Tokio Marine voids Greensill policies; alleged tainted bunker fuel in Singapore

TOP NEWS IN GLOBAL INSURANCE

* Tokio Marine Holdings Inc. announced that after "extensive investigations" it has decided to "avoid multiple insurance policies fraudulently obtained" by companies connected with Lex Greensill. The Japanese insurer said it has advised counterparties that these policies and related obligations are "void from inception." Tokio Marine will not adjust its financial guidance for the 2021 fiscal year and does not anticipate any material impact on its financials for the 2022 fiscal year and onwards.

* The Maritime and Port Authority of Singapore is probing the alleged contamination of bunker fuel supplied to at least 14 ships at the world's biggest marine refueling hub, Reuters reported. Norwegian-headquartered ship insurer Assuranceforeningen Skuld said it has seen a higher number of claims related to high-sulphur fuel oil loads at Singapore, while Assuranceforeningen Gard reported some severe cases of main engine breakdown.

➤ Ambac stock soars after Puerto Rico restructure; AIG down ahead of segment IPO

Equity markets finished the week ending April 1 in almost the same spot as they began, with the S&P 500 edging up 0.06% to 4,545.86. The S&P 500 Insurance Index rose 0.18% to 602.30.

PROPERTY AND CASUALTY

* A Washington judge has approved an extended stay on Insurance Commissioner Mike Kreidler's ban on using credit ratings in helping set insurance premiums on auto, rental and homeowners insurance, Insurance Journal reported.

* Insurance Australia Group Ltd. said it and Tokio Marine, through its BCC Trade Credit Pty. Ltd. subsidiary, continue to work together and are defending claims and litigation related to the Greensill group of companies and its trade credit policies. IAG added that it has no net insurance exposure to trade credit policies sold through BCC.

* DBRS Morningstar said in a new commentary that trade credit insurers face the prospect of elevated Russian claims as the war in Ukraine persists.

* Russian Deputy Prime Minister Yuri Borisov announced that all foreign planes still in Russia following the termination of leasing contracts will remain in the country, Reuters reported.

* Responding to media reports, AUB Group Ltd. said it has been in discussions with Odyssey Investment Partners LLC, the current owner of London-based Lloyd's wholesale insurance broker Tysers Insurance Brokers, and that talks have not led to a transaction being agreed on terms acceptable to the parties.

* Thailand's Office of Insurance Commission announced that the insurance licenses of financially troubled non-life insurers Southeast Insurance PCL and Thai Insurance PCL have been revoked, Bloomberg News reported.

LIFE AND HEALTH

* Aviva PLC has named Charlotte Jones CFO, effective Sept. 5, Dow Jones Newswires reported.

* Pacific Life Insurance Co. appointed Vibhu Sharma CFO, effective April 11. Sharma will succeed Darryl Button, who was named president and CEO of Pacific Life.

REINSURANCE

* A.M. Best expects the reinsurance sector to shoulder most of the gross losses from the recent and devastating flooding in Australia.

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