Reinsurance News
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
Conduit Re, Canopius Re & Mosaic join ABIR
30th March 2021
The Association of Bermuda Insurers and Reinsurers (ABIR) has announced that Conduit Reinsurance, Canopius Reinsurance and Mosaic Insurance are to become its newest members. Accordingly, Conduit Re CEO Trevor Carvey, Canopius Re Bermuda CEO Charles Craigs and Mosaic CEO Mitch Blaser have been named to the ABIR Board. All three companies belong ... Read the full article
Apollo hires James Slaughter as CUO
30th March 2021
Global investment manager Apollo Syndicate Management has appointed James Slaughter as group chief underwriting officer. He will join the business next month and report to David Ibeson, group chief executive officer of Apollo. This announcement comes after Apollo's current CUO, Nick Burkinshaw has decided to retire. Slaughter will lead Apollo’s underwriting teams and ... Read the full article
Secondary perils behind $89bn cat loss in 2020: Swiss Re
30th March 2021
The latest sigma report from Swiss Re has estimated that global insured catastrophe losses totalled $89 billion in 2020 from 274 events, marking the fifth most costly year since its records began. Insured losses from natural catastrophes were $81 billion, the reinsurer said, with man-made disasters were the cause of the ... Read the full article
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