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Swiss Re facing $250mn Tokyo Olympics event cancellation exposure

News

Commercial insurance

Swiss Re facing $250mn Tokyo Olympics event cancellation exposure

Swiss Re has disclosed it has a $250mn exposure to the Tokyo Olympics as well as a mid-three-digit million exposure to other potential event cancellations in 2020 resulting from the spreading coronavirus.

Thu 19 Mar 2020

Scor returns to Ireland for $200m+ Atlas Capital cat bond

News

Property catastrophe

Scor returns to Ireland for $200m+ Atlas Capital cat bond

Scor will return to Ireland to domicile its $200mn+ Atlas Capital 2020-21 cat bond, having recently used the relatively new UK ILS regime to securitise retrocessional cat protection.

Thu 19 Mar 2020

California insurance commissioner calls for premium grace period

News

COVID-19

California insurance commissioner calls for premium grace period

California’s insurance commissioner has requested insurers maintain a 60-day grace period to pay insurance premiums due to the Covid-19 outbreak.

Thu 19 Mar 2020

News

Cargo

Cargo market faces coronavirus fallout as borders and ports close

The marine cargo market is bracing for large losses as well as a decline in premium as the international maritime transport industry reels from the impact of the coronavirus crisis.

Thu 19 Mar 2020

News

COVID-19

EIOPA urges local regulators to ease reporting deadlines over Covid-19

The European insurance and occupational pensions authority (EIOPA) has called on national competent authorities (NCAs) to be “flexible” around local reporting and disclosure requirements for year-end 2019, to free up insurers’ resources during the Covid-19 crisis.

Thu 19 Mar 2020

Industry pushes back against building political pressure to pay out BI Covid-19 losses

News

Commercial insurance

Industry pushes back against building political pressure to pay out BI Covid-19 losses

Industry associations have asserted that business interruption (BI) policies do not provide coverage against communicable diseases such as Covid-19 as they responded to mounting pressure from US Congress to waive exclusions and pay out anyway.

Thu 19 Mar 2020

BMS names OneBeacon’s Pfeffer US chief casualty officer

News

People Moves

BMS names OneBeacon’s Pfeffer US chief casualty officer

Expansive broker BMS has appointed Jonah Pfeffer as chief casualty officer at BMS Re US.

Thu 19 Mar 2020

News

COVID-19

FCA urges insurers to make coverage allowances for Covid-19 claims

The Bank of England’s Financial Conduct Authority (FCA) has said it expects general insurers to act openly, fairly and flexibly when processing travel, motor, home and medical claims as well as communicating clearly any coronavirus-related policy suspensions and exclusions.

Thu 19 Mar 2020

Demotech set to reveal downgrades as full-year results show Florida pain

Analysis

Homeowners insurance

Demotech set to reveal downgrades as full-year results show Florida pain

Demotech has affirmed the majority of the 46 Florida homeowners specialists it rates with the remaining carriers awaiting their fate as the agency completes its review of 2019 financials that reveal widespread operating losses and actions to shore up balance sheets, The Insurer can reveal.

Thu 19 Mar 2020

Stock falls highlight fears over pressure on exclusion clauses

Analysis

COVID-19

Stock falls highlight fears over pressure on exclusion clauses

US exposed insurers say their exclusion clauses will protect them from the imminent tsunami of coronavirus-related claims. But their stock prices suggest the markets don’t share their confidence as the lawsuits start and the political pressure on insurers grows….

Thu 19 Mar 2020

News

COVID-19

CAC ready to provide clients financing in light of Covid-19 crisis

Early stage broker CAC Specialty has pointed to its strategic relationship with Fortress Investment Group and reiterated its commitment to providing financing for clients facing liquidity pressure resulting from the Covid-19 outbreak.

Thu 19 Mar 2020

News

Securis $19.8mn collateral dispute forces Lloyd’s syndicate to stay “open”

The Beat Capital Syndicate 4242 will announce next week that it has been forced to keep its loss-heavy 2017 year open because of uncertainty over an ongoing reinsurance asset dispute with one of its reinsurers, the ILS fund manager Securis.

Thu 19 Mar 2020

50% club membership grows in harrowing week for P&C stocks

Analysis

COVID-19

50% club membership grows in harrowing week for P&C stocks

The market caps of Axa, Ageas and Prudential have joined AIG and Scor in plunging by more than 50 percent in the year-to-date as the Covid-19 driven rout in global equities continues to cause turmoil for P&C (re)insurance stocks.

Thu 19 Mar 2020

News

Aviation

WTW launches aviation knowledge hub as Covid-19 risks intensify

Broker Willis Towers Watson (WTW) has unveiled a platform to share data, analysis and risk mitigation strategies to tackle the “uncertain landscape” born from the coronvirus.

Thu 19 Mar 2020

News

Cargo

Cargo market faces $300mn loss for tornado hit Dell storage facility

Cargo underwriters are on the hook for upto $300mn for losses stemming from a Dell storage facility which was damaged in Nashville, Tennessee when a tornado tore through the city earlier this month, The Insurer understands.

Thu 19 Mar 2020

News

Hiscox joins ‘50% club’ as shares plunge 16% amidst wider sell-off

Lloyd’s carrier Hiscox saw its shares tumble over 16 percent in early trading on Thursday as London-listed (re)insurance stocks fall sharply into the red, with Hiscox shares now having fallen over 50 percent year-to-date.

Thu 19 Mar 2020