Reinsurance News
Jupiter announces launch of ClimateScore Global
17th August 2020
Jupiter, a provider of predictive data and analytics for climate risk and resilience, has announced the launch of a climate risk analytics tool called ClimateScore Global. ClimateScore Global predicts future physical risk from flooding, extreme heat, high wind, drought, wildfire, hail, and earthquake. Its scope and granularity is designed to project how ... Read the full article
Marsh adds Scott Leney as Risk Management Leader for Asia, Pacific regions
17th August 2020
Insurance broker and risk adviser Marsh has announced the appointment of Scott Leney as Risk Management (RMP) Leader for both its Asia and Pacific regions. Leney will oversee Marsh’s regional Risk Management teams as they build on existing capabilities and develop strategic solutions that will enable Marsh’s largest clients to navigate ... Read the full article
Elementum Advisors hires SVP of Investments from Aon
17th August 2020
Alternative investment manager, Elementum Advisors, has announced the strategic new hire of Jeff Davis, who will join Elementum in September 2020 as Senior Vice President (SVP) of Investments. Davis, who is joining from Aon Securities, a division of re/insurance broker Aon, has nearly 10 years of experience. He most recently co-led the organization's credit ... Read the full article
CyberCube updates its risk modelling platform for underwriters
17th August 2020
Cyber analytics provider, CyberCube has released an updated version of Account Manager, its cyber risk modelling platform used by insurers and reinsurers. Account Manager enables underwriters to better assess the cyber risk profile of individual risks on which they are being asked to quote. Enhanced risk modelling and analytics are essential to ... Read the full article
R&Q’s Accredited to accelerate U.S. E&S market entry
17th August 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) is anticipating entering the U.S. Excess & Surplus (E&S) program management market in the fourth-quarter of 2020, which is earlier than initially planned. The legacy specialist has provided a performance update for its program management business, which trades under the Accredited banner, for the ... Read the full article
Arig to cease writing reinsurance business
17th August 2020
Arab Insurance Group (Arig), a Bahrain-domiciled treaty and facultative reinsurance provider, is to cease writing reinsurance business and could look for a buyer to take over the firm while it's in run-off. After two downgrades from ratings agencies over a nine month period, the Central Bank of Bahrain uncovered “glaring ... Read the full article
L&G completes ninth buy-in transaction with ICI Pension Fund
17th August 2020
Legal & General Assurance Society Limited has announced that it has completed a £70 million buy-in with the ICI Pension Fund (ICI). ICI will be taking advantage of favourable market conditions to secure the benefits of new retirees since its previous transaction with L&G in 2019. This will be ICI’s ninth transaction ... Read the full article
Hurricane Isaias insured losses seen at up to $5bn by RMS
17th August 2020
Catastrophe risk modeller RMS has estimated that total insured losses from the impacts of Hurricane Isaias will be between $3 billion and $5 billion, which includes National Flood Insurance Program (NFIP) losses of between $400 million and $700 million. The large majority of the insured loss, between $3 billion and $4.5 ... Read the full article
BGC President Lynn to transition to Vice Chairman role
17th August 2020
Global brokerage and financial technology firm, BGC Partners, Inc., has revealed that Shaun Lynn is set to transition from his role as President to become Vice Chairman of the company, effective October 1st, 2020. In his new role, Lynn will continue to work for the firm on matters including both strategy ... Read the full article
Powerful derecho amplifies impact of US storms: Aon
14th August 2020
An active week of US storms was compounded by catastrophic damage resulting from a dangerous derecho event that Aon says severely impacted Iowa and Illinois on August 10, producing peak wind gusts topping 100mph. Aon's weekly natural catastrophe report describes a derecho as a fast-moving cluster of thunderstorms that travels hundreds of ... Read the full article
Palomar faces firmest reinsurance market since inception: CEO Armstrong
14th August 2020
The June 1 placement marks the firmest reinsurance market Palomar has faced since its inception, according to Chief Executive Officer (CEO) and Director Mac Armstrong. Speaking alongside the release of Palomar’s Q2 results, Armstrong said the rising cost of reinsurance in the property market should create “several opportunities” within the company’s ... Read the full article
PERILS raises Australian East Coast Low loss to AU $954mn
14th August 2020
Catastrophe insurance data provider PERILS has raised its industry loss estimate for the East Coast Low that hit Australia in February 2020 to AU $954 million (US $683 million). This updated estimate, which comes six months on from the event, is significantly higher than PERILS’ initial loss estimate of $794 million. The ... Read the full article
For SiriusPoint, underwriting is paramount: Sankaran & Malloy
14th August 2020
SiriusPoint, the new insurer and reinsurer incepted via the combination of Third Point Re and Sirius Group, is determined to focus on the bottom line to ensure underwriting excellence. This is according to incoming Chief Executive Officer (CEO) of SiriusPoint, Sid Sankaran and Dan Malloy, current Third Point Re CEO who ... Read the full article
UK insurers pay £90mn to help families with COVID-19 deaths: ABI
14th August 2020
UK insurers received almost 7,000 life insurance claims, and paid £90 million – the equivalent of £980,000 every day - to support the families of people who died due to COVID-19 at the peak of the crisis, according to data issued by the ABI. The figures collected by the ABI show ... Read the full article
DARAG wraps up Hallmark Financial deal, announces acquisition of Bermudian reinsurer
14th August 2020
Legacy acquirer DARAG, has announced that its North American division has closed a loss portfolio transfer transaction with Hallmark Financial Services within its newly established cornerstone North American insurer, DARAG Bermuda. DARAG Bermuda Ltd. and DARAG Insurance (Guernsey) Limited recently entered into the deal with American Hallmark Insurance Company of Texas, ... Read the full article