AM Best has given an increasingly negative assessment of the medical professional liability (MPL) segment while brokers warn of a claims surge and reveal that carriers are relaxing guidelines to help ease the crisis.
AIG’s share price soared by almost 12 percent in morning trading even as unemployment figures for the US increased by 6.6 million as the coronavirus outbreak bites.
US equity futures edged lower ahead of the open on Thursday, with investors nervously anticipating the latest release of jobs data and an emergency OPEC meeting that could deliver the largest oil output reduction on record.
European (re)insurance stocks rose in early trading on Thursday as investors expressed optimism that the coronavirus pandemic is peaking.
Overnight, the US retail division of Zurich, Farmers Group and Travelers became the latest carriers to offer customers auto premium rebates to reflect the reduction in driving during the coronavirus lockdown.
Optis Partners has revealed the first quarter included significant US agent/broker deals involving Marsh & McLennan Agencies, World Insurance Associates and Risk Strategies but acquirers hit the brakes in March with a further slowdown expected in the second quarter.
The CEO of Italian investment firm Exor has vowed to push through a series of transformative deals, including its $9bn sale of (re)insurer PartnerRe to French mutual Covéa, despite the market turmoil wrought by the coronavirus pandemic and speculation it might disrupt the latest (re)insurer M&A deal this year.
Fosun-owned Peak Re has continued to bolster its ILS capabilities with the acquisition of Bermuda-based ILS asset manager Lutece Holdings and its subsidiary Lutece Investment Management.
Expansive One80 Intermediaries has completed its largest acquisition to date with a deal to buy wholesale broker and program manager International Excess Program Managers (IEPM).
Aon president Eric Andersen and WTW global head of human capital and benefits Julie Gebauer will co-lead the complicated integration of the two broking and consulting heavyweights that once completed will be the largest ever insurance intermediary M&A deal, The Insurer can reveal.
Expansive broker BMS has appointed former Paragon International Insurance Brokers pair Sophie Wallace and Dean Andrews as divisional directors in its recently established private equity, M&A and tax division.
A takeover of Willis by Aon would likely present a huge opportunity for McGill and Partners to secure broking talent, but would further restrict choice for clients, the boutique start-up’s chief executive has said.
International General Holdings (IGI) has confirmed the directors that will make up its seven-strong board after the merger with Tiberius Acquisition Corp (Tiberius) has closed, including the appointment of Wanda Mwaura as a new member.