EU countries in talks to backstop credit insurers: reports
Countries across Europe are in talks to backstop losses for commercial credit insurers in an effort to keep Covid-19 impacted firms afloat throughout the global pandemic.
Channel builds political and credit division with Lancashire’s Coulson
Scor-owned Channel Syndicate has appointed Caroline Coulson as a senior underwriter on the political and credit risks team.
Airline premium pool to more than halve as Covid-19 grounds fleets
Carriers are expecting to write down their aviation portfolios by 50 - 60 percent of their annual premium income this year as the spread of Covid-19 grounds airline fleets globally, The Insurer understands.
Trade credit capacity may reduce as Covid-19 pushes up claims: AM Best
The coronavirus outbreak will greatly increase trade credit insurers’ loss ratios – possibly reaching as high as the mid-80s last seen during the financial crisis – which AM Best says could reduce capacity and change reinsurance strategies.
Maze ransomware hackers claim to have hit major cyber insurer Chubb
The Maze ransomware group has claimed to have attacked leading cyber insurance writer Chubb and stolen its data.
Rising ransomware attacks are top cyber threat: Beazley
Beazley has identified ransomware attacks – which more than doubled in 2019 – as the top cyber threat for businesses, echoing concerns that the coronavirus-enforced move to home working en masse heightens the risk of breaches.
Tokio Marine HCC to acquire renewable energy MGA GCube
Tokio Marine HCC, a member of Tokio Marine Group, has signed a purchase agreement to acquire renewable energy risk specialist MGA GCube.
McGill adds to energy practice with StarStone onshore head Wilson
Expansive broking house McGill and Partners has continued to build out its energy and power team with the hire of Ben Wilson.
Antares latest to retrench from marine hull market
QIC Global-owned Antares has become the latest carrier to scale back its marine hull portfolio as the class remains under pressure, The Insurer can reveal.
Maze ransomware hackers claim to have hit major cyber insurer Chubb
The Maze ransomware group has claimed to have attacked leading cyber insurance writer Chubb and stolen its data.
Rising ransomware attacks are top cyber threat: Beazley
Beazley has identified ransomware attacks – which more than doubled in 2019 – as the top cyber threat for businesses, echoing concerns that the coronavirus-enforced move to home working en masse heightens the risk of breaches.
Insurers add coronavirus exclusions, while additional coverage options also emerge
Insurers are adding coronavirus-related exclusions in a number of areas such as property, environmental, communicable disease coverage and event cancelation, while some carriers and brokers are also seeing opportunities to add new coverages.