Reinsurance News
CAC Specialty bolsters M&A Solutions Group with HAUSER trio
25th September 2020
Insurance broker CAC Specialty has added Cameron Martin, Katie Flynn, and Erica Kasperkowiak to its M&A Solutions Group. Martin joins as a Senior Vice President and previously led HAUSER’s Private Equity Risk Advisory Practice. Flynn was most recently responsible for Portfolio Management at HAUSER and also joins as a Senior Vice President. Kasperkowiak ... Read the full article
Reinsurers must go “back to basics”: Willis Re’s James Vickers
25th September 2020
James Vickers, Chair of Willis Re International, has said that reinsurers must respond to the myriad challenges in the current market by going “back to basics” and focusing on combined ratios. Speaking in an interview with Reinsurance News, Vickers discussed the findings of a recent Willis Re report, which concluded ... Read the full article
Active Re announces key changes to global underwriting team
25th September 2020
Active Re, a provider of credit-related reinsurance solutions to financial institutions in Latin America, has announced a series of key announcements within its global underwriting team. Martin Bages, who holds 25 years’ experience, will coordinate cooperative relationships with clients in charge of facultative business in Latin America and Treaty business globally. Robert ... Read the full article
WR Berkley appoints Timothy Nelligan president of Continental Western Group
25th September 2020
Re/insurance holding company WR Berkley has announced the appointment of Timothy Nelligan as president of Continental Western Group, a Berkley Company (CWG). Nelligan joins with nearly 30 years' experience in the property casualty insurance industry and was previously a division director at The Hartford. “We are excited to welcome Tim to Berkley," said ... Read the full article
AM Best lifts Spinnaker from review following Hippo acquisition
25th September 2020
AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Spinnaker Insurance Company. The outlook assigned to these Credit Ratings (ratings) is stable. Spinnaker was previously put under review after it was announced ... Read the full article
Willis Tower Watson reshuffles global aviation department
25th September 2020
Re/insurance broker, Willis Towers Watson has announced a number of appointments across its global aviation team in a bid to provide better renewals for clients. Despite aviation being a challenging environment at present, Willis Towers Watson has reshuffled its aviation team with 45 appointments across all levels over the past 18 ... Read the full article
COVID-19 disruption sees Helios post underwriting loss for H1
25th September 2020
Helios Underwriting has announced a £108,000 operating loss for the first half of 2020, with the COVID-19 pandemic causing a reduction in underwriting profits. The company says cumulative rate increases since 1 January 2018 are 28%. Losses of £5 million have been reserved for COVID-19 by the supported syndicates, of which 85% ... Read the full article
AXA XL launches IoT solution to monitor building health
25th September 2020
AXA XL, the property & casualty and specialty risk division of AXA, is accelerating the scaling of its new Digital Risk Engineer proposition designed to allow a company to monitor the “health” of its buildings and assets. Digital Risk Engineer will be available globally and uses Internet of Things (IoT) devices installed ... Read the full article
Allianz & Athora reportedly eyeing Aviva takeover in France
25th September 2020
A consortium of Allianz and life re/insurer Athora Holding is considering a takeover of Aviva’s French business in a deal valued at €2 billion to €3 billion, according to reports from Reuters. Reuters sources said that Aviva has engaged JP Morgan and Rothschild to help offload its life and P&C operations ... Read the full article
CoreLogic report highlights opportunity in flood under-insurance
25th September 2020
A report from leading global property information company CoreLogic has highlighted the opportunities for private insurers to protect homeowners from flood risk inside and outside of the National Flood Insurance Program (NFIP). After Hurricane Harvey in 2017, CoreLogic estimated that 70% of the flood damage was uninsured. Dr. Howard Botts, executive and ... Read the full article
Swiss Re unveils plan to reorganise legal entity structure of CorSo unit
25th September 2020
Switzerland-based reinsurance giant, Swiss Re has revealed that it plans to reorganise the legal entity structure of its Corporate Solutions Business Unit. This comes after the reinsurer announced in June that the Life Capital Business Unit will disbanded, following the sale of its ReAssure Group plc subsidiary to Phoenix ... Read the full article
Munich Re’s HSB renews Cyberwrite risk platform subscription
25th September 2020
Cyber risk analytics firm, Cyberwrite and member of Munich Re Risk Solutions family, HSB have announced that HSB is renewing its subscription to Cyberwrite's cyber risk financial quantification platform to offer tailored cyber insurance policies to businesses across the US. Due to the dramatic increase in remote workforces and a steep ... Read the full article
AM Best report highlights MENA reinsurer resilience
25th September 2020
A new AM Best report has highlighted how, in general, Middle East North America (MENA) regional reinsurers have demonstrated resilience in a difficult operating environment. Aside from strong competition, AM Best notes how the region’s reinsurers face performance challenges arising from a lack of both scale and diversification when compared with ... Read the full article
AmTrust joins Vertafore’s Commercial Submissions platform
25th September 2020
AmTrust Financial has announced that it has joined Vertafore’s Commercial Submissions platform, a platform that has been designed to transform commercial insurance. Vertafore is undertaking a task to improve market connectivity across the insurance distribution channel. It recently announced the first release of its Commercial Submissions platform to its carrier and ... Read the full article
Hurricane Sally could drive $3.5bn industry loss in US, says RMS
24th September 2020
Catastrophe risk modeller RMS has estimated that total insured losses from Hurricane Sally in the US will be between $2.0 billion and $3.5 billion. The estimate includes losses to the National Flood Insurance Program (NFIP) of between $400 million and $800 million. The range compares with recent estimates from AIR Worldwide, Read the full article