Beazley announced yesterday to the LSE (click here for the full announcement) that it intended to raise some £247 million (approximately $300 million) through an extra placement of shares. Today 19 May, Beazley confirmed the successful raising of the extra capital through the take up of shares at 315p, a discount of just under 5% compared to yesterday's closing price.
Read moreThe 2020 season starts on 1 June and runs officially through to the end of November.
Read moreTwo pieces of encouraging news: A senior member of the US Treasury called Frederick W Vaughan has written a letter to Congressman Ted Budd, in response to his letter to the US President (see our earlier article here) making it clear that the Treasury is opposed to the wholesale forcing of BI claims payments by insurers.
Read moreLloyd's has announced to the LSE this morning its estimated aggregate losses from COVID-19. The announcement which is available here in full states that the market will pay out in the range of £2.5bn (US$3.0bn) to £3.5bn (US$4.3bn).
Read moreAtrium has released updated forecasts for the 2018 Account and a forecast for the 2019 Account for its managed syndicate 609
Read moreThe global broker Marsh published earlier this month its commentary on renewal activity for worldwide insurance risks up to 30 March 2020 showing a continuing upward trend in rate increases.
Read moreWe have received some more estimates from a few managing agents in the past few days. We expect to receive the complete set on the 27th May.
Read moreWillis Tower Watson's ("WTW") report "Insurance Marketplace Realities" serves as a guide for WTW's North American insurance buyers who are preparing for their upcoming renewals. For the first time ever, since first produced in 2016, "not a single line is predicting overall decreases". The overall trend is for increasing rates - "Overall, 23 lines are expected to see price increases and five will see a mix of both increases and decreases or flat renewals."
Read moreIn a follow up of our article last year, AIG has announced on 4 May (click here for Press Release) that Lloyd’s had given it approval for the launch of Syndicate 2019 with a capacity of US$1bn which will make it the largest ever new syndicate. The syndicate will write AIG’s Private Client Group (“PCG”) High Net Worth business which includes high net worth homeowners, auto, collections, yacht, personal umbrella and specialty coverage for earthquake, excess flood and workers compensation insurance coverages
Read moreAn example of the legal action being undertaken by US policyholders arising from the COVID-19 outbreak is the Prime Time Sports Grill "sports bar" located in Tampa, Florida which has a commercial property insurance policy underwritten by a Lloyd's syndicate.
Read moreIn two separate announcements yesterday afternoon, Hiscox firstly updated the LSE with a Trading Statement for the first quarter of 2020 and secondly announced the raising of extra capital in order to respond to growth opportunities and rate improvements in the US wholesale and reinsurance markets. This morning Hiscox confirmed that it has successfully raised £375m gross proceeds through a new share placing.
Read morehas announced the latest forecasts for the 2018 and 2019 years of account for syndicate 33 and SPA 6104. Syndicate 33 is unchanged on both open
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