Company News

Jul 10, 2020

Up to date North Atlantic hurricane and storm activity

Tropical storm Fay is currently active…

Jul 07, 2020

Hampden Agencies June Newsletter

Please click here to read the June Newsletter which has been sent to Hampden clients.…

Jun 24, 2020

Update on High Court BI test case

The FCA has today published an update on its High Court test case concerning business interruption (BI) insurance.…

Jun 10, 2020

Lancashire raises £277m extra capital to take advantage of market opportunity

Yesterday afternoon Lancashire Holdings announced that it was going to raise an extra £287m/$365m in order to "take advantage of rate rises that the Company is currently seeing across the majority of its business lines. Lancashire expects these growth opportunities to be strongly aligned to Lancashire’s core areas of underwriting expertise and relationships."…

Jun 01, 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:…

May 18, 2020

Beazley completes new capital raising

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.…

May 10, 2020

AIG launches Syndicate 2019

In 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…

May 05, 2020

Hiscox Q1 2020 Trading Statement including COVID update and a new equity raising

In 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.…

Apr 30, 2020

Lancashire Group Trading Statement

Lancashire 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…

Apr 29, 2020

Hiscox's announcement upon possible capital raising options

In 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."…