Niche entertainment insurance market facing losses from Covid-19 shutdown
Allianz Global Corporate & Specialty (AGCS)-backed MGA Reel Media, Chubb, Hiscox, OneBeacon, ProSight Specialty and WR Berkley are among insurers who could be facing up to an estimated $1bn in Covid-19 related claims associated with the suspension and delay of US movie and TV productions.
RenRe narrows bidders after returning to market with Lloyd’s legacy book
Bermudian carrier RenaissanceRe has returned to the legacy market, once again seeking an adverse development cover (ADC) for a circa £470mn ($579.8mn) casualty book written through its Lloyd’s syndicate, The Insurer can reveal.
PAK Programs adds craft beer industry to drone risk assessment service
Program administrator PAK Programs is expanding its drone-based risk assessment service from wineries to also cover the craft beer industry.
FHCF confirms it will not go ahead with cat reinsurance renewal
The Florida Hurricane Catastrophe Fund (FHCF) has confirmed it will not renew its expiring $920mn excess of loss reinsurance cover at 1 June in the latest example of a tight market where capacity is “less abundant” than in previous years.
Scor latest (re)insurer to join UN’s Net Zero carbon initiative
Scor has joined the growing list of (re)insurance companies who have committed to pulling back from investing in thermal coal by signing up to the Net-Zero Asset Owner Alliance.
Obsidian looks to aggregator opportunity and traditional program business
Genstar-backed hybrid fronting start-up Obsidian is targeting opportunities with retail and wholesale risk aggregators as well as more “traditional” MGA program business as it looks to build out its platform with a dual strategic focus.
Swiss Re CorSo unveils US parametric hail coverage
Swiss Re Corporate Solutions has launched a new parametric hail product in 11 US states, with the company stating it “addresses gaps in traditional insurance coverage” for a peril that cost carriers some $20bn last year.
Reinsurers will not earn cost of capital in 2020: Fitch
Fitch Ratings has concluded after conducting a sector review that the global reinsurance sector will fail to earn its cost of capital in 2020 amid the coronavirus crisis
PartnerRe names Meyenhofer specialty CEO as Haft heads new global cat unit
PartnerRe has appointed Philippe Meyenhofer CEO of its specialty lines unit while Greg Haft has been named CEO of the reinsurer’s newly formed global catastrophe operation.
Gransbury promoted to head new QBE NA specialty group
QBE North America has promoted Steve Gransbury to head of its newly-created specialty insurance group, with Tara Krauss taking over his previous role of head of accident and health.
Brazil’s securities regulator opens IRB investigation
Brazil’s securities regulator CVM is opening an investigation into IRB Brasil Resseguros.
Lloyd’s forecasts worst case loss of £809mn for 2019 YoA
Lloyd’s has forecast that non-third party backed syndicates will post a worst-case scenario loss of £808.7mn ($995mn) in the aggregate for the 2019 year of account (YoA).
Covid-19 to further fuel W&I’s soaring take-up
The Covid-19 outbreak will serve as yet further fuel to the fire of warranty and indemnity (W&I) insurance take-up with new data from Lockton highlighting how usage of the specialist coverage has soared in the six years to 2019.
Marsh backs disgruntled policyholders in evidence submission to FCA BI investigation
Broker Marsh has submitted evidence to the Financial Conduct Authority (FCA) as part of the UK regulator’s High Court test case consultation into disputed business interruption (BI) policy wordings.
Axa shrugs off pandemic fears to lead rally in Euro-listed P&C stocks
Shares in Axa Group climbed over 5 percent in morning trading to lead a jump in European (re)insurance stocks on Wednesday which extended gains made yesterday as investors focused on the phased reopening of the economy.
Catalina continues to bolster corporate governance; names former Old Mutual CEO Hemphill chair
Bermudian-headquartered legacy specialist Catalina Holdings has named former Old Mutual CEO Bruce Hemphill as non-executive chairman of the board and Caroline Foulger as senior independent non-exec director, effective immediately.
Lloyd’s wins court approval for Part VII Brexit transfer
Lloyd’s of London has received approval from the High Court of England and Wales for its Part VII strategy for notifying policyholders about the proposed transfer of its existing European business to Lloyd’s Brussels.
Irish insurer FBD faces business interruption court test case
Irish insurer FBD said it will wait for the result of a test case in October before it decides whether to pay out on 700 claims for business interruption made against it in connection with the pandemic.
ICA pegs summer cats at $3.4bn
Insured losses across Australia stemming from summer catastrophe events now stands at A$5.1bn ($3.39bn), according to the Insurance Council of Australia (ICA).
Captive interest mounts with prospect of 24-36 months of hard market
The combination of a hard market and the Covid-19 outbreak means risk managers that don’t have a captive in place should form one and those that do have one already should reevaluate its use and identify further possible opportunities, according to Willis Towers Watson (WTW).
Allstate extends payback plan with others likely to follow
Allstate is extending its Shelter-in-Place Payback programme to the end of June in a move which will see the carrier return more than $1bn to customers over three months, as Wells Fargo Securities analysts predict other carriers will continue their own refund plans.
Umbrella and property hardening at fastest pace since 9/11: CIAB
US commercial insurance hardening accelerated in the first quarter, according to a survey by The Council of Insurance Agents & Brokers (CIAB), but Covid-19 affected carriers’ ability to collect premium and the availability of coverage by the end of the quarter.
Pria introduced in House with 20 co-sponsors
Representative Carolyn Maloney, along with 20 Democrat co-sponsors, has formally introduced a bill that would create a backstop for future pandemics similar to the one for terrorism insurance.
GuideOne takes Spain from The Hartford’s Navigators
Expansive US mutual insurer GuideOne National has appointed Nigel Spain from The Hartford’s Navigators Insurance operation as head of global technical property, The Insurer can reveal.
US P&C Q1 industry surplus down 9.3% on financial markets turmoil
Unrealised investment losses at Berkshire Hathaway and State Farm drove a 9.3 percent Q1 decline in US P&C industry surplus, but the sector’s underwriting results emerged largely unscathed from Covid-19, with the full impact to be felt in subsequent quarters, said AM Best.
Axa commits to paying further French restaurant BI claims after ruling: reports
Axa has said it intends to pay 10 percent of business interruption claims filed by French restaurant owners, with those with similar wording to the court ruling last week that ordered the carrier to pay two months’ worth of pandemic related losses to a restaurateur set to receive payment.
Covid-19 increases potential hurricane losses: KCC
A new report from Karen Clark & Company (KCC) concludes that Covid-19 will increase any hurricane losses that occur this season because of hampered mitigation activities, more complicated business interruption claims, remotely settled claims and increased contractor costs.
EC greenlights Dutch Eur1bn trade credit insurance backstop
The European Commission has approved a Dutch guarantee scheme to support the country’s trade credit insurance market amid the pressures of the ongoing coronavirus pandemic.
Ferma calls for pan-European systemic risk reinsurer
As European countries examine creating their own future pandemic reinsurance solutions, the continent’s Federation of European Risk Management Associations (Ferma) has called on the European Commission to create a EU-wide resilience framework for catastrophic risks such as epidemics, terrorism and cyber.
CinFin continues efforts to reassure investors over Covid-19 BI exposures
Cincinnati Financial’s management has continued to tell investors that the company is confident that its commercial property policy language will stand up to legal challenges over pandemic claims because it requires direct physical damage or property loss for coverage to trigger.
Willis Re takes GC’s Jones to head Atlanta office
Capsicum launches ransomware exposure model
Baden-Baden 2020 decision delayed until July
KBW: capital markets will treat equity raising “suspiciously”
Canopius looks to Axa XL for APAC casualty head
Hannover Re Bermuda CEO Rentrup retires
Nexus builds out US financial lines team with Simmons hire
QBE’s reinsurance will cap UK BI claims at $75mn
HIIG replaces founder and CEO Stephen Way
Lloyd’s dragged into the Covid-19 shame game
WTW offloads financial advisory arm to Nordic Capital
Aviation insurers face losses from Marsh’s Boeing financing consortium
Kessler agrees remuneration reduction
Ironshore expands environmental contractors coverage with PL addition
AI insurtech Clara Analytics raises $25mn in Series B funding
UK auto insurtech By Miles raises £15m
French court rules Axa must pay restaurant owner’s Covid-19 losses: reports
PartnerRe promotes Piché to president of Canadian life and health
UK heavyweights lobby gov to release £1bn Pool Re funds for Covid-19 payments
Chubb’s Greenberg says Covid-19 will be at least a $100bn loss for insurers
RSA and Hiscox face new group actions over Covid-19 BI claims
KBW: Q1s point to $50bn Covid-19 loss or “slightly higher”
AIG leads Marsh-placed Pakistan International Airlines cover
US futures fall as global P&C stocks slip on US-China tensions
Hiscox backs £1.8mn Series A investment round in Bikmo
FSCS raises levy on trio of insurer failures
Insurtech EIS launches insurance platform in the UK
Jefferies warns on lack of retro in Hannover Re’s credit and surety book
IRB in discussions to acquire rivals’ portfolios: Reports
AM Best warns of “significant” Covid-19 mortgage losses for some reinsurers
Covid-19 to trigger a wave of legal malpractice claims
Ariel Re insures solar performance guarantee deal for NovaSource
Trade associations reveal pandemic proposal as an alternative to Pria
NOAA predicts up to six major hurricanes for Atlantic season
HSCM and Scor support States Title’s $123mn Series C round
TMK Syndicate 510 loss forecast extended on Covid-19 exposures for 2019 YoA
CAC Specialty inks partnership with consultant Liberty Advisor Group
Woodruff Sawyer CEO Barrengos takes over chairman role from Loar
Willis to launch group captive for middle market clients with The Hartford
Analysts cut Allstate EPS forecasts on high $632mn April cat hit
Florida pricing shift draws in Berkshire and DE Shaw
Former Lloyd’s exec Ribeiro joins Starr as London-based NED
Generali pegs 2020 P&C Covid-19 claims at Eur100mn
AM Best removes Covéa from under review after PartnerRe deal collapses
SelectQuote prices IPO above target range
Ardonagh trims Q1 loss to £13.7mn as debt grows to £1.2bn
Paying invalid Covid-19 claims a threat to insurer solvency, warns ABI
BMS continues build out of energy team with trio of hires
Allianz names Richter to lead Cyber Center of Competence
Former Besso CEO Colin Bird to land at EC3 Brokers