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.
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).
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).
IOC’s $800mn contingency policy in focus as Olympics postponed
An insurance policy understood to provide some $800mn of cover for the cancellation and abandonment of the Tokyo 2020 Olympics could be required to pay out, as the International Olympic Committee (IOC) confirms plans to postpone the Summer Games for one year amid coronavirus lockdowns.
Event cancellation insurers in for a rethink of strategy: AM Best
AM Best has commented that most large insurers’ exposures to event cancellation losses from the coronavirus outbreak will be manageable but their strategies may need adjusting.
Australia hailstorm losses climb to A$1.2bn: ICA
Hailstorms that lashed Eastern Australia in January are now estimated to cost insurers A$1.2bn ($700mn), according to the latest calculation from the Insurance Council of Australia (ICA).
Perils pegs Cyclone Sabine loss at Eur1.6mn
Perils has estimated that Cyclone Sabine, also known as Ciara or Elsa, which struck the UK, Western and Central Europe in February is set to ring up an insured loss bill of Eur1.6mn ($1.7mn).
Swiss Re facing $250mn Tokyo Olympics event cancellation exposure
Swiss Re has disclosed it has a $250mn exposure to the Tokyo Olympics as well as a mid-three-digit million exposure to other potential event cancellations in 2020 resulting from the spreading coronavirus.
Cargo market faces $300mn loss for tornado hit Dell storage facility
Cargo underwriters are on the hook for upto $300mn for losses stemming from a Dell storage facility which was damaged in Nashville, Tennessee when a tornado tore through the city earlier this month, The Insurer understands.
Maiden reports small Q4 operating loss as re-domestication completes
Maiden Holdings, which has undergone a drastic restructuring in the past two years as it battled large losses related to its reinsurance of AmTrust, has reported a $3.5mn operating loss for the fourth quarter.
Corona coverage questions asked as UK pub chain confirms no BI protection
Britain’s largest pub chain is the latest corporation to warn that its insurance programme will not protect it against the costs associated with any loss of business as a result of the Covid-19 outbreak.
Zurich downplays Covid-19 BI impact
Zurich has downplayed the impact of Covid-19 related business interruption (BI) losses on the sector because BI coverage is typically attached to property policies that require physical damage to payout, rather than broader all-risks policies.
Aspen turnaround charges drive loss in “transitional” 2019
Aspen Insurance Holdings fell to a 2019 after tax operating loss of $48.4mn (2018: $31.8mn profit) as its bottom line was impacted by deal related costs, restructuring charges and reserve strengthening in what it described as a transitional year under new owner Apollo.
Talanx reports Q4 CR of 97.8% as underwriting result dives
Talanx – the majority shareholder in German reinsurer Hannover Re and primary insurer HDI – has reported a combined ratio of 97.8 percent in the fourth quarter of 2019, as its underwriting result fell to a Eur551mn ($615.5mn) loss on the back of large losses.
Hallmark loses 60% of market cap in less than two weeks
Hallmark Financial shares slumped another 30 percent today as it also announced the appointment of a new accountant for its 2019 results in the wake of a reserve charge and binding primary commercial auto exit.
Hannover Re reveals Eur200mn coronavirus exposure
Hannover Re has estimated it has Eur200mn ($225mn) of exposure to potential losses resulting from coronavirus, joining its fellow European reinsurance heavyweights in discussing how the industry could be impacted.
Insurers to pay $26mn of Diocese of New Ulm sexual abuse settlement
A Minnesota bankruptcy court judge has approved a $34mn settlement between the Diocese of New Ulm and sexual abuse victims, with $26mn funded by insurers including CNA and Zurich.
Aon pegs Ciara-Sabine losses at $1.1bn; Feb US thunderstorms to cost insurers $800mm
Broking giant Aon has estimated insured losses from Winter Storm Ciara, also known as Sabine, will cost insurers “well above” Eur1bn ($1.1bn), while it pegged insured payouts for severe thunderstorms across the US in February at $800mn.