Hallmark loses 60% of market cap in less than two weeks

Hallmark Financial shares slumped another 30 percent today as it also announced the appointment of a new accountant for its 2019 results in the wake of a reserve charge and binding primary commercial auto exit.

Thu 12 Mar 2020

D&O market readies for coronavirus impact

Coronavirus is expected to increase D&O lawsuits as a result of company disclosures around the outbreak, which will add to the pain that insurers have suffered from event-driven exposures in recent years.

Thu 12 Mar 2020

AIG shares hit 8-year low on brutal day for US insurance stocks

AIG shares closed at their lowest level since the start of 2012, with the insurance giant the hardest hit on a punishing day for major US (re)insurance stocks.

Thu 12 Mar 2020

Communicable disease inquiries soar as COVID-19 exclusions kick in

Brokers are being inundated with inquiries about adding communicable disease endorsements to event cancellation policies, and while the coverage continues to be offered by underwriters, pricing has increased significantly and novel coronavirus COVID-19 is excluded.

Thu 12 Mar 2020

IGI Bermuda gets provisional approval to write US E&S business

Dubai insurer International General Insurance Holdings (IGI) has been given the green light to begin writing US excess and surplus lines (E&S) business on 1 April from its Bermuda subsidiary, subject to the execution of a trust agreement for the platform.

Thu 12 Mar 2020

LMA introduces policy extension clause in case of Lloyd’s coronavirus closure

The Lloyd’s Market Association (LMA) has unveiled policy language to ensure (re)insureds will not be left without cover if the developing Covid-19 situation prohibits normal renewal discussions at Lloyd’s.

Thu 12 Mar 2020

Vigilance key in choosing LatAm clients, says PartnerRe’s Cabrera

Latin American (re)insurers must be “vigilant” and “careful” as they consider which clients to work with, but the industry must also remember it is “here not to run away from risk, but to help with risk”, according to Humberto Cabrera, head of Latin America for PartnerRe.

Thu 12 Mar 2020

Coronavirus could increase cyber losses

Willis Towers Watson has highlighted the coronavirus’s threat to the cyber insurance market, with hackers taking advantage of fears over the pandemic and the greatly increased numbers of employees working from home weakening technological defences.

Thu 12 Mar 2020

London contingency market braces for government-enforced event cancellation

London contingency underwriters are holding their breath to see whether the UK government will prevent public gatherings thereby triggering the communicable disease extensions found in some event cancellation policies, as the coronavirus rapidly spreads through the country.

Thu 12 Mar 2020

US (re)insurance stocks pummelled in early morning trading

US-listed stocks followed their Europe and Asia-Pacific counterparts in plunging in early morning trading in response to President Trump’s travel ban.

Thu 12 Mar 2020

Brown & Brown acquires MGA The Colonial Group

US broking giant Brown & Brown has acquired North Carolina-based managing general agency The Colonial Group and its affiliate, Colonial Premium Finance Company.

Thu 12 Mar 2020

​Gallagher’s Pen promotes Hewland in regional broker push

Pen Underwriting – Gallagher’s managing general agent – has promoted Nick Hewland into the newly created position of area sales manager, Midlands & North, as the MGA looks to further strengthen its regional support of UK brokers.

Thu 12 Mar 2020

IUA launches commercial crime underwriting group

A new London Market underwriting group has been established by the International Underwriting Association (IUA) for insurers writing commercial crime business.

Thu 12 Mar 2020

Lloyd’s to close underwriting room for first time in Coronavirus stress test

Lloyd’s is to shut the underwriting room for one working day on Friday 13 March “to test in anger” the market’s ability to deal with coronavirus-related disruption.

Thu 12 Mar 2020

European insurance stocks plunge on US coronavirus travel ban

European (re)insurance markets have plummeted – almost to their lowest points since the 2016 Brexit referendum – after US President Donald Trump announced that all travel from Europe to America, excluding from the UK and Ireland, will be suspended for 30 days as part of ongoing efforts to stem the spread of coronavirus.

Thu 12 Mar 2020

Driving the Market with Dominick Hoare, Group CUO, Munich Re Syndicate

Thu 12 Mar 2020