Moody’s goes negative on trade credit insurers as Covid-19 hits outlooksMoody’s has downgraded the outlooks of three trade credit insurers – Atradius, Coface and Clal – who it believes would be negatively impacted by higher claims frequencies and the havoc wrought to equity markets by the spreading coronavirus.
US futures fall as European rally ends on fresh virus jittersUS stock futures dropped ahead of the opening bell on Friday, signalling an end to a three-day rally in American equities after European markets ran out of steam amid mounting evidence that the coronavirus pandemic is taking a severe toll on the global economy.
CIAM reignites Scor fracas on Kessler pay and AGM dateActivist investor CIAM has reignited its long-standing skirmish with Scor, hitting out at the reinsurer’s decision to hold its AGM during the Covid-19 crisis and reiterating criticisms on the carrier’s executive pay policy.
Reinsurers “in reasonable shape” despite financial markets hit: GCReinsurers remain “in reasonable shape overall” despite the hit to capital and earnings from financial markets turmoil that has led to the Solvency II ratios of Europeans in the sector dropping from 235 percent to 206 percent in the year-to-date, according to Guy Carpenter.
Wall Street futures trade lower on jobless figures as global stocks falterGlobal equities retreated on Thursday while US stock futures pointed downwards as investors await a report that will give a first sense of how much damage the pandemic is doing to the American labour market.
US futures erase gains as European rally loses steamWall Street futures followed European stocks into reverse today as markets shed gains from an earlier surge after lawmakers in Washington reached an agreement on a $2trn stimulus package aimed to support the economy harmed by the coronavirus shut-down.
European (re)insurers continue boom after US Congress agrees $2trn coronavirus stimulusEuropean (re)insurance stocks have leapt for a second day this morning following a historic rally in trading yesterday as investors appear endowed with a fresh sense of optimism from the enormous transatlantic stimulus packages and the sector’s defensive appeal.
Covid-19 sell-off squeezes European multiples despite yesterday bounceDespite yesterday being the best day for European equities markets since 2008, the coronavirus-inspired March rout in global equities means three out of four of the Continent’s largest P&C carriers still trade at a discount to book, based on year-end values.
European (re)insurance stocks have best day since 2008 on stimulus optimismEuropean (re)insurance stocks rallied on Tuesday in their biggest single-day surge since 2008 as investors reacted to tough talk and stimulus measures from policymakers and digested the Fed’s pledge to buy an unlimited amount of bonds to shore up the World’s largest economy.
Airmic ‘reluctantly’ cancels 2020 conferenceRisk managers’ association Airmic has halted plans to host its annual conference in Edinburgh this June as the coronavirus pandemic escalates, following in the footsteps of US counterpart RIMS.
BMS builds in Spain with Jurado Mata acquisitionBMS Iberia, the Spanish subsidiary of BMS Group, has acquired Granada, Spain-based broker Jurado Mata.
European stocks surge despite UK coronavirus shutdownEuropean (re)insurance stocks jumped sharply in early trading on Tuesday following Asia-Pacific markets back into the green as investors react positively to the US Federal Reserve, which yesterday said it will buy as many bonds as it needs to support markets and the economy.
Asia-Pacific stocks rally on Fed’s bond pledge; Europe and Wall street tipped to followAsia-Pacific (re)insurance stocks rallied on Tuesday with US and European markets set to follow after the US central bank vowed to buy whatever amount of government bonds necessary to shield the economy from the impact of the coronavirus pandemic.
Perils pegs Cyclone Sabine loss at Eur1.6mnPerils 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).
French insurers commit Eur200mn to coronavirus fundThe members of French insurance association FFA have committed to contributing up to Eur200mn ($215mn) to a government fund that would help businesses deal with the economic impact of Covid-19.
European (re)insurance stocks tumble as US aid talks stallEuropean (re)insurance stocks sustained another heavy blow in early trading on Monday after the worsening coronavirus crisis forced governments to impose tougher measures to staunch the outbreak and the US Senate failed to agree on a $1trn response bill.
WTW hires Norway fac headWillis Towers Watson has appointed Jon Galston as the head of its facultative reinsurance business in Norway, with a longer-term view to establishing a fac hub for the entire Nordic region.
EIOPA delays Solvency II assessment testsThe European Insurance and Occupational Pensions Authority (EIOPA) will extend the deadline of the holistic impact assessment for the 2020 Solvency II Review by two months to 1 June.
European (re)insurance stocks rally on stimulus confidenceEuropean-listed (re)insurance stocks rallied strongly in trading on Friday morning continuing the advances seen yesterday afternoon and in the US yesterday.
EIOPA urges local regulators to ease reporting deadlines over Covid-19The European insurance and occupational pensions authority (EIOPA) has called on national competent authorities (NCAs) to be “flexible” around local reporting and disclosure requirements for year-end 2019, to free up insurers’ resources during the Covid-19 crisis.