London Market

RSA dividend withdrawal protects against ‘court of public opinion’: Hester

RSA’s decision to suspend its full year 2019 dividend was made because the company wanted to avoid a “war” with the regulators and the “court of public opinion”, CEO Stephen Hester has said.

PRA postpones insurance stress test on Covid-19 pressures

The Bank of England’s Prudential Regulation Authority (PRA) has decided to pause further work on its insurance stress test, in a move designed to alleviate pressures on firms during the Covid-19 pandemic.

FCA to trial untested legal mechanism in “bold” BI fast-track move

The Financial Conduct Authority (FCA) is to trial an as-yet untested mechanism to fast-track a potential long queue of BI policy wordings disputes between aggrieved business owners and their insurers, The Insurer can reveal.

RSA shares climb on “strong” Q1 and Numis upgrade

RSA’s shares climbed over 4 percent as trading on the London Stock Exchange opened as investors responded positively to the UK insurer’s Q1 trading statement.

OneAdvent buys property MGA Modus from CFC

London-based MGA platform OneAdvent has acquired Modus Underwriting, a digital-first MGA focused on providing niche property insurance products to brokers across the UK.

Hiscox launches £250mn+ equity raise

London-listed Hiscox is to issue new shares of up to 19.99 percent of its existing ordinary share capital to enable the carrier to “position the Group to respond to future growth opportunities and rate improvement in the US wholesale and reinsurance markets”.

BMS names Marsh’s Towneley as international chair

BMS Group has named Marsh’s Middle East and North Africa (MENA) chair Peregrine Towneley as chairman of international operations to lead the broker’s expansion in the Middle East.

Lloyd’s to accelerate 2021 business planning over Covid-19

The performance management directorate (PMD) is planning to speed up its 2021 business and capital planning for syndicates in response to challenges posed by the Covid-19 pandemic.

US futures point higher while Euro (re)insurers gain as virus lockdowns ease

US stock futures pointed higher on Tuesday as investors bet the US economy could start to reopen again while European and Asia-Pacific markets made widespread gains on renewed hope that economies will start to rebound as countries lift coronavirus restrictions.

ERS adds former Ageas UK CEO Boisseau to board

Lloyd’s motor insurer ERS has appointed Francois-Xavier Boisseau, the former chief executive officer of Ageas UK Insurance to its board of directors.

AmWINS new international CEO begins role

Lloyd’s wholesale broker THB Group has welcomed Matthew Crane as its new CEO and president of the International division of parent AmWINS Group, finalising a move first announced in February.

Capsicum Re bolsters property & specialty team with trio of hires

Capsicum Re has strengthened its property & specialty division with senior hires from rivals Price Forbes, Prospect and Aon.

TMK names Chubb’s Shaw CUO

Former Chubb president Matthew Shaw has joined Tokio Marine Kiln (TMK) as chief underwriting officer.

TigerRisk hires Po-Ba as Lloyd’s roll-out continues

Fresh from receiving backing from Flexpoint Ford, US reinsurance intermediary TigerRisk has recruited Lawrence Po-Ba to join the firm focussing on capital solutions for Lloyd’s syndicates.

Best Western Hotels mulls legal action over declined £100mn BI claims

Best Western Hotels is considering legal action against its insurers over their refusal to pay out circa £100mn ($125mn) of lockdown-related business interruption claims.

QIC Action Group secures Shepherd and Wedderburn to advise on rejected BI claims

The newly formed QIC Action Group has appointed Shepherd and Wedderburn LLP to advise on its legal action against QIC Europe (QEL) and London-based managing general underwriter Eaton Gate, The Insurer understands.

Willis: Covid-19 insured losses could hit $140bn in extreme scenario

Insured losses stemming from the Covid-19 pandemic could be as high as $140bn, according to modelled scenario analysis by Willis Towers Watson.

Pool Re surplus pot in sights of BI hospitality action group

A UK-based action group formed to tackle insurers over rejected Covid-19 business interruption claims has gone to the Chancellor of the Exchequer, calling on Rishi Sunak to release excess Pool Re funds to support the hospitality industry throughout the global pandemic.

London-listed Lloyd’s carriers point higher in morning session

London-listed Beazley, Lancashire and Hiscox saw shares tick up modestly in early trading in a turbulent morning for European (re)insurance stocks as investors grappled with a wave of pre-market trading updates coupled with damning news on the French and German economies.

$300-$500mn Beazley capital raise “reasonable”

In the wake of Hiscox’s confirmation yesterday that it was mulling a capital raise, Jefferies analyst Philip Kett has increased the chance of its rival Beazley doing the same from 30 percent to 40 percent.

Region

Topics

Events & Conferences

Content Types