Business interruption
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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. -
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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Some believe US insureds could use the case to argue for BI coverage, but physical damage requirements are a strong defence for the industry.
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Retro deals are seen as a particular concern over growing fears that trapped capital will again be an issue in 2021, as post-2017 innovations will be tested out.
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The Covid-19 impact on Swiss Re year-end shareholders' equity was 1.63 percent and on Lancashire’s 2.9 percent.
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The broker's total insured loss estimate spanned $11bn to $140bn, depending on the recovery from Covid-19.
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The Markel co-CEO said the firm was warehousing retro risk until it raised capital for new platform Lodgepine.
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