FBD Seeks to Pass On Pub Virus-Loss Payouts to Reinsurers: Times

Irish insurer FBD Holdings Plc plans to offload to reinsurers as much as 80% of the cost of payouts to pubs for pandemic-related losses, the Times of London reported, citing people familiar with the company’s operations.

Between 75% and 80% of the payouts for business interruption claims are potentially reinsured, the newspaper cited the people as saying. FBD is in discussions with reinsurers after a court ruling Friday that it must compensate public bars for losses due to lockdowns, the Times reported.

FBD’s reinsurers include about 10 of the largest names in the industry and the arrangement with FBD ...