Reinsurance News
Hard market conditions in US commercial to continue across 2021: WTW
20th November 2020
A report from re/insurance broker Willis Towers Watson has underlined an expectation for US commercial insurance prices to increase in every line except one throughout 2021. The insurance industry is expected to adapt to the continuing hard market by leveraging analytics and data-driven tools in order to change the way buyers ... Read the full article
Clyde & Co partner Jennette Newman appointed FOIL president
20th November 2020
Clyde & Co partner Jennette Newman has been elected as the new president of the Forum of Insurance Lawyers (FOIL). Newman has been appointed to lead the organisation into a new era and operating environment ushered in by the Covid-19 pandemic. She replaces Anthony Baker, Partner at Plexus Law. At the same time, ... Read the full article
Swiss Re expects P&C Re underwriting performance to improve in 2021
20th November 2020
Global reinsurance giant Swiss Re has said that it expects its property and casualty reinsurance (P&C Re) normalised combined ratio to improve to 96% or less in 2021, as the firm pursues targeted growth in a hardening marketplace. The Switzerland-based reinsurer is holding its Investor Day today, during which the company ... Read the full article
COVID-19 disrupting US professional liability market: AM Best
20th November 2020
Rating agency AM Best has released a new report showing how the COVID-19 pandemic has created disruption for underwriters in each of the US professional liability insurance market lines. Earlier this year, after the initial pandemic surge in the US, AM Best had placed a negative rating against the professional liability ... Read the full article
Aon & HSCM launch $70mn catastrophic cyber product
19th November 2020
Global insurance and reinsurance broker, Aon, has collaborated with Hudson Structured Capital Management Limited (HSCM) on the launch of a new product designed to protect re/insurers against systemic and catastrophic cyber events. Driven by growing awareness at C-suite level, reputational risk and regulation, alongside an increasing number of cyber attacks, the ... Read the full article
LMA looks to redefine current delegated authority model
19th November 2020
The Lloyd's Market Association (LMA) has launched a new project designed to help redefine the current business and distribution model for delegated authority (DA). The project, named DARE, is being led by the LMA’s recently-formed DA Committee, in partnership with digital transformation technology consultancy 6point6. The project will be acknowledging any ... Read the full article
Tysers bolsters Asia and Australasia marine, aviation team
19th November 2020
Independent Lloyd’s broker Tysers has hired a series of Far East reinsurance specialists in an effort to bolster its marine and aviation team in the region. Jane Smart joins from Swiss Re Asia to focus on innovative solutions and Cameron Nicholas will join the firm in January 2021 from Aon Re ... Read the full article
Aon hires Karen O’Donnell as Client Director
19th November 2020
Global re/insurance broker Aon has appointed Karen O’Donnell as Client Director within its PFI and Infrastructure team. O’Donnell will report to Paul Tubb, Executive Director & PFI Team Leader and be based in Edinburgh. Her role will take place effective immediately. She has over 30 years of insurance experience, having held roles as ... Read the full article
QIC announces Antares executive team hires
19th November 2020
Specialty re/insurer QIC Global, the subsidiary of Qatar Insurance Group has appointed Mark Graham Chief Executive Officer of Antares Managing Agency. Before joining Antares, Graham chaired the Solvency II Committee for the Lloyd’s Market Association and headed his own London market-based company, Acuitas Consulting, which provided strategic and operational advice to ... Read the full article
Panellists note orderly, constructive start to renewals: Prospectus 2021
19th November 2020
Despite having to navigate an unprecedented landscape as a result of the COVID-19 pandemic and subsequent remote working, the important January 1st, 2021 reinsurance renewals "started off more constructively than in the past," according to Adam Szakmary, Director of Underwriting, Bermuda, Hiscox Re & ILS. Mindful of the time of year, ... Read the full article
Roberts appointed renewable energy leader within Marsh JLT Specialty
19th November 2020
Marsh has announced the appointment of Hamish Roberts as Global Renewable Energy Leader, Marsh JLT Specialty. Effective 1 January, Roberts will continue to be based in London and will report to Andrew George, Global Head, Energy & Power, Marsh JLT Specialty. He brings over 35 years' experience and was previously Power Leader, ... Read the full article
COVID-19 to impact the future of health insurance: Moody’s
19th November 2020
Analysts at Moody’s Investors Service believe that the COVID-19 pandemic will have a significant impact on the future of the health insurance industry. The report explains that Moody's-rated health insurers will need to adapt to certain changes in the next three to five years as it will be an important driver ... Read the full article
PartnerRe reports solid Q3 net income despite non-life underwriting loss
19th November 2020
Bermuda-based reinsurer PartnerRe has reported net income of $206 million for the third-quarter of 2020 on the back of net unrealised investment gains of $218 million, although its non-life segment fell to an underwriting loss of $20 million in the period. Net income of $206 million in Q3 2020 represents a ... Read the full article
AM Best assigns preliminary credit assessment to Conduit Re
19th November 2020
AM Best has assigned a Preliminary Credit Assessment (PCA) to Conduit Re with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca. The outlook assigned to these PCAs is stable. Conduit Re looks set to be the latest edition to the Class ... Read the full article
Lloyd’s expects industry-wide COVID losses to exceed $107bn estimate: reports
19th November 2020
The Chairman of Lloyd's of London, Bruce Carnegie-Brown, said at a recent Reuters event that the global insured loss from the ongoing COVID-19 pandemic will exceed the market's previous estimate of $107 billion. Back in May, the specialist insurance and reinsurance marketplace said that it expects to pay customers up to ... Read the full article