’s Melanson to lead health practice

Willis Re has appointed Dan Melanson as senior vice president and health practice leader, as part of the Life, Accident and Health (LAH) senior management team.

Thu 26 Mar 2020

News

COVID-19

Covid-19 sell-off wipes £1.8bn from Lloyd’s investments

Lloyd’s estimates it has taken a current investment hit of £1.8bn as a result of the recent global capital market turmoil driven by the spreading coronavirus.

Thu 26 Mar 2020

US casualty and aviation reserve boosts dent Lloyd’s 2019 return

Analysis

Results

US casualty and aviation reserve boosts dent Lloyd’s 2019 return

Despite a below average cat year, Lloyd’s posted a combined ratio of 102.1 percent in 2019 as underwriters bolstered prior year casualty and aviation reserves while experiencing loss creep from 2018 Typhoon Jebi, analysis by The Insurer shows.

Thu 26 Mar 2020

Seven-fold increase in investment return drives Lloyd’s to £2.5bn FY profit

News

Results

Seven-fold increase in investment return drives Lloyd’s to £2.5bn FY profit

A strong investment return of £3.54bn has pushed Lloyd’s to a profit in 2019, marking a return to the black for the Corporation last seen in 2016.

Thu 26 Mar 2020

News

Asia-Pacific stocks mixed after further gains on Wall Street

The rally in Asia-Pacific stocks came to an end during a mixed day of trading on Thursday as investors reacted to a record jump in new coronavirus infections in Japan and fears spread that a $2tn coronavirus relief package in the US may face further obstacles.

Thu 26 Mar 2020

Comment

Lloyd’s 2019: Just like the good old days…

Remember the days when insurance companies used to be described as a fund manager with a loss-making underwriting business alongside?

Thu 26 Mar 2020

Lloyd’s posts 2019 £2.5bn profit; CR of 102.1%

News

Results

Lloyd’s posts 2019 £2.5bn profit; CR of 102.1%

Lloyd’s has posted a FY 2019 combined ratio of 102.1 CR, the third year in a row that the market in the aggregate has made an underwriting loss.

Thu 26 Mar 2020

Insurance credit over-sold: Twelve Capital

News

Results

Insurance credit over-sold: Twelve Capital

The widespread price falls of (re)insurance company debt this month does not reflect fundamentals and represents a “compelling value opportunity”, according to sector specialist fund manager Twelve Capital.

Thu 26 Mar 2020

News

COVID-19

S&P warns Covid-19 will test resilience of some carriers

S&P Global Ratings is the latest ratings agency to comment on the impact of the coronavirus on the insurance industry, warning that the resilience of those already under strain will be put under pressure.

Wed 25 Mar 2020

News

COVID-19

Event cancellation: contract wording key for Covid-19 exposures

Insurance sector exposures to event cancellation losses triggered by the spreading coronavirus will depend largely on the interpretation of policy wordings, likely to be settled in the courts, ratings firm AM Best has warned.

Wed 25 Mar 2020

Rappaport set to leave The Hanover for program start-up

News

Commercial insurance

Rappaport set to leave The Hanover for program start-up

Long-serving The Hanover executive Craig Rappaport is leaving the US insurer and is expected to re-emerge at Bill Jewett’s Genstar-backed hybrid program fronting start-up Obsidian, The Insurer can reveal.

Wed 25 Mar 2020

Coronavirus puts insurer innovation in spotlight: Forrester

News

COVID-19

Coronavirus puts insurer innovation in spotlight: Forrester

Professional services firm Forrester has called for insurers to take up their digital mantles and make better use of the technological resources in which they have invested heavily, to ease the operational tidal wave that will come from the coronavirus.

Wed 25 Mar 2020

Ascot US offering 60-day extensions to select clients and programmes

News

COVID-19

Ascot US offering 60-day extensions to select clients and programmes

Ascot’s US insurance platform is offering clients 60-day extensions on select covers set to renew between 15 March and 15 May, The Insurer has learned.

Wed 25 Mar 2020

News

FLOIR approves 23% rate increase for National Specialty

The Florida Office of Insurance Regulation (FLOIR) has approved a 23 percent increase for State National subsidiary National Specialty, which fronts for homeowners business written in the state by Nephila via its MGA Velocity Risk Underwriters.

Wed 25 Mar 2020

Comment

Business interruption

Zero shades of grey

Scarred by memories of “Superstorm” Sandy almost eight years ago, the US insurance industry is on the front foot looking to work with legislators on solutions that don’t leave it carrying the can for exposures that are clearly excluded from coverage.

Wed 25 Mar 2020