Reinsurance News
ILS and reinsurance market show resilience at 2021 renewals: AM Best
31st March 2021
The insurance-linked securities (ILS) and traditional reinsurance markets have shown resilience at the January 2021 renewals, despite multiple small-to-medium-sized catastrophe losses and the COVID-19 pandemic, according to analysts at AM Best. A report by the rating agency shows that there was sufficient ILS and traditional reinsurance capital to meet demand at ... Read the full article
Arch secures over $640mn of mortgage reinsurance
31st March 2021
Arch MI, the private mortgage insurance subsidiary of Arch Capital, has obtained over $640 million of indemnity reinsurance from the capital markets. The company secured coverage on a pool representing $38 billion of mortgages from Bellemeade Re 2020-3 Ltd., a special purpose reinsurer. Arch MI explained that the reinsurance was obtained by ... Read the full article
Peak Re profits surge on top line growth
31st March 2021
Hong Kong-based reinsurer Peak Re has reported a year-on-year rise in net profit in 2020 to US $90.8 million, on the back of 18.1% growth in gross written premiums. Profit was significantly up from the $35 million that Peak Re reported in 2019, while premium income rose to $1.966 billion, up ... Read the full article
Reinsurers to achieve low single digit rate improvements in April, says Morgan Stanley
31st March 2021
Analysts at Morgan Stanley expect European reinsurers to achieve low single digit rate improvements in the Japan-focused, April renewals, alongside further tightening in terms and conditions (T&C). After consecutive heavy loss years and the impacts of the pandemic in 2020, reinsurers were hopeful of meaningful rate rises at the January 1st, ... Read the full article
Suncorp estimates current flood loss at $250m as ICA sees claims rise
31st March 2021
Australian insurer Suncorp has announced an expected losses of between $230 million and $250 million from the recent heavy rainfall and flooding across New South Wales, South East Queensland and Victoria. Concurrently, the Insurance Council of Australia has raised its estimate from the $438 announced earlier this week to $497 ... Read the full article
Robus PCC Captive Cell authorised by GFSC
31st March 2021
Robus’ Protected Cell Company (PCC) has been approved for participation in the Guernsey Financial Services Commission (GFSC) pre-authorisation pilot scheme for captive cells. The scheme ensures Robus’ captive cell’s are pre-authorised for a client making use of the pilot scheme for their Professional Indemnity (PI) programme. A protected cell company (PCC) is ... Read the full article
Lloyd’s reports net loss for 2020 on COVID-19 losses of £3.4bn
31st March 2021
The specialist Lloyd's of London insurance and reinsurance marketplace has reported a net loss of £900 million for 2020 against profit of £2.5 billion a year earlier, as net incurred COVID-19 losses, net of reinsurance, reached a significant £3.4 billion. On a gross basis, customer payouts related to the pandemic are ... Read the full article
Climate change regulation to benefit re/insurers: Moody’s
31st March 2021
Analysts at Moody’s believe that a growing focus on climate change by global re/insurance regulators will ultimately be beneficial to the industry. The rating agency suggested that closer regulatory scrutiny of climate risk will push re/insurers to better evaluate and monitor climate-related threats. It is also expected to support re/insurers in making ... Read the full article
Swiss Re backs disaster risk insurance scheme in Nagaland, India
31st March 2021
Swiss Re has been confirmed as the reinsurance partner to a new public-private disaster risk insurance scheme in the Indian state of Nagaland, which aims to increase the region’s climate resilience. The scheme is co-funded by InsuResilience Solutions Fund (ISF), an initiative managed by Frankfurt School of Finance and Management and ... Read the full article
Pandemic widened protection gap in emerging Asia: Peak Re
30th March 2021
Clarence Wong, Chief Economist at Hong Kong domiciled reinsurer Peak Re, has asserted that the economic fallout from the COVID-19 pandemic has served to further widen the protection gap in emerging Asian countries. The prevalence of under-insurance and non-insurance in emerging markets is well-documented and exists across various different risks, from ... Read the full article
Lara Frankovic to lead general liability team at Hiscox
30th March 2021
Specialist global insurer Hiscox has announced the appointment of Lara Frankovic as Line Underwriter – General Liability. Reporting to Hiscox London Market's Divisional Director for Casualty, Matthew Webb, Frankovic will lead a four-strong general liability underwriting team, focusing primarily on large US domiciled accounts. Frankovic joined Hiscox in March 2019 as Senior ... Read the full article
Acrisure forms asset management division, appoints Patrick Rogers to lead
30th March 2021
Insurance broker Acrisure has announced the launch of a new asset management division to be led by asset and wealth management veteran Patrick Rogers. Rogers will serve as president of the decision and brings with him a 35-year career having led both Gateway Investment Advisers and Quadrant Capital Group. He is now ... Read the full article
AIG hires Claude Wade as EVP, Global Head of Operations
30th March 2021
Global re/insurer American International Group (AIG) has appointed Claude Wade to the newly created role of Executive Vice President, Global Head of Operations and Chief Digital Officer. Based in New York, Wade will report to President & Chief Executive Officer (CEO), Peter Zaffino. Wade has over thirty years of operational strategy and ... Read the full article
Reliance to sell Travelers & Nationwide policies through insurtech platform
30th March 2021
Reliance Global Group’s subsidiary, Fortman Insurance Services, has announced it will now offer Travelers and Nationwide insurance products through its insurtech platform. Fortman plans to initially focus on home and auto insurance, with the goal to add additional coverages. Ezra Beyman, CEO of Reliance Global Group, commented: “The addition of Travelers and ... Read the full article
AM Best stable on London market re/insurance; expects rate momentum to persist
30th March 2021
Despite the ongoing and uncertain impacts of the COVID-19 pandemic, AM Best has assigned a stable outlook to the London re/insurance market segment owing to positive rate momentum, greater clarity of policy wordings, and continuous efforts to modernise the market. In recent years, London market insurers and reinsurers have experienced several ... Read the full article