Content from L.S. Howard
Disgruntled Hiscox Policyholders Launch $50M Arbitration Claim Over COVID Business Interruption Dispute
The law firm that represents the Hiscox Action Group has commenced an arbitration against Hiscox Insurance for non-payment of business interruption insurance totaling £40 million ($50 million). The ...
Cyber Security, Intergenerational Imbalances Among Swiss Re’s New Emerging Risks to Watch
Pandemic threats were once on the list of potential emerging risks facing the insurance industry and society. Now that this risk has materialized with the COVID-19 crisis, it is perhaps a good time ...
UK Government Forms $12.5 Billion Reinsurance Backstop for Trade Credit Insurers
The UK government has created a £10 billion (US$12.5 billion) reinsurance scheme designed to help businesses during the COVID-19 pandemic by guaranteeing transactions insured by trade credit ...
SCOR CEO Takes 30% Bonus Cut; 2019 Dividend Scrapped on COVID-19 Crisis
French reinsurer SCOR announced that its Chairman & CEO Denis Kessler will receive 30 percent less in his annual variable compensation for 2019, which is equal to €325,260 (US$354,333). In ...
Activist Shareholder to Watford: Sell Yourself or Go Into Runoff
Capital Returns Management LLC, the fifth largest shareholder of Watford Holdings Ltd., is urging the reinsurer to sell itself or be put into runoff. In a letter to Watford's board of directors, the ...
Generali Sees Net Profit Plunge Due to COVID-19-Related Investment Losses
Generali's first-quarter net profit plunged 84.8 percent to €113 million ($124 million) from €744 million ($815.5 million) reported in Q1 2019 as a result of the impact of the COVID-19 pandemic ...
For Third Point Re, COVID-19 Hurts, but Underwriting Profit Reached for First Time
Third Point Re reported a net loss of $183.6 million for the first quarter of 2020 due to COVID-19-related investment volatility – but the company still had big reasons to celebrate. For the first ...
Lloyd’s COVID-19 Claims Payouts to Rival 9/11 Terror Attacks
Lloyd's of London revealed it will pay claims in the range of $3 billion to $4.3 billion as a result of the COVID-19 pandemic. This payout is on par with the Sept. 11 terrorist attacks, which cost ...