Even before the coronavirus crisis hit, the re/insurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re. Such price increases became necessary after 10-plus …
The law firm that represents the Hiscox Action Group has commenced an arbitration against Hiscox Insurance for non-payment of business interruption insurance totaling £40 million ($50 million). The action group is represented by London law firm Mishcon de Reya, which …
Pandemic threats were once on the list of potential emerging risks facing the insurance industry and society. Now that this risk has materialized with the COVID-19 crisis, it is perhaps a good time to take a look at the latest …
Generali’s first quarter net profit plunged 84.8% to €113 million (US$124 million) from €744 million (US$815.5 million) reported in Q1 2019, as a result of the impact of the COVID-19 pandemic on financial markets. The hit to its Q1 net …
Capital Returns Management LLC, the fifth largest shareholder of Watford Holdings Ltd., is urging the re/insurer to sell itself or be put into runoff. In a letter to Watford’s board of directors, the activist shareholder and specialist insurance investor complained …
Third Point Re reported a net loss of $183.6 million for the first quarter of 2020 due to COVID-19-related investment volatility – but the company still had big reasons to celebrate. For the first time since its inception in October …
Beazley, the Lloyd’s specialist insurer, announced it raised £247 million (approximately $300 million) in capital via an equity placement designed to strengthen its balance sheet as a result of the continuing uncertainty created by the COVID-19 crisis. During the first …
Zurich Insurance estimates that the overall property and casualty (P&C) claims from the COVID-19 pandemic will be in the region of $750 million for 2020. To put that into context, Zurich’s CFO George Quinn said the expected COVID-19 claim level …
Everest Insurance announced the appointment of Sujal Patel as the UK Head of Transactional Risk for Everest Global Markets, which includes Everest Insurance Ireland, dac. and Lloyd’s Syndicate 2786. Patel brings more than a decade of industry experience to Everest, …
Lloyd’s insurer Hiscox is planning a capital raise via the placement of new ordinary shares, which will enable the company to respond to expected growth opportunities ahead and prudently prepare for possible “downside scenarios.” New ordinary shares of 6.5 pence …