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.
Read moreThis 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:
Read moreDraft 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:
Read moreLloyd'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.
Read moreLloyd'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.
Read moreLloyd’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.
Read moreThe 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.
Read moreMarine Kiln ("TMK") has released updated 2018 and 2019 Account estimates (with extended ranges on Syndicate 510 to reflect the uncertainty surrounding the impact of
Read moreArgenta Syndicate Management ("ASML") has released an updated 2018 Account estimate and a first 2019 Account estimate
Read moreAs reported in earlier articles this month, some syndicates have already provided their updated 2018 estimates and their 2019 Account estimates.
Read moreExpectations 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.
Read moreBeazley 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.
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