Arch News

8 Reinsurers Provide $897M Cover for Lloyd’s Central Fund with Aon as Placing Broker

Lloyd’s announced the marketplace has secured a five-year £650 million ($897 million) reinsurance cover for its Central Fund—a move that aims to protect against adverse tail risk, while supporting growth and bolstering the market’s balance sheet. The £650 million protection, …

Insurers Face Disputes with Their Reinsurers over UK COVID-19 Business Income Claims

Top insurance companies, ordered by Britain’s highest court to pay thousands of small businesses millions of pounds in claims for COVID-19 disruption, are facing a battle with reinsurers over who should foot the bill, industry sources said. Bars, beauty parlors, …

UK Supreme Court Rules Businesses Should Be Insured for COVID-19 Claims

Small businesses, from restaurants to nightclubs and wedding planners to beauty parlors, on Friday won the right to insurance payouts after Britain’s highest court ruled many policies should cover losses caused by coronavirus lockdowns. Six of the world’s largest commercial …

Insurers Using Counter-Intuitive Arguments to Escape COVID Liabilities: UK Regulator

Insurers are trying to escape liability for pandemic-related business losses with counter-intuitive arguments that go against the essential purpose of insurance, Britain’s markets watchdog told the UK Supreme Court on Tuesday. A lawyer for the Financial Conduct Authority (FCA), which …

Insurers Tell UK Supreme Court They Cannot Provide Unlimited Cover During Pandemic

Major insurance companies told the UK Supreme Court on Monday that thousands of small companies battered by the coronavirus pandemic were not eligible for business interruption payouts and to suggest differently was “reverse engineering.” On the first day of a …

Insurers Drop Appeal Against UK Court Ruling on 3 COVID Business Interruption Policies

Six insurers have decided not to appeal against a London High Court ruling that they were wrong to reject claims from holders of three business interruption insurance policies who have been pushed to the brink of collapse by the COVID-19 …

Arch Estimates Q2 Catastrophe Losses Could Hit $225M, Which Include Pandemic Claims

Arch Capital Group Ltd. has estimated a range of pre-tax catastrophe losses of $205 million to $225 million in the second quarter of 2020 across its property casualty insurance and reinsurance segments. Included in these estimates is a range of …

Arch Capital’s Estimated COVID-19 Losses During 1st Quarter Could Hit $145 Million

Arch Capital Group Ltd. said its estimated pre-tax losses for claims incurred due to the COVID-19 pandemic could reach $145 million. Breaking down the total, Arch said COVID-19 claims across its property casualty insurance and reinsurance segments ranged from $85 …

Arch Insurance (UK) Ltd. Acquires UK MGA Axiom Underwriting

Arch Insurance (UK) Ltd., part of Bermuda-based Arch Insurance International, has completed the acquisition of UK managing general agency Axiom Underwriting, having initially purchased a 60 percent share of the business in 2015. Financial details of the deal were not …

Arch Capital Group Names Englesbe as Chief Risk Officer

Arch Capital Group Ltd. announced that Janice Englesbe will join the company as senior vice president, chief risk officer (CRO) effective Feb. 25, 2019. Englesbe will be based in Arch’s Bermuda office and report to François Morin, the company’s executive …