Hollywood

Niche entertainment insurance market facing losses from Covid-19 shutdown

2020-05-27T19:12:00+01:00

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.

Renaissance Re – Lloyd's

RenRe narrows bidders after returning to market with Lloyd’s legacy book

2020-05-27T16:46:00+01:00

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 Insurance Programs

PAK Programs adds craft beer industry to drone risk assessment service

2020-05-28T02:51:00+01:00

Program administrator PAK Programs is expanding its drone-based risk assessment service from wineries to also cover the craft beer industry.

Florida

FHCF confirms it will not go ahead with cat reinsurance renewal

2020-05-27T21:54:00+01:00

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.

Denis Kessler – Scor

Scor latest (re)insurer to join UN’s Net Zero carbon initiative

2020-05-27T21:54:00+01:00

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.

II-OBSIDIAN

Obsidian looks to aggregator opportunity and traditional program business

2020-05-27T21:10:00+01:00

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 Corporate Solutions

Swiss Re CorSo unveils US parametric hail coverage

2020-05-27T16:21:00+01:00

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.

Fitch coronavirus

Reinsurers will not earn cost of capital in 2020: Fitch

2020-05-27T16:03:00+01:00

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

Greg Haft and Philippe Meyenhofer

PartnerRe names Meyenhofer specialty CEO as Haft heads new global cat unit

2020-05-27T15:00:00+01:00

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.

QBE

Gransbury promoted to head new QBE NA specialty group

2020-05-27T15:00:00+01:00

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. 

IRB Brazil RE

Brazil’s securities regulator opens IRB investigation

2020-05-27T14:46:00+01:00

Brazil’s securities regulator CVM is opening an investigation into IRB Brasil Resseguros.

lloydsbuidlinglandscape_6

Lloyd’s forecasts worst case loss of £809mn for 2019 YoA

2020-05-27T13:04:00+01:00

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).

Lockton

Covid-19 to further fuel W&I’s soaring take-up

2020-05-27T12:50:00+01:00

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 and FCA

Marsh backs disgruntled policyholders in evidence submission to FCA BI investigation

2020-05-27T12:34:00+01:00

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.

Stocks

Axa shrugs off pandemic fears to lead rally in Euro-listed P&C stocks

2020-05-27T11:12:00+01:00

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.

Bruce Hemphill – Catalina

Catalina continues to bolster corporate governance; names former Old Mutual CEO Hemphill chair

2020-05-27T09:15:00+01:00

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-building-Europe

Lloyd’s wins court approval for Part VII Brexit transfer

2020-05-27T07:29:00+01:00

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.

FBD

Irish insurer FBD faces business interruption court test case

2020-05-27T07:05:00+01:00

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 – Australia hailstorm

ICA pegs summer cats at $3.4bn

2020-05-27T07:01:00+01:00

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).

US commercial Insurance

Captive interest mounts with prospect of 24-36 months of hard market

2020-05-27T03:35:00+01:00

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 image

Allstate extends payback plan with others likely to follow

2020-05-27T00:19:00+01:00

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.

CIAB-US-map

Umbrella and property hardening at fastest pace since 9/11: CIAB

2020-05-26T22:59:00+01:00

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.

Congress and covid-19

Pria introduced in House with 20 co-sponsors

2020-05-26T21:18:00+01:00

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.

II-GuideOne-TheHartford

GuideOne takes Spain from The Hartford’s Navigators

2020-05-26T20:31:00+01:00

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.

AM Best

US P&C Q1 industry surplus down 9.3% on financial markets turmoil

2020-05-26T19:47:00+01:00

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 logo on building

Axa commits to paying further French restaurant BI claims after ruling: reports

2020-05-26T18:30:00+01:00

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.

KCC

Covid-19 increases potential hurricane losses: KCC

2020-05-26T18:16:00+01:00

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.

EU flags

EC greenlights Dutch Eur1bn trade credit insurance backstop

2020-05-26T17:11:00+01:00

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.

Wegener – Ferma

Ferma calls for pan-European systemic risk reinsurer

2020-05-26T13:00:00+01:00

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.

Steve Johnston – Cincennati

CinFin continues efforts to reassure investors over Covid-19 BI exposures

2020-05-26T12:58:00+01:00

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.