Slaughter and A-Plan continue Evercore’s active 2020New York-headquartered Evercore has continued to be the most visibly active M&A (re)insurance sector advisory firm in the Covid-19 fallout with appointments to work on James Slaughter’s start-up venture as well as emerging as advisor to A-Plan on its sale to Hyperion.
Rates soar in solicitors’ PI during “challenging” October renewalSolicitors have faced premium increases of up to 50 percent as they look to secure professional indemnity insurance cover in the run up to the 1 October renewals.
Fac writers and Bermuda step in as property writers retrench: CRCRate increases in the US property market as existing markets retrench are attracting new carriers and facilities as well as capacity from facultative reinsurance, alternative capital and Bermudians looking to fill gaps in placements, according to CRC.
War for aviation broking talent battles onEarlier today, Willis Towers Watson confirmed it has made 45 hires across its aviation team over the past 18 months, naming Paul Barker, Neil Black and David Boyle as recent additions (see table).
Beazley loss revision adds further uncertainty to industry Covid-19 claims exposureBeazley’s announcement on Tuesday that it had doubled its estimated Covid-19 claims bill to $340mn has highlighted that the industry’s claims exposure to the pandemic is far from over.
Covid-19 disclosures lower than expected but credit and casualty claims remain uncertainCovid-19 has been the defining event of 2020 and one of the most significant societal and economic disruptors of most of our lifetimes
US retroactive BI bills seen as “essentially dead” but some states may revisitAfter a “scary few months”, the momentum behind state and federal legislation to retroactively force insurers to cover Covid-19 business interruption (BI) losses appears to have stalled, although observers warn some state lawmakers may introduce bills in their next legislative session.
Capital continues to flow into Lloyd’sThis week has seen further evidence of private equity’s renewed interest in the Lloyd’s market with two Lloyd’s businesses securing investment to fuel growth at One Lime Street.
(Re)insurers keep watch as forecasters warn busy 2020 hurricane season will remain activeTwenty storms in, the 2020 Atlantic hurricane season shows little sign of slowing down in activity.
High Court’s “complex” BI ruling will take time to digest, sector warnsUK small businesses forced to close during the Covid-19 lockdown scored a major victory over insurers in a landmark test case on Tuesday, but the overriding message from the insurance industry is that the “complex” judgment will take time to digest before payouts are made and appeals are considered.
Increase in severe convective storm losses to drive agg XoL interest: AonThe use of aggregate excess of loss reinsurance is expected to increase as insurers look to protect against rising losses from small and medium-sized severe convective storms (SCS), Aon has predicted.
Analysis: FCA verdict tilts in favour of policyholders as High Court rejects insurers’ Covid-19 stanceThe UK’s High Court decision in the FCA’s business interruption test case on Covid-19 claims found largely in favour of policyholders and clarified that the Covid-19 pandemic and the subsequent government lockdowns were to be regarded as a single cause of the covered loss, in contrast to recent legal interpretation of multiple loss causes.
Top 10 reinsurance broker rankingsReinsurance brokers are jockeying for position behind the consolidating giants of the sector…
Lloyd’s growth set to outpace rate increases amid ‘best underwriting conditions for decades’Lloyd’s CEO John Neal said the market’s growth is now expected to outpace rate increases in the year ahead following a strong underlying improvement in the market’s performance during the first half of 2020.
Lloyd’s MAT and motor segments return to profitability; property reports £1bn underwriting lossLloyd’s marine, aviation and transport (MAT) and motor segments returned to profitability in the first half of 2020, while the market’s property segment reported a £1bn underwriting loss on the back of Covid-19 claims.
AIG, FM Global and Lloyd’s among insurers in high-stakes casinos lawsuitsA notable subset of US Covid-19 business interruption (BI) litigation has been filed by casinos, with AIG and FM Global facing lawsuits seeking triple-figure payouts and insurers on an Alliant program facing multiple suits from Native American tribes.
Lloyd’s legacy enters a new ageNews broken today by this publication that RenRe has engaged TigerRisk to once again explore the appetite of the Lloyd’s legacy market demonstrates the strong demand for retrospective reinsurance solutions on One Lime Street.
Sirius and Swiss Re take largest Covid-19 combined ratio hits in H1Analysis by Fitch Ratings has shown Sirius and Swiss Re were the two reinsurers to take the largest Covid-19 combined ratio impacts during the first-half of the year.