Reinsurance News
Arch Insurance NA promotes Regan Shulman to EVP, General Counsel
14th July 2020
Arch Insurance, part of Arch Capital Group Ltd., has announced the promotion of Regan Shulman to Executive Vice President (EVP), General Counsel, Arch Insurance North America. In her new role, Shulman takes over from Patrick Nails, who continues in his role as EVP, Chief Claims Officer. Shulman takes oversight of all legal ... Read the full article
Markel adds Thomas Baker as head of renewable energy
14th July 2020
Specialist insurer Markel International has appointed Thomas Baker as senior underwriter and head of renewable energy. Based in Singapore, Baker is Markel’s first Asia-based global head as well as its first renewable energy underwriter in the region. Reporting to Rohan Davies, divisional managing director of energy, he will lead an international team ... Read the full article
Total reinsurance capital declined by 6% to $590bn in Q1: Aon
14th July 2020
Global reinsurance capital declined by 6% from year-end 2019 to end the first-quarter of 2020 at $590 billion, led by a 6% dip in traditional reinsurance and a 4% drop in alternative capital, reports insurance and reinsurance broker Aon. The broker's latest Reinsurance Market Outlook Report highlights a $35 billion decline ... Read the full article
Hiscox selects Praedicat for London Market casualty risk modelling
14th July 2020
Specialist global insurer Hiscox has licensed Praedicat's AI-driven liability cat risk modeling platforms CoMeta and Oortfolio for use within its London Market casualty business. Praedicat’s AI technology is designed to mine peer-reviewed published scientific literature to extract signals of emerging risk, map these risks to commercial activity, and quantify losses that ... Read the full article
MS Amlin selects Socotra for new digital SME insurance initiative
14th July 2020
Global re/insurer MS Amlin has chosen insurance platform provider Socotra as the core backend system for its new digital SME insurance initiative. The new SME insurance platform by MS Amlin employs a digital-first distribution approach and will initially launch in Belgium, the Netherlands, UK, and France with product offerings that include ... Read the full article
Independent film, TV under threat as insurers refuse COVID-19 risk: Reuters
14th July 2020
Independent film and television productions are struggling to secure financing as insurers increasingly refuse to accept risks associated with COVID-19, according to reports from Reuters. Outside of major studio productions, which have the resources to self-insure, uncertainty around coronavirus appears to have created a major roadblock in moving forward with productions. One ... Read the full article
Consider parametrics to manage COVID-19 insurance gap, says GlobalData
13th July 2020
In order to address the significant insurance protection gap that has been highlighted by the ongoing COVID-19 outbreak, parametric structures should be considered, according to GlobalData. As lockdown measures came into effect around the world, businesses of all shapes and sizes turned to their insurers for assistance through their business interruption ... Read the full article
Premium rates continue upward trend in Q2: IVANS
13th July 2020
Premium renewal rates continued to increase across nearly all major commercial lines of business during the second quarter of 2020, according to the results of the IVAN Index, a division of Applied Systems. Measured year over year, Commercial Auto, Business Owner’s Policy, General Liability, Umbrella, and Commercial Property all showed an ... Read the full article
Allianz closes €500m purchase of auto, other P&C business from SulAmérica
13th July 2020
Global insurer Allianz has closed the acquisition of the automobile and other Property & Casualty business from SulAmérica for around BRL 3.2 billion (€0.5 billion). This deal was first announced late last year and sees Allianz grow its geographical footprint in Brazil. “This represents our largest investment in Brazil,” said Iván de ... Read the full article
AM Best downgrades credit ratings of Kingstone
13th July 2020
AM Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “a-” of Kingstone Insurance Company (KICO). Concurrently, AM Best has downgraded the Long-Term ICR to “bb" from “bbb-” for Kingstone Companies Inc. (KINS), the insurance holding ... Read the full article
Protecdiv partners with BMS on P&C reinsurance offering
13th July 2020
Specialty property and casualty re/insurance broker Protecdiv has announced a new strategic relationship with BMS Group to enhance its service offering to property and casualty (P&C) reinsurance clients. The companies believe the partnership will enable them to leverage their strengths in the production, placement and servicing of ceded reinsurance and retrocession ... Read the full article
RenRe’s Aditya Dutt named as Partner and President of Aeolus
13th July 2020
Aeolus Capital Management Ltd., the Bermuda domiciled reinsurance and insurance-linked securities (ILS) focused investment fund manager, has announced the appointment of Aditya Dutt as Partner and President. It was announced last week that Dutt, who currently serves as Senior Vice President (SVP) of RenaissanceRe (RenRe) and President of Renaissance Underwriting ... Read the full article
Strong June 1, July 1 property cat reinsurance rate increases: KBW
13th July 2020
Analysis by KBW shows the second quarter 2020 reinsurance renewals, most prominently the Florida-focused June 1 and broader, southeastern US-focused July 1, included significant property catastrophe reinsurance rate increases. Analysts think these increases reflect a number of related factors, including the fact reinsurance capital providers (both traditional reinsurers and insurance linked securities ... Read the full article
Aon salary reductions were justified, says CEO Greg Case
13th July 2020
Aon CEO Greg Case has defended his company’s decision to temporarily reduce salaries by up to 20% amid the COVID-19 pandemic. Case told the Financial Times that the move had been based on a “sober analysis” of the crisis, but was soon reversed after certain worst case scenarios became less ... Read the full article
Zurich sets up health & wellbeing business, led by Helene Westerlind
13th July 2020
Zurich Insurance Group has set up a WellCare business to support its existing health and wellbeing initiatives and apply a global approach to their development. The new business aims to provide retail, SME and commercial insurance customers with tailored health and wellness solutions. Helene Westerlind will lead the business as CEO of ... Read the full article