Capsicum Re is to rebrand as Gallagher Re from 1 October in order to align the business with Gallagher’s retail and insurance broking operations.
Updated: Over one million homes at risk as Hurricane Laura brings ‘unsurvivable’ storm surge to US Gulf Coast
Hurricane Laura, which made landfall in Louisiana early this morning as a category-four storm, has the potential to impact 1.1 million homes worth $265bn in terms of reconstruction cost value, according to Core Logic.
Businesses in the leisure and hospitality sector have been warned they face “inevitable” employers’ liability claims from employees who contract the coronavirus on the job or are otherwise injured as a result of changes made by businesses post-lockdown.
In June, Craig Thornton, general insurance and protection director at Lloyds Banking Group, was announced as the chair of the Association of British Insurers’ General Insurance Council, replacing Andy Watson as he stood down as CEO of Ageas UK.
Direct Line has been ordered to pay £36,998 to a former employee who claimed they were unfairly dismissed, Post has learned.
Hiscox has agreed to an expedited arbitration process in its dispute with the Hiscox Action Group, a coalition of policyholders that is contesting the insurer’s rejection of coronavirus-related business interruption claims.
Zurich’s UK general insurance business faced £140m in Covid-19 related claims across travel, event cancellation and business interruption lines in the first half of 2020.
Admiral has said it faces a “difficult call” with regard to whether or not claims frequency will return to pre-pandemic levels this year, reporting that it saw a 3-4% increase in road accidents last week alone.
The combined hull, cargo and port facility insured losses from last week’s warehouse explosions in Beirut should not exceed $250m (£191m), according to an initial analysis by Guy Carpenter.
Credit insurers face pandemic-related claims continuing well into 2021 but will avoid losses on a similar scale to those seen after the 2008 global financial crisis thanks to government interventions, according to Fitch Ratings.
The warehouse explosion in the port area of Beirut on Tuesday is unlikely to lead to insured losses on the same scale as those that followed a similar incident in China in 2015, industry figures have said.
While market conditions are slowly recovering in the wake of the coronavirus lockdown, the volume of new enquiries for commercial policies remain substantially lower than were last year, according to Allianz Insurance.
Axa has offered a UK policyholder £50 in compensation after rejecting a business interruption claim it had initially indicated would be covered.
Lloyd’s will limit access to its underwriting room when it reopens on 1 September giving underwriters and brokers in different classes of business set days for face-to-face meetings at One Lime Street.
Hiscox has not seen a slowdown in business as a result of its high-profile involvement in disputes over coronavirus business interruption claims, the insurer’s global retail CEO Ben Walter told Post.
NFU Mutual has defended itself against claims by self-catering accommodation businesses that it is unfairly deducting the value of government grants from coronavirus-related payouts.
High Court approval of Lloyd’s proposed transfer of European policies to its Brussels subsidiary is not assured, according to an expert with experience of portfolio transfers.
Davies Group is scoping out expanding its captive management presence to Guernsey or Malta, after expanding its US capabilities with the acquisition of Citadel Risk’s captive management business last week.
The Financial Services Compensation Scheme has appointed former cabinet minister Baroness Nicky Morgan, former Aviva executive Cathryn Riley, and police and fire services inspector Wendy Williams as non-executive directors.
Holidaymakers cancelling trips to Spain in light of the updated travel guidance issued over the weekend are unlikely to find cover under their travel insurance if they purchased policies after mid-March.
Lloyd’s has granted in-principle approval to a syndicate to insure the storage and transportation of a Covid-19 vaccine to emerging economies once one is developed.
The effective date for the Part VII scheme that will transfer Lloyd’s European policies to its subsidiary in Brussels has been pushed back to 30 December following a delay to the final court hearing in the process.