• X
  • LinkedIn
  • Email
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn
  • Email
Insurance Insider is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

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.
  • Argo Group has exited the SME cyber market, leading to the departure of senior underwriter and group head of cyber Paul Miskovich from the carrier.
  • The Hiscox Action Group (HAG) has been given permission to take part in the Financial Conduct Authority (FCA)’s test case on Covid-19 business interruption (BI) claims.
  • 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.
  • Vanessa Macdonald-Smith, who resigned as CEO of the legacy JLT Fac business in April 2019, has resurfaced in the market as head of direct and facultative at Oneglobal Broking.
  • Allianz Global Corporate & Specialty (AGCS) CEO Joachim Müller has unveiled a turnaround plan that will make the carrier “more efficient, leaner and faster”.
  • Insurance lawyers are anticipating a massive surge in PTSD-related claims in the aftermath of the Covid-19 outbreak, amid a wider uptick in liability claims triggered by the pandemic.
  • A trend of capacity withdrawals from the accident and health market preceding the Covid-19 outbreak has been compounded by a growing pushback on pricing and terms and conditions following the pandemic.
  • Insurers for BW Offshore’s Sendje Berge FPSO may have dodged a bullet following a pirate attack on the vessel, but the ordeal may only be beginning for the nine crew members kidnapped in the raid.