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GENERAL REINSURANCE AG APPOINTS ULRICH PASDIKA TO EXECUTIVE BOARD
BusinessWire: Gen Re has announced that Ulrich Pasdika has been appointed to the Executive Board of General Reinsurance AG, effective 1 August 2020. General Reinsurance AG is Gen Re’s German legal entity and the main risk carrier for its international business. https://www.businesswire.com/news/home/20200506005072/en/General-Reinsurance-AG-Appoints-Ulrich-Pasdika-Executive
HOW TO SUCCESSFULLY NAVIGATE THE IMPLICATIONS OF THE EVOLVING INSURANCE AND RISK MANAGEMENT COVID-19 ENVIRONMENT
Zawya: The report reinforces Marsh's commitment to guiding and supporting the region's businesses through the adverse effects of the COVID-19 outbreak. https://www.zawya.com/mena/en/press-releases/story/How_to_successfully_navigate_the_implications_of_the_evolving_insurance_and_risk_management_Covid19_environment-ZAWYA20200517065750/
TRIAD INSURANCE FIRM DONATES MONEY TO 12 COMMUNITY GROUPS
Triad Business Journal: Pennsylvania-based Lincoln National Corp., the parent company of Lincoln Financial Group in Greensboro, announced a second gift of $1 million to aid 60 local organizations across its corporate footprint with assistance programs aimed at food and housing insecurities. https://www.bizjournals.com/triad/news/2020/05/19/triad-firm-portions-out-1-million-to-local-groups.html
RESTAURANTS ARE SUING INSURANCE COMPANIES OVER UNPAID CLAIMS – AND BOTH SIDES SAY THEIR SURVIVAL IS AT STAKE
Chron: This month, the proprietors of more than 10 restaurants, bars and bakeries in Washington, including the Michelin-starred Gravitas and Pineapple and Pearls, sued their shared insurance company, joining a growing list of restaurateurs who are seeking relief from an industry they thought would protect them from any unpredictable event, including a pandemic of historic proportions. https://www.chron.com/business/article/Restaurants-are-suing-insurance-companies-over-15280467.php
THE WORKPLACE AND COVID-19: WORKERS’ COMPENSATION TO THE RESCUE?
Forbes: Employees who were not furloughed or laid off because of the COVID-19 pandemic and economic fallout continue to work. While some became “remote” workers overnight, others–like many in the food and beverage industry–still go to work. These “essential” employees confront the risk of contracting COVID-19 at work. https://www.forbes.com/sites/aaroncolby/2020/05/13/the-workplace-and-covid-19-workers-compensation-to-the-rescue/#351cfb606295
CITIZENS INSURANCE USES FUNDS WISELY TO BEST SERVE ITS POLICYHOLDERS
Miami Herald: Preparing for the 2020 hurricane season while Floridians battle COVID-19 requires that Citizens Property Insurance Corp. be running on all cylinders, especially in South Florida where more than half of our 455.000 policyholders live and work. Read more here: https://www.miamiherald.com/opinion/letters-to-the-editor/article242846271.html#storylink=cpy
GLOBAL INSURANCE MARKET IS WELL CAPITALIZED IN THE FACE OF COVID-19: REPORT
The New York Times: Global insurers are well capitalized to absorb the hit from rising claims and costs related to the COVID-19 pandemic, ratings agency AM Best said on Monday, citing a stress test it conducted to gauge the immediate impact of outbreak on insurers' financial strength. https://www.nytimes.com/reuters/2020/05/18/world/europe/18reuters-health-coronavirus-insurance.html
EVEREST INSURANCE TAPS PATEL FROM AIG EUROPE AS UK HEAD OF TRANSACTIONAL RISK
Insurance Journal: Everest Insurance announced the appointment of Sujal Patel as the UK Head of Transactional Risk for Everest Global Markets, which includes Everest Insurance Ireland, dac. and Lloyd’s Syndicate 2786. https://www.insurancejournal.com/news/international/2020/05/13/568339.htm
AM BEST AFFIRMS CREDIT RATINGS OF AL AHLEIA INSURANCE COMPANY S.A.K.P
AM Best: AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Al Ahleia Insurance Company S.A.K.P. (Al Ahleia) (Kuwait). The outlook of these Credit Ratings (ratings) remains stable. https://www.businesswire.com/news/home/20200515005425/en/Affirms-Credit-Ratings-Al-Ahleia-Insurance-Company
IC EXTENDS REGULATORY RELIEF TO INSURANCE FIRMS
Business Mirror: The Insurance Commission (IC) raised the exposure limit of insurance companies for their respective financial assistance programs to 20 percent of the company’s net worth to help ease the financial burden of its personnel due to coronavirus disease 2019 (Covid-19) pandemic. https://businessmirror.com.ph/2020/05/19/ic-extends-regulatory-relief-to-insurance-firms/