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COVID-19

Pandemic impact cited as Avatar-Centauri M&A deal pulled

Demotech has put the A financial stability ratings of Florida homeowners insurer Centauri Specialty under review after its proposed acquisition by Avatar was terminated as the prospective buyer highlighted Covid-19 and economic uncertainty, The Insurer can reveal.

Tue 24 Mar 2020

Coronavirus could halt Future at Lloyd’s progress: Fitch

News

COVID-19

Coronavirus could halt Future at Lloyd’s progress: Fitch

Rating agency Fitch has revised its sector outlook for the London insurance market from stable to negative, citing increased concerns over local Covid-19 disruption and the related impacts on the credit quality of London market insurers.

Tue 24 Mar 2020

World Bank’s $320mn cat bond nears payout as triggers met

News

COVID-19

World Bank’s $320mn cat bond nears payout as triggers met

The pandemic catastrophe bond taken out by the World Bank is edging closer to paying out a portion of its $320mn limit as Covid-19 exceeds the 12 week time frame required to trigger the policy.

Tue 24 Mar 2020

European (re)insurance stocks have best day since 2008 on stimulus optimism

News

COVID-19

European (re)insurance stocks have best day since 2008 on stimulus optimism

European (re)insurance stocks rallied on Tuesday in their biggest single-day surge since 2008 as investors reacted to tough talk and stimulus measures from policymakers and digested the Fed’s pledge to buy an unlimited amount of bonds to shore up the World’s largest economy.

Tue 24 Mar 2020

Rising ransomware attacks are top cyber threat: Beazley

News

COVID-19

Rising ransomware attacks are top cyber threat: Beazley

Beazley has identified ransomware attacks – which more than doubled in 2019 – as the top cyber threat for businesses, echoing concerns that the coronavirus-enforced move to home working en masse heightens the risk of breaches.

Tue 24 Mar 2020

Ascot establishes PI book with former Neon team

News

People Moves

Ascot establishes PI book with former Neon team

Ascot has hired Antonio Bellanca and three of his former Neon underwriting colleagues to strengthen its capabilities in the non-US international professional indemnity market.

Tue 24 Mar 2020

Aon-WTW appoint Andersen and Gebauer to drive integration

News

M&A

Aon-WTW appoint Andersen and Gebauer to drive integration

Aon president Eric Andersen and WTW global head of human capital and benefits Julie Gebauer will co-lead the complicated integration of the two broking and consulting heavyweights that once completed will be the largest ever insurance intermediary M&A deal, The Insurer can reveal.

Tue 24 Mar 2020

Airmic ‘reluctantly’ cancels 2020 conference

News

COVID-19

Airmic ‘reluctantly’ cancels 2020 conference

Risk managers’ association Airmic has halted plans to host its annual conference in Edinburgh this June as the coronavirus pandemic escalates, following in the footsteps of US counterpart RIMS.

Tue 24 Mar 2020

Analysis

Renewals

Japanese 1.4 renewals remain on course as major cat reinsurers reposition

Japanese 1 April renewals are set to complete on time despite the complications of the Covid-19 crisis as reinsurers react to what some see as disappointing pricing by repositioning on programmes.

Tue 24 Mar 2020

News

Aviation

Aviation insurers freezing premium payments for Covid-19 hit airlines

Aviation underwriters are continuing to pause insurance premium payments for airlines forced to effectively ground their fleets in the wake of the coronavirus pandemic, The Insurer understands.

Tue 24 Mar 2020

IOC’s $800mn contingency policy in focus as Olympics postponed

News

COVID-19

IOC’s $800mn contingency policy in focus as Olympics postponed

An insurance policy understood to provide some $800mn of cover for the cancellation and abandonment of the Tokyo 2020 Olympics could be required to pay out, as the International Olympic Committee (IOC) confirms plans to postpone the Summer Games for one year amid coronavirus lockdowns.

Tue 24 Mar 2020

BMS builds in Spain with Jurado Mata acquisition

News

M&A

BMS builds in Spain with Jurado Mata acquisition

BMS Iberia, the Spanish subsidiary of BMS Group, has acquired Granada, Spain-based broker Jurado Mata.

Tue 24 Mar 2020

European stocks surge despite UK coronavirus shutdown

News

COVID-19

European stocks surge despite UK coronavirus shutdown

European (re)insurance stocks jumped sharply in early trading on Tuesday following Asia-Pacific markets back into the green as investors react positively to the US Federal Reserve, which yesterday said it will buy as many bonds as it needs to support markets and the economy.

Tue 24 Mar 2020

Asia-Pacific stocks rally on Fed’s bond pledge; Europe and Wall street tipped to follow

News

COVID-19

Asia-Pacific stocks rally on Fed’s bond pledge; Europe and Wall street tipped to follow

Asia-Pacific (re)insurance stocks rallied on Tuesday with US and European markets set to follow after the US central bank vowed to buy whatever amount of government bonds necessary to shield the economy from the impact of the coronavirus pandemic.

Tue 24 Mar 2020

News

Legal dispute

Lloyd’s seeks to dismiss high profile investor dispute

Lloyd’s is seeking to have its high-profile legal dispute with a prominent private investor thrown out via a July summary judgment hearing, arguing that there is no case to answer and no real prospect of the claimant successfully proving that Lloyd’s had breached any contract or obligation if subject to a full trial.

Tue 24 Mar 2020

Perils pegs Cyclone Sabine loss at Eur1.6mn

News

Losses

Perils pegs Cyclone Sabine loss at Eur1.6mn

Perils has estimated that Cyclone Sabine, also known as Ciara or Elsa, which struck the UK, Western and Central Europe in February is set to ring up an insured loss bill of Eur1.6mn ($1.7mn).

Tue 24 Mar 2020