The Financial Conduct Authority ("FCA") has today announced that it intends to seek a court declaration on business interruption (BI) insurance in order to resolve doubt for businesses who are facing uncertainty on their claims.
Read moreAgency Partners ("MAP") has published its unchanged forecasts for the 2018 Account and a new forecast for the 2019 Account for its managed syndicates 2791
Read moreLancashire Group which is based in Bermuda has released its Trading Statement for the first quarter of 2020. Some extracts below: Trading statement highlights • Resilient business
Read moreIn response to press speculation, Hiscox has announced today that it has “sufficient capital” to meet its Covid-19 exposures, however, it is “evaluating” a possible raise of extra capital. "The COVID-19 pandemic has resulted in unprecedented global economic uncertainty. The Hiscox Board believes the Group has sufficient capital to meet expected liabilities arising as a result of exposures to the pandemic."
Read moreWe thought it would be interesting to report the remarks of David Flandro, the highly respected Head of Analytics of Hyperion, an international insurance broking firm, as made in a call to Morgan Stanley's analysts earlier this month*, saying that he thought it was difficult to see how the event [COVID-19] could approach the size of the 2017 hurricanes Harvey, Irma and Maria and he went on to say that in the absence of government intervention, COVID-19 will be a manageable impact for the insurance industry. Hyperion group comprises among others the firms Howden, RKH and Dual.
Read moreThere is undoubtedly significant uncertainty concerning the impact of COVID-19 as this is the proverbial “black swan” event which we are still in the middle of - both personally from the point of view of the lockdown and financially from the point of view the global (re)insurance industry. The actual financial and societal consequences will unfold over the forthcoming year, and as a result, it is difficult - if not impossible - to accurately predict what the ultimate result will be to Lloyd’s and the syndicates we support.
Read moreMeacock & Company Limited has announced the latest forecasts for the 2018 and 2019 years of account for its managed syndicate 727, as follows:- 2018
Read moreStephen Catlin has assembled a group of senior insurance market people to work on the creation of a new entity that would meet UK businesses' demand for pandemic cover going forward.
Read moreBoth Hiscox and Beazley have published announcements to the London Stock Exchange this morning.
Read moreReuters reported yesterday that Lloyd’s is collating details of insurers’ business interruption coverage for the Prudential Regulation Authority ("PRA") and is in discussions about a government backstop to cover future pandemics, it said in a letter seen by Reuters.
Read moreAs mentioned in Alistair Wood's podcast recently sent to Members in writing, a number of US states are arranging bills for their legislatures to pass that would compel insurers in those states to pay policyholders' BI claims irrespective of any pandemic exclusions in the policy wordings. In a notable push back against this pressure however,
Read moreAccording to rating agency AM Best, in an opinion piece of early April, the underwriting risk from Covid-19 for the non-life reinsurance industry is manageable at the moment thanks to exceptionally robust capitalisation in recent years and furthermore it believes relevant policy exclusions will hold up.
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