Reinsurance News
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MNK Re adds Bragg, Zarate to international property team
17th December 2020
Specialty Lloyd’s broker MNK Re has added Adam Bragg and Andrea Zarate to its international property team. Bragg will serve as managing director of its international facultative property division and joins from Gallagher Specialty, where he was the head of their Latin American property team. Zarate joins from Lucy A. Raymond and will ... Read the full article
BHSI promotes Jill Salmon to Head of US Professional Lines
16th December 2020
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Jill Salmon to Head of Professional Lines for the US. In her new role, she will oversee the company’s Lawyers, Architects & Engineers, Miscellaneous E&O and Cyber Liability insurance portfolios. With nearly 25 years of industry experience, primary focusing in professional lines, Salmon joined BHSI ... Read the full article
PRA lays out UK re/insurance priorities for 2021
16th December 2020
The Prudential Regulation Authority (PRA) has set out its priorities for the UK re/insurance sector in 2021, which include a focus on financial resilience, credit risk, the impact of COVID-19, the Brexit transition period, and climate change. The UK regulator noted that re/insurers have thus far proved largely resilient to the ... Read the full article
BMS adds David Overton as director within LatAm FL division
14th December 2020
Specialist re/insurance broker BMS Group has added David Overton as a Director within its Latin America & Caribbean’s Financial Lines division. Effective immediately, Overton will be based in Miami and reports to Daniel Court, Director. Overton brings over 21 years’ experience placing and underwriting complex risks and has worked as a broker ... Read the full article
Embroker launches online service for brokers
14th December 2020
Insurance brokerage Embroker has launched Embroker Access, a new online service that allows retail and wholesale brokers to offer its digital insurance products. The company also announced that its instant management liability package, previously only offered to technology companies, is now available to all private businesses. Matt Miller, Founder & CEO of ... Read the full article
Arch Insurance renames Syndicate 1955 as part of Barbican integration
9th December 2020
Arch Insurance International, a division of Arch Capital Group Ltd., has changed the name of Barbican Syndicate 1955 to Arch Syndicate 1955, effective January 1st, 2021. The rebranding is part of the ongoing integration of Barbican Insurance into Arch, and follows the launch of Arch Managing Agency Ltd to ... Read the full article
Global reinsurance outlook remains stable: AM Best
7th December 2020
Rating agency AM Best has maintained a stable outlook on the global reinsurance industry for 2021, as positive pricing momentum and tighter terms and conditions continue to offset negative factors. Analysts currently believe that market hardening will continue for at least two more years, which should help to balance against uncertain ... Read the full article
ILS market remains resilient: WTW
3rd December 2020
Insurance and reinsurance broker, Willis Tower Watson (WTW), has released a new report that shows the insurance-linked securities (ILS) market remains resilient, despite the COVID-19 pandemic. The broker's Global Insurance-Linked Securities Market Survey Report states that 86% of ILS funds expect market growth of 5% or more cumulatively during the next ... Read the full article
Uncertainty diminishing ahead of “complex” 1/1 renewals: GC
30th November 2020
Guy Carpenter (GC), the reinsurance arm of global brokerage Marsh, has warned that the upcoming January 2021 renewals will be uniquely “complex” due to the manifold challenges in the market this year. However, the broker added that re/insurers seem “ready to respond” to these complexities, and noted that some areas of ... Read the full article
Lloyd’s, KPMG highlight importance of reputational risk awareness
27th November 2020
Lloyd’s of London has partnered with KPMG on a report examining the ways in which reputational risk landscape has changed over the last decade. The report says risk profiles of businesses continue to evolve faster than ever and that corporate brand and reputation accounts for 25.3% of the market capitalisation of ... Read the full article
Charles Taylor appoints Head of Canada
25th November 2020
Technology solutions provider Charles Taylor has promoted Michael Guy and Dallas Hirsche to the positions of Managing Director and Regional Head of Canada, and Deputy Managing Director and Deputy Regional Head of Canada, respectively. These appointments are the result of the continued growth of Charles Taylor’s Canadian Adjusting business and its ... Read the full article
Kovrr adds Lorenzo Sargenti to advisory board
25th November 2020
Cyber risk modelling firm Kovrr has announced the addition of Lorenzo Sargenti to its advisory board. Sargent formerly served as Managing Director of Client Development at RMS. As part of the advisory board, he will play an instrumental role in guiding Kovrr through client and market development initiatives, providing cyber risk modelling ... Read the full article
51 new Bermudian insurers registered in Oct, says PwC’s Wightman
24th November 2020
With the announcement that 51 new insurers were registered in Bermuda throughout October, PwC’s territory and insurance leader Arthur Wightman has released a statement praising the resilience of the island in 2020. Wightman said Bermuda has overseen the deployment of between $12 billion and $15 billion in new capital over the ... Read the full article
Hard market conditions in US commercial to continue across 2021: WTW
20th November 2020
A report from re/insurance broker Willis Towers Watson has underlined an expectation for US commercial insurance prices to increase in every line except one throughout 2021. The insurance industry is expected to adapt to the continuing hard market by leveraging analytics and data-driven tools in order to change the way buyers ... Read the full article
COVID-19 disrupting US professional liability market: AM Best
20th November 2020
Rating agency AM Best has released a new report showing how the COVID-19 pandemic has created disruption for underwriters in each of the US professional liability insurance market lines. Earlier this year, after the initial pandemic surge in the US, AM Best had placed a negative rating against the professional liability ... Read the full article