week commencing 21/06/20:

As the mercury rises and we look forward to the long awaited re-opening of the hospitality sector, we’ve kept our cool to bring you the pick of this week’s insurance news.

Outcome of FCA Covid-19 BI test case will have global attention

With small businesses pitted against big insurers over whether business interruption policies should cover losses resulting from COVID-19 lockdowns, next month’s case by the FCA in the UK High Court will generate interest around the world External-link. [Financial Times]. Meanwhile, hundreds of Hiscox customers seek to intervene, worried their voices will not be heard properly in court if they are not represented directly. External-link. [Reuters]

Capital raising continues

Palomar was the latest carrier to raise post-COVID equity, pushing the running total to more than $4.5bn across the industry. External-link. [The Insurer]

Munich Re slashes profit guidance amid economic uncertainty

As a result of the financial impact of the COVID-19 pandemic, Munich Re has announced that it will not meet its profit guidance for 2020. External-link. [Reinsurance News]

Arch withdraws capacity from Archipelago

Arch has withdrawn its underwriting capacity from UK HNW MGA Archipelago, 15 months after entering into a partnership to provide 100% backing. External-link. [Insurance Insider]

Beazley launches contingency policy for virtual events
Beazley has launched a contingency policy designed to cover event organisers if a transmission failure disrupts or cancels a live virtual event. External-link. [Insurance Age]

LSE boss appointed as new FCA chief
Nikhil Rathi, the current chief executive of the London Stock Exchange, has been appointed as the permanent boss of the Financial Conduct Authority, replacing Christopher Woolard, who was interim CEO. External-link. [Financial Times]

London Market adds modern slavery clause for marine cargo
Fidelis, Aon and Marsh have developed a new marine cargo clause for the London Market that is designed to keep the products of modern slavery out of the export supply chain. External-link. [Insurance Journal]

AM Best revises Navigators’ ICR outlook to negative

AM Best has lowered its outlook for Navigators’ issuer credit rating, citing “uncertainty” over future plans. External-link. [Reactions]

AGCS overhauls management as UK chief Browne leaves

Allianz Global Corporate & Specialty (AGCS) has undertaken a major management reorganisation, with recently promoted Henning Haagen to lead all regional units outside North America. External-link. [Commercial Risk]

Are you ready to return to work?

As lockdown eases and a return to the workplace draws nearer, effective communication is vital in keeping employees safe. External-link. [CorpComms]

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