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Hampden Group

News

June 05, 2020

Up to date North Atlantic hurricane and storm activity

The 2020 season started on 1 June and runs officially through to the end of November. So far in the 2020 Atlantic hurricane season there has been

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June 05, 2020

Florida property renewals pricing rises sharply

As mentioned in our earlier article (click here) expectations for the Florida reinsurance renewals as at 1 June were for significant price increases as a result of various factors, not least of which is of course Covid-19.

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June 05, 2020

FCA statement on BI July High Court test case lists eight chosen insurers

This morning the FCA issued an announcement (click here for full text) giving further detail on the proposed court action. The following are extracts from the announcement:

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June 05, 2020

US moves to issue Pandemic Risk Insurance Act ("PRIA")

Draft legislation to form a US Federal government backed "Pandemic Risk Reinsurance Program" was introduced to Congress on 26 May. The Republican Congresswoman Carolyn Morley who has introduced the draft act says in her letter:

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June 05, 2020

Lloyd's new portal for accessing Funds at Lloyd's information

Lloyd's has announced that it will be launching a new portal that will enable Members, agents and investment advisers to access Funds to Lloyd's information.

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June 05, 2020

Table of updated 2018 Account and 2019 Account estimates

Lloyd's released to the LSE this morning, syndicates' 2018 Account estimates updated as at 31 March as well as a complete set of 2019 Account estimates for the first time.

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June 05, 2020

Lloyd's approved to notify existing EEA policyholders of transfer to Lloyd's Brussels

Lloyd’s announced on 2 July 2018 that it was working on transferring all European Economic Area business to Lloyd’s Brussels before the end of 2020 via an insurance business transfer under Part VII of the Financial Services and Markets Act 2000, an arrangement that we covered in our Newsletter at the time, explaining that this was necessary to ensure continuity with the administration of existing policies after a no deal Brexit.

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June 05, 2020

COVID-19 and continued market hardening, stress the US property and casualty market, reports CIAB

The US Council for Insurance Agents and Brokers ("CIAB") has reported that based upon a survey of its Membership of insurance brokers and agents around the whole of the US, there has been a notable increase in the pricing of many lines of business and hugely increased demand for business interruption ("BI") that includes cover for pandemics and viruses.

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June 05, 2020

TMK syndicates 510 and 557 updated 2018 and 2019 Account estimates

Marine Kiln ("TMK") has released updated 2018 and 2019 Account estimates (with extended ranges on Syndicate 510 to reflect the uncertainty surrounding the impact of

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June 05, 2020

Syndicate 2121 updated 2018 Account estimate and 2019 Account estimate

Argenta Syndicate Management ("ASML") has released an updated 2018 Account estimate and a first 2019 Account estimate

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June 05, 2020

Table of 2018 estimates and 2019 estimates received so far

As reported in earlier articles this month, some syndicates have already provided their updated 2018 estimates and their 2019 Account estimates.

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June 05, 2020

Expectations for Florida reinsurance renewals rise

Expectations for significant rate increases in the fast approaching June reinsurance renewals for Florida insurance companies abound as a result of interplaying factors, namely that the considerable uncertainty as to the global industry’s exposure to COVID losses is leading to "trapped" capital in the alternative ILS reinsurance market which in turn is likely to lead to reduced retrocessional capacity.

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