Gallagher warns that D&O market remains a challenge for businesses

Gallagher warns that D&O market remains a challenge for businesses

Gallagher warns that D&O market remains a challenge for businesses

Underwriters are concerned about the impact of Covid-19 on the directors and officers (D&O) insurance market, with the pandemic likely to lead to significant D&O losses, according to Gallagher. In a D&O insurance market update, Gallagher states: “Already we have seen two securities class actions resulting from the outbreak, with the likes of Norwegian Cruise Lines and Inovio Pharmaceuticals taking…

AIA gains regulatory approval for Shanghai branch conversion to subsidiary

AIA gains regulatory approval for Shanghai branch conversion to subsidiary

AIA gains regulatory approval for Shanghai branch conversion to subsidiary

AIA Company has converted its Shanghai branch into a wholly-owned subsidiary, which will be the first wholly foreign-owned life insurance company approved for incorporation in mainland China. The subsidiary will be incorporated in Shanghai. AIA has received approval from the China Banking and Insurance Regulatory Commission for the branch conversion. AIA said it will now begin the application process for…

Fitch coronavirus review sees LatAm insurer rating downgrades

Fitch coronavirus review sees LatAm insurer rating downgrades

Fitch coronavirus review sees LatAm insurer rating downgrades

Fitch Ratings has downgraded or given a negative outlook to a third of its international ratings in Latin America, following a review into the impact of the coronavirus. Fitch said the negative outcomes were heavily influenced by its recent downgrade of the Mexico sovereign rating to BBB- from BBB, in part due to coronavirus pressures, and asset concentrations by insurers…

Markel International pulls out of personal accident and contingency insurance

Markel International pulls out of personal accident and contingency insurance

Markel International pulls out of personal accident and contingency insurance

Markel International is to stop writing personal accident and contingency insurance. The business was written as part of its personal accident, contingency and entertainment (PACE) portfolio. But Markel said that, with immediate effect, its wholesale business will be focusing solely on the entertainment book of business within its PACE portfolio. According to Markel, the entertainment portfolio, which includes film, TV…

Strong growth in Vietnam’s non-life sector, stable market outlook – AM Best

Strong growth in Vietnam’s non-life sector, stable market outlook – AM Best

Strong growth in Vietnam’s non-life sector, stable market outlook – AM Best

Vietnam’s non-life insurance sector grew by 12% in 2019 to VND52.3trn ($2.2bn) in terms of direct premiums written, according to AM Best, which has assigned a stable market segment outlook to the sector. Best noted that the fire and health and personal accident classes of business recorded remarkable growth of 30% and 20%, respectively, in 2019, supporting the sector’s overall…

Artex launches rent-a-captive solution for transportation industry

Artex launches rent-a-captive solution for transportation industry

Artex launches rent-a-captive solution for transportation industry

A new alternative risk programme has been launched by Artex, designed specifically for the transportation industry. The programme is a rent-a-captive solution called TOPIC (Transportation Owners Protection Insurance Cell). According to Artex, TOPIC is a rent-a-captive solution offering many of the advantages of captive ownership with the simplicity of renting. It said advantages include potential return of underwriting profit, as…

SRS looks for Latin American expansion with new appointment

SRS looks for Latin American expansion with new appointment

SRS looks for Latin American expansion with new appointment

Captive manager Strategic Risk Solutions (SRS) is to boost its presence in Latin America with the appointment of Luis Delgado as vice-president – Latin America. He will have responsibility for developing and managing business for Latin American-owned captives across the firm. Mr Delgado is a native Colombian and will be based in SRS’s Bermuda office. He joins SRS from JLT…