UK sanctions hit Sogaz exec; insurers sued over opioid liability coverage

TOP NEWS IN GLOBAL INSURANCE

* Sogaz Insurance Co. senior executive Mikhail Putin is among the individuals targeted with travel bans and asset freezes as part of sanctions imposed by the U.K. on Vladimir Putin's family and business associates, the Financial Times (London) reported. Mikhail Putin is reportedly a relative of the Russian president.

* Walgreens Boots Alliance Inc. sued several insurers, alleging they denied liability coverage associated with the pharmacy chain's involvement in more than 2,500 opioid crisis-related lawsuits, Inside P&C reported. Subsidiaries of American International Group Inc., Berkshire Hathaway Inc., Liberty Mutual Insurance, Axa XL, Aspen Insurance Holdings Ltd. and Starr International Co. Inc. are among the defendants named in the lawsuit.

➤ Insurance stocks track broader market lower; Hippo CEO unhappy with share price

Insurance stocks almost mirrored the broader market as the S&P 500 Insurance index dropped 2.43% to 549.76 for the week ended May 13, while the S&P 500 slid 2.41% to 4,023.89.

PROPERTY AND CASUALTY

* Hippo Holdings Inc. CEO Assaf Wand continues to be unsatisfied with the company's stock performance after it reached a new low of $1.24 at the May 12 close. Hippo's first-quarter net loss attributable to the company improved year over year to $67.6 million, or a loss of 12 cents per share, from a loss of $195.2 million, or a loss of $2.03 per share.

* Catalina Holdings (Bermuda) Ltd. and Everest Re Group Ltd. are among the companies interested in acquiring Coverys Managing Agency Ltd., Insurance Insider reported. Bids for the business are expected to be submitted in May.

* An appeals court ruled that American International Group would need to face a trademark lawsuit filed by Missouri-based A.I.G. Agency Inc. in 2017. The ruling reversed a lower court decision that dismissed the lawsuit, Reuters reported.

* Indonesia-based insurtech startup Qoala has secured $65 million in a series B funding round led by Eurazeo SE, Asia Insurance Review reported.

* The United Arab Emirates plans to provide unemployment insurance to workers in the country as part of efforts to reduce business risks to attract and retain employees, Bloomberg News reported, citing a report from state-run WAM news agency.

LIFE AND HEALTH

* Discovery Ltd. backed a proposal from the African National Congress to introduce universal health insurance in South Africa, which Discovery CEO Adrian Gore called a "moral imperative," Bloomberg News reported.

* Moody's has a stable outlook on the Korean life insurance industry, expecting rising interest rates and the shift to a new capital regime to support insurers' profitability, capitalization and asset quality.

REINSURANCE

* Scor SE is looking to secure at least $150 million of international multiperil retrocessional protection through the Atlas Capital Reinsurance 2022 DAC series 2022-1 catastrophe bond, Artemis reported.

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