Argo Group International Holdings, Ltd., an underwriter of specialty insurance and reinsurance products, today announced an agreement to sell its reinsurance business, Ariel Re, to Pelican Ventures and J.C. Flowers & Co., both private equity investors with significant insurance expertise. Closing of the transaction is subject to regulatory approval and is expected to occur in 2020. “Ariel Re is well …
Insuralex´s exclusive member in the UK publishes a summary and analysis of the judgment in the FCA business interruption insurance test case Following the hearing of the FCA business interruption insurance test case, which commenced on 20 July 2020 (you can read our summary of the hearing and the background to the claim here), the High Court handed down …
Zurich welcomes the judgment in the UK High Court, which confirms that the wordings represented by Zurich do not provide cover for business interruption in relation to the COVID-19 outbreak Throughout the current crisis the Group has provided a wide range of support and relief to customers including the prompt payment of claims where coverage exists, resulting in a limited …
The High Court has ruled that the majority of businesses who held business interruption insurance and were forced to close due to the COVID-19 pandemic are entitled to be compensated by the insurers and that, subject to the limits of the policy, this compensation should return them to the position they would have been in had the pandemic never happened. …
Chubb announced the launch of Chubb StudioSM, a new global platform that will simplify and streamline the distribution of the company’s insurance products through its partners’ digital channels around the world. The platform enables Chubb’s partners in retail, e-commerce, banking, fintech, airline, telecommunications and other industries to add digital insurance options to their own product and service offerings. Chubb Studio provides partner …
After successful pilots of an inclusive insurance product that helps families and microentrepreneurs to recover from the consequences of natural disasters in Guatemala and El Salvador, MiCRO started a regional expansion to maximize impact and reach scale Activities in the first expansion country, Colombia, are the result of a partnership with SBS Seguros Colombia S.A, and now with the valued …
UK insurers could soon be facing legal action over their refusal to pay out on what many policyholders see as legitimate claims related to BI and the COVID-19 crisis. The Financial Conduct Authority (FCA) has announced that it intends to obtain a court declaration to resolve contractual uncertainty in business interruption (BI) insurance cover relating to the coronavirus pandemic. The …
The Wimbledon Championships’ event cancellation policy that is set to pay out on Covid-19 was underwritten by Lloyd’s, AIG, Argo, Chubb, Hannover Re, Tokio Marine HCC, Munich Re and Swiss Re, with Marsh the broker according to what market sources have told Commercial Risk Europe. Also according to the same source, Commercial Risk Europe publishes that they understand that the …
According to Gideon Lichfield (editor in chief of MIT Technology Review), we’re not going back to normal. iNLIP´s friends, colleagues and followers. During the last weeks we have seen how every country is following its own way in order to solve the new situation. As you are aware, Internet is full of fake news and it is not easy to find …
Have we learnt from the past? 100 years ago, celebrations marking the end of the First World War were cut short by the onslaught of a devastating disease In order to avoid alarming the public, several local health authorities refused to reveal the numbers of people affected and deaths. Consequently, it was very difficult to assess the impact of the …
In response to the COVID-19 outbreak, Lloyd’s Executive Committee is now meeting on a daily basis to ensure we can respond quickly but also be proactive in the context of fast-moving and unprecedented events. As well as dealing with the issues of the day, we will be agreeing actions pertaining to our people, customers and the market, as well as …
Aon plc and Willis Towers Watson announced a definitive agreement to combine in an all-stock transaction with an implied combined equity value of approximately $80 billion.4 “The combination of Willis Towers Watson and Aon is a natural next step in our journey to better serve our clients in the areas of people, risk and capital,” said Willis Towers Watson CEO …
To all our Clients and Friends: Important reminder: Please be informed that effective from July 1, 2019, the Strategic Alliance known as “EBD” is no longer in operation in Latin America, and each of its 3 founding Partners resumes his normal and individual operation. This Alliance has certainly provided us with great professional experiences and sets a challenge for the …
American International Group Inc named Peter Zaffino, the executive overseeing a turnaround effort of the company’s general insurance unit, as the company’s president. Zaffino, AIG’s global chief operating officer and chief of its general insurance business, will continue to serve in those roles when he becomes president on Jan. 1, 2020, AIG said. He replaces AIG Chief Executive Officer Brian …
Why attend? The Miami (re) insurance Week is the most important Miami networking week of the year for the Latin American Insurance Industry. Miami has become a (re) insurance hub for Latin America. It hosts the regional headquarters of many (re) insurance carriers and brokers and its current capacity for the region rivals that of the Lloyd’s of London. Miami …
