UK Appeal Court Sides With Runoff Reinsurer Equitas in Mesothelioma ‘Spiking’ Case
: A U.K. appeal court decision in a long-running mesothelioma case ruled in favor of ending the practice of “spiking” insurance claims ahead of a scheduled hearing before the U.K. Supreme Court.
The U.K. Court of Appeal ruled...
Date: July 9, 2020
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AM Best Revises Outlooks to Positive for the Members of BCS Financial Group
: AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of the members of BCS Financial Group (BCS). These members i...
Date: July 9, 2020
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Swiss Re: Global Insurance Market Should Recover in 2021 From COVID-19 Shock
: Insurance demand will fall this year as the COVID-19 pandemic creates the deepest recession since the 1930s, but premium growth should recover in 2021, led by emerging markets and commercial property/casualty lines, according...
Date: July 9, 2020
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AM Best Comments on Credit Ratings of Global Atlantic Financial Group Limited and Its Subs Following Acquisition Announcement
: AM Best has commented that the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of the members of the Global Atlantic Group (Global Atlantic) remain unchanged aft...
Date: July 9, 2020
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Aon, Willis Towers Watson Set Aug. 26 Shareholder Meetings to Vote on Merger
: Aon plc and Willis Towers Watson Ltd. will both hold special shareholders meetings on Aug. 26 to vote on their proposed merger.
Owners of Willis Towers Watson scheme shares will attend a meeting ordered by the High Court of...
Date: July 9, 2020
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AM Best Introduces a New Feature to Best’s Financial Suite – Solvency II
: AM Best has introduced a new feature to its Solvency & Financial Condition Report (SFCR) filings database and analysis system, Best’s Financial Suite – Solvency II.
Best’s Financial Suite – Solvency II users are now able to...
Date: July 9, 2020
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Zurich Creates WellCare Business and Names Leader to Run It
: Zurich Insurance Group has created a WellCare business and has named Helene Westerlind to the newly created position of chief executive officer, Zurich WellCare.
The WellCare business will accelerate the group’s existing h...
Date: July 8, 2020
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Axa XL Names CEO for UK and Lloyd’s Market
: Axa XL has named Sean McGovern as chief executive officer U.K. and Lloyd’s market, subject to regulatory approval.
McGovern had been performing the role on an interim basis for several months and has now been confirmed on ...
Date: July 8, 2020
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Guy Carpenter Chair: Team Up to Underwrite a Better Future, Resilience to Next Pandemic
: Public-private partnership initiatives have emerged in the United States, United Kingdom and across Europe as insurers and governments collaborate on solutions to future pandemics.
David Priebe, executive chairman of Guy C...
Date: July 8, 2020
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Flood Re Reports 10-Fold Claims Increase Following Major Flood Events
: Flood Re Ltd. said it incurred gross claims of £161 million ($202.2 million) in its 2019-2020 fiscal year as the government-sponsored U.K. flood reinsurer said it processed more claims and paid out more in the last fiscal yea...
Date: July 7, 2020
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Standard Life Aberdeen Sells Asia Life Carrier to Chinese Joint Venture Heng An Standard
: Standard Life Overseas Holdings has completed the sale of Standard Life (Asia) Ltd. to its Chinese joint venture insurance business, Heng An Standard Life Insurance Co. Ltd.
“The deal allows us to develop a wider suite of p...
Date: July 7, 2020
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Aviva plc Names Successor to Retiring CEO
: Aviva plc has named Amanda Blanc to succeed Maurice Tulloch as chief executive officer.
Blanc will transition to her role immediately and replaces Tulloch, who has stepped down from the role for family health reasons and r...
Date: July 6, 2020
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Old Mutual Makes Williamson Permanent CEO
: Iain Williamson, chief operating officer of Old Mutual Ltd. and acting chief executive officer, has been named permanent chief executive officer of Old Mutual and Old Mutual Life Assurance Co. Ltd., effective immediately.
H...
Date: July 6, 2020
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AM Best: India Nonlife Market Facing Challenges
: Competition, poor pricing discipline and investments challenge the India nonlife market, said Myles Gould, analytics director, and Yuan Tian, senior financial analyst, AM Best.
Over the past several years, India has been o...
Date: July 2, 2020
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AM Best Downgrades Credit Ratings of General Insurance Corporation of India
: AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “a-” of General Insurance Corporation of India (GIC Re) (India...
Date: July 2, 2020
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Hiscox Policyholder Group Allowed to Join FCA Business-Interruption Litigation
: A group of U.K. Hiscox business policyholders has been allowed to join a High Court test case brought by the Financial Conduct Authority to establish a wording baseline for COVID-19-related business interruption policies.
“...
Date: July 1, 2020
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AGCS Turnaround Strategy to Trim 700 Jobs, Save $225.1 Million
: Allianz Global Corporate & Specialty announced a “transformation program” the company said will generate savings of €200 million ($225.1 million) and may increase job cuts to about 700 by 2024 while reshaping its regional str...
Date: July 1, 2020
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AM Best Assigns Credit Ratings to WAICA Reinsurance Corporation PLC
: AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” to WAICA Reinsurance Corporation PLC (WAICA Re) (Sierra Leone). The outlook assigned to these Credit Ratings (rating...
Date: July 1, 2020
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Lloyd’s Proposes Frameworks for Pandemics, Black Swan Events
: Lloyd’s outlined a strategy for insurers and governments to develop a COVID-19 recovery effort that includes three proposed insurance and reinsurance frameworks to tackle future COVID-19 and other catastrophic events.
Its ...
Date: July 1, 2020
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Citing a Less-Bleak Outlook, Aon Ends COVID-19-Inspired 20% Staff Pay Cuts
: Aon plc is ending temporary salary cuts of up to 20% effective July 1, and will repay staff in full, plus 5% of the withheld amount, the broker said in a regulatory filing.
The company “remains committed to the pledge that ...
Date: June 30, 2020
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