week commencing 31/05/20:

It has been a bleak week for everyone concerned with equal rights and justice for all. For once, words fail us here at Luther Towers as we watch with despair the events in the US.

Pandemic Re gets industry backing
Activity got going this week on the UK insurance industry’s Pandemic Re Steering Committee, led by Stephen Catlin, and supported by half a dozen working groups, the great and the good of the industry and the former Home Secretary Amber Rudd. External-link[The Insurer]

FCA test case lists eight insurers

Hiscox, MS Amlin and QBE were just three of the insurers named by the FCA as it takes to the High Court in a test case to bring clarity over business interruption wordings. 17 policy wordings from a larger group of insurers are in dispute. External-link[Insurance Insider]

Economic losses from catastrophes decreased in 2019

Worldwide economic losses of US 146 billion were recorded by Swiss Re in its latest sigma report. This was a reduction of US 30 billion from 2018. Like previous years, losses were driven mainly by severe weather events. External-link. [Insurance Business]

Ren Re tops fund-raising charts

RenaissanceRe is selling 5.5m new shares, worth just over $900m, to raise capital to take advantage of hardening prices and corporate opportunities such as entering new lines of business etc. External-link[Financial Times]

Experts disagree over losses from Floyd riots

Some think the extensive property damage from rioting across cities in the US may become the costliest civil disorder in US history since the 1992 Los Angeles riots. External-link[Claims Journal] Others take the opposite view. Two industry experts believe the media view is worse that the actuality and losses will not be significant. External-link[S&P Global]

First firm to announce permanent remote working

Direct Insurance will offer employees a choice of working from the office or home, or a combination of both – having seen an uptick in productivity and well-being following lock down. External-link[Asia Insurance Review]

Top three Japanese insurers deliver 2019 profits

Despite losses from natural catastrophes, results for the fiscal year ended March 2020 (FY2019) saw premium growth, profitability and capitalisation at the country’s top three P&Cs, said Moody’s Japan. External-link[Asia Insurance Review]

Third named storm of 2020 heads for the US

Forecasting models suggest that tropical storm Cristobal, which has formed in the southern Gulf of Mexico, could make landfall in Louisiana or eastern Texas next week, possibly as a hurricane. External-link[Insurance Day]

Industry gender pay gap over double national average

With the number of firms reporting their pay gap sharply down in 2020 comparisons are hard, but in the insurance industry, those that reported saw an average median gender pay gap of 30% for 2019, a minimal improvement on 2018. External-link[Insurance Insider]

RiverStone buys Skuld syndicate

Following a competitive process kicked off late last year, RiverStone has been successful in its bid to become run-off provider for Syndicate 1897. External-link. [Reinsurance News]

What’s in a name?

Oneglobal Broking was revealed as the new brand for SSL Endeavour as the company declared its ambition to break out of an inward-looking profession and connect clients and retail brokers to the international reinsurance market. External-link[Insurance Business]

Companies take a stand on racial injustice

Protestors against the death of George Floyd found themselves with support from an unexpected corner this week – corporations. Often sensitive to conflict, many companies have chosen this moment to take a stance and align themselves with the Black Lives Matters movement. External-link. [The New York Times]

External-link. External links are being provided as a convenience to relevant content; they do not constitute an endorsement or an approval by Luther Pendragon of any of the services or opinions of external content. Luther Pendragon is not responsible for the accuracy, legality or content of these external sites. Please also note that some external content may require a subscription to view.