Reinsurance News
P&C industry paid $16.1 billion for A&E claims: AM Best
2nd November 2020
AM Best has released a new report that shows the US property & casualty (P&C) industry has paid out $16.1 billion for asbestos and environmental (A&E) claims while incurring $11.3 billion in losses in the past five years. The report, “AM Best’s A&E Loss Estimates Remain Unchanged,” states that AM Best ... Read the full article
Argo agrees Ariel Re sale to Pelican Ventures, JC Flowers
2nd November 2020
Argo Group has reached an agreement with Pelican Ventures and J.C. Flowers & Co that will see the two private equity investors acquire property and casualty reinsurance underwriter Ariel Re for an undisclosed sum. Terms for an operational partnership with Apollo Syndicate Management have been also agreed upon. The partnership will be ... Read the full article
The Hartford adds Donna James to its board
2nd November 2020
Property and casualty insurer The Hartford has announced the addition of Donna James to its board of directors. Effective February 17, 2021, she will serve on the board’s Finance, Investment and Risk Management Committee. James is president and CEO of Lardon & Associates, a business-advisory firm specializing in corporate governance, new business ... Read the full article
Newly launched speciality broker NARDAC to open London office
2nd November 2020
Specialist energy and infrastructure insurance broker NARDAC is set to open a London office led by Peter Draper, the former international property director at AFL. Draper is the final founding partner to join the business. He will lead the business’s expansion into the European markets, building relationships with London underwriting capital and ... Read the full article
Hurricane Zeta’s insured property loss put at $4.4bn by KCC
2nd November 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured loss to onshore properties caused by Hurricane Zeta will be close to $4.4 billion. This figure includes $4.3 billion of wind and storm surge losses in the US and $80 million of wind losses in Mexico. KCC explained that ... Read the full article
Ageas appoints two regional Managing Directors
2nd November 2020
Personal and commercial insurer Ageas has announced a reshuffling of its management department. The Belgian insurer announced that Filip Coremans, who is currently Chief Development Officer, will be appointed as Managing Director Asia and Antonio Cano, currently Chief Operating Officer, as Managing Director Europe. The responsibilities of Christophe Boizard as Chief Financial ... Read the full article
Howden Specialty adds Matthew Savitt to lead natural resources division
2nd November 2020
Howden Specialty has appointed Matthew Savitt to lead its new natural resources division in the Asia-Pacific region. Howden Specialty says the appointment will expand its ability to provide specialist expertise to both its global and regional upstream, downstream, power generation and sustainable energy clients. Savitt will be based in Singapore and reports ... Read the full article
Aon appoints NBA president Byron Spruell to board of directors
2nd November 2020
Re/insurance broker Aon has announced the appointment of Byron Spruell to its board of directors. Spruell is the president of league operations at the National Basketball Association (NBA). Before his time at the NBA he spent 20 years at Deloitte, most recently serving as vice chairman, central region marketplace leader and Chicago ... Read the full article
Guy Carpenter launches new Marine & Energy division
2nd November 2020
Guy Carpenter, the reinsurance arm of global brokerage Marsh, has announced the launch of a new Marine & Energy mutual, agency and captive reinsurance solutions practice. The practice, which forms part of Guy Carpenter’s Global Marine & Energy Specialty group, will be led by Managing Director Demian Smith. Guy Carpenter’s aim is ... Read the full article
Steadfast Re recruits Ryan Springall as Director Treaty, APAC
2nd November 2020
Steadfast Re, the reinsurance broking joint-venture operation of the Steadfast Group, has announced the appointment of Ryan Springall as Director Treaty for the Asia Pacific region. Springall arrives from Risk Frontiers, an Asia Pacific Perils research organisation, where he most recently served as General Manager. Prior to that, he was a lead ... Read the full article
Energy and power insurance market has continued to harden: Marsh JLT
2nd November 2020
According to reinsurance broker Marsh JLT Specialty's fourth Energy Insurance Quarterly Newsletter of 2020, the various component parts of the energy and power insurance market have all continued to harden throughout this year. Even where the loss environment has improved, such as downstream or upstream, there is still momentum from insurers ... Read the full article
SCOR & Allianz back health startup Human API
2nd November 2020
Human API has raised over $20 million in a Series C funding round that saw participation from SCOR Life and Health Ventures, Allianz Life Ventures, Samsung Ventures and CNO Financial Group. Human API is a health data network that has established a reputation helping Fortune 500 financial services companies such as Prudential ... Read the full article
Rate improvements help Hiscox to grow top line
2nd November 2020
Specialist re/insurer Hiscox has reported a 2% increase in gross written premiums over the first nine months of 2020, helped by strong rate improvements across both its primary and reinsurance business. GWP stood at $3,262.4 million for 9M 2020, compared with $3,212.6 million for the same period last year. This included 7% ... Read the full article
Insurance Council of Australia supports new Royal Commission report
2nd November 2020
The Royal Commission has released the final report for National Natural Disaster Arrangements and has highlighted the key recommendations aimed at strengthening Australian communities. Key recommendations supported by the Insurance Council of Australia (ICA) include establishing a national organisation dedicated to championing resilience across the nation. It would think broadly about all ... Read the full article
MAPFRE’s revenue falls 12% in first nine months of 2020
30th October 2020
Spanish re/insurer MAPFRE has reported a revenue of €19.1 billion euros for the first nine months of the year, an 11.9% decrease compared to the same period in 2019. Premiums also dropped 11.9% to €15.6 billion. Earnings came in at €450 million, a 2.7% drop compared to the first nine months of 2019. The insurance unit saw ... Read the full article