Search | The Insurer

Chubb to host virtual conference on RIMS dates

News

COVID-19

Chubb to host virtual conference on RIMS dates

Chubb is hosting a virtual conference for its senior executives to meet with customers from 4-6 May, when RIMS would have been in full swing in Denver, Colorado were it not for its Covid-19 cancellation.

Wed 15 Apr 2020

Cali regulator steps up BI pressure with investigation requirement

News

Business interruption

Cali regulator steps up BI pressure with investigation requirement

California insurance commissioner Ricardo Lara has issued a notice requiring insurance companies to fairly investigate all business interruption (BI) claims caused by Covid-19, citing complaints of insurance representatives dissuading policyholders from filing a notice of claim.

Wed 15 Apr 2020

News

Fairfax battered by $1.5bn of net investment losses in Q1

Fairfax Financial has issued a profit warning, with an estimated first quarter $1.5bn net loss on investments wiping out most of its investment gains in 2019, but the company noted its insurance operations will produce a sub-100 percent combined ratio for the quarter.

Wed 15 Apr 2020

Bill mandating Covid-19 BI coverage being readied in Congress

News

Business interruption

Bill mandating Covid-19 BI coverage being readied in Congress

House Democrats are planning to introduce a bill that would force insurers to cover business interruption (BI) losses from the coronavirus pandemic, with industry trade groups warning it would “end the very existence of the business interruption insurance market as we know it”.

Tue 14 Apr 2020

News

Legacy

QBE seeking $300mn NA E&S legacy portfolio transfer

Australian carrier QBE is marketing a $300mn North American E&S portfolio to the legacy sector as the carrier seeks to bolster its balance sheet from any pandemic-induced economic fallout.

Tue 14 Apr 2020

News

Commercial insurance

Renvyle joins Sutton National as CUO

Former regional president at The Hanover Russell Renvyle will re-emerge at program carrier start-up Sutton National, The Insurer can reveal.

Tue 14 Apr 2020

Airlines facing losses after NDBI failed to take off

Analysis

Aviation

Airlines facing losses after NDBI failed to take off

The drastic drop in international air travel prompted by the coronavirus outbreak is leaving commercial airlines staring at billions of dollars of losses, with insurers set to escape claims due to the low take-up of aviation non-damage business interruption (NDBI) cover.

Tue 14 Apr 2020

Sirius loses property executives Cartmell and Smith

News

M&A

Sirius loses property executives Cartmell and Smith

Bermudian reinsurer Sirius has seen two of its senior property underwriting executives exit in the last few weeks amid ongoing uncertainty over its future with the company being officially put up for sale this month, The Insurer can reveal.

Tue 14 Apr 2020

The Hanover hires AmWINS exec as industrial property head

News

Commercial insurance

The Hanover hires AmWINS exec as industrial property head

James Kelley has been appointed president of Hanover Specialty Industrial Property, joining from AmWINS.

Tue 14 Apr 2020

World Bank pandemic bonds yet to be triggered as growth rate misses

News

COVID-19

World Bank pandemic bonds yet to be triggered as growth rate misses

Almost all conditions have been met to trigger the World Bank’s $320mn pandemic bonds by the Covid-19 pandemic except for the growth rate, which has not reached the necessary level to breach the parametric trigger.

Tue 14 Apr 2020

Beazley shares plunge 8% in mixed day for European stocks

News

Results

Beazley shares plunge 8% in mixed day for European stocks

Blue chip insurer Beazley’s shares closed 8 percent down on the first day of trading since markets re-opened after the four-day Easter weekend, among a mixed day for European peers.

Tue 14 Apr 2020

Trial lawyer Mark Geragos hits Travelers with five coronavirus BI suits

News

Business interruption

Trial lawyer Mark Geragos hits Travelers with five coronavirus BI suits

High-profile trial lawyer Mark Geragos has filed five lawsuits on behalf of his firm and clients against Travelers for denying Covid-19 business interruption (BI) claims, meaning at least 30 complaints have now been filed against the industry.

Tue 14 Apr 2020

News

Flood

Blanc to lead UK government flood insurance review

The UK government has launched a review into why insufficient flood cover was in place ahead of the November 2019 floods and to establish actions for future events, spearheaded by industry executive Amanda Blanc.

Tue 14 Apr 2020

Hiscox shares close 17 percent lower on Covid-19 legal actions

News

Business interruption

Hiscox shares close 17 percent lower on Covid-19 legal actions

Shares in London-listed Hiscox closed down 17 percent on Tuesday as investors sent the carrier’s stock tumbling over news that a group of SME policyholders are threatening legal action over the (re)insurer’s refusal to pay out on coronavirus business interruption (BI) claims.

Tue 14 Apr 2020

Hiscox legal action group takes virus BI battle to social media

News

Business interruption

Hiscox legal action group takes virus BI battle to social media

A group of small business owners considering legal action against FTSE 250 (re)insurer Hiscox over coronavirus-related business interruption claims has taken its battle to social media with a Twitter account representing the group amassing almost 250 followers in just two days.

Tue 14 Apr 2020

Analysis

QBE de-risks with A$1.3bn equity raise and more reinsurance

Earlier today Australian insurance giant QBE unveiled plans to beef up its balance sheet with a A$1.3bn ($825mn) equity raise as it prepares for what its chief executive has labelled “a deep and extended recession”.

Tue 14 Apr 2020