Using Pool Re’s £6.6bn fund to pay coronavirus business interruption claims would not be the greatest idea, CEO Julian Enoizi told Post as part of an exclusive interview.
Covéa has scrapped its $9bn (£7.3bn) buy of Bermuda-based global reinsurer Partner Re from the Ferrari-owning Agnelli family’s holding company Exor less than two years after if failed to takeover reinsurer Scor.
The UK government has pledged support for coronavirus-affected businesses which rely on trade credit insurance through a temporary reinsurance agreement.
John Ludlow, CEO of Airmic, has warned that the insurance industry is at a “critical juncture” due to the coranvirus crisis with member surveys suggesting the hardening market is already forcing businesses to look at alternative risk transfer options.
Chubb has appointed Robert Wilson as deputy chief underwriting officer and head of underwriting operations for Chubb Global Markets.
Pricing momentum towards a hard insurance and reinsurance market will continue with the coronavirus crisis acting as a catalyst for steeper rate increases, industry executives have said.
Munich Re today reported “high Covid-19 losses totaling €800m (£699.43m), particularly in event insurance” as it posted results for the first quarter of 2020.
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”.
The insurance industry stands ready to participate in the creation of a Pandemic Re vehicle but opinions differ on how it would work.
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.
Insurance heavyweights from across the market have come together to launch a steering group to improve the industry’s response to future pandemics.
Post gathers feedback from across the industry on what Aon’s takeover of Willis – to create the biggest broker in the world – will mean for the market
Julian Enoizi, CEO of Pool Re, discusses coronavirus, the reclassification of Pool Re, tapping the ILS market again and moving to a treaty basis to help increase SME take-up of terrorism cover. He also responds to press speculation about ‘Pandemic Re’…
Direct Line suspends share buyback as it reports 500% increase in travel claims relating to Covid-19
Direct Line Insurance Group has today suspended its share buyback programme as a result of the volatile conditions arising from the Covid 19 pandemic.
The industry is set to pay out £363m on claims from storms Ciara and Dennis that hit the UK last month, the Association of British Insurers has calculated.
Covéa has signed up to buy Bermuda-based global reinsurer Partner Re from the Ferrari-owning Agnelli family for $9bn (£7bn) in cash in a deal scheduled to complete in the fourth quarter of this year.
Though losses from natural catastrophes fell in 2019, the proportion of losses that were uninsured rose to a three-year high. Post investigates why.
The Financial Services Compensation Scheme is now stepping in to protect the majority of policies sold in the UK to individuals and small businesses by CBL Insurance Europe having declared the insurer to be in default.
Scott Gunter has been appointed as CEO of Axa XL joining from Chubb to replace Greg Hendrick who is leaving to pursue other opportunities.
Bollington has suspended trading with Danish unrated insurer Gefion, Post can reveal.
Composite insurance pricing in the UK rose by 13.7% in the fourth quarter of last year according to research by Marsh.
Markerstudy’s group underwriting director, Gary Humphreys, discusses taking a pause on commercial business, progress on the Co-op Insurance buy, debt, making further acquisitions and the rated versus unrated debate as well as backing MGAs and the future…
Markerstudy is in discussions with Qatar Re over the repayment of its $316m (£244m) loan ahead of the next deadline of May this year, group underwriting director Gary Humphreys told Post.
Post’s new Motor Mouth Podcast series is proving quite the hit with listeners.