week commencing 01/03/20:

As the nation battens down the hatches in preparation for the coronavirus storm, distract yourself with our pick of the week’s insurance news.

Insurers facing major losses from coronavirus event cancellations

Re/insurers could be on the hook for claims running to hundreds of millions of dollars if major events such as the Tokyo Olympics and Euro 2020 are cancelled due to the coronavirus External-link. [Insurance Day] and a parametric cover launched last year at Lloyd’s may potentially pay out to hotels facing a revenue drop caused by cancellations. External-link. [Reuters]

Covéa reaches $9bn deal with Exor on PartnerRe sale

French mutual Covéa has agreed to acquire PartnerRe for $9bn from Fiat Chrysler owner Exor. External-link. [Financial Times]

Neal to cover while Hancock replacement found

Lloyd’s CEO John Neal will fill the role of performance management director on a temporary basis until a new full-time PMD is recruited. External-link. [Insurance Insider]

Hiscox profit falls as COR reaches 105.7% in 2019

Hiscox reported growth in GWP, but a fall in profit before tax for the full year 2019, as its combined operating ratio worsened from 94.9% in the preceding year. External-link. [The Insurer]

AGCS to close Dubai office
Allianz Global Corporate & Specialty (AGCS) is closing down its Dubai office following a strategic review of the business. External-link. [MEIR]

Swiss Re lines up UBS CEO Ermotti as future Chairman

Sergio Ermotti is set to join the Swiss Re board this year ahead of nomination for Chairman in 2021. External-link. [Wall Street Journal]

Travelex braced for £25m hit from cyber attack

Travel money group Travelex expects to sustain a £25m earnings hit from the cyber attack that disabled its systems on New Year’s Eve. External-link. [Reuters]

Sirius downgraded to A- and placed on AM Best negative watch

AM Best has downgraded the financial strength rating and issuer credit rating of Sirius entities following the carrier’s dispute with majority shareholder China Minsheng Investment Group. External-link. [Insurance Day]

Are you doing the Wuhan Shake?

A new coronavirus-inspired handshake is taking social media by storm. External-link. [Fox News]

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