Company news
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.
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.
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.
Analysis: Breaking bust - insolvencies in the age of coronavirus
Insurers are adapting to deal with coronavirus-related insolvencies, as brokers call for compassion and support for businesses at a difficult time.
Be Wiser adds RWA founder and Das UK chair to board
Be Wiser Insurance has appointed RWA founder Robin Wood and Das UK chairman Neil MacMillan to its board, Post can reveal.
Markel blames Covid-19 as it swings to $1.4bn Q1 loss
Markel has posted a $1.4bn (£1.13bn) loss for the first quarter of 2020 blaming “significant volatility in the equity markets” due to the coronavirus pandemic.
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.
Ecclesiastical's Nicholas Hartley on the broker-client relationship
In an ever-changing insurance landscape, brokers play an important role in identifying risks. For brokers, ensuring they ask their customers' the right questions will help them understand what risks they face and offer better support.
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.
Admiral ploughs on with year end shareholder dividend
Admiral confirmed it will recommend a final dividend for the year to shareholders, as it suspended a special dividend.
Hastings chair Hoffman to exit
Gary Hoffman, Hastings non-executive chair, will step down from the company next month.
Beazley and Chubb reveal Q1 coronavirus hits
Beazley has reported a $170m (£137.7m) impact from Covid-19 related claims while Chubb took $13m of pre-tax $13m losses in the first quarter of the year.
Axa XL proposes restructure as it reshuffles leadership team
Axa XL has revealed changes to its leadership team, with UK legal entities CEO Paul Greensmith departing and further ‘reorganisation’ expected.
QBE targets $825m raise to shield against Covid-19
QBE is seeking to raise $825m (£655m) in light of the Covid-19 crisis split across a $750m placement with institutional investors and a $75m share purchase plan for eligible shareholders.
Insurtech Parasol pushes pause after capacity provider blow off
Exclusive: Insurtech Parasol has pressed pause on plans to trade, which it said was due to its original capacity provider pulling out.
Bank of England’s warning: Which insurers have put pay to dividends?
A flurry of insurers have pushed pause on dividend payouts following Bank of England and European Union warnings on being prudent in the face of the coronavirus crisis.
Staveley Head buyer to move ‘majority’ of customers to A-rated paper
One Sure Insurance, which has purchased in-administration Staveley Head's intellectual property and renewal rights, will look to place the majority of its new buy’s customers with A-rated insurers.
Retroactive coronavirus pay outs would ‘seriously threaten the stability’ of global insurance industry
Global insurers have warned governments that if they impose retroactive pay outs for Covid-19 this will make it difficult if not impossible for insurers to respond to the crisis and other insured events.
Staveley Head sold to One Sure Insurance
Broker and managing general agent Staveley Head, which entered administration in February, has been bought by One Sure Insurance.
Tribunal finds MD Insurance Services treated disabled employee ‘unfavourably’
Structural defects warranty insurance provider MD Insurance Services treated an employee with a disability "unfavourably", an employment tribunal has found.