Reinsurance News
MS Exchange attacks could drive thousands of claims: CyberCube
12th April 2021
Cyber analytics provider CyberCube has warned re/insurers of the potential for a large volume of claims resulting from recent cyber attacks by criminals on the servers running Microsoft’s email services. Tens of thousands of Microsoft Exchange servers in businesses and organisations around the world could have been infected during a series ... Read the full article
Data needs to be imbued with meaning if re/insurers are to benefit: Verisk’s Payne
9th April 2021
It is universally accepted that data is integral to the future-proofing of the insurance industry, however its value diminishes when insurers lose sight of what they set out to achieve, according to Tom Payne, Managing Director UK & Europe at Verisk Underwriting, speaking in a recent interview with Reinsurance News. With ... Read the full article
Louisiana Citizens’ residential property rates to rise by 2.3% in 2021
9th April 2021
Residential property insurance rates for Louisiana Citizens Property Insurance will rise by 2.3% this year, the state's Insurance Commissioner Jim Donelon has confirmed. The increase is in line with current inflation rates and is seen as a reflection of stability and appropriate rates in Louisiana’s residential insurance market. By law, rates at ... Read the full article
Burns & Wilcox adds two to Canadian teams
9th April 2021
Wholesale specialty insurance company and managing general agent Burns & Wilcox has appointed two associates to its Vancouver and Calgary teams. Cheryl Fortier joins as Western Canada Manager and Murray Houck joins as Senior Underwriter. Fortier will be based in Vancouver and focus on expanding the company’s capacity and product offerings throughout ... Read the full article
Singapore’s competition watchdog seeks consultation on Aon / WTW merger
9th April 2021
The Competition and Consumer Commission of Singapore (CCCS) is currently assessing whether the proposed combination of re/insurance brokers Aon and Willis Towers Watson (WTW) violates competition rules in the country. Competition related concerns continue to be raised, and the announcement from the CCCS follows reports that the European Commission is ... Read the full article
Willis Re views industry capital levels as resilient
9th April 2021
A new report from Willis Re has examined the capitalization of re/insurers in the US and European markets, concluding that both have proved resilient to the challenges of the pandemic. In the US, Willis Re found that P&C companies continued to show very strong risk-adjusted capitalization scores despite the increase in ... Read the full article
Winter storms drive $80m loss for State Auto Financial
9th April 2021
Ohio-based property and casualty (P&C) insurer State Auto Financial Corporation has estimated that it incurred catastrophe losses of between $80 million and $82 million during the first quarter of 2021. The estimate includes $66 million of net catastrophe losses from winter storms Uri and Viola, a significant portion of which related ... Read the full article
Munich Re America hires Alleyne as CLO
9th April 2021
The U.S branch of global reinsurer Munich Re has appointed Richard Alleyne to the position of Chief Legal Officer, Munich Re US P&C Companies. He will be based in Hartford and report to Adrienne Mageras, Chief Operating Officer for Munich Re America Services. Alleyne brings over 20 years of industry experience across ... Read the full article
Carbon adds Giovanni Schiattarella to underwriting team
9th April 2021
Carbon Underwriting Limited (Carbon), the specialist, independent managing general underwriter (MGU), has announced the addition of Giovanni Schiattarella to its underwriting team. Schiattarella will focus on expanding Carbon’s existing General Liability and Property books of business as well as new business development across Europe. Prior to joining Carbon, he was a broker ... Read the full article
Robert Dietrich named CEO of Hiscox Europe
9th April 2021
Specialist global insurer Hiscox has announced the appointment of Robert Dietrich as the new Chief Executive Officer (CEO) of its European arm, Hiscox Europe. Dietrich will take up the role immediately, succeeding Stephane Flaquet who was appointed to the new role of Chief Transformation Officer earlier this year. Dietrich has been with ... Read the full article
Tewes-Kampelmann to succeed Ahmed as CEO of Allianz Re
9th April 2021
Allianz SE Reinsurance (Allianz Re), the reinsurance arm of the global insurance carrier, has announced that Holger Tewes-Kampelmann will succeed Amer Ahmed as its Chief Executive Officer (CEO), effective May 1st, 2021. Ahmed, who is leaving the role to pursue new responsibilities outside of the Group, joined Allianz Global Corporate and ... Read the full article
QBE expands US FINPRO, adds Swiss Re’s Salvatore Samà to lead
9th April 2021
QBE Re, the reinsurance arm of Australian insurer QBE, has expanded its US Casualty treaty hub and appointed Salvatore Samà as Senior Vice President, Treaty Underwriting - FINPRO. Based in New York, Samà will take charge of driving the development and advancement of QBE Re’s US Financial and Professional Lines treaty ... Read the full article
Kemper wraps up $370mn American Access acquisition
9th April 2021
US insurer Kemper has closed its previously announced acquisition of American Access Casualty Company for a deal valued at around $370 million. The acquisition was first announced in November 2020 and also includes American Access' related captive insurance agency Newins Insurance Agency Holdings and its subsidiaries (collectively known as AAC). AAC ... Read the full article
UK property insurers need to map the long-term impact of climate change: JBA
9th April 2021
Analysts at flood science specialist, JBA Risk Management, have warned that UK property insurers need to start planning how they will map the long-term impacts of climate change on their books. The warning comes ahead of the confirmation this June of the Prudential Regulatory Authority’s (PRA) detailed reporting requirements on insurers’ ... Read the full article
Jupiter hires new Head of Business Development and Partnerships
9th April 2021
Jupiter, a provider of predictive data and analytics for climate risk and resilience, has appointed Marc Lehmann as Head of Business Development and Partnerships, UK & Europe. In his new role, Lehmann will lead Jupiter’s ongoing expansion in UK & European markets. Prior to joining Jupiter, he served as Director within the ... Read the full article