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Talanx reports Q4 CR of 97.8% as underwriting result dives

News

Losses

Talanx reports Q4 CR of 97.8% as underwriting result dives

Talanx – the majority shareholder in German reinsurer Hannover Re and primary insurer HDI – has reported a combined ratio of 97.8 percent in the fourth quarter of 2019, as its underwriting result fell to a Eur551mn ($615.5mn) loss on the back of large losses.

Mon 16 Mar 2020

UK carriers pull travel cover as rumours swirl industry will impose “act of God” rule

News

COVID-19

UK carriers pull travel cover as rumours swirl industry will impose “act of God” rule

UK insurers have put an end to selling would-be holidaymakers travel protection while reports over the weekend suggested some firms are seeking to have the coronavirus deemed an “act of God” in order to avoid payouts.

Mon 16 Mar 2020

Asia-Pacific stocks plunge as US Fed cuts rates to zero

News

COVID-19

Asia-Pacific stocks plunge as US Fed cuts rates to zero

Stocks in Asia-Pacific plunged yet again in trading on Monday as the US Federal Reserve cut its benchmark interest rate to zero and joined forces with other central banks to launch a massive quantitative easing program in an emergency move on Sunday.

Mon 16 Mar 2020

Former FCA head Bailey starts at BofE as markets tumble again

News

COVID-19

Former FCA head Bailey starts at BofE as markets tumble again

Headhunters take note: an Andrew Bailey appointment brings with it a tsunami of financial complications.

Mon 16 Mar 2020

Atlas and Trzos denied attempt to have 777 suit thrown out

News

Legal dispute

Atlas and Trzos denied attempt to have 777 suit thrown out

Atlas General and its CEO have been denied a motion to dismiss 777 Partners’ litigation against them over a failed attempt to launch an insurer together, with the parties also arguing over whether Atlas minority investor and non-party VJ Dowling can be subpoenaed in the case.

Mon 16 Mar 2020

Disappointment for carriers as Florida contingency fee legislation dies in Senate

News

Homeowners insurance

Disappointment for carriers as Florida contingency fee legislation dies in Senate

After Florida’s House passed a bill that would have limited the use of a contingency fee multiplier when calculating attorneys fees in property insurance lawsuits, the legislation has failed to make it out of a Senate committee.

Sun 15 Mar 2020

AM Best leaves Southern Pioneer unchanged after Biglari deal

News

Commercial insurance

AM Best leaves Southern Pioneer unchanged after Biglari deal

AM Best has left Southern Pioneer Property and Casualty Insurance Company’s ratings unchanged following on from the Jonesboro, Arkansas-based carrier’s acquisition by Biglari Holdings earlier this week.

Fri 13 Mar 2020

US stocks cling to early gains ahead of White House presser

News

COVID-19

US stocks cling to early gains ahead of White House presser

US stocks held on to early gains on Friday in the wake of the worst day for Wall Street since 1987, as nervous investors were buoyed by fresh support from central banks and governments as the economic costs of the coronavirus outbreak continued to mount.

Fri 13 Mar 2020

Canopius to shut UK offices in virus business continuity plan

News

COVID-19

Canopius to shut UK offices in virus business continuity plan

Specialty (re)insurer Canopius has told all staff in the UK to work from home for at least two weeks as the carrier looks to mitigate any negative fallout from the coronavirus outbreak.

Fri 13 Mar 2020

Berkshire Hathaway takes shareholder meeting online amid coronavirus pandemic

News

COVID-19

Berkshire Hathaway takes shareholder meeting online amid coronavirus pandemic

Warren Buffett’s Berkshire Hathaway has announced its annual meeting will be held without shareholders in physical attendance due to the coronavirus outbreak.

Fri 13 Mar 2020

Generali shares surge on results beat and share buyback

News

COVID-19

Generali shares surge on results beat and share buyback

Italy’s biggest insurer Assicurazioni Generali saw its shares surge almost 17 percent by midday on Friday after it confirmed all its targets through 2021 and posted a record operating result for 2019, despite coronavirus-related uncertainty and soaring market volatility.

Fri 13 Mar 2020

News

Chilton co-launches new London MGA with former TMK duo

Grahame Chilton, the founder of reinsurance intermediary Capsicum Re, is backing an ambitious new MGA business that will be led by two former senior Tokio Marine Kiln executives, Jeff Bright and James Dover.

Fri 13 Mar 2020

Wall Street insurance stocks tipped to pull back after historic sell-off

News

COVID-19

Wall Street insurance stocks tipped to pull back after historic sell-off

US-listed insurance stocks are tipped to follow their European and Asia-Pacific counterparts in opening to modest gains in trading on Friday, a day after Wall Street’s worst trading session in more than three decades.

Fri 13 Mar 2020

European insurance markets rebound as global sell-off eases

News

COVID-19

European insurance markets rebound as global sell-off eases

European insurance stocks opened broadly in the green on Friday as the rout in global shares eased in early trading on new liquidity measures launched by central banks to stem another punishing week of selling prompted by the coronavirus.

Fri 13 Mar 2020

News

Argo confirms Rehnberg as CEO until 2023

Argo Group International Holding’s recently appointed CEO Kevin Rehnberg will remain in the position until 2023, with an annual base salary of no less than $975,000.

Fri 13 Mar 2020

Oman Insurance preparing bid for Axa Middle East operation: report

News

M&A

Oman Insurance preparing bid for Axa Middle East operation: report

Oman Insurance, run by former Axa Asia CEO Jean-Louis Laurent Josi, is considering making a bid for the Middle Eastern operations of French insurer Axa.

Fri 13 Mar 2020