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Full coverage: Insurance

“We are at the ready”: Inside the Government’s joint battle with AerCap to salvage Russia insurance cover

When European sanctions hit aircraft leasing companies’ Russian contracts, they stood to lose everything. Co-ordinated industry and diplomatic lobbying resulted in their insurers being on the hook instead, new documents reveal.

Thomas Hubert
28th Jul, 2022 - 10 min read

Unpicking XS Direct: The €80m IPO candidate that left behind a €25m deficit  

New documents lay bare the financial plight of XS Direct, revealing details of how much the main creditors, including Beach Point Capital, are owed. They also disclose efforts to sell the company’s insurance book and intellectual property.

Ian Kehoe
24th May, 2022 - 4 min read

Irish-owned LHK Group acquires Dublin insurance broker Richardson

Two of Ireland's oldest insurance brokers are set to merge. In an industry targeted by international private equity and listed buyers, the participants in the latest deal insist it is different.

Tom Lyons
1st Apr, 2022 - 3 min read

After a tough two years, is everything finally going right for FBD?

There was much to like in FBD’s recent three-paragraph market update: lower than expected net cost for business interruption claims, smaller personal injury claims, good weather and buoyant markets. The company added €60 million in value when markets opened.

Sean Keyes
3rd Feb, 2022 - 3 min read

XS Direct was a small domestic business operating in a massive sector that has long been dysfunctional

XS Direct has ceased renewals for both direct customers and brokers in Ireland. It is not the first player to exit the market here. And given the malfunctioning industry, it will certainly not be the last.

Ian Kehoe
7th Jan, 2022 - 5 min read

Requiring additional funding after a difficult number of years, Irish insurer XS Direct is winding down its business

Led by Fyffes scion Chris McCann, XS Direct wrote €117m of premiums in 2020. However, it has struggled in recent years, resulting in a hefty 2020 loss and a recent redundancy programme. It has now ceasing renewals for both direct customers and brokers in Ireland.

I. Kehoe and T. Hubert
6th Jan, 2022 - 5 min read

From lock-ins to lockdown: Hospitality’s uphill battle for Covid cover

With indoor drinking and dining set to resume, The Currency looks at the hospitality industry's ongoing legal struggle with multiple insurers. In the wake of the landmark FBD ruling, uncertainty continues to reign.

Francesca Comyn
23rd Jul, 2021 - 9 min read

High stakes in the High Court: Up to €250 million at stake in Perrigo insurance row

Perrigo is locked in a row with its insurers over policy cover for disgruntled investors suing in the wake of Mylan’s failed $26 billion hostile takeover bid in November 2015. Now the battle is being played out in Dublin.

Francesca Comyn
12th Jul, 2021 - 2 min read

Picking up the tab: Central Bank urges FBD to indemnify publicans on legal costs

The Central Bank set out its expectations that all "reasonable" legal costs would be covered in the test case in a letter sent last night, the High Court has heard.

Francesca Comyn
7th May, 2021 - 2 min read

A Norwegian Berkshire Hathaway has taken a big bet on FBD. What does it see in the insurer?

Protector Forsikring is, like Berkshire Hathaway, an investor disguised as an insurer. It invests in “overlooked”, “unpopular” companies going through “temporary operational setbacks” – and it just bought 6.3 per cent of FBD. What does it see in the Irish insurer?

Sean Keyes
16th Apr, 2021 - 3 min read
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