Liability

Ethos launches real estate liability program with Ascot and Faraday paper

MGU platform Ethos Specialty has secured capacity from its parent Ascot and Gen Re’s Lloyd’s operation Faraday to support the launch of a new analytics-driven commercial general liability program for US real estate owners and managers, The Insurer can reveal.

James River anticipates “raft” of general liability Covid-19 claims

James River chairman and CEO J Adam Abram has highlighted general liability as a source of Covid-19 claims, which he believes will not progress far, while revealing the Bermudian (re)insurer has received 200 total claims related to the pandemic.

Reinsurers could question liability for claims arising from US BI legislation

Lloyd’s and London market reinsurers would have scope to question their liability to US cedants were claims to arise from US states passing legislation forcing insurers to pay Covid-19 business interruption (BI) losses, an analysis from Bryan Cave Leighton Paisner (BCLP) suggests.

Broker E&O underwriters bracing for wave of Covid-19 claims

Broker E&O insurers including Swiss Re Corporate Solutions are facing a potential surge in claims from US retail agents and brokers sued by insureds alleging that they failed to properly advise about purchasing appropriate coverage for Covid-19 business interruption losses, The Insurer can reveal.

Reps and warranties writers rush to exclude Covid-19

The majority of representations and warranties insurance (RWI) carriers have acted fast to bring in broad exclusions for Covid-19, with brokers warning some exclusions could be applied to almost any loss.

Healthcare capacity plentiful despite retrenchment on Covid-19 fears

Insurance capacity for the healthcare market remains in plentiful supply even though the emergence of the coronavirus has meant some carriers are not quoting any new business, according to AmWINS.

Coronavirus upends loss frequency expectations for many lines

The impact of coronavirus in the US will not just be about where there will be increased claims but also where there will be fewer, with impacted lines including commercial auto, general liability, workers compensation and commercial property.

Zurich downplays Covid-19 BI impact

Zurich has downplayed the impact of Covid-19 related business interruption (BI) losses on the sector because BI coverage is typically attached to property policies that require physical damage to payout, rather than broader all-risks policies.

Coronavirus class action lawsuits start to be filed

Two coronavirus-related securities class actions have already been filed – one against a cruise line and one against a pharmaceutical company – as expectations of a spate of D&O lawsuits resulting from the outbreak start to be realised.

Insurers to pay $26mn of Diocese of New Ulm sexual abuse settlement

A Minnesota bankruptcy court judge has approved a $34mn settlement between the Diocese of New Ulm and sexual abuse victims, with $26mn funded by insurers including CNA and Zurich.

IVANS and MarketScout data support accelerating price hardening

The latest data from IVANS on US commercial insurance pricing reveals that four of the major lines it tracks saw an increased rate of average price rises in February compared with January while Q4 increases averaged across all lines also accelerated.

Cyber reinsurers shifting away from quota shares

Cyber underwriters and brokers report evolving market trends include alternative capital showing increasing interest, reinsurers moving away from quota shares, differing responses to silent cyber exposures and buyers looking to Bermuda for solutions over fears that cyber policies will not pay for regulatory fines.

Enstar moves closer to first run-off transaction under new Oklahoma law

Enstar is seeking court approval for a legacy transaction in the US that is vying to be the first so-called insurance business transfer (IBT) under the new framework put in place by the state of Oklahoma in 2018, The Insurer can reveal.

Allstar unit Venture to offer general liability on Scor paper

Allstar Financial Group’s managing general agent (MGA) Venture Underwriters has partnered with Scor’s US surplus lines company to underwrite and distribute general liability-related business, adding to its existing products offered on Markel paper.

US commercial P&C insurance price increases accelerated in Q4: CIAB

Commercial P&C insurance premium prices in the US increased by an average of 7.5 percent in Q4 2019, accelerating from +6.2 percent in the third quarter, led by a 13.6 percent average rise in umbrella, according to the latest survey from The Council of Insurance Agents & 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.

Conway signs up as first MGA for cannabis insurance group carrier Garnet

Conway E&S has been announced as the first managing general agent for Garnet Underwriting Managers (GUM), the managing general underwriter recently set up by the National Cannabis Risk Management Association (NCRMA).

Boy Scouts of America outlines insurance coverage in bankruptcy filing

The Boy Scouts of America (BSA) has filed for bankruptcy in response to a deluge of sex abuse claims against it, with filings revealing details of its insurance cover going back five decades and ongoing disputes with The Hartford, Ace and Allianz.

$175mn McKesson opioid D&O loss seen as third-highest derivative settlement

Drug distributor McKesson’s recent $175mn settlement with investors, to be paid entirely by D&O insurers, is the third highest ever reported derivative settlement.