Moody’s Says COVID-19 Impact on P&C Insurance Sector Was ‘Moderate’ By Claims Journal staff | May 24, 2021
Neither COVID-19 nor legislation enacted because of it has seriously harmed the creditworthiness of the property and casualty insurance sector, according to a report released by Moody’s Investors Service on Friday.
Businesses have filed about 1,700 business-interruption claims because of COVID-19 shutdowns, but those cases are largely being decided in favor of insurers, Moody’s said.
“US property policies typically require direct physical loss or damage to the property for business interruption losses to be compensated,” Moody’s said. “Moreover, most policies specifically exclude coverage for losses caused by a virus or communicable disease.”
[Funding alert] OYO to raise $600M from US institutional investors yourstory.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yourstory.com Daily Mail and Mail on Sunday newspapers.
OYO to raise USD 600 mn from US institutional investors
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Hospitality firm OYO is looking to raise USD 600 million (over Rs 4,380 crore) in debt from the US institutional investors to service its existing loans, sources in know of the matter said on Thursday.
The company is raising USD 600 million in a term loan B (TLB) structure, the sources said.
The company is taking the TLB to service its existing loans which are on higher interest rates, they added.
TLBs typically mature within six to seven years and have a small repayment schedule during the term of the loan, with the remainder due on the maturity date.