Reinsurance News
ICA declares tropical cyclone Seroj an insurance catastrophe
14th April 2021
The Insurance Council of Australia (ICA) has officially declared Tropical Cyclone Seroj an insurance catastrophe. Seroj impacted parts of Western Australia after making landfall late Sunday April 11. The ICA says the coastal town of Kalbarri took the brunt of the tropical cyclone, as did the community of Northampton. The ICA’s Catastrophe declaration ... Read the full article
BI test case pay-outs at £600m, but major insurers still lagging: FCA
14th April 2021
New data from the Financial Conduct Authority (FCA) shows that to date £600 million has been paid out for claims related to the COVID-19 business interruption (BI) test case in the UK. This represents an increase of 25.5% from the £478 million in pay-outs that the FCA recorded roughly one ... Read the full article
AXA partners with Microsoft to build digital healthcare platform
14th April 2021
Global insurer AXA is collaborating with Microsoft to build a digital healthcare platform, which will allow virtual healthcare to all AXA customers. The new platform will rely on the extensive portfolio of technology in the Microsoft Cloud for Healthcare, including Azure API for FHIR (Fast Healthcare Interoperability Resources), that enables patient ... Read the full article
Captive insurance thriving in hard market: Swiss Re
14th April 2021
Analysts at Swiss Re Institute have reported that companies are increasingly using captive insurance to self-insure their risks, as rate hardening and COVID-19 disruption affect commercial insurance. According to new research, captive insurer use is expanding to Asia and Latin America, and to mid-sized companies, for which new business models for ... Read the full article
Aon / WTW EC remedy doesn’t address needs outside Europe: Report
14th April 2021
Divestment proposals reportedly offered by Aon to the European Commission (EC), designed to secure EU antitrust approval for its proposed merger with Willis Towers Watson (WTW), do not address competition concerns elsewhere in the world. As a result, the insurance and reinsurance broker could be forced to come up with other ... Read the full article
Chubb hires Lyndsey Christofer as EVP
14th April 2021
Global re/insurer Chubb has appointed Lyndsey Christofer as Executive Vice President, Construction Industry Practice Leader for its large account segment. She will oversee strategic direction whilst leading a broad team of dedicated construction underwriting and service specialists across multiple lines of business to deliver customised and innovative insurance solutions to Chubb's ... Read the full article
Brokerslink bolsters management in Africa, Asia-Pacific and Europe
14th April 2021
Global brokering business Brokerslink has announced the appointments of new regional managers in Africa, Asia-Pacific and Europe. Au Quang Hien takes the role of regional manager for Asia-Pacific. Hien is CEO and founder of AEGIS Insurance Brokers, Brokerslink’s partner in Vietnam. Benjamin Boudeau-Raimbault becomes regional manager for Africa. He is the general ... Read the full article
Falvey Insurance Group hires Mike McKenna as CUO
14th April 2021
Falvey Insurance Group has appointed Mike McKenna as Chief Underwriting Officer, he will oversee all underwriting for Falvey Cargo Underwriting, Falvey Shippers Insurance and Safe Harbor Pollution Insurance. Prior to joining Falvey, McKenna oversaw underwriting at The Hartford Global Specialty for 11 years. His role will allow for a dedicated focus on ... Read the full article
Hard work, underwriting remedies coming through for reinsurers: Vickers, Willis Re
13th April 2021
Efforts undertaken by reinsurance carriers to improve performance are starting to come through on an underlying basis, but while momentum is positive, there’s more work to be done, according to James Vickers, Chair of Willis Re International. Reinsurance News spoke with Vickers around the launch of the reinsurance broker’s full-year 2020 ... Read the full article
Aviva Singlife hires Kim Rosenkilde as Group CIO
13th April 2021
Aviva Singlife Holdings Pte, the holding company established following the merger of Aviva and Singapore Life Pte, has appointed Kim Rosenkilde as Group Chief Investment Officer. Rosenkilde brings over 30 years in financial markets, and last year had acted as an advisor to Singlife on its investment and risk management strategy throughout ... Read the full article
WTW launches new global modelling tool
13th April 2021
Re/insurance broker Willis Towers Watson has launched a global modelling tool, Climate Diagnostic. The model uses advanced data and analytics to demonstrate changes in acute hazards such as wind and flood, as well as chronic stress factors like sea-level rise and heat stress under multiple combinations of climate scenarios and time ... Read the full article
Piiq’s IFLI division inks first insurance backed aviation finance transaction
13th April 2021
Global aerospace re/insurance broker Piiq Risk Partners has announced the first insurance-backed aviation finance transaction to be completed via its Integrated Finance Linked Insurance (IFLI) division. The transaction was completed alongside Credit Agricole CIB (CACIB) and closed on 30 March 2021. IFLI (Integrated Finance Linked Insurance) is designed to originate, structure and ... Read the full article
Mark Wheeler named Co-CEO at Mosaic
13th April 2021
It’s been announced that industry veteran Mark Wheeler will take a Co-Chief Executive Officer role at newly launched specialty insurer Mosaic Insurance, joining fellow Bermuda-based CEO Mitch Blaser. Over his more than 30-year career, Wheeler has served in a variety of leadership roles, overseeing capital planning, underwriting and distribution across global ... Read the full article
Fitch forecasts reinsurance underwriting profits for 2021
13th April 2021
Analysts at Fitch Ratings have forecast an aggregate combined ratio of 99.1% for reinsurer in 2021, meaning the industry is expected to post slight underwriting profitability for the year. This combined ratio reflects 9.0 percentage points of catastrophe losses, 1.5 points for additional coronavirus losses and 1.0 point of reserve releases. Likewise, ... Read the full article
MS Amlin Underwriting hires Geddes as Head of Property and Allied Lines
13th April 2021
Lloyd's of London insurer and reinsurer MS Amlin Underwriting Limited (MS AUL) has appointed Sam Geddes as Head of Property and Allied Lines Division. In this position, Geddes will have oversight of MS AUL’s diverse property division which includes its Commercial Property ‘D&F’, Property Binder Units and Auto business. His appointment follows ... Read the full article