Commercial insurers are facing hefty claims from the coronavirus crisis but are also seeing a steep rise in premiums – tempting companies and industry veterans to raise capital, launch new businesses or expand into new lines.
Industry veterans Ed Noonan and Jeff Consolino were drafted in to run insurer StarStone U.S. in a restructuring by parent Enstar which includes $610 million in investment from SkyKnight Capital, Dragoneer and Aquiline.
For an interactive graphic on index of property catastrophe reinsurances rates Index of property catastrophe reinsurances rates , clickIn 2020, steep losses in 2017 and 2018 due to hurricanes and rising litigation awards in recent years had boosted property and casualty insurance rates even before the pandemic struck.
Tom Booth, chief executive of legacy insurer Darag, highlighted event cancellation, directors’ and officers’ insurance and business interruption as among the hard-hit sectors which insurers might look to offload. FILE PHOTO: A passenger ferry leaves near the port of Hamilton, Bermuda. July 15, 2013. REUTERS/Gary Cameron/File Photo
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