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.
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.
Program administrator PAK Programs is expanding its drone-based risk assessment service from wineries to also cover the craft beer industry.
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 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.
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 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 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 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 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 CVM is opening an investigation into IRB Brasil Resseguros.
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).
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.
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.
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.
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 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 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.
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).
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 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.
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.
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.
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.
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 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.
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.
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.
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.
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.