Insurance

HDI Global enters German fine art and HNW market with Axa’s Wiebe

HDI Global Specialty SE is to enter the German fine art and high net worth (HNW) insurance market with the hire of Alexander Wiebe from Axa.

RSA chair Scicluna to step down next year: reports

RSA chairman Martin Scicluna is expected to step down from the UK insurance group next year, according to reports.

Convex replaces AIG as lead market for Indian airline Vistara

Convex has replaced AIG as the lead market for the Indian airline Vistara, The Insurer can reveal.

Perils pegs Queensland hailstorms at A$604mn

Loss aggregator Perils has estimated insured losses stemming from the Central Queensland hailstorms in April this year at A$604mn ($428.3mn).

EU insurers warn on stress testing expense

European insurers have hit out at proposed changes to the way in which the bloc’s industry regulator carries out market stress tests, saying the changes would be too complicated and costly to implement.

Axa UK names Foley retail CEO

Axa UK & Ireland has appointed Tara Foley as CEO of Axa UK Retail Insurance, replacing Laurent Matras, who will be moving to Axa Asia.

FCA proposes additional policyholder support measures

The UK’s City watchdog has proposed a series of new measures designed to continue to protect policyholders who remain in financial difficulty amid the Covid-19 crisis and to ensure that vulnerable consumers get support after existing measures expire at the end of October.

Modest book value improvement expected at US-listed insurers in Q3: JMP

The rebound in bond and equity markets will drive a modest improvement in book values for US-listed (re)insurers during the third-quarter reporting season, according to JMP Securities analyst Matthew Carletti.

Delta pushes upper end of 2020 hurricane loss estimates up to $23bn

Onshore losses from this year’s five landfalling US hurricanes will have an aggregate cost to the private (re)insurance sector somewhere between $8.6bn and $23.2bn, according to modelled loss estimates issued to date.

Hyperion to provide underwriting capital for MGA unit Dual

Hyperion is to start providing underwriting capital for its MGA business, Dual, following the group’s recent investment from private equity firm Hg Capital.

Qatar Airways prices up >20% as Starr takes lead from AIG

Starr Insurance Companies has replaced AIG as the lead aviation market on the Qatar Airways programme, with the Willis Towers Watson-brokered placement renewing up significantly this month, The Insurer understands.

Axa completes €1bn sale of CEE operations to Uniqa

Axa has completed the €1bn ($1.17bn) sale of its Central and Eastern European (CEE) operations to Uniqa, with the deal expected to improve the group’s Solvency II ratio by 2 percentage points in Q4.

Truist Insurance Holdings reports 5.3% Q3 organic growth

CRC and McGriff parent Truist Insurance Holdings generated 5.3 percent organic growth in the third quarter as well as margin expansion in what may be seen as a positive read-across for other brokers in the coming earnings season.

Allstate Q3 cat losses total $990mn after wildfires drive September claims bill

Allstate has pegged its pre-tax catastrophe bill for September at $339mn, driven by wildfires across California, Oregon and Washington.

CinFin estimates $266mn in Q3 cat losses

US insurer Cincinnati Financial has preannounced third-quarter pre-tax cat losses of around $266mn, representing an impact of approximately 18.3 percentage points to its combined ratio for the period.

EU watchdog calls for greater power in wake of pandemic

Europe’s insurance watchdog has called for greater powers to ensure that member states create a “level playing field” after carriers and national supervisors defied the regulator by failing to take a common approach to dividends during the coronavirus crisis.

ICA welcomes call for disaster mitigation funding

The Insurance Council of Australia (ICA) has welcomed a call by the Australian Prudential Regulation Authority (APRA) for “significant” funding for investments in natural disaster mitigation.

Insurers fear FCA’s BI test case has damaged trust in industry

UK insurance professionals fear the Financial Conduct Authority (FCA)’s High Court test case over business interruption (BI) claims has reduced trust in the industry, according to survey findings.

Four Lloyd’s heavyweights compete for only two Council places

Despite a recent trend for uncontested elections, a quartet of senior London market figures are competing next month for two places on the Lloyd’s Council, the ruling body for the more than 330-year-old market.

Texas rodeo organiser sues Hallmark over Covid claim rejection

The organiser of the largest livestock exhibition and rodeo in the world has filed a suit against Hallmark Financial accusing the carrier of denying it coverage for losses related to the Covid-19 outbreak, and insisted that it suffered physical damage from the virus.

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