Reinsurance News
US Treasury opposes retroactive BI legislation
12th May 2020
The US Treasury Department has penned a letter to lawmakers voicing its opposition to legislation that would force insurers to retroactively cover business interruption (BI) claims connected to the COVID-19 pandemic. In the letter, Treasury Principal Deputy Assistant Secretary Frederick Vaughan criticised bills introduced by several states that aim to make ... Read the full article
Trisura raises C$60mn to support US fronting growth
12th May 2020
International specialty insurance holding company Trisura Group has increased the size of its previously announced bought deal public offering to 1,121,000 common shares, for gross proceeds of C$52.5 million. BMO Capital Markets and Cormark Securities led the offering and have been granted the option to purchase up to an additional 15% ... Read the full article
Global organisations reiterate potential harm of forced COVID-19 BI coverage
12th May 2020
As more and more international organisations underscore the potential negative ramifications of forcing insurers to retroactively cover COVID-19 related business interruption (BI) claims, the President and Chief Executive Officer (CEO) of the American Property Casualty Insurance Association (APCIA), David Sampson, has again highlighted the importance of stability in the marketplace. As ... Read the full article
EU regulator says governments must insure future lockdowns
12th May 2020
The European Insurance and Occupational Pensions Authority (EIOPA) has said that national governments must help to provide pandemic business cover in future lockdowns, according to reports from Reuters. EIOPA Chair Gabriel Bernardino told the publication that the private sector does not have the capacity to provide such broad coverage alone. Bernardino also ... Read the full article
OneAdvent acquires UK property MGA Modus
12th May 2020
MGA platform OneAdvent has announced its acquisition of Modus Underwriting Ltd., an MGA focused on providing niche property insurance products to brokers across the UK. OneAdvent believes the acquisition will strengthen its position in the landlord space. The two companies have been working together in advance of the acquisition to jointly develop ... Read the full article
AFG announces $301mn Q1 net loss amid financial market turmoil
12th May 2020
American Financial Group, Inc. (AFG) has reported a net loss of $301 million for the first-quarter of 2020, driven by the adverse impacts of after-tax non-core items aggregating $472 million. The company's Q1 2020 net loss compares with net earnings of $329 million in the prior year first-quarter, and reflects widespread ... Read the full article
Arch’s Lloyd’s Syndicate 2012 leads $100mn Crypto.com policy
12th May 2020
Arch Underwriting at Lloyd's Syndicate 2012 has helped provide a $100 million direct insurance policy to Crypto.com, a cryptocurrency finance platform formed in 2016. This is the largest coverage that Crypto.com has secured for its cold storage assets on custodial partner Ledger Vault. The new policy brings Crypto.com's total cryptocurrency insurance to ... Read the full article
S&P turns negative on AXIS after Q1 loss
12th May 2020
S&P Global Ratings has revised its outlook from stable to negative for AXIS Capital Holdings Ltd. and its core operating subsidiaries following the company’s underperformance in the first quarter of 2020. AXIS reported a net loss of $185 million and a combined ratio of 119.8% in Q1 2020, as pre-tax ... Read the full article
Swiss Re announces Lockton Affinity as administrator for Tennessee LPL program
12th May 2020
Global reinsurance giant Swiss Re has selected Lockton Affinity, an affiliate of Lockton Companies, as the new program administrator for its Lawyer Professional Liability (LPL) insurance in Tennessee, U.S., effective June 1st, 2020. This program provides lawyers with a comprehensive Professional Liability solution through Swiss Re, with best-in-class administration from Lockton ... Read the full article
Allianz’ Q1 net income falls 29% off COVID-19 P&C impacts
12th May 2020
Global insurer Allianz saw its net income fall 28.9% to €1.4 billion in the first quarter, driven primarily by the impact of coronavirus on its property and casualty segment. Higher claims from natural catastrophes, as well as coronavirus-related losses, drove P&C operating profit down 29.1% to €1 billion against the prior ... Read the full article
Fitch upgrades Hiscox outlook after capital raise
12th May 2020
Fitch Ratings has revised the outlook on Hiscox and its core entities to stable from negative to reflect the company’s recent £375 million capital raise. Hiscox completed the capital raise last week through the issuance of 57,693,425 new Ordinary Shares. The proceeds will be used to “to respond to future ... Read the full article
Commercial insurance pricing up 14%, COVID-19 impact insignificant: Marsh
12th May 2020
Global commercial insurance pricing increased for the tenth consecutive quarter in the opening three months of 2020, while the impact of the ongoing COVID-19 pandemic on pricing dynamics proved to be insignificant, reports re/insurance broker Marsh. In the first-quarter of 2020, global commercial insurance pricing rose 14% on the back of ... Read the full article
Pool Re report highlights COVID-19’s global impact on terrorism
12th May 2020
A new report from Andrew Silke, a Professor for Pool Re and Cranfield University, has highlighted the ways in which the COVID-19 pandemic is impacting terrorism around the world. There are currently mixed opinions on the pandemic's short-term impact on the level of attacks in the short-term. It's understood that lockdown measures ... Read the full article
AIG UK reports 2019 pre-tax profit of £186.4mn, CR hits 96.4%
12th May 2020
AIG UK, a division of American International Group Limited (AIG), has reported a pre-tax profit of £186.4 million in 2019, its first full operational year. In 2018, AIG restructured AIG Europe Limited (AEL) and established two legal entities, AIG UK and AIG Europe SA, in response to the UK's Brexit ... Read the full article
Chubb appoints Peter Bremner head of mgmt liability for CGM division
12th May 2020
Global insurer Chubb has announced the appointment of Peter Bremner as head of management liability for Chubb Global Markets and regional head of Financial Lines, Eurasia & Africa. Bremner was previously senior underwriter, Financial Lines for CGM, and has held several underwriting roles for Chubb in both London and New Zealand. He ... Read the full article
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