Insurance

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.

PCS adds elemental loss events to marine coverage

PCS has expanded its ocean marine and offshore energy industry insured loss reporting coverage to include elemental loss reporting for the Gulf of Mexico, with global coverage to be available by 2021.

Preannouncements highlight messy Q3 reporting season ahead

Last night’s flurry of preannouncements from US-listed (re)insurers provided a flavour of what’s to come as the Q3 earnings season gets underway this month, with frequency of cat losses, Covid-19 updates, pricing commentary, macroeconomic pressures and the trendline of underlying loss ratios set to dominate.

Lloyd’s makes £12mn charitable donations in response to Covid-19

Lloyd’s has made charitable donations totalling £12mn to 197 charities worldwide to support customers and communities during the Covid-19 crisis.

Arch estimates pre-tax Q3 net cat hit of $190mn to $210mn

Arch Capital Group’s third quarter 2020 results will include estimated pretax net catastrophe losses of $190mn to $210mn across its property and casualty (P&C) insurance and reinsurance operations, the company has revealed.

Boeing loss now exceeds $2bn sending tremors through aviation reinsurance market

Shortly after extending its multi-year programme, Boeing has nearly tripled its reserve on the 2019 Ethiopian Airlines flight 302 crash ensuring it is the worst aggregated aviation claim since 9/11, The Insurer can reveal.

NFP acquires Atlanta-based construction focused MGA ISG

NFP has continued its recent spate of M&A activity with the acquisition of Atlanta, Georgia-based managing general agent Insurance Specialty Group (ISG), The Insurer can reveal.

Time is now for public-private pandemic solution: Marsh’s Doyle

Marsh president and CEO John Doyle has renewed his rallying call for a public-private pandemic risk solution, arguing that any delay will “significantly” slow the pace of an economic recovery from Covid-19.

Iordanou-Hendrick start-up adds Pritchard and Swithenbank

Dinos Iordanou and Greg Hendrick’s start-up (re)insurer Vantage has assembled a management team that so far includes Chris McKeown to run reinsurance, risk and innovation, Aurora Swithenbank as CFO and Nick Pritchard as head of property cat reinsurance, The Insurer understands.

Governments must step in on cyber risk

Global governments have a “significant” role to play in providing both capacity and regulatory support to mitigate the impact of catastrophic cyber events, but may be reluctant to silo taxpayer funds in future public-private partnerships, a conference has heard.

Insurers on top in US Covid-19 BI litigation but plaintiffs having some success

Axa XL shutters Dublin excess casualty unit and restructures in the US

Axa XL has closed its Dublin, Ireland based excess casualty underwriting centre and also realigned the management of its E&S primary and excess casualty units to report into overall product line heads, The Insurer can reveal.

Lloyd’s insurers notified of possible Oregon wildfire fighting claim

Lloyd’s insurers have been notified of a possible claim on the Oregon Department of Forestry’s (ODF) unique $25mn wildfire-fighting insurance policy, The Insurer has learned.

Everest hires veteran Lightbown and makes trio of senior insurance moves

Everest Insurance has made three new senior underwriting executive appointments including the arrival of market veteran Neil Lightbown as global markets chief underwriting officer (CUO).

Hallmark CFO Passmore to leave next month

Hallmark Financial Services’ long-serving chief financial officer Jeff Passmore is leaving the company next month with the company having already started the search for his replacement.

Beazley responds to “very dynamic” exec risk market by forming new leadership team

Beazley has created a new executive risk leadership team in the US which will be led by Jeremie Saada.

Miller rehires Taylor to lead North American upstream team

Adam Taylor has returned to Miller Insurance from Ed to lead the London wholesale broker’s North American upstream energy team.

Century 21 blames insurers for not paying Covid claims as it files for Chapter 11

Century 21 has blamed its insurers after filing for Chapter 11 bankruptcy, with the iconic New York City discount designer store stating its carriers have failed to pay out on $175mn of Covid-19 related business interruption claims.

Chubb names Brazil COO Sosa new Far East regional president

Chubb has turned to the Brazil-based Diego Sosa as the replacement for Brad Bennett as regional president, Far East.

Liberty Mutual appoints Montoya COO for GRS unit

Liberty Mutual’s Global Risk Solutions (GRS) unit has appointed Alexander Montoya as chief operating officer (COO) for its North American operations, The Insurer has learned.