Reinsurance News
Peter Zaffino named CEO of AIG; Duperreault to become Executive Chairman
27th October 2020
The American International Group, Inc. (AIG) Board of Directors has named Peter Zaffino as the company's new Chief Executive Officer (CEO), with Brian Duperreault set to become Executive Chairman, effective March 1st, 2021. Zaffino takes on the role alongside his current position as President of the global re/insurer, and has also ... Read the full article
Hannover Re’s Jean-Jacques Henchoz appointed chairman of GRF
27th October 2020
Global Reinsurance Forum (GRF) has announced that Jean-Jacques Henchoz, CEO Hannover Re, has recently assumed the role of GRF Chairman for a two-year term. The Chairman of General Re, Charles Shamieh, has also been elected Vice Chairman. Jean-Jacques Henchoz said: “It is a privilege to serve as the GRF’s Chair. Global collaboration ... Read the full article
deVere Group granted captive licence by Guernsey regulator
27th October 2020
Financial advisory and fintech firm deVere Group has had its application for a Guernsey-based Captive approved by the Guernsey Financial Services Commission (GFSC). The newly established White Knight Limited, a wholly-owned subsidiary, will be led by a team of directors that includes deVere Chairman Peter Hobbs. Other Board figures include Peter Moffat, ... Read the full article
Gallagher report highlights hard market drivers
26th October 2020
A new report from re/insurance broker Gallagher has highlighted the key drivers of hardening market conditions that have developed over the course of 2020. Gallagher noted that, in a traditional hard market, capital and have been capacity reduced, limiting the availability of insurance. However, in the current marketplace, hard conditions are being ... Read the full article
Coverys finalises acquisition of Bridge
26th October 2020
Coverys European Holdings (CEH) has announced that the acquisition of Bridge Insurance Broker, a Lloyd’s wholesale broker and coverholder, has been completed. Bridge, which is based in Italy, will provide a full suite of property, casualty and specialty insurance products, as well as claims management services. The Italian agency manages some ... Read the full article
US life insurers facing rising commercial mortgage losses off COVID-19: Fitch Ratings
26th October 2020
Life insurers are expected to see higher losses on commercial mortgage loans compared to levels seen during the Global Financial Crisis (GFC), reflecting both the severity of the pandemic fallout and the slow pace of the expected recovery, according to Fitch Ratings. Analysts expect elevated losses from the coronavirus pandemic to ... Read the full article
Sompo Holdings adopts Willis Towers Watson’s pricing solutions
26th October 2020
Insurance broker Willis Towers Watson says Sompo Holdings Asia has adopted its pricing solutions for retail business in the region in an effort to transform its pricing operations across 14 markets. Due to the current economic environment where consumer behaviour and financial markets are changing daily, it has become essential for ... Read the full article
Ares welcomes Raj Krishnan as partner, CIO of AIS division
26th October 2020
Global alternative investment manager Ares has added Raj Krishnan as partner and Chief Investment Officer of Ares Insurance Solutions. Krishnan brings over 25 years’ experience to the role and will oversee insurance asset management for AIS and help optimize investment returns. He will also develop and execute strategic asset allocation for Ares’ ... Read the full article
Whitespace partners with GuideOne to launch MGU
26th October 2020
Insurance trading platform Whitespace has partnered with GuideOne National on a new, entirely digitalised energy Managing General Underwriter, Career General Agency (CGA). A first of its kind, CGA will accept risks exclusively via the Whitespace Platform through a wholly digitised underwriting process. CGA will be based in Iowa and will underwrite property ... Read the full article
AM Best assigns strong credit ratings to Swiss Re-backed Coefficient
26th October 2020
AM Best has assigned a Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of “a-” to Coefficient Insurance Company. The outlook assigned to these ratings is stable. Coefficient, a Verily subsidiary focused on employer stop-loss, is backed by Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant ... Read the full article
Re/insurers’ public COVID-19 losses hit $23.7bn with more to come in Q3 & Q4
26th October 2020
Publicly recorded COVID-19-related losses among the largest global re/insurance companies have reached USD 23.7 billion, with further increased loss estimates anticipated for both the third and fourth quarters, according to analysis by Zurich-based financial services advisory, PeriStrat LLC. Losses related to the ongoing pandemic continue to trend upwards, and with Q3 ... Read the full article
Carnegie-Brown calls for government intervention on COVID cover
26th October 2020
Bruce Carnegie-Brown, Chairman of insurance and re/insurance marketplace Lloyd’s of London, has voiced his support for a government initiative that would provide a backstop for pandemics, as well as other forms of systemic risks. Speaking in an interview with the Telegraph, Carnegie-Brown explained how COVID-19 has shown that pandemic risk is ... Read the full article
ELEMENT adds Swiss Re’s Eric Schuh to exec board
26th October 2020
ELEMENT Insurance, a white-label provider for insurance solutions, has added Eric Schuh to its executive board. Schuh joins from Swiss Re, where he held various international management positions. He most recently led Swiss Re P&C Solutions, a unit focusing on the use of modern technology and data analytics for customer solutions. Effective January ... Read the full article
Pen Underwriting adds Sarah Breslin as CFO
26th October 2020
Multi-territory managing general agent Pen Underwriting has added Sarah Breslin as Chief Financial Officer. She succeeds Praveen Panicker, who is set to join Gallagher’s corporate finance team. Breslin joins from Gallagher after eight years with the firm, most recently serving as Finance Director of Corporate Services. She began her career at PwC in ... Read the full article
Macif, Generali & CVC to join bidding war for Aviva’s French business
26th October 2020
Reports suggest that mutual insurer Macif and a consortium consisting of Generali and investment firm CVC Capital Partners are readying their bids for an acquisition of Aviva’s business in France. Last month, sources at Reuters said a consortium of Allianz and life re/insurer Athora Holding were in talks to takeover ... Read the full article