Pressure intensifies on Lloyd’s to exit coal sector as Brit quits Carmichael

Pressure intensifies on Lloyd’s to exit coal sector as Brit quits Carmichael

Pressure intensifies on Lloyd’s to exit coal sector as Brit quits Carmichael

The coalition of NGOs formed to try and force the insurance industry to stop insuring the coal industry has claimed another victory by announcing that leading Lloyd’s insurer Brit has committed to never directly insure the controversial Carmichael Coal Project in Australia or renew insurance involving any associated aspects of the project. The NGOs operating under the banner Insure Our…

Australia renews retrocession programme for terrorism insurance scheme

Australia renews retrocession programme for terrorism insurance scheme

Australia renews retrocession programme for terrorism insurance scheme

Australia’s terrorism insurance scheme has renewed its $3.475bn retrocession reinsurance programme for the 2021 calendar year. The scheme is administered by the Australian Reinsurance Pool Corporation (ARPC), and the retrocession programme and ARPC net assets are the first layers of funding for claims in the event of a terrorism incident. The 2021 placement of $3.475bn of retrocession capacity includes approximately…

Australian regulator latest to question Aon-WTW deal

Australian regulator latest to question Aon-WTW deal

Australian regulator latest to question Aon-WTW deal

Australia’s competition regulator has raised “concerns” over Aon’s planned acquisition of Willis Towers Watson (WTW) because it could drive higher prices and reduce service for large commercial buyers. The Australian Competition & Consumer Commission (ACCC) said bringing the two broking houses together will “significantly lessen competition” in commercial risk, reinsurance and employee benefits broking globally, as well as Australia. The…

Australian insurers can cope with Covid BI claims says Fitch

Australian insurers can cope with Covid BI claims says Fitch

Australian insurers can cope with Covid BI claims says Fitch

Australian risk managers will be pleased to see the legal tide turning in favour of policyholders in the ongoing dispute with insurers about the validity of business interruption (BI) claims for Covid-19-related losses. They will also be pleased to hear that although Fitch Ratings said BI claims on top of other pandemic-related losses may place insurers’ profit margins under pressure,…

UK’s BI ruling will have international impact and see more claims paid

UK’s BI ruling will have international impact and see more claims paid

UK’s BI ruling will have international impact and see more claims paid

The recent judgment on Covid-19-related business interruption (BI) insurance by the UK’s Supreme Court will affect policies and laws well beyond the UK, and means policyholders from various jurisdictions are more likely to get claims paid, according to legal experts. The 15 January UK Supreme Court judgment found in favour of policyholders that had been denied cover for Covid-19-related BI…

Insurers add to reserves following UK Covid-19 BI ruling

Insurers add to reserves following UK Covid-19 BI ruling

Insurers add to reserves following UK Covid-19 BI ruling

Insurers involved in the UK’s Covid-19 business interruption (BI) test case have begun to increase claims estimates following the Supreme Court’s ruling on Friday, but reinsurance is expected to minimise the damage. All six insurers involved in the case bought by the Financial Conduct Authority (FCA) on behalf of policyholders over disputed non-damage BI pandemic claims lost their appeal at…

Howden launches Australian broking operation with Steadfast

Howden launches Australian broking operation with Steadfast

Howden launches Australian broking operation with Steadfast

Howden has launched an Australian broking operation in association with Steadfast, the insurance intermediary network in Australia, and has formed a strategic partnership to support Steadfast’s London market broking requirements. Howden will join Steadfast’s network, Australia’s largest general insurance platform, to leverage its scale, strength and access, according to the broker. Howden’s operation in Australia will be headed up by…

D&O liability risk spikes as Covid-19 insolvencies gather pace

D&O liability risk spikes as Covid-19 insolvencies gather pace

D&O liability risk spikes as Covid-19 insolvencies gather pace

Corporate insolvencies caused by the pandemic will drive a growth in claims against directors and officers (D&Os) in 2021, according to Clyde & Co’s Simon Konsta who warns that the new Covid-19 variant first detected in the UK and potential for more severe lockdowns are adding further fuel to the fire. Mr Konsta said liabilities against D&Os are building in…

New (re)insurer Vantage launches with $1bn capital

New (re)insurer Vantage launches with $1bn capital

New (re)insurer Vantage launches with $1bn capital

The former CEO of AXA XL, Greg Hendrick, has launched a new (re)insurer with former CEO of Arch Capital, Dinos Iordanou, backed by private equity. Vantage Group will house carrier Vantage Risk to write property catastrophe reinsurance in North America, Europe, Japan and Australia. It will also provide specialty reinsurance across the P&C classes, including marine, energy, aviation, crop, workers’…

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