Initiative to reduce renewal premiums successful, British trade groups say

A two-year-old effort to increase parity between new customer premiums and renewal premiums in the British insurance industry has thus far been successful, two trade groups said Friday, nine months after a financial regulator expressed concerns about insurance pricing.

State Auto extends CEO’s contract amid pandemic, citing need for continuity

Ohio-based insurer State Auto Financial on Thursday extended CEO Mike LaRocco’s employment agreement for an extra year, as the superregional carrier seeks a return to stability and profitability amid pandemic-related disruption.

Erie Insurance Group put on negative outlook by AM Best as weather-related claims grow

AM Best has placed Pennsylvania-based Erie Insurance Group and its subsidiaries on a negative credit outlook, citing lagging underwriting performance due to weather-related losses, the ratings agency said Friday.

Legal & General urges UK to reduce building-related emissions in pandemic recovery

London-based financial and insurance firm Legal & General wants to see the U.K. implement stringent efficiency standards and emission targets for the country’s buildings during the country’s post-pandemic economic recovery.

Admiral offers travel insurance from UK as country lifts quarantine requirements

Admiral Insurance has begun selling travel insurance with specific provisions related to COVID-19, after a four-month hiatus in the business, as the United Kingdom eases quarantine requirements, making travel abroad less cumbersome.

Lloyd’s to relinquish US admitted licenses and focus on US reinsurance, E&S markets

Lloyd’s of London said Friday that it plans to stop accepting admitted market accounts in the U.S. in a year as part of an effort to “strengthen its focus” on the U.S. reinsurance and excess and surplus insurance market.

Chubb calls for government role in covering future pandemic business losses

Insurance company Chubb said in a proposal released on Wednesday that there should be a governmental role in covering business-interruption losses caused by pandemics, arguing that private insurers are unable to provide coverage on their own.

BIS recommends FDIC-like deposit insurance to manage failing European banks

An international banking institution offered reforms to better handle failing banks in the European Union in a report published Thursday, suggesting that the EU should implement deposit insurance and standardize nation-level insolvency laws.

Another year delay proposed for new US insurance accounting rules

U.S. insurance companies could get a second extra year to come into compliance with new financial reporting rules for long-term contracts such as life and annuity, continuing a recent trend in postponements of significant new accounting standards.

FIS unveils new data ecosystem for financial institutions

Fidelity National Information Services said on Thursday that it has launched Ethos, a data ecosystem that will give clients a “unified view of data across their entire enterprise,” as data takes on increasing importance for financial institutions.

Brazil’s IRB to raise over 2B reais to shore up capital, appease regulators

Embattled reinsurer IRB Brasil Resseguros said Thursday that it will raise as much as 2.3 billion reais ($430 million) as it bolsters its capital position at the request of Brazil’s insurance regulator.

Insurers to pay record 1.2B Canadian dollars for Calgary hailstorm damage

A hailstorm that pummeled Calgary last month was the most expensive in Canada’s history, costing insurers 1.2 billion Canadian dollars ($884 million) in property damages, the Insurance Bureau of Canada said Wednesday.

Northern Trust boosts European presence with 3 new insurance clients

Wealth management company Northern Trust has taken on three new European insurance clients, it said Thursday, providing global custody services to help protect the companies’ assets.

DWS partners with Northwestern Mutual to grow private markets business

Asset manager DWS said Thursday it has entered into a strategic partnership with the private markets division of Northwestern Mutual “to identify and develop private market opportunities.”

Prudential Retirement closes $1.7B in longevity reinsurance deals in first half of 2020

Despite the global pandemic’s economic impact, Prudential Retirement said Thursday that it has flourished in the first half of 2020, closing some $1.7 billion in new longevity reinsurance transactions thanks to a resilient U.K. pension market.

Global insurance premium volumes will return to pre-crisis levels in 2021: Swiss Re

Global insurance premium volumes are set to recover to pre-coronavirus pandemic levels in 2021, despite a more “protracted recovery” in the global economy, Swiss Re Institute said Thursday.

JPMorgan Chase pauses plans to open up Ohio offices as COVID-19 cases climb

JPMorgan Chase suspended plans to open its offices in Columbus, Ohio, after the Midwestern state had its highest day for new coronavirus cases on July 3, bank spokesperson Carlene Lule told Fastinform Wednesday.

Nationwide, Bold Penguin test online insurance platform for independent agents

U.S. insurer Nationwide and insurtech Bold Penguin will begin testing a new digital portal designed to connect independent insurance agents and small-business owners while lockdowns force many customers to rely on online insurance shopping.

Munich Re launches new US professional liability line despite growing claims

German insurer Munich Re has launched a new miscellaneous professional liability insurance through its U.S.-based specialty unit, despite an uptick in claims within the past year that has caused some carriers to curtail coverage.

Genworth Mortgage Insurance boosts capital protection to prepare for COVID-19-related defaults

North Carolina-based Genworth Mortgage Insurance has secured up to $300 million of additional capital protection, the company said Wednesday, providing it with reinsurance coverage above what is legally required in anticipation of increased delinquencies because of COVID-19.

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