Cincinnati Financial

Unknown territory

The ReInsurer talks to Phil Sandercox, managing director at Cincinnati Re, about Covid-19 and the insurability of pandemics, and casualty market dynamics…

Texas judge dismisses broker from Covid-19 lawsuit

A federal judge in Texas has dismissed a broker from a business interruption (BI) suit brought by a Dallas restaurant that is seeking payments for losses stemming from Covid-19 under a Cincinnati Insurance policy.

CinFin execs take additional roles with financing affiliate

Cincinnati Financial has made a series of management changes to its CFC Investment Company (CFC-I) subsidiary following the retirement of two senior executives earlier this year.

US insurers’ BI winning streak ends but the good news outweighs the bad

On Wednesday a multidistrict litigation panel and a Missouri judge brought good and bad news for US insurers facing Covid-19-related business interruption (BI) lawsuits, while the very next day a Texas district court judge returned the industry to winning ways when he granted a State Farm motion to dismiss.

MDL panel declines to centralise hundreds of US Covid-19 BI cases

The US Judicial Panel on Multidistrict Litigation (JPMDL) has turned down two petitions seeking to centralise Covid-19 business interruption (BI) cases, but the door was left open for insurer-specific MDLs involving Lloyd’s, Cincinnati Insurance, The Hartford and Society Insurance.

District court judge denies Cincinnati motion to dismiss BI suit

Stating the plaintiffs had adequately alleged a direct “physical loss”, a judge has denied a Cincinnati Financial motion to dismiss in what is being viewed as the first setback for insurers at the summary judgement stage in a Covid-19 business interruption (BI) case.

CinFin has no plans to add BI virus exclusions: Johnston

Cincinnati Financial’s CEO Steven Johnston has stated the insurer does not need to add virus exclusions despite investor fears over its business interruption (BI) policies.

CinFin beats and criticizes equities accounting rules that cause swing in net results

Cincinnati Financial has reported operating profits just ahead of Wall Street expectations that were reset with the preannouncement of cat losses and Covid-19 charges earlier this month, along with a big increase in net income from mark-to-market movements on the insurer’s equity portfolio.

CinFin to take $231mn in Q2 cat losses and $65mn Covid-19 hit

US insurer Cincinnati Financial has preannounced second quarter pre-tax cat losses of around $231mn and a $65mn charge for pandemic-related incurred losses that includes a significant allocation to legal costs in defense of business interruption (BI) claims.

CinFin and Enstar gain despite choppy week for US P&C stocks

Cincinnati Financial saw its shares rise over 8 percent in a week full of erratic swings for US-listed P&C stocks driven by investor worries about rising coronavirus counts and cautious optimism over the country’s economic recovery.

Plaintiff slams CinFin’s attempt to bring Ohio Supreme Court into BI dispute

A craft beer bar has opposed Cincinnati Financial asking an Ohio district court judge to let the state’s high court certify the question of whether the general presence of a virus constitutes direct physical loss to property.

AIG and CinFin among biggest fallers in US stock market bloodbath

US-listed property casualty share prices plummeted Thursday (11 June) against the backdrop of investor panic over new coronavirus cases and a bleak economic outlook.

CinFin continues efforts to reassure investors over Covid-19 BI exposures

Cincinnati Financial’s management has continued to tell investors that the company is confident that its commercial property policy language will stand up to legal challenges over pandemic claims because it requires direct physical damage or property loss for coverage to trigger.

CinFin says reinsurers will “follow fortunes” over Covid-19 stance on $800mn cat tower

Reinsurers led by Lloyd’s syndicates including Axa XL and Liberty on the $800mn property cat tower of Cincinnati Financial will follow its fortunes in any physical damage business insurance (BI) battle after the US insurer confirmed that the programme doesn’t have a virus exclusion.

CinFin shares fall 12.5% as CEO reiterates BI not covered unless property damage

Cincinnati Financial’s share price fell by 12.5 percent despite CEO Steven Johnston’s repeated assertion that Covid-19-related business interruption (BI) claims are not covered under his firm’s commercial property policies “unless there is direct physical damage or loss to property”.

Cincinnati Financial did not specifically exclude virus from property policies

Cincinnati Financial is set for scrutiny from analysts on its earnings call after disclosing in its 10-Q filing that its standard market commercial property policies do not contain a specific Covid-19 exclusion.

CinFin shareholders’ equity down 18.5% on Q1 unrealised losses

Cincinnati Financial fell to a net loss of $1.23bn in the first quarter of 2020 as unrealised investment losses took their toll and underwriting profit fell by $67mn year-on-year to $24mn.

Chubb and CinFin latest to offer auto discounts

Chubb and Cincinnati Financial have become the latest US insurers to offer auto policyholders credits owing to the reduction in driving activity arising from the Covid-19 outbreak.

Covid-19 lawsuits flood in as theatres, restaurants and a scuba shop sue

Litigation over business interruption (BI) coverage for Covid-19 losses has continued to be filed, with Lloyd’s, Tokio Marine, Cincinnati Financial and Crum & Forster among the insurers sued in the latest lawsuits.

Everest, CinFin and Arch among hardest hit as US stocks slide again

There was a further sell off of US shares Monday as lawmakers could not find agreement on an economic rescue package to respond to the coronavirus pandemic, with (re)insurance stocks mostly falling by more than the overall market.

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