Convex raises further $500m in capital to reach $3.2bn

Convex raises further $500m in capital to reach $3.2bn

Convex raises further $500m in capital to reach $3.2bn

Convex Group, which was set up by insurance industry veteran Stephen Catlin, has secured $500m of capital from investment firm Sixth Street, which lifts the specialty (re)insurer’s total to $3.2bn. The $500m of preferred equity capital from affiliates of Sixth Street follows a recent $1bn capital raise from a consortium led by Onex and GIC, in which Sixth Street also…

Aon launches fuel price insurance for shipping, aviation and other firms

Aon launches fuel price insurance for shipping, aviation and other firms

Aon launches fuel price insurance for shipping, aviation and other firms

Aon has launched a new fuel insurance product for shipping and aviation clients to protect buyers against rising fuel prices. The cover, backed by credit insurance, kicks in if the cost of fuel rises above a pre-agreed amount. Buyers taking out the policy can claim the difference between the agreed price and the higher cost of fuel for every month…

State-backed global aviation pool for BI cat risks mooted by insurance association

State-backed global aviation pool for BI cat risks mooted by insurance association

State-backed global aviation pool for BI cat risks mooted by insurance association

The International Union of Aerospace Insurers (IUAI) is exploring the idea of a global government-backed insurance pool to cover future aviation business interruption (BI) losses from catastrophic events such as a pandemic. The Federation of European Risk Management Association (Ferma) has not specifically backed the move. But it told CRE it supports efforts to deliver more capacity for BI catastrophic…

Aviation rate increases accelerate going into Q4 renewal, says Gallagher

Aviation rate increases accelerate going into Q4 renewal, says Gallagher

Aviation rate increases accelerate going into Q4 renewal, says Gallagher

Aviation clients face further rate hardening as the market enters its busiest time for renewals in the fourth quarter, according to Gallagher’s latest aviation report. The report says aviation rate increases accelerated in the third quarter, with the hardening trend to continue for Q4 renewals. Gallagher says it is possible that rate increases will accelerate further in 2021. “Considering the…

AXA XL makes appointments to new regional units

AXA XL makes appointments to new regional units

AXA XL makes appointments to new regional units

AXA XL Insurance has announced new appointments for its business divisions following the recent launch of its regional operating model, which came into effect on 1 October. New appointees to AXA XL’s Asia and Europe business unit division are: –Marine Charbonnier, global programmes and captives director –Mathieu Daubin, chief underwriting officer, marine –Yannick Daucourt, chief underwriting officer, specialty –Simona Fumagalli,…

Covid-19 reshapes future risk landscape, says AGCS report

Covid-19 reshapes future risk landscape, says AGCS report

Covid-19 reshapes future risk landscape, says AGCS report

Covid-19 has radically altered long-term risk trends, with new exposures emerging from the pandemic, according to a report published by Allianz Global Corporate & Specialty (AGCS). New ways of working, changes in travel habits and altered supply chain networks have impacted established risk trends, with new exposures in some areas and lower claims trends in other lines of business, the…

HDI Global Specialty appoints Barenthein as MD for Scandinavia

HDI Global Specialty appoints Barenthein as MD for Scandinavia

HDI Global Specialty appoints Barenthein as MD for Scandinavia

HDI Global Specialty has appointed Thomas Barenthein as managing director of its Scandinavian branch. He also joins the executive board and replaces Mats Westerborn, who will become general manager of aviation at HDI’s Scandinavian branch. Mr Barenthein joins HDI from Inter Hannover, where he was managing director for Sweden and chief branch officer. HDI’s Scandinavian branch in Stockholm is its…

AGCS suffers €488m Covid-19 claims in H1 but revenues healthy

AGCS suffers €488m Covid-19 claims in H1 but revenues healthy

AGCS suffers €488m Covid-19 claims in H1 but revenues healthy

Allianz Global Corporate & Specialty (AGCS), the corporate insurance arm of Munich-based Allianz Group, has estimated Covid-19 claims of €488m in the first half of this year as second-quarter results were published. Allianz group has now taken a total Covid-19 hit of some €1.2bn for the first six months of this year, with €500m coming in the second quarter. The impact of…

AIG says rate increases strongest in last 20 years but posts Q2 $7.9bn loss

AIG says rate increases strongest in last 20 years but posts Q2 $7.9bn loss

AIG says rate increases strongest in last 20 years but posts Q2 $7.9bn loss

AIG execs have told analysts that market hardening is the strongest for decades, on the back of Covid-19, and are confident they will not suffer big Covid-19 business interruption (BI) losses, despite racking up hefty pandemic claims in the second quarter that contributed to a tough period. AIG posted a net loss attributable to shareholders of $7.9bn in the second…

Aerospace broker Piiq Risk Partners gets approval to open in France

Aerospace broker Piiq Risk Partners gets approval to open in France

Aerospace broker Piiq Risk Partners gets approval to open in France

Global aerospace (re)insurance broker Piiq Risk Partners has secured regulatory approval to open in France and help serve European clients following Brexit. The company, which is part of US-based BGC Partners’ insurance division, said its French operation will act as a base for expanding services across the French and European markets. The firm said the move reinforces its commitment to…

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