Legal
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Typical cat loss events trigger XoL reinsurance recoveries. It is not certain that this will. -
The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
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The carrier still expects net losses from Covid-19 to cost about £62mn.
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The ruling broadens the coverage available and alters the operation of trends clauses.
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Shares in the carrier recover from initial losses following a ruling by the Supreme Court that came down largely in favour of insureds.
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Judges dismiss insurers’ appeals and overturn the famous Orient Express ruling.
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But Barclays warns the judgment could result in more substantial loss creep for major European reinsurers.
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Rising professional indemnity and D&O rates are deterring companies from tendering for public contracts, the organisation said.
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The mixed ruling delivered by the High Court meant insurers escaped from worst-case loss scenarios.
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The CFO said the new access point for investors would not be used to inflate Lloyd’s capacity and dampen returns in the market.
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The finding could have a material impact on the scale of BI losses stemming from the pandemic.
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Justice Secretary Robert Buckland says the one-month hold-up is a response to stakeholder lobbying.
