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RenRe now only US-listed reinsurer trading at premium to book

Analysis

COVID-19

RenRe now only US-listed reinsurer trading at premium to book

The March market bloodbath means RenaissanceRe is the only US-listed carrier with a significant reinsurance book that is trading at a premium to its year-end book value.

Tue 24 Mar 2020

Everest, CinFin and Arch among hardest hit as US stocks slide again

News

COVID-19

Everest, CinFin and Arch among hardest hit as US stocks slide again

There was a further sell off of US shares Monday as lawmakers could not find agreement on an economic rescue package to respond to the coronavirus pandemic, with (re)insurance stocks mostly falling by more than the overall market.

Mon 23 Mar 2020

Covid-19 fallout starts to impact share repurchases and dividends

News

Results

Covid-19 fallout starts to impact share repurchases and dividends

The financial markets fallout from Covid-19 has impacted both Enstar’s recently launched share buyback scheme as well as voting on approval of Storebrand’s ordinary dividend.

Mon 23 Mar 2020

AmWINS appoints ex-Beazley exec Bernacki as SRU president

News

People Moves

AmWINS appoints ex-Beazley exec Bernacki as SRU president

Former Beazley property head Mark Bernacki has been named president of AmWINS Special Risk Underwriters (SRU), a role he will assume at the end of March.

Mon 23 Mar 2020

Coronavirus upends loss frequency expectations for many lines

News

Commercial auto

Coronavirus upends loss frequency expectations for many lines

The impact of coronavirus in the US will not just be about where there will be increased claims but also where there will be fewer, with impacted lines including commercial auto, general liability, workers compensation and commercial property.

Mon 23 Mar 2020

RAA proposes federal BI and workers comp fund in Covid-19 response

News

Commercial insurance

RAA proposes federal BI and workers comp fund in Covid-19 response

The Reinsurance Association of America (RAA) is working with other industry trade bodies on a proposal to create a Federal Business Interruption (BI) and Workers Compensation Fund to help small businesses and aid employee retention through the coronavirus pandemic, The Insurer can reveal.

Mon 23 Mar 2020

French insurers commit Eur200mn to coronavirus fund

News

COVID-19

French insurers commit Eur200mn to coronavirus fund

The members of French insurance association FFA have committed to contributing up to Eur200mn ($215mn) to a government fund that would help businesses deal with the economic impact of Covid-19.

Mon 23 Mar 2020

News

COVID-19

Marcell: reinsurance industry is passing the Covid-19 test

The reinsurance market is fully engaged and has demonstrated a high degree of connectivity to ensure upcoming renewals remain on track amid the challenges of the coronavirus crisis, according to Aon Reinsurance Solutions CEO Andy Marcell.

Mon 23 Mar 2020

Starr hires Iacobelli to lead LatAm casualty

News

People Moves

Starr hires Iacobelli to lead LatAm casualty

Starr Companies has hired Emilio Iacobelli to spearhead its growth in the Latin American casualty insurance market.

Mon 23 Mar 2020

White Mountains’ NSM acquires up-for-sale UK intermediary Kingsbridge

News

M&A

White Mountains’ NSM acquires up-for-sale UK intermediary Kingsbridge

UK private equity firm Dunedin has exited its controlling stake investment in the construction-specialist Kingsbridge Group after placing the business up for sale last year.

Mon 23 Mar 2020

Insurance should not be coronavirus ‘bail out’: CII

News

COVID-19

Insurance should not be coronavirus ‘bail out’: CII

Insurers should stand by contractual coverage commitments but not become the “mechanism for a Covid-19 bail out”, Matt Connell, director of policy and engagement for the Chartered Insurance Institute (CII), has said in response to expectations the UK’s Financial Conduct Authority (FCA) set out for general insurers last week.

Mon 23 Mar 2020

News

People Moves

AmTrust hires new CFO from Assurant

AmTrust, the US insurance group that undertook a fiercely contested $2.95bn MBO in 2018, has appointed Assurant Inc SVP Daniel Pacicco as its new CFO.

Mon 23 Mar 2020

Coronavirus will force insurers to define BI liabilities

News

Business interruption

Coronavirus will force insurers to define BI liabilities

As the coronavirus pandemic continues to grow in scale and intensity, business interruption insurance is one of the many key P&C lines that will come under pressure amid a broader scrutiny of operational activity, a panel of industry executives told The Insurer during the first in our series of virtual Covid-19 roundtables.

Mon 23 Mar 2020

European (re)insurance stocks tumble as US aid talks stall

News

COVID-19

European (re)insurance stocks tumble as US aid talks stall

European (re)insurance stocks sustained another heavy blow in early trading on Monday after the worsening coronavirus crisis forced governments to impose tougher measures to staunch the outbreak and the US Senate failed to agree on a $1trn response bill.

Mon 23 Mar 2020

European carriers’ Solvency II buffers shrink amidst market carnage

Analysis

Legal/ Regulatory

European carriers’ Solvency II buffers shrink amidst market carnage

The large Solvency II buffers enjoyed by most European (re)insurers have shrunk following the ferocious market turmoil this month with Zurich and Munich Re two of the most affected.

Mon 23 Mar 2020

News

People Moves

Aon’s Dudley takes over as LIIBA chair

London & International Insurance Brokers’ Association (LIIBA) has named Richard Dudley, CEO of Aon’s UK Global Broking Centre, as its latest chair, succeeding Roy White of Marsh who served a two-year term.

Mon 23 Mar 2020