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Respite for US insurance stocks as market rebounds

News

COVID-19

Respite for US insurance stocks as market rebounds

US-listed insurance stocks recovered some of the value lost the previous day as markets surged on news of a potential stimulus package.

Wed 18 Mar 2020

News

Commercial insurance

Zurich downplays Covid-19 BI impact

Zurich has downplayed the impact of Covid-19 related business interruption (BI) losses on the sector because BI coverage is typically attached to property policies that require physical damage to payout, rather than broader all-risks policies.

Tue 17 Mar 2020

AIG, Scor, Argo all members of the 50% club in Q1 equities bloodbath

Analysis

Commercial insurance

AIG, Scor, Argo all members of the 50% club in Q1 equities bloodbath

The market caps of AIG, Argo and Scor had all fallen by more than 50 percent in the year-to-date before a rally today amidst the Covid-19 driven turmoil in global equities and fears of an impending deep recession.

Tue 17 Mar 2020

Coronavirus class action lawsuits start to be filed

News

Commercial insurance

Coronavirus class action lawsuits start to be filed

Two coronavirus-related securities class actions have already been filed – one against a cruise line and one against a pharmaceutical company – as expectations of a spate of D&O lawsuits resulting from the outbreak start to be realised.

Tue 17 Mar 2020

News

$150mn Florida cat bond Integrity Re II closes; pricing imminent

Despite the sudden withdrawal of the Florida-focussed cat bond Armor Re II during the marketing stages earlier this month, the sunshine state homeowners specialist American Integrity has renewed its ILS – Integrity Re II – with upsized coverage of $150mn.

Tue 17 Mar 2020

Florida’s United pulls $130mn Armor Re cat bond issue

News

Property catastrophe

Florida’s United pulls $130mn Armor Re cat bond issue

United Insurance Holdings (UPC Insurance) has pulled its $130mn Armor Re II 2020-1 series cat bond after marketing the proposed issuance with investors, The Insurer understands.

Tue 17 Mar 2020

News

COVID-19

Covid-19 to slow insurance M&A, warns Stonybrook

The impact of the novel coronavirus Covid-19 will lead to a slowdown in the amount of merger and acquisition activity within the insurance industry, according to Stonybrook Capital.

Tue 17 Mar 2020

IGI and Tiberius complete $390.3mn merger

News

M&A

IGI and Tiberius complete $390.3mn merger

International General Insurance (IGI) Holdings and Tiberius Acquisition Corporation (Tiberius) have completed the previously announced business combination between them, following the initial agreement in October 2019.

Tue 17 Mar 2020

Watson signals intent to dispute Argo expenses in arbitration

News

Legal dispute

Watson signals intent to dispute Argo expenses in arbitration

Former Argo Group CEO Mark Watson has told the Bermudian (re)insurer he intends to dispute his obligation to pay back certain expenses in arbitration, an SEC filing has revealed.

Tue 17 Mar 2020

Gallagher to benefit “significantly” from Aon-WTW talent and client leakage

News

M&A

Gallagher to benefit “significantly” from Aon-WTW talent and client leakage

Arthur J Gallagher is set to “benefit significantly” in the wake of Aon’s recently announced acquisition of Willis Towers Watson, owing to the likely movement of clients, talent and its capital-light structure.

Tue 17 Mar 2020

Corona coverage questions asked as UK pub chain confirms no BI protection

News

COVID-19

Corona coverage questions asked as UK pub chain confirms no BI protection

Britain’s largest pub chain is the latest corporation to warn that its insurance programme will not protect it against the costs associated with any loss of business as a result of the Covid-19 outbreak.

Tue 17 Mar 2020

Lloyd’s 2019 hull loss ratio worst for 20+ years

News

Marine

Lloyd’s 2019 hull loss ratio worst for 20+ years

Despite Lloyd’s focus on improving the marine sector’s results and the withdrawal of capacity from the class, 2019 is poised to be the worst underwriting year for marine hull insurers for at least twenty years, analysis by The Insurer shows.

Tue 17 Mar 2020

Hancock delays Lloyd’s exit while Corporation vows to stay open during pandemic

News

COVID-19

Hancock delays Lloyd’s exit while Corporation vows to stay open during pandemic

Lloyd’s outgoing performance management director Jon Hancock is to extend his notice period by two months as the Corporation responds to the escalating coronavirus crisis.

Tue 17 Mar 2020

European insurance stocks slip after early rebound on G7 coronavirus pledge

News

COVID-19

European insurance stocks slip after early rebound on G7 coronavirus pledge

London-listed and European insurance stocks opened broadly in the green on Tuesday but strong gains at open quickly fizzled and morphed into losses following yesterday’s steep sell-off, despite a pledge from G7 leaders to do “whatever is necessary” to fight the coronavirus pandemic.

Tue 17 Mar 2020

Asia-Pacific stocks climb after biggest Wall Street sell-off since 1987

News

COVID-19

Asia-Pacific stocks climb after biggest Wall Street sell-off since 1987

Asia-Pacific stocks rose on Tuesday following the biggest sell-off on Wall Street in more than 30 years with both European and London futures indicating modest gains at open on international economic support measures to fight the impact of the coronavirus.

Tue 17 Mar 2020

Accredited enters trucking program deal with Whitehill-Brazos

News

Commercial auto

Accredited enters trucking program deal with Whitehill-Brazos

R&Q subsidiary Accredited Surety and Casualty Company (Accredited) has inked a deal with Brazos Specialty Risk to become an issuing carrier for its trucking division, called Whitehill.

Tue 17 Mar 2020