Reinsurance News
Suncorp renews cat reinsurance program with similar structure
1st July 2020
Australian insurer Suncorp has finalized the renewal of its main catastrophe reinsurance program for FY21 with a similar structure to previous years. Details of the coverage were released alongside an announcement that Suncorp will be implementing a new operating model and organisational structure to improve its core businesses and accelerate digital ... Read the full article
Allianz (AGCS) takes a new strategic direction
1st July 2020
Allianz Global Corporate & Specialty SE (AGCS), the industrial insurer of the Allianz Group, has announced the details of a new comprehensive transformation program designed to regain profitability and market leadership, called "New AGCS." On June 22nd, the company announced the realignment of its Board of Management, explaining that from ... Read the full article
DARAG completes transfer of Zurich’s German A&E PI portfolio
1st July 2020
Legacy acquirer DARAG Group Limited has completed the previously announced acquisition of Zurich Insurance's German architects and engineers (A&E) professional indemnity insurance (PI) portfolio. The legal transfer of the portfolio to DARAG's German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, structured initially as an LPT or retrospective reinsurance, has now received ... Read the full article
Swiss Re names Pravina Ladva as Group Digital Transformation Officer
1st July 2020
Global reinsurance giant Swiss Re has announced the appointment of Pravina Ladva to the newly created position of Group Digital Transformation Officer, effective July 1st, 2020. In addition to her new responsibilities related to driving Swiss Re's global digital transformation agenda, Ladva will also continue to serve as Chief Technology and ... Read the full article
Brit (BGSU) to transfer renewal rights for cargo business to Falvey
1st July 2020
Brit Global Specialty USA (BGSU), a division of specialty insurer and reinsurer Brit, has announced that it will transfer the renewal rights for its Cargo business to Falvey Cargo Underwriting, the largest cargo covernote holder at Lloyd's of London. According to Brit, Falvey is a better strategic fit for its cargo ... Read the full article
Fleming Re announces novation of legacy liabilities from Duarte Nursery
1st July 2020
Run-off provider Fleming Reinsurance Ltd. (Fleming Re) has announced that it recently completed the novation of the workers compensation deductible layer of Duarte Nursery, Inc. Duarte Nursery is a family owned and operated nursery located near Modesto in California. It's the largest permanent crops nursery in the U.S. and has a ... Read the full article
ABI names Chair of General Insurance Council
1st July 2020
The Association of British Insurers (ABI) has announced the appointment of Craig Thornton as the new Chair of its General Insurance Council (GIC). Thornton is currently General Insurance and Protection Director at Lloyds Banking Group. As Chair of the GIC, he will help set the ABI’s strategic direction on issues of interest ... Read the full article
Rate rises persist as replenished capital supports mid-year renewals: Willis Re
1st July 2020
Rate inadequacy continued to drive measured rate adjustments in many lines and geographies at the June and July reinsurance renewals, while primarily players were able to secure sufficient reinsurance capacity, reports Willis Re, the reinsurance broking arm of Willis Towers Watson (WTW). The reinsurance broker reports that double-digit risk-adjusted reinsurance price ... Read the full article
Innoveo & SIMS partner on digital transformation in Middle East
1st July 2020
Zurich-based global technology provider Innoveo has partnered with Sidani Innovative Management Services DMCC (SIMS), a Dubai-based boutique and corporate innovation accelerator, to support the adoption of new technologies in the Middle East re/insurance market. Together, the companies will help clients implement digitalisation initiatives using Innoveo's no-code technology platform and SIM's digitalisation ... Read the full article
Lloyd’s proposes array of COVID-19 recovery solutions
1st July 2020
In a collaborative effort with its UK and Global Advisory Groups, Lloyd's of London has laid out three open source frameworks designed to fast-track global economic and societal recovery from COVID-19. The first is a non-damage business interruption solution called ReStart. Lloyd's says this product would support SMEs reopening and offer a range of ... Read the full article
Aon decides to end temporary COVID-19 salary reductions of up to 20%
30th June 2020
Aon, the global insurance and reinsurance broker, has made a decision to end the previously announced temporary salary reductions of up to 20%, effective July 1st, 2020 and to repay colleagues in full, plus 5% of the withheld amount. Towards the end of April, re/insurance broker Aon introduced a 20% ... Read the full article
Genworth & China Oceanwide delay merger to September
30th June 2020
Mortgage insurer Genworth Financial has announced a further delay to its planned merger agreement with China Oceanwide Holdings Group Co., Ltd., now setting the deadline at no later than September 30, 2020. Originally set for June 30, 2019, Genworth first delayed the merger to allow time to explore the sale ... Read the full article
The Hartford to add Amy Stepnowski as CIO
30th June 2020
Property and casualty insurer The Hartford is set to appoint Amy Stepnowski to serve as its Chief Investment Officer, as well as President of Hartford Investment Management Company. Effective August 1, Stepnowski will succeed Brion Johnson, who will remain with the company in an advisory capacity through the end of the ... Read the full article
Asset stress main driver for rating downturns: Fitch
30th June 2020
Following a review of the impact of COVID-19 on North American re/insurers, Fitch Ratings has determined that asset stress has contributed the most to its recent negative rating outlook changes. Fitch reviewed its entire portfolio of rated North American insurers over the last couple of months, and took rating actions on ... Read the full article
IRB Brasil Re looking to raise capital
30th June 2020
Brazilian reinsurer IRB Brasil Re has revealed that it is looking into a potential capital raise to sure up its liquidity margin and improve its cash position. The company has hired bankers Banco Bradesco BBI SA and Banco Itaú BBA SA to structure the capital increase. The move comes in response to ... Read the full article