Reinsurance News
BI policyholders criticise insurers over unpaid claims
2nd October 2020
The Hiscox Action Group, which earlier this month won a High Court ruling on the validity of their COVID-19 related Business Interruption claims, have released a statement criticising the volume of claims that remain unpaid. The Hiscox Action Group consists of 400 Hiscox policyholders whose coronavirus-related business interruption claims had ... Read the full article
Hurdles for crop insurers in 2020 following poor 2019, says AM Best
2nd October 2020
After crop insurers saw their worst results in a decade in 2019, the COVID-19 pandemic and weather events so far in 2020 have globally disrupted the supply chain of agricultural goods and further damaged crop yields, according to a new AM Best report. Challenges facing farmers and multi-peril crop insurers in 2019 ... Read the full article
Verisk adds geopolitical expertise to board
2nd October 2020
Data analytics provider Verisk has strengthened its geopolitical expertise with the addition of General Vincent Brooks to its board of directors. Brooks served in the US Army for 42 years from his entry into West Point until his 2019 retirement as a four-star general. Most recently, Brooks was in command of all ... Read the full article
Insurtech platform Insurwave secures £5mn funding
2nd October 2020
Commercial lines insurtech platform Insurwave has raised £5 million in funding to help drive continued growth. The fundraise was led by existing shareholders and will be invested in expanding the features of the platform. The Insurwave platform is designed to transform complex insurance processes to a digital-first experience, with features including parametric ... Read the full article
ARC eyes inwards reinsurance after securing first industry rating
2nd October 2020
African Risk Capacity Limited (ARC), the commercial subsidiary of the African Risk Capacity Group (ARC Group), has secured an IFS 'BBB+' with Stable Outlook from Fitch, allowing the firm to gain access to new business by taking on inwards reinsurance. ARC’s Chief Executive Officer described the industry rating as an important ... Read the full article
Hannover Re to participate as Global Parametrics backs Cambodian crop scheme
1st October 2020
Parametric and index-based disaster risk transfer company, Global Parametrics (GP), has announced its support for the AGRIBEE Crop Insurance Pilot to provide extreme weather protection cover for smallholder rice farmers in Cambodia. GP is providing cover for the transaction from its Natural Disaster Fund (NDF). Through the partnership agreement between the ... Read the full article
Argo adds Allison Kiene to serve as group general counsel
1st October 2020
Speciality re/insurer Argo Group has announced the appointment of Allison Kiene to serve as group general counsel. Kiene will be responsible for the company’s legal and compliance teams and will report directly to Chief Executive Officer Kevin Rehnberg. She joins from Sompo International, having most recently served as assistant general counsel and ... Read the full article
CRESTA to launch industry loss index for nat cats
1st October 2020
CRESTA, the re/insurance industry organisation that provides a standard global system of risk accumulation zones, has announced that it will shortly launch an industry loss index for natural catastrophe events. The index, called CLIX, will provide structured information on natural catastrophe losses incurred by the global insurance and reinsurance industries. CRESTA believes ... Read the full article
P/C insurers at risk from pandemic, cat losses in H2: Fitch Ratings
1st October 2020
While US property-casualty insurers' results in the second half of 2020 will continue to be impacted by COVID-related insured losses and premium volume declines, significant hurricane and wildfire losses are likely to emerge as the greater threat to profitability, according to Fitch Ratings. Fitch says the full-year 2020 combined ratio will likely ... Read the full article
Euler Hermes CEO to step down, Allianz’ Clarisse Kopff succeeds
1st October 2020
Trade credit insurer Euler Hermes Group has announced that Wilfried Verstraete, Chief Executive Officer and Chairman of the board of management, will be stepping down from his operational duties. Clarisse Kopff will succeed him as CEO and Chairperson of the Board of Management as of 1 January 2021. Kopff is currently Chief ... Read the full article
Sirius restructures Global Business Technology management
1st October 2020
Sirius International Insurance Group, Ltd. has restructured the management of its Global Business Technology (GBT) team in the final phase of a transformation that began in late 2019. The first phase began with the appointment of Beth Boucher as Global Chief Information Officer (CIO), who was hired to provide strategic IT ... Read the full article
Enstar looks to buy Watford Re
1st October 2020
Enstar Group Limited recently delivered a letter to the Board of Directors of Watford Re indicating its desire to acquire all of the company's outstanding shares, after raising its stake in the reinsurer in the third-quarter. According to a recent sec filing, on September 30th, 2020, Enstar sent a letter to ... Read the full article
Restructuring, real estate exit costs & low interest rates to dent Allstate in Q3
1st October 2020
The Allstate Corporation has warned of a restructuring charge of approximately $290 million (pre-tax) to be recognised in the final two quarters of the year, alongside real estate exit costs of around $80 million (pre-tax) and the negative impact of low interest rates on third-quarter earnings. The insurer has provided some ... Read the full article
Intl. placements by WTW’s Global Markets Hub increase to $525m in premium
1st October 2020
Global insurance and reinsurance broker, Willis Towers Watson (WTW), has revealed that overall placements in the international market via its Global Markets Hub have increased by 67% year-on-year, reaching $525 million in premium. This growth has occurred despite the unexpected business conditions created by the global COVID-19 pandemic. One of the key ... Read the full article
Almost 2 million homes at elevated risk of wildfire damage in the US: CoreLogic
1st October 2020
Catastrophe risk modeller CoreLogic has released its Wildfire Risk Report for 2020, which finds that 1,975,116 homes in the U.S. with an associated reconstruction cost of over $638 billion are at an elevated risk of wildfire damage. According to ... Read the full article