Contingency/entertainment

Willis claims at least two $1mn accounts were also unfairly lost to Howden.

The acquisition furthers Howden’s expansion into the US retail space.

The company launched into the contingency market in the wake of the Covid-19 pandemic.

Working out ROI on sponsorship deals is difficult, but the sport is beloved by insurance brands.

The broker has also held positions at JLT, Towergate and THB.

The Paragon-owned coverholder is known as a specialist in film insurance.

Tim Nagle succeeds Oscar Holloway, who has left the company to “pursue other opportunities”.

The Eras tour has additional coverage in place to cover cancellation for PVT perils.

InsurX has grown its capacity beyond £100mn after adding D&F to its existing contingency business.

John Silcock was CEO of entertainment broker Robertson Taylor.

Alex Nicoll joined Sedgwick in January as UK head of media and entertainment.

The brokers will work in the contingency team headed up by Ian Tomlin.

A cancelled Bruno Mars concert in Tel Aviv is among the losses to hit the segment.

The team will be headed by Tysers’ MD Paul Chapman, joined by Claffey, Freeman and Thornhill.

If you only read a handful of articles this week, make it the selection below.

Cancellations of music events due to performers’ mental health conditions is one of the issues, alongside strikes and the energy crisis, which are challenging contingency underwriters.

The decision was motivated by some overlap in business transacted between the US and London operations.

The BP Marsh-backed intermediary was valued at just £440,000 in January this year.

Personnel movement in the contingency market has been elevated following Covid-19 upheaval.

Organisers perceive a clear runway ahead for planning events, after over two years of restrictions on gatherings.

The scheme is supported by several prominent carriers in the Lloyd’s market and is set to close at the end of September 2022.

There have been numerous exits and entries in the class following major Covid-19 losses.

Alli MacLean will take on the expanded role following the exit of contingency chief Yael Mimran.

Matt Helm worked at CFC until the end of last year when the MGA opted to place the book into run-off following a review.

Convex was one of the carriers to enter the contingency market following the major Covid-19 loss event.

Fidelis joined the contingency market in 2020 amid massive dislocation caused by Covid-19.

The unit will be headed by Jo Holliday and house lines of business including contingency and political violence.

The long-serving Aon executive led a team placing a variety of contingency coverage in Lloyd’s and London.

Senior contingency underwriter Luke Killeya has parted ways with Convex after having joined the carrier a year ago to help its launch into the contingency market, Insurance Insider understands.

Liberty is one of the major leaders in the London contingency market, which was hit by large Covid-19 losses.

Alan Norris’s colleague Ian Ritchie has joined Munich Re Syndicate after Talbot exited contingency following heavy pandemic losses.

The loss from the cancelled Bonnaroo festival hits a market already bruised from huge Covid-19 losses last year.

Insurers have now shelled out just over £968mn to BI policyholders in interim and final settlements.

Limited coverage and potential high costs mean events organisers are still plagued by long-term uncertainty.

Arch, Beazley, Dale, Hiscox and Munich Re are among several insurers said to be supporting the scheme, which will see the government serve as "reinsurer".

Charlie Connell will join the broker’s sports and entertainment practice group in a newly created role.

The Financial Conduct Authority’s latest release on UK claims data for Covid-related BI losses shows an acceleration of acceptances during June.

The fact the Games are going ahead means a worst-case $2.5bn loss has been averted, the ratings agency said.

There has been an uptick of event cancellation business flowing from the US, which is attracting rate rises of around 50%.

Event cancellation cover for Covid-19 is largely unavailable in the commercial market after a disastrous spell of losses.

The lead market says it believes in the long-term viability of the sector, which has suffered heavy losses due to Covid-19.

The ILS vehicle has support from four key providers and will be launched alongside a broader offering including K&R, fine art and other specialty risks.

A Parliamentary committee warns that promoters can’t sustain another lost summer.

Multiple markets have withdrawn from the class following huge losses stemming from the pandemic.

The team was led by Alan Norris and was a major market in areas including prize indemnity and event cancellation.

Tysers said a wider scheme would give event organisers the confidence to begin planning.

Richard Foster previously worked at Agile Risk Partners and Zurich.

IGI is set to launch into the contingency market and has appointed underwriter Emily Clapham to lead the entry into the class, Insurance Insider can reveal.

Beazley has rebuilt its contingency team after large losses and a number of senior underwriter departures.

The underwriter has led the unit on an interim basis since late 2020 following the departure of Lauren Bailey.

The senior appointment follows large contingency losses at Beazley and a string of personnel departures.

The scheme, which covers cast losses and civil authority losses, has also been expanded to cover cast and crew over the age of 70.

The local Organising Committee expects to receive around 50bn yen ($481mn) for the initial delay.

Insurance-sector companies join lawmakers and sports and cultural entities in urging state support to resuscitate the live events industry.

Amanda Lewis will lead a specialty disruption offering, including contingency, agri-contingency and legal indemnity lines.

Underwriters Francis Hernandez and Ian Seakens have joined Cincinnati Global Underwriting to lead the new lines of business.

The sector is trying to find ways to rebuild its client base following the devastation caused by the Covid-19 pandemic.

She has led the business line since 2015 and will be replaced by Michael Furtschegger on an interim basis.

The carrier has recently lost executives including contingency chief Chris Rackliffe and racked up significant losses in the class.

The company is the latest carrier to join the market following a spell of devastating losses caused by Covid-19.

The ILS manager is in the process of applying for a corporate member, sources said.

Contingency losses will result in a total loss and an increased renewal cost.

The scheme aims to restart TV and film making by providing insurance for Covid-19-related risks.

Staff displacement continues in the contingency market following huge Covid-19 losses and hardening rates.

Anna Sagar and Samuel Casey assess whether expectations of coronavirus-related losses are likely to match outcomes in what were tipped to be some of the most exposed classes.

Broker facilities offer cover for PPE shipping, media liability and contractors’ plant and equipment.

The temporary measure aims to “fill the gap” left by the lack of available insurance for the sector.

The MGA follows Markel out of the space as losses continue to mount for underwriters.

The All England Lawn Tennis & Croquet Club (AELTC)’s contingency policy is unlikely to renew next year due to market constraints, according to the CEO in charge of the Wimbledon tennis tournament.

Outgoing All England Club CEO Richard Lewis says it would be “impossible” to get cover for next year.

Fidelis has hired Emily Clapham from Beazley as it makes its entry into the contingency market, according to sister publication Insurance Insider.

The new group brings together former JLT Specialty and Bluefin teams.

Markel International has cut back its personal accident, contingency and entertainment (PACE) portfolio, within the wholesale operation, to concentrate solely on entertainment business.

The entertainment business sitting alongside the discontinued lines will move to the specialty carrier’s professional and financial risks portfolio.

The carrier will underwrite policies for entrants to new media, such as bloggers, vloggers and social influencers.

Uncertainty about future mass gatherings has reduced the number of clients coming to the market. 

In an earlier-than-scheduled Q1 trading update Beazley says premiums rose 13 percent, while rates climbed 8 percent.

Dynamics that would typically lead to rate rises are set to collide headlong with clients’ reduced ability to pay.

Despite a smooth transition to remote working, Lloyd’s underwriters are focusing on existing clients during the pandemic, the broker warns.

Philip Kett said Axa’s likely loss for the outright cancellation of the games would be EUR60mn.

The cover will refund ticketholders and contribute to payment to the Lawn Tennis Association. 

Japanese Prime Minister Shinzo Abe concedes that the event may be delayed.

With the news deteriorating day on day, (re)insurers face an unprecedented multi-focal challenge that will leave them fighting on all fronts.

The figure includes losses associated with the cancellation of the Tokyo Olympics.

The biggest hit would come from the IOC’s $800mn event cancellation contract.