Britain launched a government-backed reinsurance scheme totaling more than 750 million pounds ($1 billion) on Thursday to cover live events against cancellation risk due to the COVID-19 pandemic, after intense industry lobbying. Insurers stripped coronavirus cover from event cancellation policies …
Catastrophe excess of loss reinsurance contracts “never anticipated an event like a pandemic,” but cedents can still expect compromises from their reinsurers, an industry executive said Thursday. While cedents and reinsurers may often disagree about how the reinsurance contracts apply, …
Tokio Marine HCC has reaffirmed its commitment to the international contingency market with the appointment of a new lead for its London market and European operations. Neil Paddon, head of Contingency who has been with Tokio Marine HCC – Specialty …
TOKYO – The cost of the postponement for the Tokyo Olympics could reach about $2.8 billion, according to figures released Friday [Dec. 4] by the Tokyo organizing committee, the Tokyo city government and Japan’s national government. The numbers are in …
Cincinnati Financial Corp.’s London-based global specialty underwriting subsidiary, Cincinnati Global Underwriting Ltd., will begin writing two new lines of business: contingency and specie. Contingency insurance covers film and entertainment risks, such as: insuring film and TV production for their props, …
