Legal/ Regulatory

IRB Brasil raises $380mn to shore up reserves

IRB Brasil has raised BRL2.08bn ($380mn) via an issuance of 300,083,857 common shares in order to strengthen its technical reserves.

Brazil’s IRB pursues criminal complaint in accounting case

Brazilian reinsurer IRB Brasil Re has filed a criminal complaint with Rio de Janeiro’s public prosecutor relating to accounting irregularities that forced it to restate its financial statements for past years.

Texas insurance commissioner Sullivan to exit and return to private sector

Texas Insurance Commissioner Kent Sullivan is stepping down from his position in September ahead of a return to the private sector.

Insurers warn on ‘costly’ EU green finance rules

European insurers have hit out at proposals from the European Union for climate-friendly finance rules, claiming that the current draft would be hard to implement, too costly and is not “reflective of market reality” in its current form.

FCA urged to extend measures for struggling policyholders to 2021

Consumer group Which? has called on the UK’s Financial Conduct Authority (FCA) to extend support measures for customers struggling with financial difficulties to pay their insurance premiums in the wake of the Covid-19 pandemic until 2021.

Branch’s reciprocal exchange goes live in Ohio

Branch’s new reciprocal exchange has begun to write business in the insurtech’s home state of Ohio with the company now in the process of securing licenses to operate elsewhere in the US, The Insurer can reveal.

New bill seeking to streamline Californian homeowners payouts progresses

A new bill that expands the definition of living expenses that must be paid to homeowners for losses incurred during a state of emergency such as wildfire has unanimously cleared California’s Assembly insurance committee.

Insurers score another Covid-19 BI point but the game’s just begun

The third ruling in favour of US insurers in Covid-19 business interruption (BI) litigation – with no unfavourable judgments so far – bodes well and could prove influential but there is a long way to go before the industry can claim victory.

New York regulator tells insurers to expedite Isaias claims

The New York state Department of Financial Services (DFS) has taken actions to help the payment of insurance claims for Isaias and told insurers to expedite settlements.

FedNat CEO calls for further Florida reform as losses outpace rate hikes

FedNat’s management has revealed that reinsurers took $46mn of its $94.2mn gross catastrophe losses in the second quarter, while CEO Michael Braun has called for further Florida reform with losses in the state still outpacing rate increases.

Hartford share price rises 4.5% on Q2 results and expense savings plan

Christopher Swift on an earnings call revealed The Hartford backs the prospective pandemic proposal put forward by trade associations, as well as the push for Covid-19 safe harbour protections, while investors sent the insurer’s share price up almost 5 percent in response to a Q2 earnings beat.

Insurers jumping on the “Orient Express bandwagon,” claims FCA

The FCA has accused the eight defending insurers in its High Court test case of jumping on the “Orient Express bandwagon” in their reliance on an insurer-friendly ruling which imposes tough requirements on policyholders to prove causation and insured BI losses.

Australia clears insurers to resume reduced dividend payouts

Australia has eased dividend restrictions on insurers by allowing firms to resume payouts to shareholders but urged boards to take a “measured approach” and maintain caution, taking into account the ongoing uncertainty during the coronavirus pandemic.

ABI: “Moment has passed” for £1bn Pool Re fund release

The release of £1bn from state-backed terrorism reinsurer Pool Re to the UK’s smaller businesses impacted by the Covid-19 lockdown is looking more unlikely as businesses get back up and running.

ABI’s estimate of Covid-19 hit to members increases to £1.7bn

The Association of British Insurers (ABI) has increased its estimate of Covid-19 related claims it expects its members to pay out to £1.7bn ($2.2bn), marking a £500mn jump since its last took the pulse of the market in April.

UK gov launches £500mn TV and film insurance scheme

The UK Government has announced a £500mn ($649mn) scheme to kickstart film and television production struggling to secure insurance for Covid-related costs.

AIG investment advisory unit to pay $40mn SEC settlement

AIG investment advisory unit VALIC Financial Advisors (VFA) will pay $40mn to settle a pair of Securities and Exchange Commission (SEC) actions for failing to disclose to teachers and other investors practices that generated millions of dollars in fees.

Arch notes FCA’s ‘misreading’ of crucial policy extension

The Financial Conduct Authority has “singularly failed” to provide a rule of law that the government-mandated lockdown triggers an Arch policy extension under scrutiny in its test case into disputed business interruption wordings, the High Court heard today.

ABI names Clark regulation head as Savill steps away

The Association of British Insurers (ABI) has named Charlotte Clark CBE as director of regulation, replacing Hugh Savill who is retiring at the end of the year.

Eiopa mulls benefits of a new, cross-border pandemic reinsurance solution

The European Union’s Eur750bn ($879.5bn) Covid-19 member state rescue package points to the potential benefits of a public-private pandemic solution involving all the EU member states, the insurance regulatory body Eiopa said yesterday.

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