Reinsurance News
Car insurance premiums dropped by 1%: Willis Tower Watson
22nd October 2020
Willis Tower Watson's Car Insurance Price index has shown that comprehensive car insurance premiums have fallen by 1% (£5) in Q3 2020, due to the COVID-19 Pandemic. The index which was released in partnership with confused.com shows that the average cost of car insurance has now fallen for three consecutive quarters ... Read the full article
Hannover Re expects continued P&C growth in APAC
22nd October 2020
The Asia-Pacific region’s economy is the fastest growing in the world, resulting in an evolution into one of the largest re/insurance markets. This is promising in terms of business opportunities due to the insurance density being lower than in more mature markets. It is predicted that P&C insurance growth rates will improve ... Read the full article
BMS adds Miller, Howard as VPs within US fac division
21st October 2020
Independent specialist re/insurance broker BMS Group has added Denny Miller and Jessica Howard as Vice Presidents in within its US facultative division. Miller and Howard will be developing the team’s technological and analytical capabilities while helping grow a division that is in the process of building a new facultative platform. Miller joins ... Read the full article
Average premium renewal rates up through Q3: IVANS
21st October 2020
Average premium renewal rates continued to harden across nearly all major commercial lines of business during the third quarter of 2020, according to the results of the IVANS Index, a division of Applied Systems. Q3 results showed an increase in premium renewal rate change average across nearly all major commercial lines ... Read the full article
SageSure launches commercial insurance products for coastal businesses
21st October 2020
Insurtech company SageSure has announced the availability of a new line of commercial insurance products in underserved coastal markets. SageSure's new solutions will be launching in South Carolina followed by Florida, where its commercial product line will provide cover for over 300 classes of business in six industry groups, including office, ... Read the full article
Chubb adds Alex Forman as casualty manager for UK & Ireland
21st October 2020
Global re/insurer Chubb has announced the appointment of Alex Forman as Casualty Manager for the United Kingdom and Ireland (UK&I). Forman will oversee the profitability and growth of Chubb's UK&I Casualty portfolio as well as have product line oversight of all casualty business written throughout the region. He reports to Mark Roberts, ... Read the full article
Kemah Capital enters US marine market
21st October 2020
Specialty lines managing general agency (MGA) Kemah Capital has expanded into the US marine underwriting market. Kemah will initially offer a US admitted recreational yacht insurance product, underwritten from a newly opened office in Essex, Connecticut. Further expansion into other marine lines is expected to follow at later dates. The yacht account will ... Read the full article
September wildfires could push annual cat losses above budget: Jefferies
21st October 2020
The month of September was defined by wildfire losses totalling around $5.6 billion and contributed to a year-to-date insured catastrophe loss total that financial services company Jefferies estimates is 5% above the 10-year average. This suggests that annual catastrophe loss ratios may marginally exceed budgets. Nevertheless, with an unusually high aggregation of ... Read the full article
CRESTA launches CLIX industry loss index
21st October 2020
CRESTA has announced the release of a new service that provides benchmark information on natural catastrophe losses incurred by the global insurance industry. CLIX has a database that stores key information for all major events since 2000, including the insured loss figure and a detailed event description. For events occurring in 2020 ... Read the full article
RSA decides not to appeal against BI court ruling
21st October 2020
Multinational insurance group RSA has decided not to appeal against the UK High Court's decision in a recent ruling on the COVID-19 business interruption (BI) case brought forward by the FCA. The court largely sided with policyholders in the landmark case, meaning UK insurers are expected to pay out on ... Read the full article
AXA XL’s New Energy Risk insures fuel cell project in South Korea
21st October 2020
New Energy Risk (NER), an affiliate of global re/insurer AXA XL, has provided an insurance solution to Bloom Energy to facilitate the purchase and financing of fuel cells in South Korea. NER developed an insurance solution and monitoring schedule that addresses the operation of the fuel cells for 15 years. NER has ... Read the full article
Peak Re adds Swiss Re’s Clarence Wong as Chief Economist
21st October 2020
Hong Kong domiciled reinsurer Peak Re has announced the appointment of Clarence Wong as its new Chief Economist, effective November 16th, 2020. In his new role, Wong will report directly to Peak Re's Chief Executive Officer (CEO), Franz Josef Hahn. He takes on responsibility for delivering strategic insights on economic, insurance ... Read the full article
Heather Clarkson joins LIIBA board
21st October 2020
Heather Clarkson, Director and Divisional CEO, Specialty at Ed has joined the LIIBA board, taking up her seat with immediate effect and replacing Andrew Draycott, CEO of Ed London. Clarkson joined Ed Broking as MD of its Marine Division in 2018, was appointed CEO of Ed’s Specialty Division and a Director ... Read the full article
CRC Group makes senior leadership changes
21st October 2020
Specialty insurer, CRC Group has announced changes to the company’s senior leadership team which will come into effect from January 1, 2021. Ron Helveston who is the current CEO of Commercial Solutions will retire, and be succeeded by Mike Brennan currently President, Commercial Solutions. In addition, Neil Kessler currently Chief Operating Officer, ... Read the full article
Whitespace announces new Advisory Board
21st October 2020
Whitespace, the digital e-trading platform for brokers and re/insurers, has announced the establishment of its new Advisory Board. The company's new board brings together Andrew Brooks, Chief Executive Officer (CEO) of Ascot; Stephen Catlin, Chairman and CEO of Convex; Jason Keen, President of Chubb Global Markets; Craig Kingaby, CEO of Meridian ... Read the full article