WR Berkley

The carrier anticipates a charge of $85mn from coronavirus claims during the period.

Chubb and CNA fell by 7 percent, while AIG closed the day down 10 percent.

Allianz, Chubb and WRB are among the carriers that oppose the centralisation of BI claims.

A bill circulating in Congress would make the industry retain the first $250mn of pandemic risk, a proposal that has split industry opinion.

Berkley missed analyst estimates as underwriting income fell, primarily as a result of a $67mn charge the company took in anticipation of losses stemming from Covid-19.

Early reporters eased the tension with strong Q1 operating trends and some optimistic commentary on BI exposures. That said, the level of uncertainty remains high and unchanged by new disclosures.

Social inflation related to the pandemic will put added strain on insurers, the executive said during an earnings call.

Scott Holbrook succeeds former Key Risk president Robert Standen, who takes the helm of other operating units.

AIG gains 19 percent, outstripping a 12 percent increase on the S&P 500 insurance industry index.

The broader S&P 500 insurance index ended the day down 11.3%.

The executive joins Verus after about 20 years with Bermudian carrier Argo.

WR Berkley reported Q4 op. EPS of $0.71 versus $0.63 YoY and a dead meet to consensus.