Reinsurance News
Demand for cyber cover to rise alongside frequency & severity: Höpke, Munich Re
19th October 2020
The frequency and severity of cyber events is on the rise and as the peril grows in relevance, particularly under COVID-19 conditions, demand for protection is likely to continue to increase, according to Doris Höpke, Member of the Board of Management at Munich Re. As the ongoing pandemic continues to restrict ... Read the full article
Liberty Mutual to leverage CoreLogic’s property estimation platform
19th October 2020
Catastrophe risk modeller CoreLogic has announced the addition of Liberty Mutual Insurance to the list of companies leveraging its cloud-based property estimation platform. The deal will see Liberty Mutual migrate to CoreLogic’s cloud-based insurance hub. The hub uses an open architecture and and API framework designed to make it easy for Liberty ... Read the full article
HDI Global hires Alexander Wiebe from AXA
19th October 2020
Specialty insurer, HDI Global Specialty SE has announced the appointment of Alexander Wiebe from AXA, as the insurer intends to enter the German Fine Art and high net worth insurance market. Weibe joins the insurer as Head of Fine Art & Lifestyle Continental Europe and Managing Director of HDI Global Specialty ... Read the full article
Echo Re adds Tim Griffiths as Head of Marine & Energy
19th October 2020
Zurich-based Echo Reinsurance Limited has announced the appointment of Tim Griffiths as its new Head of Marine & Energy, effective October 5th, 2020. Griffiths brings more than three decades of experience in marine, energy and aviation lines of business to the company. During his career, he has spent time at the Lloyd’s ... Read the full article
Cat losses dent FedNat’s Q3 net income; Delta to trigger agg reinsurance
19th October 2020
FedNat Holding Company estimates that catastrophe weather losses incurred in the third-quarter of 2020 will reduce its net income for the period by approximately $29 million, primarily driven by the impacts of Hurricanes Laura and Sally. The $29 million total is after-tax and net of all recoveries, including reinsurance. Alongside losses ... Read the full article
O2 Broking registered as first Lloyd’s broker in Denmark
19th October 2020
O2 Broking ApS has been approved as the first Lloyd’s Registered Broker in Denmark as part of the re/insurance marketplace's preparations for Brexit. Lloyd's previously established a hub in Brussels to help it transition smoothly as the UK exits the European Union. However, subject to current negotiations between UK and EU about ... Read the full article
PERILS estimates Queensland April hail loss at AU $604mn
19th October 2020
Catastrophe insurance data provider PERILS has estimated that the April 2020 Central Queensland hailstorms will cost the re/insurance industry approximately AU $604 million (US $430 million). Six months on from the event, this is PERILS’ first estimate, given that insured losses were not initially expected to exceed the firm’s loss reporting ... Read the full article
Gallagher to add Ian Kerton as partner within motor, specialty
19th October 2020
Specialist reinsurance broker Gallagher Re is set to add Ian Kerton to its Motor & Casualty division as a partner. Kerton will take on his new role in April 2021, bringing 27 years’ treaty reinsurance market experience. He joins from Guy Carpenter, where he has led the UK Property & Casualty team since ... Read the full article
Clara-Pensions adds Wilton Re as capital partner
19th October 2020
Defined benefit pension schemes consolidator Clara-Pensions has announced the addition of Wilton Re as a capital partner. Wilton Re Overseas Limited, a member of the Wilton Re Group of companies, will join global investment firm Sixth Street in supporting the growth of Clara-Pensions. Wilton Re is a global reinsurer that specialises in ... Read the full article
Aon releases study on Global Risk, Profitability and Growth Metrics
19th October 2020
Re/insurance broker Aon has released a study on Global Risk, Profitability, and Growth Metrics, focusing mainly on the Property & Casualty (P&C) business. P&C has produced an underwriting profit in 2019 with a combined ratio of 97.4 percent, a decrease from last year’s 98.0 percent combined ratio Europe averaged a 95.5 percent ... Read the full article
Low interest rates impacting profitability of reinsurers, says Munich Re
19th October 2020
After years of eroding rates from excess capacities and low major-loss expenditure, Munich Re says low interest rates, exacerbated by the coronavirus pandemic, are impacting the profitability of reinsurers. As a result, insurance covers are likely to become more expensive, particularly for long-term risks in third-party liability and other lines. Munich Re ... Read the full article
Hannover Re’s E+S Rück forecasts rising P&C prices in German market
19th October 2020
E+S Rückversicherung AG, the Hannover Re subsidiary responsible for the Group's German business, has said that it expects to see rising prices and improved conditions in 2021 for property and casualty (P&C) reinsurance in Germany. In particular, E+S Rück noted that pricing has been buoyed by COVID-19 related losses and intensification ... Read the full article
Elementum adds Shabnam Ahmed to Bermuda office as SVP, Underwriting
19th October 2020
Alternative investment manager Elementum Advisors has added Shabnam Ahmed to its Bermuda office as Senior Vice President, Underwriting. Ahmed will support Elementum's portfolio construction efforts as well as participate in the training and education of the next generation of the company's underwriters. She most recently served as Vice President & Head of ... Read the full article
Parametric triggers the solution to pandemic backstop: Third Point Re’s Tracey Gibbons
19th October 2020
While it is clear that the enormous risks posed by future pandemics can only be tackled through public-private partnerships, the solutions proposed so far fail to fully contend with the scope and complexity of a global systemic threat of this nature. This is where parametric triggers come in, says Third Point ... Read the full article
ICMR launches Lloyd’s syndicate capital & performance analysis tool
19th October 2020
Insurance and capital markets quantitative analysts ICMR has announced the release of its Lloyd’s syndicate capital and performance analysis tool. ICMR.Matrix is a cloud-based tool able to compare the relative performance of various syndicates against their relative capitalisation over different time periods. This allows clients to see how these factors impact returns ... Read the full article