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Maiden reports small Q4 operating loss as re-domestication completes

News

Losses

Maiden reports small Q4 operating loss as re-domestication completes

Maiden Holdings, which has undergone a drastic restructuring in the past two years as it battled large losses related to its reinsurance of AmTrust, has reported a $3.5mn operating loss for the fourth quarter.

Wed 18 Mar 2020

US insurance stocks plummet in another bloodbath

News

COVID-19

US insurance stocks plummet in another bloodbath

The Hartford, James River, Old Republic, Watford Re and ProSight all fell more than 20 percent in trading on Wednesday as investors sent (re)insurance stocks down much further than the overall stock markets.

Wed 18 Mar 2020

Hiscox shares close down 22 percent on US exposure fears

News

COVID-19

Hiscox shares close down 22 percent on US exposure fears

In another bruising day for P&C (re)insurance stocks, Hiscox was among the largest fallers with its London-listed shares closing down 21.8 percent today.

Wed 18 Mar 2020

Insurers add coronavirus exclusions, while additional coverage options also emerge

News

Commercial property

Insurers add coronavirus exclusions, while additional coverage options also emerge

Insurers are adding coronavirus-related exclusions in a number of areas such as property, environmental, communicable disease coverage and event cancelation, while some carriers and brokers are also seeing opportunities to add new coverages.

Wed 18 Mar 2020

News

COVID-19

Lloyd’s closes underwriting room

Lloyd’s is to close the underwriting room as of 4pm GMT Thursday in response to the coronavirus outbreak, with the situation to be reviewed on a weekly basis.

Wed 18 Mar 2020

Aon-Willis deal now worth only $20.6bn amid equity market turmoil

Analysis

COVID-19

Aon-Willis deal now worth only $20.6bn amid equity market turmoil

The aggregate value of Aon stock offered to Willis Towers Watson shareholders under the agreed takeover deal announced only nine days ago has plunged 31 percent from $29.9bn to $20.6bn.

Wed 18 Mar 2020

Moody’s downgrades Saga’s debt as coronavirus hits travel business

News

COVID-19

Moody’s downgrades Saga’s debt as coronavirus hits travel business

Saga Plc has seen its Corporate Family Ratings (CFRs) and backed senior unsecured debt ratings downgraded by Moody’s over concerns that earnings and profitability at the over-50s travel and insurance business will be placed under pressure as a result of the spreading coronavirus.

Wed 18 Mar 2020

News

COVID-19

Covid-19 infections could reach nearly three million by April: AIR

Risk modelling agency AIR Worldwide has said mild to moderately symptomatic cases of Covid-19 could reach as high as two million and severe cases of the disease could rise to 900,000 over the next two weeks, highlighting uncertainty and underreporting of figures in tracking the pandemic.

Wed 18 Mar 2020

Solvency II ratios hit by market downturn: KBW

News

COVID-19

Solvency II ratios hit by market downturn: KBW

The average Solvency II ratio for a large cap (re)insurer has fallen 36 percentage points as a result of negative market movements fuelled by turmoil in global equities as a result of the coronavirus.

Wed 18 Mar 2020

AIG shares down 18% as US insurance stocks tank in morning trading

News

COVID-19

AIG shares down 18% as US insurance stocks tank in morning trading

US-listed insurance share prices fell by more than the general market in early trading, with AIG down 18 percent.

Wed 18 Mar 2020

TigerRisk adds former GC-JLT Re Florida specialist O’Neill

News

People Moves

TigerRisk adds former GC-JLT Re Florida specialist O’Neill

Expansive reinsurance intermediary and advisory firm TigerRisk has hired Brian O’Neill as partner and client executive for its Florida business.

Wed 18 Mar 2020

News

COVID-19

UK government and insurers reach Covid-19 BI agreement

The UK government has confirmed its advice to avoid social venues now satisfies the forced closure requirements to make a claim on business interruption insurance policies.

Wed 18 Mar 2020

News

COVID-19

AM Best to roll out Covid-19 stress test

Rating agency AM Best is developing a stress test to assess the impact of Covid-19 fallout on rated insurance companies’ risk-adjusted capital levels, investment portfolios, reserve adequacy and other aspects of the risks borne by the pandemic.

Wed 18 Mar 2020

European reinsurers face ratings downgrades on virus market turmoil

Analysis

COVID-19

European reinsurers face ratings downgrades on virus market turmoil

Financial market disruption stemming from the spread of the coronavirus is the main threat to the credit profiles of European reinsurers while prolonged equity market stress as well as dwindling interest rates could lead to ratings downgrades, according to Fitch Ratings.

Wed 18 Mar 2020

Maersk launches cargo product with Zurich

News

Marine

Maersk launches cargo product with Zurich

Maersk, one of the world’s largest transport and logistics firms, has partnered with Swiss insurance giant Zurich to launch Maersk Cargo Insurance, a product to cover goods against physical loss or damage on a “door-to-door” basis.

Wed 18 Mar 2020

Two Sigma-backed ISC buys Access Partners

News

M&A

Two Sigma-backed ISC buys Access Partners

Expansive US MGA platform Integrated Specialty Coverages (ISC) has completed its fourth acquisition with a deal to buy multi-line wholesale broker Access Partners Insurance Services.

Wed 18 Mar 2020