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Global reinsurers resilient in face of COVID-19: AM Best

3rd April 2020

Despite mounting uncertainties around the coronavirus pandemic, AM Best believes reinsurers globally are well capitalised and remain resilient thanks to a long history of innovative and prudent risk management. AM Best expects any covered losses to be manageable and believes relevant policy exclusions will hold up. Adverse impacts from the pandemic may ... Read the full article

Fitch puts Lloyd’s on Rating Watch Negative amid COVID-19 risks

2nd April 2020

Uncertainty and heightened risk to Lloyd's of London's earnings and underwriting performance as a result of COVID-19 claims, has pushed Fitch Ratings to place the marketplace and its operating entities on Rating Watch Negative (RWN). Fitch states that it has placed Lloyd's of London's, Lloyd's Insurance Company S.A. and Lloyd's Insurance ... Read the full article

Berkshire’s COVID-19 exposure potentially greater but manageable: Analysts

3rd April 2020

Analysts at Morgan Stanley have said that although Berkshire Hathaway could be exposed to losses from the impacts of the global COVID-19 pandemic in a number of business lines, losses should be manageable for Warren Buffett's property and casualty (P&C) reinsurance operation. As events around the world continue to be either ... Read the full article

Coronavirus + broker M&A distribution disruption raises threat to carriers: Hyperion X

3rd April 2020

While the immediate impacts and losses from the Covid-19 coronavirus pandemic are top of mind in threatening the businesses of insurance and reinsurance carriers right now, the fact it coincides with the biggest disruption to the distribution chain ever seen adds more pressure, Hyperion X said. Hyperion X, the data and ... Read the full article

Floridian insurers maintain ratings through varied forms of adaptation: Demotech

3rd April 2020

Despite myriad challenges facing Demotech rated carriers in the State of Florida, insurers have evolved to maintain Financial Strength Ratings (FSRs) of A or better, and have also expressed their commitment to Florida's residential property insurance marketplace. Described by Demotech as the most complicated, dynamic insurance marketplace in the U.S., the ... Read the full article

Greenlight Re concludes existing business plan is “the best course of action”

3rd April 2020

Investment-oriented reinsurer Greenlight Capital Re has announced that following its strategic review of transaction alternatives, it has decided that the best course of action is to continue its existing business plan. At this time, the Board, following a recommendation made by a special committee composed of independent directors, has determined the ... Read the full article

Reinsurer appetite for catastrophe risk generally stable, says Moody’s

3rd April 2020

Disclosures of January 1st, 2020 modelled probable maximum loss (PML) figures reveals that reinsurance companies looked to take advantage of improved pricing and deployed greater levels of capital to property catastrophe risks, according to Moody's Investors Service. After heavy catastrophe loss years in both 2017 and 2018 on the back of ... Read the full article

EIOPA asks re/insurers to suspend dividends & buybacks on COVID-19 uncertainty

3rd April 2020

The European Insurance and Occupational Pensions Authority (EIOPA), part of the European System of Financial Supervision, has urged all re/insurers to temporarily suspend all discretionary dividend distributions and share buybacks in light of the spreading coronavirus outbreak. The EIOPA has stressed the importance of ensuring continued access to and continuity of ... Read the full article

Lloyd’s report identifies insurance opportunities in renewable energy

3rd April 2020

A new report by insurance and reinsurance marketplace Lloyd’s of London has identified growing opportunities for re/insurers to innovate products and support the renewable technologies industry. In 2018, China, the US, Europe and India invested more than £230 billion in new renewable energy, while total investment in the power sector has ... Read the full article

Demotech affirms financial stability of title insurance industry

3rd April 2020

Financial analysis firm Demotech has concluded that US title underwriters are financially healthy and possess the means to address time gaps in coverage associated with the closing or limited hours of county recorder offices. Few businesses are operating at full capacity as a result of precautionary efforts to mitigate the spread ... Read the full article

Horace Mann appoints Mark Desrochers to lead P&C

3rd April 2020

Horace Mann Educators Corporation, an insurance and retirement solutions company for US educators and school employees, has appointed senior vice president and chief corporate actuary Mark Desrochers to lead the company’s Property and Casualty business on an acting basis. William Caldwell has resigned from his role as executive Vice President, P&C ... Read the full article

PERILS pegs insured loss from Febuary’s UK floods at £297mn

3rd April 2020

Catastrophe insurance data provider PERILS has estimated the insured loss from the UK floods in February 2020 at £297 million. The February 2020 Floods were the result of record-breaking rainfall on saturated grounds which led to extensive river flooding. Heavy rainfall was mainly associated with the three named storms of Ciara, Dennis ... Read the full article

Athora completes VIVAT acquisition & sale of non-life segment to NN Group

3rd April 2020

European life insurance and reinsurance group, Athora Holding, Ltd., has announced the completion of its previously announced acquisition of VIVAT N.V. from Anbang Group Holdings Co Limited, while NN Group has taken control of VIVAT Schadeverzekeringen N.V., VIVAT's non-life operation. The transaction was announced back in June of 2019 and ... Read the full article

Marsh & McLennan Agency acquires Assurance Holdings

3rd April 2020

Marsh & McLennan Agency, the US middle market subsidiary of global insurance broker Marsh, has announced the acquisition of Illinois-based Assurance Holdings. Assurance was founded in 1961 and is a full-service brokerage providing business insurance, employee benefits, private client insurance and retirement services to companies and individuals across the country. The company ... Read the full article

Dale Underwriting adds Jim Ramage to board

3rd April 2020

Jim Ramage, previously of Guy Carpenter and JLT Re, has been appointed as an independent non-executive director to the Board of Dale Partners Limited, the holding company of Dale Underwriting. Ramage's appointment is effective April 1st, 2020 and he brings more than 50 years of London market experience to the role. During ... Read the full article

AM Best revises Aspen outlook to negative

2nd April 2020

AM Best has revised its outlook to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Aspen Insurance UK, Aspen Bermuda, Aspen American Insurance Company and Aspen Specialty Insurance Company. The ratings agency also revised its outlooks to negative ... Read the full article

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