week commencing 27/09/20:

In a week when it’s sometimes been hard to keep up, be it with the government’s ever-changing COVID advice or with the level of intellectual argument in the US Presidential debate, we’ve stayed out in front of the insurance news to bring you our pick of the stories.

Hard times for D&O market set to worsen by year’s end

Soaring rates and market withdrawals are presenting a real challenge for brokers looking to secure D&O cover for their clients. External-link. [Insurance Insider] Meanwhile, Hiscox has launched a new D&O consortium with a maximum capacity of $5mn. External-link. [Insurance Insider]

FCA and insurers file ‘leapfrog’ appeal to Supreme Court in BI test case

The Financial Conduct Authority, along with seven insurers that participated in the COVID-19 business interruption insurance test case, will file a ‘leapfrog’ appeal application direct to the Supreme Court on Friday, in a move aimed at reaching an expedited resolution. External-link. [FT Adviser]

Chaucer applies to launch Bermuda reinsurer

Chaucer, the London based carrier owned by China Re, has applied to launch a Class 4 reinsurer in Bermuda, and is awaiting regulatory approval. External-link. [The Reinsurer]

MS Amlin withdraws from cyber market in Lloyd’s

In a move that marks further capacity shrinkage in the cyber insurance market as profitability in the class comes under pressure, MS Amlin has exited from the Lloyd’s cyber market, putting its existing book into run-off. External-link. [Insurance Insider]

Tysers tells P&I clubs to ‘hold fire’ on premium hikes
Broker says insurers should resist temptation to hike rates as shipowners suffer in the face of ongoing pandemic. External-link. [Insurance Day]

Global brokers urged to cut costs in pandemic fallout

Analysts at Wells Fargo said that global re/insurance brokers Aon, MMC and Willis Towers Watson should take a more focused approach on expenses and look to bring down operating costs by cutting expenditure on travel, advertising and occupancy. External-link. [Insurance Day]

Report slams failings of ambiguous insurance

A report from Mactavish says a surge in disputed coronavirus business interruption claims shows how insurance policies offered to all sectors have become standardised, and inadequate to companies’ particular needs. External-link. [Asia Insurance Review]

Lloyd’s launches parametric BI cover for SMEs

Lloyd’s has launched a new business interruption policy, which it believes is the “first of its kind” parametric solution designed to protect small and medium sized enterprises against IT disruption or downtime. External-link. [Reinsurance News]

AFG agrees sale of Neon to RiverStone

American Financial Group has agreed to sell GAI Holding Bermuda and its subsidiaries, including its Lloyd’s insurer, Neon, to RiverStone Holdings Limited. The transaction will complete AFG’s exit from the Lloyd’s insurance market. External-link. [Intelligent Insurer]

Is your website inside-out?

Bowen Craggs & Co. has published its annual list of the best corporate websites. BP tops the list, highlighted for the way it has embraced inside-out communications, sharing internal messaging with the outside world. BP is led by CEO Bernard Looney. External-link. [Forbes]

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