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Lloyd’s of London to pay out up to £3.5bn over coronavirus

Lloyd’s of London to pay out up to £3.5bn over coronavirus

Business
Lloyd's of London is set to pay out up to £3.5bn to customers as a result of the coronavirus pandemic.The insurance market said it was on a par with the impact of 9/11 but that it expects the eventual overall cost of COVID-19 to the industry to be "far in excess" of that and other catastrophes. Lloyd's estimates that overall, when taking into account falling investment values as well as the cost of paying claims, the global insurance industry stands to lose £164bn this year.Chief executive John Neal said: "The global insurance industry is paying out on a very wide range of policies to support businesses and people affected by COVID-19."The Lloyd's market alone is currently expected to pay claims amounting to some $ 4.3bn (£3.5bn), making it one of the market's largest pay-outs ever. ...
Rothesay Life gatecrashes £3.5bn Swiss Re IPO

Rothesay Life gatecrashes £3.5bn Swiss Re IPO

Business
Rothesay Life, the specialist insurer, is plotting a £3.5bn takeover of a division of Swiss Re that would derail plans for a stock market listing. Sky News has learnt that Rothesay approached Swiss Re several weeks ago about a deal to buy ReAssure, the UK arm of Swiss Re which manages the closed books of life assurance companies.The status of the talks between the two parties was unclear on Friday, although sources said that Rothesay was serious about making a formal offer for ReAssure in the coming months.Swiss Re announced last summer that it would pursue a stock market listing for ReAssure, arguing that it did not fit with its main reinsurance business.However, difficult equity market conditions have alerted potential bidders to the possibility of persuading Swiss ...