Inside FAC July-August 2020

Lockton Re has leveraged long-standing client and market relationships to get its burgeoning fac business moving, despite the challenges of global lockdown

Brit has appointed Andrew Umphress as vice president, terrorism, for its US specialty operation, Brit Global Specialty USA

The aviation market has had a turbulent few years, but despite coronavirus-related loss of premium income in 2020, continuing rate increases into 2021 could keep it on track to profitability

Axa XL has received approval to set up a reinsurance subsidiary in China, making it the first foreign-owned reinsurance subsidiary in China.

S&P Global Ratings has revised its ratings outlook on Allianz Global Corporate & Specialty (AGCS) from stable to negative, citing Covid-19-related profitability concerns.

Insurers involved in the Financial Conduct Authority (FCA)’s test case for BI disputes have contested the regulator’s assertion that the Covid-19 outbreak was the proximate cause of insureds’ losses.

There has been a spate of claims in the cannabis insurance market after riots and looting broke out in many US cities earlier this month, according to broking sources.

Pacific Gas and Electric Company (PG&E) has received approval from the California bankruptcy court for an $11bn settlement with insurers related to wildfire losses in 2017 and 2018.

Insured losses for 2020 could make it the largest year for claims in history, according to Guy Carpenter, with losses totalling $160bn in the broker’s worst-case scenario.

A $49mn marine liability policy held by supply ship operator Rodi Marine is expected to be one of the first in the market to receive a Covid-19-related claim.

The directors’ and officers’ (D&O) insurance market is bracing for a total loss of around $600mn for claims against American-Israeli drug manufacturer Teva Pharmaceuticals.

The loss from a March explosion at a South Korean petrochemical plant has expanded from about $200mn to around $600mn after business interruption (BI) claims pushed up the initial loss estimate.