Castel’s MCI completes management buyoutCastel Underwriting Agencies’ casualty underwriting cell, Medical & Commercial International (MCI), has completed a management buyout from Arch Capital-owned Castel’s MGA formation platform.
Mishcon de Reya ‘actively considering’ Covid-19 group action against 12 insurersLaw firm Mishcon de Reya is considering a group action against 12 insurers in light of the High Court verdict in the Financial Conduct Authority’s test case on Covid-19 business interruption losses.
FCA calls time on dual pricingThe UK’s City watchdog is proposing a number of radical reforms to ban dual pricing in a move that it said could save personal lines policyholders £3.7bn ($4.75bn) over the next decade.
Beazley shares shed 14% on increased Covid impactLloyd’s carrier Beazley saw its shares shed 14.3 percent shortly after markets opened as investors responded to the group’s increased first party Covid-19 claims estimate.
Beazley ups Covid-19 claims burden to $340mnLloyd’s carrier Beazley has upped its total estimate for the cost of first party Covid-19 claims from $170mn to $340mn net of reinsurance, with almost all of the increase caused by further event cancellation losses.
UK government picks Marsh to handle £500mn TV and film insurance schemeThe UK government has unveiled further details of its £500mn ($645mn) scheme designed to help the domestic film and TV productions struggling to get insurance during the Covid-19 pandemic and named Marsh Commercial as the third party administrator for the scheme.
City watchdog orders insurers to pay Covid BI claims as soon as possibleThe UK’s Financial Conduct Authority (FCA) has warned insurers to pay out on valid claims “as quickly as possible” following the High Court ruling last week on whether Covid-related losses are covered by business interruption insurance.
Parliamentary group chair backs call for public-private pandemic solutionThe chair of the UK government’s insurance-focused parliamentary group has thrown his support behind the creation of a “resilient” public-private pandemic (re)insurance solution.
Mishcon looks to expand dental practice BI group action against QBELaw firm Mishcon de Reya LLP is seeking to expand its group action targeting UK dental practices to include more QBE policyholders.
Convex lands Theo Butt to lead insurance business; Paskin named Convex Re CEOConvex has hired former Neon CEO Theo Butt as CEO of London-based Convex Insurance UK Limited with Matt Paskin named CEO of Bermuda-based Convex Re CEO.
Hive Aero bolsters new aviation all risks team with Webster and Adcock hiresHive Aero has made two additional hires to its new aviation all risks team, with MS Amlin’s Andrew Webster joining the company as class underwriter and market veteran David Adcock taking on the role of head of aviation claims.
Carbon Underwriting names Antares’ Clark property underwriterManaging general underwriter (MGU) Carbon Underwriting has added Antares’ Gary Clark to its growing team as a property underwriter.
Optio adds active assailant cover to PVT offeringPE-backed Optio Group – the UK MGA created from the merger of Ascent Underwriting, Cove Programs and broker Bay Risk Services – has added active assailant cover to its expanding political violence and terrorism (PVT) proposition.
FCA’s Woolard to leave watchdog next yearThe Financial Conduct Authority’s (FCA) interim chief executive Christopher Woolard is to relinquish all executive roles in October and leave the UK watchdog next year after leading a review into the regulation of unsecured credit.
Premia adds AJG’s Grint as managing agency CEO in Lloyd’s pushRun-off specialist Premia Holdings has named Arthur J Gallagher’s Colin Grint as CEO of Premia Managing Agency Ltd.
Ardonagh’s Bennetts deal raises competition concerns: CMAThe UK’s Competition and Markets Authority (CMA) has found Ardonagh Group’s £26mn ($33.9mn) deal to acquire motorcycle specialist broker Bennetts could lead to higher prices, less choice and worse services for policyholders in the UK.
Lockton Re adds Gen Re’s Firshein to international P&C divisionExpansive reinsurance intermediary Lockton Re has added Gen Re’s Ben Firshein to its London-based international property and casualty division.
QBE pegs additional BI claims at $70mn following FCA verdict; mulls appealQBE has estimated it will face a net impact of around $70mn related to the High Court judgment in the UK Financial Conduct Authority’s (FCA) test case on Covid-19 business interruption claims following Tuesday’s verdict.
Mills reinsurance-only start-up Pyrrhic in late stages of fundraising for 1.1Peter Mills-led start-up Pyrrhic Re is in the late stages of securing funds to support its launch as a hybrid MGA and reinsurance company to start writing business from 1 January 2021, The Insurer understands.
Sector must harness tech to close protection gap: IDFThe Insurance Development Forum (IDF) is calling on the insurance sector and its stakeholders to harness the latest technological advances in data collection to help close the protection gap at the micro-level.