Economic uncertainty and volatility, in combination with COVID-19-related losses, is leading to a heightened level of cautiousness among property reinsurers unless pricing and terms and conditions meet specific thresholds, according to Lara Mowery, global head of distribution, Guy Carpenter. For …
While Lloyd’s overall results in the second half were hit by £2.4 billion ($3.12 billion) of COVID-19 claims, the market’s underlying underwriting performance saw a “huge improvement,” which Chief Executive Officer John Neal said is a “real testament to the …
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 …