Reinsurance News
Your search for “cyber insurance”
Clyde & Co survey highlights London PI market confidence
13th July 2021
Global law firm Clyde & Co says confidence is high and appetite strong in the London professional indemnity (PI) market, despite a trinity of challenges facing the industry. 95% of insurers expect a greater number of claims in the next two years with 67% expecting them to be more severe. Meanwhile, recession, ... Read the full article
Olympics crowd ban could cost reinsurers up to $400m: Fitch
12th July 2021
Japan’s decision to bar spectators from the Tokyo Olympics is likely to cost the global reinsurance sector between $300 million and $400 million due to payouts for ticket and hospitality refunds, according to Fitch Ratings. However, the rating agency notes that this total is only 10%–15% of the amount reinsurers would ... Read the full article
Aon set for further WTW divestments to appease NZ regulators
12th July 2021
Re/insurance broker Aon has been instructed by New Zealand regulators to make further divestments if its proposed mega-merger with rival player Willis Towers Watson is to be approved. Aon was cleared to move ahead with its acquisition of WTW by the European Commission last week, in an agreement that was ... Read the full article
Aon / WTW merger cleared by European Commission
9th July 2021
The ongoing merger between re/insurance broking giants Aon and Willis Towers Watson has cleared a significant hurdle today with breaking news of the deal’s approval by the European Commission. The approval is described as conditional on full compliance with a substantial set of commitments offered by Aon, including the divestment of ... Read the full article
LMA promotes Patrick Davison to Underwriting Director
8th July 2021
The Lloyd’s Market Association has promoted Patrick Davison to the role of Underwriting Director as part of a long-planned succession with Jane Hayes, who will step into an executive director role. Davison has served as Deputy Underwriting Director for the past 18 months, leading the market’s response on both COVID-19 and ... Read the full article
Pool Re sets up systemic risks advisory group
8th July 2021
UK government-backed terrorism reinsurer Pool Re has announced the formation of a new expert advisory group to explore how to better protect the UK economy from systemic risks. Re:New will bring together figures from re/insurance, government, industry and academia to discuss how re/insurers, the private sector, public sector and the public ... Read the full article
EIOPA sees “signs of deterioration” among reinsurers since pandemic
7th July 2021
The European Insurance and Occupational Pensions Authority (EIOPA) has observed “signs of deterioration” in the European reinsurance sector, which it says could have long-term implications for the EU protection gap. The comments came as part of a new Financial Stability Report from EIOPA that addresses key financial stability risks in the ... Read the full article
BMS hires Andrew McKenzie as Northern Region manager, Australia
5th July 2021
Independent broker BMS has appointed Andrew McKenzie as Northern Region manager of financial lines in Australia. Based in Brisbane, McKenzie will report to Stuart Davies, head of financial lines at BMS Australia. He joins BMS in Australia from his most recent role as Director of Specialties at Aon, where he also led ... Read the full article
Lloyd’s syndicate Arcus 1856 rebrands to IQUW
1st July 2021
ERS Group's Lloyd's syndicate, Arcus 1856 has rebranded as IQUW as it looks to put into effect its vision to rebuild into a more diverse, multi-line insurer and reinsurer. Effective today, the new brand signals a shift from the previous branding of the syndicate and repositions the firm as it transitions ... Read the full article
South Africa asks for further divestments in Aon / WTW remedy package
29th June 2021
The Competition Commission of South Africa (CCSA) has required that brokers Aon and Willis Towers Watson (WTW) make a number of significant divestments to remedy competition concerns before their pending merger can be approved in the country. The regulator has asked that the brokers divest WTW’s entire global reinsurance broking business ... Read the full article
Marsh promotes Alex Guerin to Head of Office, London
28th June 2021
Insurance broker Marsh has appointed Alex Guerin as Head of Office, London, for its UK Corporate business, reporting to Andrew Wilton, Managing Director of UK Corporate’s South Region. In this role, Guerin will lead the London Corporate business team who advise clients on risk exposures and devise solutions to help them ... Read the full article
Pandemic BI dispute exposes insurer expectation mismatch: Moody’s
28th June 2021
Recent disputes between insurers and policyholders over the scope of coronavirus-related business interruption (BI) policies have highlighted the dangers of a mismatch between insurers' expectations and those of their customers, says Moody’s. The rating agency is predicting that EMEA insurers will need to focus on product innovation and risk prevention in ... Read the full article
Evolution of nat cat events remains a key challenge for the energy space: Munich Re Syndicate’s Timothy Lee
23rd June 2021
The increased unpredictability and severity of natural catastrophe events will continue to be the key challenges for the energy insurance sector, according to Timothy Lee, Energy and Engineering Underwriter, Munich Re Syndicate Singapore. In an interview with Reinsurance News, Lee noted that the energy insurance market continues to harden, although at ... Read the full article
LSM promotes Jennifer Quinn to Strategic Assets Underwriting Manager
21st June 2021
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has promoted Jennifer Quinn to Underwriting Manager Strategic Assets, London. Quinn will report to Terry FitzGerald, Head of FinPro Lines and have oversight of the London Strategic Assets book of business, which covers Cyber, Intellectual Property, and Property GAP coverage. She is responsible ... Read the full article
Cat bond growth propelled by strong investor demand: Moody’s
17th June 2021
Moody’s has reported that the catastrophe bond market saw record issuance in 2020 despite a brief pause in Q2 following a particularly tumultuous period for the financial markets. And looking ahead through 2021, the rating agency expects cat bond issuance to continue to grow with strong investor demand for the ... Read the full article