Insurance

Impact of “savage” downturn could see upstream energy capacity pull out

The impact of the plunging oil price and looming global recession on the upstream energy sector’s premium base means that underwriters could withdraw capacity next year, according to Marsh JLT Specialty.

Brokers lead US (re)insurance stock rally

The largest brokers were among the highest climbers as US markets surged on signs that the coronavirus outbreak may be peaking in some of the worst-hit areas.

Surge in unemployment fuels fears for workers comp market profit

The surge in unemployment figures in the US spells potential bad news for workers compensation carriers as historic trends have shown claims increase as the number of people out of work rises.

War facing strongest rating demand across aviation market

Rates across the aviation insurance market continue to rise, but it is the war sub-class of business where the demand for pricing improvement is strongest as underwriters grapple with a series of losses on their books, according to Gallagher’s latest Plane Talking report.

PRA warns UK insurers over dividends

UK regulator PRA (Prudential Regulation Authority) has put pressure on the insurance industry over planned dividend payments in a “Dear CEO” letter.

Rate increases help push Beazley 2623 profit up by 79% YoY

Beazley Syndicate 2623 delivered the greatest profit at Lloyd’s in 2019 at $165mn up from $92mn in 2018, driven by average rate increases of 6 percent across its portfolio.

Insurance worst sector at communicating with customers about coronavirus

Buyers have ranked the insurance sector as the worst for getting in contact about the coronavirus, pipped by the banks, supermarkets, gyms, restaurants and mortgage providers, a study has uncovered.

Industry facing “unprecedented” drop in insurance demand, warns Moody’s

There is likely to be an “unprecedented” drop in demand for insurance over the next two to four months while a prolonged recession and a series of severe catastrophe losses or sizeable reserve development could lead to Moody’s downgrading its outlook on the reinsurance industry to negative, the ratings agency has warned.

Everest turns to Sompo International’s Lodge for insurance CFO role

Everest Re Group’s fast-growing insurance arm has brought in Dana Lodge from Sompo International to fill its newly created chief financial officer position.

Value stocks in the P&C sector emerge from equity markets carnage

Equity analysts suggest US-listed insurance stocks could already be near trough valuations and the recovery will be quicker than during the financial crisis, with defensive stocks such as brokers among the companies tipped as presenting the best opportunities.

ABI – We need to talk about pandemic insurance

As focus sharpens on who will pick up the cost of the fallout from the coronavirus, director general of the Association of British Insurers (ABI), Huw Evans, discusses how the industry can pull together with governments and do more to protect the world from future pandemic risks…

Ascot US offering 60-day extensions to select clients and programmes

Ascot’s US insurance platform is offering clients 60-day extensions on select covers set to renew between 15 March and 15 May, The Insurer has learned.

Brokers urging clients to renew now rather than extend

Brokers are encouraging clients to keep to their existing renewal schedule rather than pushing for extensions to current policies in a bid to counter intensifying pricing pressure in the coming months as carriers assess the impact of Covid-19 on both sides of the balance sheet.

Covid-19 fallout starts to impact share repurchases and dividends

The financial markets fallout from Covid-19 has impacted both Enstar’s recently launched share buyback scheme as well as voting on approval of Storebrand’s ordinary dividend.

US listed (re)insurance stocks plunge again led by 10% Argo fall

A highly volatile week for US-listed (re)insurance stocks has continued with coronavirus fears once again sending share prices plunging, and eroding the gains made the previous day.

Aon shares fall almost 16% on WTW deal

Shares in Aon plunged almost 16 percent in mid-day trading on Monday following news the broking giant had agreed a merger with rival Willis Towers Watson (WTW) in a $30bn all-share deal that will combine the world’s second and third-largest insurance brokers.

ProAssurance’s ratings cut after performance drops and Norcal deal

Medical malpractice specialist ProAssurance has seen its ratings downgraded by AM Best on the back of a deterioration in its operating performance as well as its planned $450mn acquisition of Norcal Group.

Argo aiming for profitable US growth alongside exits and cost cutting

Argo’s push to purge itself of unprofitable business and unnecessary costs is well underway with more actions to come in 2020, according to CEO Kevin Rehnberg.

Case accelerates ‘Aon United’ strategy as co-president O’Connor exits

Aon Group CEO Greg Case has signalled a new chapter in his “Aon United” strategy by streamlining his senior management team and elevating Eric Andersen as the firm’s sole president.

Swiss Re CorSo: 65% of announced portfolio pruning to occur in 2020

Despite a significant amount of retrenchment in 2019 as part of efforts to turnaround its struggling primary arm, Swiss Re has indicated that the previously announced 65 percent of portfolio pruning in Swiss Re Corporate Solutions (CorSo) is to take place this year.

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