Why is Hiscox so keen on Sweden?
What connects Sweden with Hurricane Katrina, and an upmarket hotel chain? The answer is likely to materialise later today when UK regulator the FCA publishes the defence submissions of Hiscox and seven other insurers who are involved in a landmark test case examining their denial of liability over Covid-19 business ...
The Future at Lloyd’s… post-Covid-19
Yesterday, John Neal wrote to the market unveiling a host of changes that will allow underwriters and brokers alike to return to One Lime Street from 1 September.
Helios considers capital raise to target 2021 growth plans
Lloyd’s investment vehicle Helios said it is considering options to finance additional capital to support plans to increase its underwriting capacity in 2021.
Potential for London Market political risk contraction as Covid bites and carriers exit
Covid-19 could lead to a contraction in aggregate stamp capacity within EC3’s credit risk, contract frustration and political risk markets in the next two to five years, with some carriers already placing their operations into run-off, a new report from Arthur J Gallagher highlights
New products needed as Covid-19 heightens intangible assets’ role: Lloyd’s
The Covid-19 outbreak has heightened the emphasis on the role that intangible assets play in modern-day industry, and the pandemic has only served to increase companies’ exposure to new risks impacting them, according to a new report jointly published by Lloyd’s and KPMG.
TMK Syndicate 510 loss forecasts rise due to Covid-19 deterioration
Tokio Marine Kiln (TMK) has seen a deterioration of more than three percentage points in its latest forecasts for Syndicate 510 on the back of deterioration in Covid-19 claims estimates.
Hastings’ shares surge on takeover approach
Shares in UK motor insurer Hastings jumped 18 percent on Wednesday after its biggest shareholder Rand Merchant Investment Holdings and Finnish insurer Sampo Oyj made a takeover approach.
Davies Group expands captive offering with Citadel Risk acquisition
Davies Group has acquired Citadel Management Bermuda Limited and Cedar Consulting (Citadel Risk) in a move the specialist professional services firm said would add “significant scale and reach” to its captive management segment.
Ardonagh debt increases to £2bn; Moody’s maintains sub-prime debt rating
The major refinancing at PE-owned Ardonagh has increased the group’s overall debt burden to £2bn, the equivalent of circa 8x its annual Ebitda earnings.
UK competition watchdog launches investigation into Ardonagh’s Bennetts deal
Ardonagh Group’s £26mn ($33.9mn) deal to buy Bennetts Motorcycling Services from Saga Services Ltd is being investigated by the UK’s Competition and Markets Authority (CMA).
Lloyd’s appoints Spyropoulos as CEO of Lloyd’s Asia
Lloyd’s has appointed Pavlos Spyropoulos as country manager for Singapore and chief executive of Lloyd’s Asia.
Darag names TMK’s Goss group head of claims
Run-off specialist Darag has named Elliott Goss as group head of claims, effective 17 August.
Ex-treasury committee chair Morgan joins FSCS board as levy concerns mount
The Financial Services Compensation Scheme (FSCS) has appointed former Treasury select committee head Nicky Morgan to its board.
WTW adds former Marsh SVP Toms to aviation unit
Willis Towers Watson has added former Marsh senior vice president Simon Toms to its London-based aviation business, The Insurer can reveal.