Joachim Mueller, AGCS CEO since December 2019, said “We will now focus our entire business under a new strategic direction. We will put technical excellence in underwriting before growth, simplify and strengthen our global model to ensure that we think and act as one team, and become more efficient, leaner and faster – benefitting us and our clients. Our joint ambition is set high: The ‘New AGCS’ will be the market leader in our target segments. We expect to see significant profitability improvements of our underwriting results from 2021 onwards and aim to achieve the full turnaround and transformation of our company by 2024.”

U.S. commercial automobile insurance segment records decade-worst underwriting loss in 2019

Jul 1, 2020

“Reduced road traffic from shelter-in-place requirements has resulted in fewer automobile accidents; however, although accident frequency may decline, severity potentially could rise because of vehicles colliding at higher speeds,” it added.

BoE to review climate impact of corporate bond-buying after COVID crisis

Jul 1, 2020

The BoE has a 20 billion-pound corporate debt purchase target as part of its expanded bond-buying programme to help shield Britain’s economy.

Bank of England Governor Andrew Bailey said the crisis had not changed the BoE’s commitment to combating climate change.

From Parkinson’s to peanut allergy, pandemic puts brakes on new drugs

Jul 1, 2020

Neurocrine Chief Executive Kevin Gorman said in an interview that many neurologists had been redirected to fighting the pandemic, leading to delaying Ongentys until later in 2020. The delay to Palforzia, Aimmune’s sole approved drug, means the company will not generate any revenue until later this year, prompting it to halt new hires in a bid to preserve its $370 million of cash.

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