International
Automatic motor premium refunds little more than a ‘marketing initiative’: Ageas CEO Bart De Smet
Providing premium refunds of £20 to £25 to all motor policyholders in the wake of Covid-19 behaviour changes amounts to little more than a “marketing initiative”, Ageas CEO Bart De Smet has said.
Allianz CFO outlines potential €1bn plus Covid-19 hit
Allianz could see a €1bn (£882m) or more hit from the coronavirus pandemic across property and casualty, Allianz group chief financial officer Giulio Terzariol has cautioned.
Allianz and LV's £68m weather hit edges first quarter COR above 101%
Allianz Holdings, comprising of LV General Insurance and Allianz Insurance, saw £68m in claims relating to storms and flooding in the first quarter of 2020 as Allianz unveiled a global property and casualty €400m (£351m) Covid-19 hit.
Hackers Maze release four files of alleged Chubb data
Ransomware group Maze has published four sets of data labelled as “proof” of its hack of insurance giant Chubb.
Pandemic crisis accelerating hard market return, say execs
Pricing momentum towards a hard insurance and reinsurance market will continue with the coronavirus crisis acting as a catalyst for steeper rate increases, industry executives have said.
Hiscox looks to capital raise through share placement
Hiscox has announced an equity placing for up to just under a fifth (19.99%) of its issued share capital.
Hiscox BI action groups join forces
The two largest Hiscox policyholder business interruption action groups in the UK have formed a strategic alliance, together representing more than 500 businesses.
Gallagher ‘wide open’ for acquisitions despite pandemic: CEO Pat Gallagher
Gallagher CEO Pat Gallagher has urged brokers “anywhere around the globe” to consider his firm as a merger partner, despite disruption posed by the coronavirus pandemic.
Pandemic has ‘reinforced’ value of Aon/WTW merger: Aon CEO Greg Case
The value of the Aon and Willis Towers Watson merger has “ironically” been reinforced by the impact of the coronavirus pandemic, Aon CEO Greg Case said on Friday.
Aon staff have ‘embraced’ pay cuts, says CEO Greg Case
Making global pay cuts was a “collective” decision that staff have “embraced” since a Monday announcement, according to Aon CEO Greg Case.
This week in Post: Aon, dó, trí
Business interruption, the British Insurance Awards shortlist and Q1 results kept us busy this week, but it was a move by biggest-broker-in-waiting Aon that grabbed the most attention.
Double-digit Covid-19 revenue decline ‘pretty extreme’ but possible: WTW CEO John Haley
Willis Towers Watson CEO John Haley said the group could see double-digit revenue decline as a result of the coronavirus impact, as the risk giant yesterday pulled its profit guidance for the year.
Marsh and WTW decline to follow Aon’s pay cuts lead for now
Aon’s announcement that it would reduce 70% of its employees’ salaries led to some speculation that soon-to-be acquired Willis Towers Watson and rival Marsh might swiftly follow, but both brokers have since confirmed they will not follow Aon’s lead.
Pay cuts ‘an awfully blunt instrument’: MMC CEO Dan Glaser
Marsh & McLennan CEO Dan Glaser today confirmed that the group has no current plans to cut pay packets or dividends, describing salary slashing as “survival mode stuff”.
Lancashire predicts $35m Q1 pandemic blow as it presses on with dividend payment
Lancashire has predicted it faces $35m in first-quarter losses rated to the pandemic, stemming predominantly from business interruption claims in its property book.
Analysts talk up chances of 'now or never' Beazley equity raise
Jefferies has revised the probability of Beazley raising equity up to 40%, citing feedback from investors that, were the insurer considering the option, it should come “now or never”.
Markel confirms Olympics, Wimbledon, UK BI claims exposure
Markel yesterday confirmed its event cancellation book includes Wimbledon and the Olympics, while it will also pay out on some UK business interruption claims.
Interview: ABI's Huw Evans on not losing faith in insurance
It clearly is not great for the insurance industry’s reputation “to be in a position where it has so many unhappy customers,” Huw Evans, director general of the Association of British Insurers has admitted.
Hiscox mulls capital raise
Hiscox has this morning confirmed it is considering raising equity among other options as it seeks to combat the Covid-19 impact.
Crawford names incoming global CEO and president
Crawford president and global CEO Harsha Agadi will step down next month, with his successors chosen from within the company.
Blog: Aon’s plan to slash pay, preserve dividend leaves a sour taste
Aon will cut the pay of 70% of its staff and slice executive pay packets as it seeks to preserve jobs during the coronavirus pandemic, but the broking giant’s decision to go ahead with a May dividend payment seems at odds with its message.
Analysis: Constructing Pandemic Re
The insurance industry stands ready to participate in the creation of a Pandemic Re vehicle but opinions differ on how it would work.
British insurers expect £900m in coronavirus BI claim payouts
Insurers are expecting to payout £900m towards UK business interruption claims, latest figures from the Association of British Insurers show.
Former Swiss Re CEO Stefan Lippe dies following Covid-19 complications
Former Swiss Re group CEO Stefan Lippe, who led the reinsurer between 2009 and 2012, passed away aged 65 earlier this week following complications after contracting coronavirus.