Judicial Panel on Multidistrict Litigation

MDL panel mulls centralising BI suits into insurer-specific proceedings

2020-09-25T14:14:00+01:00

The Judicial Panel on Multidistrict Litigation has held a hearing to consider creating insurer-specific proceedings that would centralise Covid-19 business interruption (BI) lawsuits against The Hartford, Cincinnati Financial, Society Insurance, Travelers and Lloyd’s underwriters.

Directors and officers

US D&O direct incurred loss ratio in H1 highest for a decade

2020-09-25T20:05:00+01:00

The US D&O liability market’s results have not improved in the first half of the year, despite a substantial increase in premium rates, according to a Fitch Ratings report.

NAMIC

Mutual sector response to Covid-19 returned $4.5bn in Q2 policyholder dividends

2020-09-25T14:25:00+01:00

US mutual insurers returned $4.5bn mainly through policyholder dividends in the second quarter in response to Covid-19 challenges faced by their members, according to analysis from the National Association of Mutual Insurance Companies (Namic) and broker Aon.

Paul DiFrancesco – UPC

UPC COO DiFrancesco departs as Dittman named CUO

2020-09-25T13:26:00+01:00

United Insurance Holdings (UPC) has appointed Chris Dittman as chief underwriting officer, with the Florida carrier revealing the employment of chief operating officer Paul DiFrancesco has been terminated – its second departure of an executive this month.

Richard Turner – IUMI

Marine insurance cannot innovate in a vacuum: IUMI’s Turner

2020-09-25T12:57:00+01:00

The Covid-19 pandemic has presented the marine insurance industry with the opportunity to innovate and rethink the coverage it offers but this cannot be done by the sector alone, International Union of Marine Insurance (IUMI) president Richard Turner has said.

Directors and officers

US D&O direct incurred loss ratio in H1 highest for a decade

2020-09-25T20:05:00+01:00

The US D&O liability market’s results have not improved in the first half of the year, despite a substantial increase in premium rates, according to a Fitch Ratings report.

NAMIC

Mutual sector response to Covid-19 returned $4.5bn in Q2 policyholder dividends

2020-09-25T14:25:00+01:00

US mutual insurers returned $4.5bn mainly through policyholder dividends in the second quarter in response to Covid-19 challenges faced by their members, according to analysis from the National Association of Mutual Insurance Companies (Namic) and broker Aon.

Paul DiFrancesco – UPC

UPC COO DiFrancesco departs as Dittman named CUO

2020-09-25T13:26:00+01:00

United Insurance Holdings (UPC) has appointed Chris Dittman as chief underwriting officer, with the Florida carrier revealing the employment of chief operating officer Paul DiFrancesco has been terminated – its second departure of an executive this month.

Richard Turner – IUMI

Marine insurance cannot innovate in a vacuum: IUMI’s Turner

2020-09-25T12:57:00+01:00

The Covid-19 pandemic has presented the marine insurance industry with the opportunity to innovate and rethink the coverage it offers but this cannot be done by the sector alone, International Union of Marine Insurance (IUMI) president Richard Turner has said.

CRC Group E&S Property

Fac writers and Bermuda step in as property writers retrench: CRC

Rate increases in the US property market as existing markets retrench are attracting new carriers and facilities as well as capacity from facultative reinsurance, alternative capital and Bermudians looking to fill gaps in placements, according to CRC.

Aviation

War for aviation broking talent battles on

Earlier today, Willis Towers Watson confirmed it has made 45 hires across its aviation team over the past 18 months, naming Paul Barker, Neil Black and David Boyle as recent additions (see table).

Beazley

Beazley loss revision adds further uncertainty to industry Covid-19 claims exposure

Beazley’s announcement on Tuesday that it had doubled its estimated Covid-19 claims bill to $340mn has highlighted that the industry’s claims exposure to the pandemic is far from over.

CRC Group E&S Property

Fac writers and Bermuda step in as property writers retrench: CRC

Rate increases in the US property market as existing markets retrench are attracting new carriers and facilities as well as capacity from facultative reinsurance, alternative capital and Bermudians looking to fill gaps in placements, according to CRC.

Aviation

War for aviation broking talent battles on

Earlier today, Willis Towers Watson confirmed it has made 45 hires across its aviation team over the past 18 months, naming Paul Barker, Neil Black and David Boyle as recent additions (see table).

Beazley

Beazley loss revision adds further uncertainty to industry Covid-19 claims exposure

Beazley’s announcement on Tuesday that it had doubled its estimated Covid-19 claims bill to $340mn has highlighted that the industry’s claims exposure to the pandemic is far from over.



Business interruption BI legal ruling

Recent rulings signal some pain ahead in US Covid-19 BI litigation

Four rulings on motions to dismiss Covid-19 cases this week – two of which involved dental practices – show that the hundreds of cases arising from the pandemic are likely to cause some gnashing of teeth among insurers despite the industry having the upper hand.

Hurricane Season

Floridians’ geographical gain = Q3 pain

Diversifying outside of Florida in recent years through M&A and organically adding state licenses has been a tactic deployed by a number of homeowners carriers seeking respite from the challenges of the Sunshine State.

Homework

Will the FCA decision be overturned on appeal?

Earlier this week, the UK insurance industry lost a seismically important court case brought by the financial regulator, the FCA.

Business interruption BI legal ruling

Recent rulings signal some pain ahead in US Covid-19 BI litigation

Four rulings on motions to dismiss Covid-19 cases this week – two of which involved dental practices – show that the hundreds of cases arising from the pandemic are likely to cause some gnashing of teeth among insurers despite the industry having the upper hand.

Hurricane Season

Floridians’ geographical gain = Q3 pain

Diversifying outside of Florida in recent years through M&A and organically adding state licenses has been a tactic deployed by a number of homeowners carriers seeking respite from the challenges of the Sunshine State.

Homework

Will the FCA decision be overturned on appeal?

Earlier this week, the UK insurance industry lost a seismically important court case brought by the financial regulator, the FCA.