Keep up with what has been happening this week in our latest insurance news round-up…
Shopping centre giant, Intu, is on the brink of administration; after failing to reach a deal with creditors in order to save the business. The company has already been in a bad state before the pandemic; however, after lockdown, company shares have fallen by 50% to a record low of 1.8p.
Broking firm, Howden Broking Group has announced that it will be expanding overseas in a new market; after being granted a licence to operate in Belgium. The expansion will be led by Herman Kerremans with the aim to establish solutions for clients in the region.
Audit firm, EY refused to sign off on Wirecard’s accounts after they were not able to locate a missing €1.9bn; leading Wirecard to file for insolvency causing shares to fall by 80%.
A report published by reinsurance broker Guy Carpenter, suggests that the COVID-19 pandemic may rank among the re/insurance sector’s most expensive events. This may be because it is one of the slowest developing catastrophes the sector has ever seen causing a prolonged period of the uncertainty of losses.
Lloyd’s of London have announced their plans to reopen their London headquarters and iconic underwriting room on September 1st. The opening date is subject to governments guidelines and easing of the lockdown, while their priorities are of the health and safety of participants in the market and to minimise the spread of the virus.