Reinsurance News
Kyushu flood & Typhoon Haishen losses estimated at $1.7bn
18th December 2020
The General Insurance Association of Japan (GIAJ) has released new data relating to the Kyushu floods and Typhoon Haishen that impacted Japan earlier this year, showing combined re/insurance industry losses to be around US $1.7 billion. The southern Japanese island of Kyushu experienced record-breaking heavy rain in the prefectures of Kumamoto ... Read the full article
KBW says 1/1 looks satisfactory, not spectacular
18th December 2020
After conducting a virtual tour of Bermuda, analysts at Keefe, Bruyette & Woods are expecting a satisfactory, albeit unspectacular 1/1 renewal. Although all of the executives KBW analysts met still expect property reinsurance rate increases during the pending renewals, current rate increase have been described as ambitions and are seen as ... Read the full article
Optio adds Mark Kelsey as senior underwriter, political violence & terrorism
18th December 2020
Specialty MGA Optio Underwriting has appointed Mark Kelsey as senior underwriter within its political violence and terrorism division. Effective immediately, Kelsey will be based in London and reports to Chris Kirby, head of political violence and terrorism. He brings over 10 years of industry experience to the role, the majority of which ... Read the full article
Robus adds Steve Quinn as Chairman
18th December 2020
Insurance management, fiduciary and financial advisory group Robus has added Steve Quinn as Chairman. Quinn has 30 years’ experience in financial services and was the founder and managing director of Quest Group in Gibraltar, a specialist insurance manager. More recently he has worked as managing director of Premier Group in Gibraltar. “Steve brings ... Read the full article
QBE projects $1.5bn full-year loss
18th December 2020
Australian re/insurer QBE has revealed that it expects to incur an after-tax loss of USD 1.5 billion for the full-year 2020 period. The pre-tax loss is estimated at $780 million and includes $470 million of COVID-19 costs, $130 million of elevated catastrophe losses and $360 million of prior year claims development. While ... Read the full article
Solvency II review could create challenges for UK re/insurers: S&P
18th December 2020
Analysts at S&P Global Ratings have warned that the UK Treasury’s Review of Solvency II ahead of Brexit could result in some operational and expense challenges for re/insurers with operations spanning the UK and European Union (EU). The rating agency acknowledged that the review is unlikely to cause a significant impact ... Read the full article
WTW forecasts £30bn in bulk annuity deals for 2021
18th December 2020
Insurance broker Willis Towers Watson is anticipating roughly £30 billion in bulk annuity deals across 2021, closely matching this year’s expected total. Furthermore, WTW expects to see £25 billion in longevity swaps across next year, close to the £24 billion racked up throughout 2020. Overall, despite the challenges inflicted by the global ... Read the full article
Interest rates & COVID shock behind negative European outlook: Moody’s
18th December 2020
Moody’s has said that prolonged low interest rates and the economic shock from the COVID-19 pandemic underpin its negative outlook on the European insurance sector. Interest rates have declined further in 2020 and Moody's expects them to remain low for some time to come. Low rates will reduce P&C insurers' investment income ... Read the full article
Kovrr to help bolster Deutsche Rück’s cyber modelling capabilties
18th December 2020
Cyber risk modeller Kovrr has announced a collaboration with Deutsche Rück designed to help support the reinsurer's cyber risk modelling capabilities. As part of the agreement, Kovrr will implement a platform to provide Deutsche Rück with validation analysis. Kovrr says its solution provides re/insurers with models built bottom-up, utilising data that closely corresponds to ... Read the full article
Tokio Marine HCC names Ari Giller VP of cyber, tech underwriting
18th December 2020
Property & Casualty insurer Tokio Marine HCC has appointed Ari Giller as vice president of cyber and tech underwriting. He reports to Michael Palotay, the group’s Chief Underwriting Officer. Giller is based in Chicago and oversees the West Coast and Midwest underwriting divisions. Palotay said, “I’m excited to announce Ari’s promotion. He’s distinguished ... Read the full article
Castel expands into renewable energy market
18th December 2020
Castel Underwriting Agencies Limited, has entered the renewable energy market with a new proposition primarily aimed at asset and revenue protection for wind and solar energy producers. The company plans to underwrite a book of marine, construction and operating risks, business interruption, general liability, sabotage, terrorism and theft losses and natural ... Read the full article
Kuvare subsidary inks $1.5bn reinsurance deal
17th December 2020
Lincoln Benefit Life (LBL), a subsidiary of life insurance and annuity firm Kuvare, has signed a deal that will see it assume roughly $1.5 billion of fixed annuity reserves. This is the first such reinsurance transaction for LBL since it was acquired by Kuvare last year. The reinsurance deal is in partnership ... Read the full article
HCI acquires personal lines business from United (UPC)
17th December 2020
Florida-based insurtech HCI Group has agreed to acquire personal lines insurance business in four northeastern US states from P&C insurer United Insurance Holdings Corp. (UPC). Under the agreement, HCI will provide 69.5% quota share reinsurance on all of United’s in-force, new and renewal policies in Connecticut, Massachusetts, New Jersey, and Rhode ... Read the full article
Charles Goldie takes CUO role at MS Amlin
17th December 2020
Global reinsurer MS Amlin has announced the appointment of Charles Goldie as its new Chief Underwriting Officer (CUO). Goldie most recently served as Chief Executive Officer (P&C) for PartnerRe, where he spent over 16 years. During his tenure at PartnerRe, he held a number of senior positions within the organisation, including Deputy ... Read the full article
KCC Flood Model certified by Florida Commission
17th December 2020
Karen Clark & Company’s (KCC) Flood Model has been certified by the Florida Commission on Hurricane Loss Projection Methodology, making it the first to be accepted by them. The KCC Flood Model covers coastal flooding from storm surge and ... Read the full article