Marsh launches sports and media group as Covid-19 risks mount

Marsh launches sports and media group as Covid-19 risks mount

Marsh launches sports and media group as Covid-19 risks mount

Marsh has launched a sport, entertainment and media industry group in the UK and Ireland to help the sector address new challenges from Covid-19. The group brings together 60 specialists in client management, technical aspects, placement and risk management from across Marsh. Global event specialist Richard Tolley will head the team. Mr Tolley joined Marsh in 1995 and will head…

HDI Global Specialty hires more Neon staff

HDI Global Specialty hires more Neon staff

HDI Global Specialty hires more Neon staff

HDI Global Specialty has boosted its management liability and financial institutions team with two hires from Neon Syndicate 2468, continuing its acquisition of staff from the insurer since US owner American Financial Group (AFG) said it would place Neon Underwriting into runoff. Charles Boorman will head HDI Global Specialty’s management liability and financial institutions unit, while Louise Parker joins as…

Pandemic accelerating market hardening in Europe, says Marsh

Pandemic accelerating market hardening in Europe, says Marsh

Pandemic accelerating market hardening in Europe, says Marsh

Hardening of the European insurance market is gathering pace, as the coronavirus pandemic adds to existing pressures driving price increases and capacity shortages in certain lines, according to Marsh. It added that market hardening is now touching most lines of business and geographies in Europe, and is expected to continue into 2021. “Covid-19 will in some areas exacerbate the pricing…

Ferma survey reveals hard market is number one insurance buyer concern

Ferma survey reveals hard market is number one insurance buyer concern

Ferma survey reveals hard market is number one insurance buyer concern

Even before Covid-19 struck and made things worse for buyers, the hard commercial insurance market was already the biggest concern of insurance risk managers across Europe, according to Ferma’s 2020 Risk Management Survey. The pandemic has caused huge upheaval for risk and insurance managers on many levels. For those charged with buying insurance it looks set to harden the European…

Hiscox claims ‘false premise’ in FCA BI test case as insurers submit defence

Hiscox claims ‘false premise’ in FCA BI test case as insurers submit defence

Hiscox claims ‘false premise’ in FCA BI test case as insurers submit defence

UK regulator the Financial Conduct Authority (FCA) has asked buyers to respond to the defences of eight insurers in its High Court test case to clarify business interruption (BI) policy wordings in Covid-19 claims. The FCA has also denied there is any conflict of interest for law firms representing the regulator in the case. And as the case gathers speed,…

Bayer agrees to settle legacy litigation and Roundup claims for over $10bn

Bayer agrees to settle legacy litigation and Roundup claims for over $10bn

Bayer agrees to settle legacy litigation and Roundup claims for over $10bn

German pharmaceutical firm Bayer has agreed to pay between $10.1bn and $10.9bn to settle three major litigations it inherited when buying Monsanto in 2018, including a proposal to resolve the majority of US claims against weedkiller Roundup for causing cancer. The payment, which needs court approval, covers about 75% – or 125,000 – of Monsanto’s Roundup weedkiller litigation claims, and…

J&J loses talc appeal but court slashes damages

J&J loses talc appeal but court slashes damages

J&J loses talc appeal but court slashes damages

Damages awarded to women who claimed Johnson’s baby powder and other talc products caused ovarian cancer have been slashed in half, but the Missouri court rejected the company’s appeal. The court reduced the damages awarded to $2.12bn after dismissing claims from 22 women and families. The amount includes $1.62bn in punitive and $500m in compensatory damages. The original award was…

FCA denies conflict of interest for its lawyers in BI test case

FCA denies conflict of interest for its lawyers in BI test case

FCA denies conflict of interest for its lawyers in BI test case

The UK’s Financial Conduct Authority (FCA) has denied there is any conflict of interest for law firms representing the regulator, and therefore companies, in its test case on Covid-19 business interruption (BI) claims. The FCA has began its legal test case against eight insurers in the High Court to resolve a growing number of disputed Covid-19 BI claims in the…

Munich Re unable to provide 2020 profit guide amid fears of second Covid-19 wave

Munich Re unable to provide 2020 profit guide amid fears of second Covid-19 wave

Munich Re unable to provide 2020 profit guide amid fears of second Covid-19 wave

Munich Re has said it is not in a position to issue new profit guidance for 2020 because the threat of a second Covid-19 wave “looms” and the situation remains “precarious”, making it impossible to work out the pandemic’s impact on the insurance industry for some time. Munich Re withdrew its profit guidance for 2020 and cancelled a planned share…

AXA agrees further BI settlement with French restaurant owner: reports

AXA agrees further BI settlement with French restaurant owner: reports

AXA agrees further BI settlement with French restaurant owner: reports

Reuters has reported a further settlement agreement between AXA and French restaurant owner Stéphane Manigold following last month’s court decision that ordered the insurer to pay two and half months of business interruption (BI) losses incurred during the Covid-19 lockdown for one of his four restaurants, Le Flaubert. The new report claims AXA has agreed a broader settlement to cover…