Reinsurance News

Lloyd’s increases electronic placement targets

12th August 2020

Insurance and reinsurance marketplace Lloyd’s of London has decided to increase its targets for electronic placement submissions/quotes for the third and fourth quarters of the year. From July 1, the target for risks bound will remain at 80%, but the targets for submissions/quotes have been raised to 25% for Q3 and ... Read the full article

Global insured cat losses below average at $31bn in H1: Swiss Re

11th August 2020

Swiss Re Institute estimates that global insured catastrophe losses were $31 billion in the first half of 2020, up from $23 billion last year but well below the average H1 cost of $36 billion. Global economic losses from natural catastrophes and man-made disasters came to $75 billion in H1 2020, according ... Read the full article

AXA XL’s NA construction business teams up with Procore

13th August 2020

The North America Construction insurance business of AXA XL has added Procore, a leading provider of project management software, to its integrated digital platform designed to help clients manage risks on their jobsites and across their organisations. The Procore construction platform connects entire project teams and enables key stakeholders such as ... Read the full article

QBE posts H1 loss, as virus claims near reinsurance trigger

13th August 2020

Australian insurer QBE has posted an AU $712 million (US $510 million) loss for the first half of 2020, driven by underwriting impacts from COVID-19, large catastrophe losses, and a poor investment performance. The results compare with a profit of $463 million for the same period last year, as performance was ... Read the full article

Pen Underwriting announces new role of Head of Technical Claims

13th August 2020

Insurer Pen Underwriting has announced the promotion of Alex Tinsley to take on the role of Head of Technical Claims, a new role created as the firm continues to invest in enhancing its in-house claims capabilities as a virtual insurer. Tinsley’s previous role was Head of Commercial claims, however his new ... Read the full article

Chubb appoints Paul Krump & John Lupica to new leadership roles

13th August 2020

Chubb has announced the appointments of Paul Krump as Vice Chairman, Global Underwriting and Claims, and John Lupica as President, North America Insurance Operations. Krump currently serves as Executive Vice President, Chubb Group and President, North America Commercial and Personal Insurance, while Lupica is Vice Chairman, Chubb Group and President, North ... Read the full article

The ICA launches BI test case in NSW Supreme Court

13th August 2020

The Insurance Council of Australia (ICA) is set to test the application of certain infectious diseases exclusions in business interruption policies with the commencement of proceedings in the NSW Supreme Court. The test case consists of two separate small business claims that were lodged with the Australian Financial Complaints Authority (AFCA) as ... Read the full article

Zurich’s BOP falls 40% in H1 on COVID-19 and elevated cat losses

13th August 2020

Global insurer Zurich has announced a 40% dip in business operating profit (BOP) for the first half of the year to $1.7 billion, driven mostly by an impact of $686 million related to the ongoing COVID-19 pandemic. As well as the decline in BOP, Zurich has today reported a 42% contraction ... Read the full article

Everest Re sees flight to quality among reinsurance buyers: John Doucette

13th August 2020

Having now finished the June and July renewals, Everest Re has observed a continued flight to quality by reinsurance buyers, according to John Doucette, EVP, President and CEO of Everest Insurance Division. Speaking during an earnings call alongside the release of Everest Re’s Q2 results, Doucette said the expanded opportunity set ... Read the full article

InsurTech eMaxx hires new President & CEO of insurance operations

13th August 2020

Commercial property and casualty (P&C) InsurTech company, eMaxx, has announced that Eileen Currie has been appointed President and Chief Executive Officer (CEO) of the firm’s insurance operating companies. Currie will lead the insurance operations in underwriting, client services, and distribution for its alternative risk captive insurance programs. Brian McCarthy, CEO of eMaxx ... Read the full article

R&Q finalises NationsBuilders acquisition

13th August 2020

A statement has been released by Randall & Quilter Investment Holdings Ltd. (R&Q) disclosing the completion of its acquisition of NationsBuilders Insurance Company (NBIC). Back in June, R&Q declared that it was entering into a stock purchase agreement to acquire NationsBuilders Insurance Company. Paul Corver, Group Head of M&A at R&Q, ... Read the full article

FTI Consulting hires two within Global Insurance Services unit

13th August 2020

Business advisory firm, FTI Consulting, Inc. has announced the appointment of Andrew Holderness and Nick Triggs as Senior Advisors to its Global Insurance Services practice. With the appointment of Holderness and Triggs, FTI Consulting plans to further expand its footprint for its insurance M&A and integration services in the UK and ... Read the full article

P&C surplus drops $75.9bn on Q1 stock market downturn: Verisk

12th August 2020

The surplus for the private US property and casualty (P&C) re/insurance industry dropped by $75.9 billion in the first quarter of 2020 as the stock market suffered a major down. This is according to data analytics provider Verisk, who said the drop was the largest ever quarterly decline for the market. Since ... Read the full article

ProSight posts record income in Q2

12th August 2020

Property and casualty insurer ProSight Global has posted record net income of $17.6 million during the second quarter of 2020, helped by strong investment returns. Income compared with $8.62 million for the same period in 2019, while investment income was $23.8 million this year versus $17.4 million previously. Combined ratio was record ... Read the full article

HCI’s TypTap to expand nationwide

12th August 2020

Florida InsurTech insurer and subsidiary of HCI Group, TypTap Insurance Company, has announced plans to expand nationwide. The company, which provides homeowners and flood insurance, has asked Florida insurance regulators for approval of its expansion plans. With that approval, TypTap can then seek approvals from regulators in other states and expand its ... Read the full article

American Life signs key agreement with Seneca Re

12th August 2020

American Life, a wholly owned subsidiary of Midwest Holding, has entered into a reinsurance agreement with a newly-formed reinsurance company established by Seneca Re and capitalized by Crestline Management. The agreement was entered into pursuant to a Master Letter among American Life, Seneca Re and Crestline and will support American Life’s ... Read the full article

Beazley’s Lodestone adds Frank Luzsicza as CEO

12th August 2020

Beazley-owned cyber security service provider Lodestone has announced the appointment of Frank Luzsicza as Chief Executive Officer. Luzsicza brings over two decades of experience and joins from TÜV Rheinland Group, where he was executive vice president and a member of the group executive council. He will lead Lodestone’s cyber security and breach ... Read the full article

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