Reinsurance News
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
White Mountains to acquire majority stake in Ark
1st October 2020
Bermuda domiciled financial services holding company White Mountains Insurance Group has revealed plans to acquire a majority stake in Ark Insurance Holdings Ltd, the parent company of Ark Syndicate Management Limited. Ark manages syndicates 4020 and 3902 at Lloyd's, which underwrite a mix of reinsurance and insurance business, including property, accident ... Read the full article
Analysts advise Beazley to secure more reinsurance
1st October 2020
Analysts at investment banking group Jefferies have advised Beazley to proactively purchase additional reinsurance, after an upward revision in its COVID-19 losses caused share prices to plummet. Beazley doubled the estimated cost of its COVID-19 claims last week from $170 million to $340 million, mainly due to further event cancellation ... Read the full article
MAPFRE RE unveils Javier San Basilio as CUO
1st October 2020
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has announced the appointment of Javier San Basilio as Chief Underwriting Officer (CUO). San Basilio, who is currently the European regional director of MAPFRE RE, based in London, replaces Miguel Ángel Rosa, who has been appointed as the new Chief Executive Officer ... Read the full article
Pool Re issues strategy paper coinciding with government review
1st October 2020
Pool Re, the UK's government-backed terrorism reinsurer, has released a forward-looking strategy paper that coincides with the government's latest five year review. The review aims to ensure the good functioning of the UK’s terrorism re/insurance market, proper protection of public interests, and Pool Re’s proposed strategic direction for the next ... Read the full article
RenRe’s Doak departs to launch insurance-focused private investment firm
1st October 2020
Bermuda-based reinsurer, RenaissanceRe Holdings Ltd. (RenRe), has announced that Michael Doak, the Senior Vice President (SVP) and Portfolio Manager for the firm's strategic investment portfolio, will be departing to launch Griffin Highline Capital, a new private investment firm focused on the insurance industry. Doak has worked for RenRe as SVP for ... Read the full article
Lockton appoints Patrick Pribyl to lead new National Surety Practice
1st October 2020
Insurance and reinsurance brokerage, Lockton, has announced the launch of its National Surety Practice, which is to be led by surety market veteran, Patrick Pribyl. Lockton's new National Surety Practice will have a focus on surety support for clients backed by all Lockton business lines; alignment of resources and technical expertise; ... Read the full article