Making global pay cuts was a “collective” decision that staff have “embraced” since a Monday announcement, according to Aon CEO Greg Case.
Willis Towers Watson CEO John Haley said the group could see double-digit revenue decline as a result of the coronavirus impact, as the risk giant yesterday pulled its profit guidance for the year.
Aon’s announcement that it would reduce 70% of its employees’ salaries led to some speculation that soon-to-be acquired Willis Towers Watson and rival Marsh might swiftly follow, but both brokers have since confirmed they will not follow Aon’s lead.
Lancashire has predicted it faces $35m in first-quarter losses rated to the pandemic, stemming predominantly from business interruption claims in its property book.
Jefferies has revised the probability of Beazley raising equity up to 40%, citing feedback from investors that, were the insurer considering the option, it should come “now or never”.
Markel yesterday confirmed its event cancellation book includes Wimbledon and the Olympics, while it will also pay out on some UK business interruption claims.
Insurers are adapting to deal with coronavirus-related insolvencies, as brokers call for compassion and support for businesses at a difficult time.
Be Wiser Insurance has appointed RWA founder Robin Wood and Das UK chairman Neil MacMillan to its board, Post can reveal.
Markel has posted a $1.4bn (£1.13bn) loss for the first quarter of 2020 blaming “significant volatility in the equity markets” due to the coronavirus pandemic.
Hiscox has this morning confirmed it is considering raising equity among other options as it seeks to combat the Covid-19 impact.
Crawford president and global CEO Harsha Agadi will step down next month, with his successors chosen from within the company.
In an ever-changing insurance landscape, brokers play an important role in identifying risks. For brokers, ensuring they ask their customers' the right questions will help them understand what risks they face and offer better support.
Aon will cut the pay of 70% of its staff and slice executive pay packets as it seeks to preserve jobs during the coronavirus pandemic, but the broking giant’s decision to go ahead with a May dividend payment seems at odds with its message.
Admiral confirmed it will recommend a final dividend for the year to shareholders, as it suspended a special dividend.
Gary Hoffman, Hastings non-executive chair, will step down from the company next month.
Beazley has reported a $170m (£137.7m) impact from Covid-19 related claims while Chubb took $13m of pre-tax $13m losses in the first quarter of the year.
Axa XL has revealed changes to its leadership team, with UK legal entities CEO Paul Greensmith departing and further ‘reorganisation’ expected.
QBE is seeking to raise $825m (£655m) in light of the Covid-19 crisis split across a $750m placement with institutional investors and a $75m share purchase plan for eligible shareholders.
Exclusive: Insurtech Parasol has pressed pause on plans to trade, which it said was due to its original capacity provider pulling out.
A flurry of insurers have pushed pause on dividend payouts following Bank of England and European Union warnings on being prudent in the face of the coronavirus crisis.
One Sure Insurance, which has purchased in-administration Staveley Head's intellectual property and renewal rights, will look to place the majority of its new buy’s customers with A-rated insurers.
Retroactive coronavirus pay outs would ‘seriously threaten the stability’ of global insurance industry
Global insurers have warned governments that if they impose retroactive pay outs for Covid-19 this will make it difficult if not impossible for insurers to respond to the crisis and other insured events.
Broker and managing general agent Staveley Head, which entered administration in February, has been bought by One Sure Insurance.
Structural defects warranty insurance provider MD Insurance Services treated an employee with a disability "unfavourably", an employment tribunal has found.