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The underwriting deal comes at a time of heightened scrutiny for the hospitality insurance market.
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Who is raising it, how much it will cost, and how best to use it – a round-up of the key points from the second day of (Re)Connect virtual conference. -
Jean Prewitt says bank funding and bond financing for production cannot be obtained until insurers again begin to write policies for communicable disease.
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Sources said a final decision on whether to proceed with the venture is still pending.
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Property insurers are using new-found leverage to restrict terms and limit potential exposure to losses as US businesses reopen.
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Chris Schaper is to step in as CEO of the unit, as Jeff Clements and Chris Silvester depart.
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Storm surge losses are expected to remain under $500mn.
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The latest decision comes as judges across the US compel plaintiffs pursuing BI claims to show clear evidence of direct damage from coronavirus.
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The plaintiffs have challenged Lexington’s requirement for proof of physical loss.
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The Hartford and Cincinnati Financial Corporation have experienced the highest level of litigated claims.
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The research firm says the pandemic will become the leading example of “silent” coverage uncertainty.
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State Farm policies in question contain a virus exclusion, protecting the insurer from liability.
