Business interruption
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Collateralised re and sidecars are more likely to become subject to legal disputes around wording, the agency said.
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The carrier is one of a few that offers affirmative BI cover.
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The carrier’s P&C division could miss its 2020 operating profit target by 20 percent, CFO Giulio Terzariol said today.
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Major cat reinsurance losses are unlikely without over-reaching judicial action, the HSCM Bermuda leader argued. -
The “magnitude” of claims could ease in future quarters, Argo CEO Kevin Rehnberg said.
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A judicial panel will decide whether federal cases should be combined into a single multi-district lawsuit.
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The ILS market is among the leaders in holding firm on exclusions.
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An analyst said the fundraise offered investors “a secure balance sheet” at an attractive valuation.
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The insurer reserved an estimated £17mn for certain BI claims in Q1.
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The carrier expects event cancellation losses from Covid-19 in the “mid-triple-digit-million euros”.
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The new bill has a narrower scope than some previously proposed legislation, specifically targeting property, all risks and contingent BI policies.
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Warren Buffett said the company faces a more limited impact from the virus than some other insurers.
