underwriters News

Lloyd’s of London Could Ditch Pinstripes After Pandemic

LONDON, March 25 — When the pandemic is over, the brokers of Lloyd’s of London could haggle with underwriters from home in their underpants, and ditch their pinstripes at the office. A trade body representing brokers took a swipe at …

Insurance Costs Too Steep? Try Writing Your Own

LONDON — Fed up with rising prices and more stringent terms and conditions for their insurance policies as a result of the coronavirus pandemic, companies are turning to in-house insurance firms. These so-called “captive” insurers are already common among large …

Canada’s Struggling Hospitality Businesses Face ‘Perfect Storm’ as Insurers Flee

TORONTO — Canadian hospitality businesses, already reeling from the downturn sparked by the coronavirus pandemic, are facing yet another existential threat as insurance companies spike premiums or exit the space, citing losses and the sector’s risks. Even before COVID-19, insurers …

Directors’ Liability Insurance Rates Surge on Virus Litigation Fears

LONDON — Premiums for directors’ and officers’ liability insurance surged in the second quarter, broker Marsh said on Monday, as insurance underwriters fear the coronavirus pandemic will lead to hefty litigation claims. Premiums for directors’ liability insurance, known as D&O, …

How One Startup is Trying to Help Car Dealers Weather Hailstorms

Nick Pacifico has been working at his family’s Cadillac dealership in Denver since 2003. He’s never seen insurance costs this bad. “Getting coverage is nearly impossible,” said Pacifico, vice president at Rickenbaugh Automotive Group. Two years ago he paid about …

Puerto Rico Oversight Board Loses Bid to Extend Claims Filing Deadline

A U.S. judge on Wednesday denied a request by Puerto Rico’s federally created financial oversight board to extend a looming deadline to file claims, the latest hurdle for its plan to recoup billions of dollars paid to bondholders of potentially …

Verisk Announces New Hail Damage Score for Underwriters

Verisk Insurance Solutions – Underwriting, a unit of Verisk, announced LOCATION Hail Damage Score. The new product improves an insurer’s ability to underwrite properties with existing hail damage. LOCATION Hail Damage Score is developed in collaboration with Verisk Analytics unit …