Latest news
-
NewsCatalina takes assets to $7.2bn as ACR takeover completes
Bermudian-headquartered legacy firm Catalina Holdings has completed its acquisition of Asia Capital Reinsurance Group (ACR), a move which will take its total assets to $7.2bn.
-
News
Florida’s Olympus names Citizens exec Bitar as CEO
Steve Bitar, former chief of underwriting and agency services for Citizens Property Insurance Corporation, has been named CEO of Florida carrier Olympus Insurance Company.
-
News
Cargo market to avoid swath of Covid-19 claims, report brokers
The beleaguered cargo insurance market is set to miss out on a potential plethora of claims emanating from the disruption caused by the coronavirus outbreak as the bulk of policies exclude loss or damage caused solely by delay.
-
News
Fitch revises Sirius rating watch to ‘evolving’
Rating agency Fitch has revised the rating watch status of Sirius International Group from negative to evolving, citing uncertainty over any potential new owner after existing parent China Minsheng Investment Group (CMIG) launched a formal sales process last week.
-
News
Lloyd’s fails in effort to bring down acquisition costs ratio in 2019
Acquisition costs at Lloyd’s inched up in 2019 despite the market’s focus on reducing them, which comes against a backdrop of observers complaining the current costs of placing business are unsustainable.
-
News
Mixed trading in Asia-Pacific after Wall Street gains
Trading in Asia-Pacific markets was mixed on Tuesday as investors were split over continued virus fears and signs that Chinese economic activity is starting to recover following the coronavirus outbreak.
-
News
Property losses from Australia February storms reach A$794mn: Perils
Catastrophe data firm Perils has pegged insured property losses from Australia’s East Coast Low storms in February at A$794mn (A$491mn).
-
News
Beazley and Hannover Re lead Euro-listed carriers trading at premium to book
London-listed Beazley and reinsurance giant Hannover Re are both trading at a significant premium to year-end book value following the rebound in global equities that swept European markets last week.
-
News
Beale took home £405K from Lloyd’s in 2019 despite leaving previous year
The former chief executive of Lloyd’s Inga Beale was paid £405,000 in 2019 by the Corporation despite walking away from the top role in October 2018.
-
News
Insurers rush to meet AM Best Covid-19 stress test deadline
AM Best-rated carriers have until Wednesday (1 April) to respond to the ratings agency’s initial questionnaire as it prepares to stress test balance sheets for Covid-19 impacts in the middle of the ongoing crisis.
-
News
Healthcare capacity plentiful despite retrenchment on Covid-19 fears
Insurance capacity for the healthcare market remains in plentiful supply even though the emergence of the coronavirus has meant some carriers are not quoting any new business, according to AmWINS.
-
News
Texas wig store wants Hartford to pay Covid-19 losses
In the first coronavirus business interruption lawsuit filed in Texas, a Houston area wig store has sued a subsidiary of The Hartford after its claim was denied.
-
News
US buyers look at greater self insurance as Covid-19 hits cash flow
US insurance buyers are reacting to the Covid-19 crisis by looking at taking higher retentions and increased coinsurance as well as seeking premium clawbacks in response to the crippling impact the nationwide shutdown is having on businesses and their budgets.
-
News
Insurers to pay $207mn of Signet sexual harassment settlement
The insurers for Signet Jewelers will pay the majority of a $240mn shareholder settlement of allegations the diamond jewellery giant concealed sexual harassment allegations against senior executives as well as losses in its customer financing credit portfolio.
-
News
Sompo GRS builds life sciences with Chubb’s Carroll
Sompo International has appointed Michael Carroll as senior vice president and deputy head of life sciences within the Bermudian’s Global Risk Solutions (GRS) unit.
-
News
Cat bond pricing to continue hardening as traditional supply tightens
Primary cat bond issuance spreads are set to continue widening through 2020 as volatility endures in financial markets and traditional reinsurance and retro capital tightens, according to ILS fund manager Twelve Capital.
-
News
New York latest state to introduce bill to force Covid-19 BI payment
New York has joined the growing list of states introducing legislation that would require business interruption (BI) insurers to provide coverage for economic losses from the coronavirus regardless of any exclusions.
-
News
Danish regulator orders Gefion to stop writing business
Denmark’s financial watchdog has ordered unrated Gefion Insurance to stop writing new business after ruling that its recovery plan was not sufficient to protect customers.
-
News
Airline premium pool to more than halve as Covid-19 grounds fleets
Carriers are expecting to write down their aviation portfolios by 50 - 60 percent of their annual premium income this year as the spread of Covid-19 grounds airline fleets globally, The Insurer understands.
-
News
ABI calls on government for pandemic insurance subsidy
The Association of British Insurers (ABI) has called on the government to step in as the ‘insurer of last resort’ and work with the insurance sector to handle the potential wave of business interruption claims from businesses affected by the coronavirus outbreak.
