Reinsurance News
The Ever Given freed, all valid claims to be considered
30th March 2021
Stranded container ship the Ever Given has been freed from the Suez Canal after five days spent blocking traffic along the vitally important trade route. Egyptian officials expect the backlog of ships to be cleared in around three days, while experts say the knock-on effect on global shipping could take months ... Read the full article
NSW flooding to pressure underwriting margins, dampen earnings: AM Best
30th March 2021
AM Best says it expects recent flood activity in Australia to put pressure on general insurers’ underwriting margins and dampen 2021 earnings. As of this week 9,213 claims have been received following devastating flood events across the east and southeast of the country. Days of torrential downpours have prompted rivers and ... Read the full article
Hong Kong GWS framework will improve risk management: Moody’s
30th March 2021
Analysts at Moody’s believe the Hong Kong SAR's Insurance Authority (IA) implementation of groupwide supervision (GWS) will help to improve insurance groups' governance and capital management framework. The use of GWS will help to strengthen insurance groups' capital and risk management, enhance their public disclosure and reduce the scope for regulatory ... Read the full article
WTW makes two senior appointments
30th March 2021
Re/insurance broker Willis Towers Watson has appointed Elizabeth Bart and Frédéric Matte as directors in the company’s North America Property & Casualty practice within its Insurance Consulting and Technology (ICT) business. Bart is Chicago based and will be responsible for reserving, including delivery of consulting services and technology sales. She will ... Read the full article
Willis Re pegs 2020 insured loss from global nat cats at $78bn
30th March 2021
Overall insured loss estimates from global natural catastrophes in 2020 totalled $78 billion, significantly higher than the $53 billion in 2019, according to a Willis Re report. In the US, there were 22 events in 2020 that exceeded $1 billion, breaking the record of 16 in 2007, and the 2020 Atlantic ... Read the full article
Guy Carpenter appoints Owen & Ahmad to lead APAC Capital Advisory Group
30th March 2021
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has launched a new Capital Advisory Group in Asia Pacific, and has appointed Michael Owen and Hussain Ahmad to lead the business. The broker's new Asia Pacific Capital Advisory Group provides clients with industry-leading capabilities designed to help make informed business decisions, ... Read the full article
Everest Re names Anne Rocco SVP, chief transformation leader
30th March 2021
Global reinsurer Everest Re has announced the appointment of Anne Rocco as senior vice president and group chief transformation and shared services leader. Rocco will serve on Everest's executive leadership committee and is set to report directly to president and Chief Executive Officer Juan C. Andrade. She joins from Chubb having most ... Read the full article
Months on from BI ruling, major insurers have paid zero claims
29th March 2021
Data from the Financial Conduct Authority (FCA) shows that months on from the UK's legal ruling on business interruption (BI) claims connected to the pandemic, many major insurers have paid out on only a fraction of claims, with some reporting no payments at all. Last week, the UK regulator reported that ... Read the full article
Hamilton appoints Jamie Secor to US Professional Liability role
29th March 2021
Hamilton Insurance Group, Ltd. has announced the appointment of Jamie Secor as Head of Professional Liability Insurance at its US MGA, Hamilton Managing General Agency Americas LLC. Secor joins from Kinsale Insurance Company, and will report to Clay Rhoades, President, Hamilton Managing General Agency Americas LLC. In this newly created role, Secor ... Read the full article
Odyssey Investment Partners acquires SIAA
29th March 2021
Odyssey Investment Partners, a middle-market private equity firm with a successful track record in insurance services, has partnered with the management team at Strategic Insurance Agency Alliance (SIAA) to acquire the company. SIAA, part of the SAN Group, was formed in 1995 and is a leading U.S. alliance of independent insurance ... Read the full article
QBE Re targets regional expansion; names Attilio Tornetta as Head of Africa
29th March 2021
QBE Re, the reinsurance arm of the Australian insurer, has announced the expansion of its treaty hub for Africa with the addition of Attilio Tornetta as Head of Africa, based in Dubai. In this newly created role, Tornetta will be responsible for all the new treaty business incepting from the April ... Read the full article
“Large share” of Suez losses will be reinsured, warns Fitch
29th March 2021
The reinsurance market breathed a sigh of relief this morning as the Ever Given was finally dislodged from the banks of the Suez Canal, but analysts at Fitch Ratings have warned that a “large share” of industry losses stemming from the disruption will probably be reinsured. Latest reports suggest the container ... Read the full article
Chubb “disappointed” by The Hartford rejection
29th March 2021
Global re/insurer Chubb has released a statement saying it is “disappointed” by The Hartford’s decision to reject its $23.24 billion acquisition offer. The Hartford's board unanimously rejected Chubb's takover bid last week on the basis that such a transaction "would not be in the best interests of the company ... Read the full article
Allstate exits life & annuity businesses with sale of ALNY to Wilton Re
29th March 2021
The Allstate Corporation has completed its exit from the life and annuity sectors with the sale of Allstate Life Insurance Company of New York (ALNY) to Wilton Re for a sum of $220 million. Under the terms of this definitive agreement, Allstate divests ALNY and also terminates an ALIC stop-loss reinsurance ... Read the full article
US P&C reinsurer’s net premium hit $65bn in 2020: RAA
29th March 2021
Data from the Reinsurance Association of America (RAA) shows that a group of 17 U.S. property and casualty (P&C) reinsurers wrote $65 billion of net premiums during 2020, an increase from the $57.7 billion recorded in 2019. However, despite writing more premiums the combined ratio of the collective did rise from ... Read the full article