Happy FriYay Insurance Weekly; Cali Insurance Commissioner Election Odds & More

Research evidence excerpt

Happy FriYay Insurance Weekly; Cali Insurance Commissioner Election Odds & More

Key News Items, cont.

Lemonade Brings Autonomous Car Insurance to Indiana. Source: Company filings

Baltimore City Public Schools Selects Corebridge Financial as Sole Retirement Plan Provider. The

plan is consolidating from 12 providers to just CRBG. It includes ~10k participants and ~$500M in total plan

assets. Source: Company filings

Developer sells pair of warehouses on former Allstate HQ campus. The developer behind the former

Allstate HQ redevelopment sold two fully leased warehouses for $176.5M. Source: Crain Chicago Business

Insurers lose $340M Russian aircraft claim. A UK court rejected claims by Chubb and Fidelis to recover

~$340M million from war risk underwriters over payouts linked to lost aircraft Russia's war on Ukraine.

Chubb had paid $57.6M to AerCap and reached a separate settlement with Merx, while Fidelis had paid

$240M to AerCap and ~$50M to Merx. Source: CH-Aviation

TCIM Sends Letter to Voya's Board Calling to Urgently Initiate a Formal Strategic Review. TCIM

cites that Voya trades below fair value given issues with its Employee Benefits business, including its

BenefitFocus acquisition a few years ago. Source: TCIM

Howden Re cites accelerated softening, broader coverage terms helping reinsurance buyers at

June renewal. Howden Re estimated risk-adjusted property CAT reinsurance rates fell ~25% at June 1.

Note that Floridian insurers HCI and AII cited ~mid-teens higher CAT reinsurance limits purchases, with

ceded premiums flat to lower vs. last year. Source: Artemis, Company filings

Inside the Room Where War Insurance Is Bought and Sold. Much of this insurance is bought via the

Underwriting Room at the Lloyd's of London HQ.