April 20th, 2020 Analytics, Covid-19, U.S. Property & Casualty

Regional/Mutual COVID-19 Update

Market Reaction

BMS has contacted reinsurance underwriters around the world that specialize in the Regional/Mutual space to get their perspective on the impact of the COVID epidemic on their companies and the overall market. Here are key takeaways from our conversations:

  • Renewal and new submissions are running on schedule and for the most part, it is a safely distanced business as usual
  • Reinsurers were prepared to work remotely prior to pandemic so transition has been smooth
  • Risk appetite and capacity currently remains intact, but could change as the situation evolves
  • Underwriters are frequently communicating with their corporate offices regarding potential exclusions and risk appetite
  • Several London markets are requiring a communicable disease exclusion and would like LMA 5394 to be used.

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