Reinsurance News
Hannover life makes three senior appointments
2nd February 2021
Hannover Life Reassurance Company of America, the US life and health reinsurance subsidiary of Hannover Re, has promoted Tiffany Norman to Senior Vice President, Head of Annuity Solutions, along with Aaron Kinakin to Senior Vice President, Head of Structuring, and Thomas Porter who will be the new Senior Vice President, ... Read the full article
Swiss Re partnership targets breakthrough in life insurance underwriting
2nd February 2021
Swiss Re is partnering with health data specialist Diameter Health on a scalable solution that leverages electronic clinical health data for life insurance underwriting. It’s hoped the partnership will transform complex clinical electronic health data into organised, usable information thus accelerating Swiss Re’s efforts to help life insurers improve the speed ... Read the full article
Pana Harrison to outsource digital platform InsureGuru
2nd February 2021
Singapore headquartered re/insurance broker Pana Harrison is set to outsource the digital distribution platform InsureGuru. InsureGuru is a Singapore-registered FinTech company designed to take the complexity out of purchasing insurance by allowing policy statuses to be checked online any time with expiry reminders. It’s hoped that together, Pana Harrison and InsureGuru can ... Read the full article
Turkey’s Eximbank signs reinsurance deal with Austrian export agency
2nd February 2021
Türk Eximbank, Turkey’s official export credit agency, has signed a new reinsurance cooperation agreement with Austria's official export support organization, Oesterreichische Kontrollbank AG (OeKB). Reports from state-run news agency Anadolu Agency confirm that Türk Eximbank will provide support to OeKb for the export of goods and services for joint projects in ... Read the full article
Uber’s Ryan Graves to invest $50mn in Metromile
2nd February 2021
Metromile, a San Francisco based car insurance start-up, has announced that Ryan Graves intends to make a $50 million investment in the company personally and through his investment firm, Saltwater. Graves, Uber’s former senior vice president of global operation, latest investment includes secondary purchases and participation in the previously announced PIPE ... Read the full article
COVID-19 tail highlighted by surge in workers’ comp claims in California
2nd February 2021
The projected ultimate count for all COVID-19 workers' compensation (WC) claims for accident year 2020 in the State of California stands at almost 118,000, according to analysis by the California Workers’ Compensation Institute (CWCI). In December 2020, the monthly count of COVID-19 job injury claims reported to the California Division of ... Read the full article
Re/insurers’ Q4 results to show effects from COVID: Barclays
2nd February 2021
Analysts at Barclays predict the Q4 2020 results season will show continuing effects surrounding COVID-19 losses, pricing and dividends. Barclays expects the uncertainty around COVID-19 losses and dividends to start to decrease throughout 2021. Retail motor insurers are expected to see the more immediate earnings upgrades and could perform better in the ... Read the full article
Understory names WTW’s Neil Irwin Chief Strategy Officer
2nd February 2021
Weather network and analytics firm Understory has appointed Neil Irwin as Chief Strategy Officer to help drive the company's strategic planning efforts. These efforts include an expansion into high-growth markets, development of industry partnerships and new delivery models. He brings more than three decades of leadership experience to the role and previously served ... Read the full article
Kemper’s Q4 income slumps to $98mn
2nd February 2021
US insurer Kemper has reported that it’s net income in the fourth quarter of 2020 was $97.5 million, representing a 22% decrease on the $124.7 million it reported for the same period in 2019. Looking at the full year, Kemper’s 2020 income similarly dropped 23% from $531.1 million to $409.9 million. The ... Read the full article
Kingstone reports $1.2mn Q4 cat loss, names Scott Van Pelt CFO
2nd February 2021
Property and casualty insurer Kingstone incurred net pre-tax catastrophe losses of $1.2 million in the fourth quarter of 2020. Cat losses for the quarter comprised four events at an estimated gross cost of $1.5 million. The company has also appointed Scott Van Pelt to its senior management team as Chief Financial Officer. Van ... Read the full article
Bruce Hemphill to lead Catalina as co-founder Chris Fagan departs
2nd February 2021
Chris Fagan, co-founder of legacy specialist Catalina Holdings, is to step down from his role as Chief Executive Officer (CEO) and be succeeded by Bruce Hemphill, current Chair of the Catalina Board. Fagan has led Catalina for the past 15 years since he founded the legacy firm with Dean Dwonczyk in ... Read the full article
Insured nat cat losses above-average in 2020 at $78bn, says Willis Re
2nd February 2021
The insurance and reinsurance industry loss from major natural catastrophe events in 2020 totalled approximately $78 billion, which is some 17% higher than the ten-year average of $66.5 billion, according to analysis by Willis Re, the reinsurance arm of global brokerage Willis Towers Watson (WTW). While the insured loss estimate is ... Read the full article
Reinsurers to bear more BI costs as COVID losses mount: AM Best
2nd February 2021
Analysts at AM Best have warned that reinsurers are likely to bear a higher proportion of business interruption (BI) claims as COVID losses continue to mount and insurers exceed their retentions. In the UK, the Supreme Court’s recent ruling on pandemic BI claims brought greater clarity to the sector, but the ... Read the full article
Stephen Bertolla to join Lockton Re in London as a Senior Broker
2nd February 2021
Lockton Re, the reinsurance arm of global brokerage Lockton, has announced the addition of Stephen Bertolla to its International P&C division in London as a Senior Broker. Later this year, Bertolla will join Lockton Re from his most recent role as an Account Executive and Senior Broker at Guy Carpenter, who ... Read the full article
Pen Underwriting & Zurich agree specialist fleet deal in Ireland
2nd February 2021
Pen Underwriting and Zurich Insurance have announced a second multi-year capacity deal for specialist fleets in the hazardous goods, tankers and environmental industries in the Republic of Ireland. The three-year agreement follows on from a similar five-year UK capacity deal to support the same sector, announced earlier this month. The new Irish ... Read the full article