Welcome to The Insurer's COVID-19 virtual roundtables
Every week, we bring together the thoughts and analysis on the industry’s response to the Covid-19 crisis with a different panel of industry leaders.
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
US futures wobble while Euro stocks slip on crude slump
US stock futures wobbled ahead of the opening bell on Monday as European (re)insurance equities recovered ground after markets slipped in early trading on recurrent coronavirus jitters and renewed pressure on oil prices dented investor confidence.
QBE withdraws targets on ‘extraordinarily difficult’ Covid-19
Australian insurer QBE has withdrawn its guidance on financial targets for 2020 due to the uncertainty caused by the coronavirus outbreak and has confirmed it will hold a virtual annual general meeting in May.
Australia February storm losses climb to A$677mn: ICA
Flooding and storm damage across Australia’s East Coast is now expected to cost insurers A$677mn ($417mn), according to the latest estimate from the Insurance Council of Australia (ICA).
Wimbledon pandemic cover to bite London market as cancellation decision looms: reports
Losses incurred from the cancellation of the annual Wimbledon Championships tennis tournament are likely to be covered by pandemic insurance cover as organisers prepare to announce whether or not this year’s tournament will take place as planned.
European (re)insurance equites fall as crude tumbles on renewed virus fears
European (re)insurance equities slipped in early trading on Monday as recurrent coronavirus jitters and renewed pressure on oil prices dented investor confidence.
Scor delays AGM after activist complaint
Scor appears to have responded to activist investor CIAM’s complaint last week that 17 April was too early to hold its annual general meeting (AGM) and has now announced it will take place on 30 June.
Australian stocks rally in choppy APAC trading
US and European equity futures gained on Monday in a mixed day of trading for Asian-Pacific stocks which saw Australian stocks climb as investors took encouragement from strengthening policy stimulus.
Perils pegs storm Dennis/ Victoria losses at Eur286mn
Loss aggregator Perils has issued its initial loss estimate for extratropical cyclone Victoria, which is also known as storm Dennis, with insured property losses currently standing at Eur286mn ($317.3mn).
IAG acts to support insureds amid COVID-19 crisis
Australian insurer IAG has hired 400 staff in the customer-facing parts of its business and taken a series of other measures it says are aimed at supporting customers dealing with the challenges of the COVID-19 outbreak.
IRB Brasil Re welcomes ex-Mapfre Brasil CEO as risk and compliance exec
IRB Brasil Re has undergone further management upheaval after the reinsurer parted ways with risk and compliance executive Lucia Maria da Silva Valle and replaced her with former Mapfre Brasil CEO Wilson Toneto.
Chef Thomas Keller sues Hartford in latest coronavirus BI suit
A group of restaurants owned by celebrity chef Thomas Keller has sued The Hartford seeking a ruling that it is covered for business interruption (BI) losses from Covid-19.
CAC Specialty adds loss control and claims talent to roster
Expansive broker CAC Specialty has continued its buildout by adding loss control and claims expertise to its growing team.
90% of property writers concerned about invalidation of Covid-19 exclusions: BMS survey
A BMS survey of senior property underwriters has revealed concern over the threat of paying coronavirus-related losses that are excluded in policy language, while also revealing that various versions of pandemic exclusions “are being batted around” the market.
Tensions at 1.4 as reinsurers seek to impose communicable disease exclusion
Reinsurers have made a last minute push to add broad communicable disease exclusions on 1 April renewals, leading to disquiet among some buyers and their reinsurance brokers because of what they now see as a mismatch of cover for their property and BI exposures, The Insurer can reveal.
Trade credit capacity may reduce as Covid-19 pushes up claims: AM Best
The coronavirus outbreak will greatly increase trade credit insurers’ loss ratios – possibly reaching as high as the mid-80s last seen during the financial crisis – which AM Best says could reduce capacity and change reinsurance strategies.
Mixed response from insurers as cities shut down construction projects
Carriers have been scrambling to respond to the growing number of Covid-19 US construction project closures, with Tokio Marine HCC among those drafting endorsements to address the issue and provide continuity for insureds, The Insurer can reveal.
Genstar-backed fronting carrier Obsidian formally launches
Obsidian CEO Bill Jewett has said the start-up sees a “tremendous opportunity” in a fronting carrier segment that currently writes only a small fraction of P&C industry premiums, but will markedly grow as a result of the increasing market share and influence of MGAs.
Sirius shares jump 20% after official sales process launched
Sirius International Insurance Group has engaged Barclays Capital to launch a formal sale process with Sirius’ ultimate owner, China Minsheng Investment Group (CMIG), looking to exit its stake.
Moody’s goes negative on trade credit insurers as Covid-19 hits outlooks
Moody’s has downgraded the outlooks of three trade credit insurers – Atradius, Coface and Clal – who it believes would be negatively impacted by higher claims frequencies and the havoc wrought to equity markets by the spreading coronavirus.
Carnegie-Brown provides Covid-19 leadership with “jeopardy” warning
As political pressure grows on insurers across the globe to Coronavirus-related claims even if there are valid exclusions in place, the Lloyd’s chairman has warned the industry it could be “in jeopardy” if they succeed.
Blenheim granted Lloyd’s nod for new managing agency
US futures fall as European rally ends on fresh virus jitters
CIAM reignites Scor fracas on Kessler pay and AGM date
Tryg suspends RoE target as Solvency II ratio dip
Talanx: Solvency II ratio within 150-200 percent range
Asia-Pacific stocks rise in messy trading after Wall Street run
R&Q the reinsurer behind HIIG’s loss portfolio transfer
APCIA: Covid-19 small business continuity losses could hit $383bn a month
Accelerant secures A- rating for EU carrier platform
Insurance stocks up again amid US markets’ biggest 3-day surge since 1930s
Obsidian secures A- rating and completes $100mn Genstar fundraise
Kinsale promotions continue with Secor named commercial property lead
Two more states introduce bills that would override Covid-19 exclusions
Tremor launches weekly ILW auctions to sidestep Covid-19 challenges
Sub-100 CR expected in 2020 as Covid-19 not impacting business volume: Lloyd’s
Lloyd’s solvency ratio slips 33 points as Covid-19 hits assets
Reinsurers “in reasonable shape” despite financial markets hit: GC
Ardonagh loss narrows to £104.2mn in 2019
Conservative MP tells insurers “we bailed you out”; rails over Covid-19 BI exclusions
Maze ransomware hackers claim to have hit major cyber insurer Chubb
UK regulator delays FY reporting deadline by 2 months
Wall Street futures trade lower on jobless figures as global stocks falter
Willis Re adds GC’s Melanson to lead health practice
Covid-19 sell-off wipes £1.8bn from Lloyd’s investments
Seven-fold increase in investment return drives Lloyd’s to £2.5bn FY profit
Asia-Pacific stocks mixed after further gains on Wall Street
Lloyd’s posts 2019 £2.5bn profit; CR of 102.1%
Insurance credit over-sold: Twelve Capital
S&P warns Covid-19 will test resilience of some carriers
Event cancellation: contract wording key for Covid-19 exposures
Rappaport set to leave The Hanover for program start-up
Coronavirus puts insurer innovation in spotlight: Forrester
Ascot US offering 60-day extensions to select clients and programmes
FLOIR approves 23% rate increase for National Specialty
Zurich accelerates launch of online marine insurance platform
BIBA cancels flagship conference on coronavirus concerns
ILS open for business despite Covid-19 and financial freefall: GC
Two Oklahoma tribes sue insurers for coronavirus BI casino coverage
K2 names former Victor executive Smith as president
Chaucer hires QBE’s Blanco as international GL class underwriter
Coronavirus won’t dent positive pricing momentum: JMP
US futures erase gains as European rally loses steam
Prudential mulls sale of entire Jackson US unit
AIG Re adds Aon’s Michel as head of risk analytics
European (re)insurers continue boom after US Congress agrees $2trn coronavirus stimulus
Guy Carpenter takes AIG’s Williams to head Client Support Services
Asia-Pacific equities rally after historic surge on Wall Street
GC partners with AI firm to address silent cyber exposures
Ark hires five-strong Neon D&F team
Event cancellation insurers in for a rethink of strategy: AM Best