It is “essential” the industry is clear about what cyber risks it is comfortable in covering and not covering to protect the industry's reputation, the Geneva Association's cyber director has urged.
How are major financial centres in the UK likely to be impacted by Covid-19 and will the remote working phenomenon hit office occupancy for the longer term?
When the transaction for HG to invest in Hyperion closes the private equity firm will hold “just over 20%” of the business, CEO David Howden told Post.
Private equity firm HG has invested in Howden-owner Hyperion in a deal that puts a $5bn (£3.9bn) enterprise value on the insurance group.
Swiss Re has announced plans to reorganise the legal entity structure of its corporate solutions business unit.
The bid to take motor insurer Hastings back into private hands is a positive move for the company and a stamp of approval for the sector, say market specialists – but, after years of growth, challenges lie ahead
Convex Group has appointed Theo Butt as CEO of Convex Insurance UK and Matt Paskin as CEO of Bermuda-based Convex Re replacing co-founder Paul Brand who remains with the business as group deputy CEO.
Some of the Insurers involved in the Financial Conduct Authority’s business interruption test case saw share prices increase following the verdict, despite participants being told to pay out for some claims.
QBE has predicted that it faces a $70m (£54.3m) hit net of reinsurance for business interruption claims in the UK after the court ruling yesterday on the BI test case.
Total Covid-19 losses remain an unknown, leading to greater complexities and individual approaches at 1 January reinsurance renewals, Guy Carpenter has cautioned.
Lloyd’s posted a £438m loss in the first half of 2020 driven by £2.4bn of Covid-19 claims, which added 18% to its combined operating ratio.
Moody’s has revised its outlook for the global reinsurance sector to negative, citing weakened profitability in the wake of the coronavirus pandemic, bringing it into line with other ratings agencies.
Munich Re has called for government-backed risk pools to be created to insure against the effects of future pandemics.
Munich Re expects its losses from August’s warehouse explosion in Beirut and a trio of recent North Atlantic hurricanes to both reach “low triple-digit million euro” sums.
HM Treasury is embarking on a five year review of Pool Re, it was announced today.
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.
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.
The explosion in Beirut, Lebanon at around 6pm local time on Tuesday 4 August tragically killed at least 157 people and wounded another 5000, with more than a hundred still missing as rescue efforts continue.
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.
A hard market is traditionally where specialist insurers and forward-thinking capacity providers thrive. As such Floodflash co-founder Ian Bartholomew is confident new resilient insurance businesses will emerge from the post-pandemic economic downturn
Covéa will invest €1.5bn (£1.35m) with Exor and special purpose reinsurance vehicles managed by Partner Re, after its bid to buy the reinsurer fell apart earlier this year.
Hiscox swung into a loss for the first half of 2020 as it increased its Covid-19 claims hit estimate.
The new backers of Mulsanne Insurance Company had to invest £7m into the Gibraltar-based underwriter this April to meet solvency capital requirements.
Swiss Re has predicted $2.5bn (£1.96bn) of pre-tax Covid-19 losses in the first six months of 2020 will drive its half year results to a $1.1bn loss.