Reinsurance News
Flood Re calls for improved resilience after record loss year
7th July 2020
Flood Re, the UK’s government-backed reinsurance scheme, has urged the country to “build back better” following record flood losses in 2019/20. Flood Re incurred claims at a gross cost of £160 million last year, which was ten times higher than the previous year. After three relatively dry years, 2019/20 saw the first ... Read the full article
Beazley sets up booking system for online broker meetings
7th July 2020
Specialist insurer Beazley has launched an online booking system to help brokers arrange virtual appointments and share documentation with underwriters. Built in collaboration with Microsoft and IT consultancy Redspire, Beazley Booking uses Microsoft’s Power Platform to create a web application that brokers can access securely. The booking system will enable brokers to ... Read the full article
Safety National Re’s Ray Harkins to Retire as EVP, CUO of reinsurance
7th July 2020
Safety National Re has announced the retirement of Ray Harkins as Executive Vice President and Chief Underwriting Officer, Reinsurance. Bob King has been appointed to succeed him as Senior Vice President and Chief Underwriting Officer Reinsurance. Harkins retires following a 44-year career in reinsurance and insurance. At Safety National, he provided leadership ... Read the full article
Juan England joins TigerRisk as Partner from Willis Re
7th July 2020
Insurance and reinsurance brokerage TigerRisk Partners has named Juan England, formerly of Willis Re, as Partner with a mandate to help develop large, multi-regional clients in Europe and beyond. England brings extensive experience in analytics and modeling non-US catastrophe exposures to the firm, most recently serving as Managing Director, Willis Re ... Read the full article
Kingstone reports improved net income; higher reinsurance costs in 2020
7th July 2020
Property and casualty (P&C) insurer Kingstone Companies, Inc. has reported net income of $0.6 million for the first six months of the year, while the firm purchased a lower level of catastrophe reinsurance at a higher cost than the previous year as rate rises continued for reinsurers. At $0.6 million, the ... Read the full article
Usage-based insurance gains funding amid pandemic: GlobalData
7th July 2020
Usage-based insurance (UBI) continues to attract funding despite the fall in insurtech investment due to COVID-19, according to data and analytics company GlobalData. A recent survey by GlobalData found that 9.7% of drivers in the UK currently have a UBI policy, but analysts expect this figure to increase as a result ... Read the full article
UPC Insurance names CFO Martz as President; Dittman as CRO
7th July 2020
United Insurance Holdings Corp. (UPC Insurance), a property and casualty insurance holding company, has revealed that its Board of Directors has appointed the firm's Chief Financial Officer (CFO), B. Bradford Martz, to also serve as its President. In this expanded role, Martz will continue to report to UPC Insurance's Chief Executive ... Read the full article
Chubb reports Q2 cat losses of $1.8bn; COVID-19 hit of $1.37bn
7th July 2020
Global insurer and reinsurer Chubb has announced that the impacts of the COVID-19 pandemic, combined with severe weather-related events and civil unrest in the U.S., has resulted in global net catastrophe losses of $1.807 billion (pre-tax) for the second-quarter of 2020. Chubb reveals that its Q2 catastrophe loss estimates include COVID-19 ... Read the full article
JC Partners could challenge Korean Re with KDB Life takeover: reports
7th July 2020
Following reports that JC Partners has been selected as the preferred bidder for a takeover of KDB Life in Korea, there has been speculation that the private equity firm could challenge Korean Re’s dominant market share. According to the The Korea Times, its possible that JC Partners could seek to change ... Read the full article
COVID-19 a threat to insurers positive momentum: OECD
6th July 2020
Analysis by the Organisation for Economic Co-operation and Development (OECD) warns that positive premium and investment income growth in 2019 for the majority of insurers might not be maintained in 2020 as a result of the ongoing COVID-19 pandemic. For the majority of countries, gross written premiums increased in 2019, most ... Read the full article
Canopius launches property product to address ‘silent cyber’ gap
6th July 2020
Global specialty re/insurer Canopius has announced the launch of a set of cyber property products for medium to large corporations across all sectors. The Canopius Cyber Property Damage Product Range (PDPR) will be sold on a consultative basis and in close collaboration with brokers. As well as replacing cyber cover excluded from property ... Read the full article
Oneglobal adds Vanessa Macdonald-Smith to lead D&F build out
6th July 2020
Oneglobal Broking has appointed Vanessa Macdonald-Smith to lead its Direct and Facultative business as Executive Director. Macdonald-Smith will also join the Group Executive Committee and reports to Mike Reynolds, Oneglobal’s Chief Executive Officer. She has more than thirty years’ international experience and was most recently CEO of JLT Facultative. Her previous roles have included ... Read the full article
TigerRisk adds Aon’s Joe Jackson to North American team
6th July 2020
Re/insurance broker TigerRisk Partners has announced the appointment of Joe Jackson to its North American team. Jackson joins from Aon after 14 years' service and most recently was Managing Director of Reinsurance Solutions. He will join Kevin Abramson’s team and be based at TigerRisk’s New York office. TigerRisk recently entered a partnership with Flexpoint ... Read the full article
Industry leaders call for investment in climate resilience
6th July 2020
A panel of industry leaders at a Coalition for Climate Resilient Investment (CCRI) event have called for a systemic shift in the way projects are financed to build resilience to climate change. With $90 trillion in infrastructure investment needed globally over the next decade to achieve global growth expectations, speakers argued ... Read the full article
Nassau acquires Foresters Life Insurance and Annuity Company
6th July 2020
Nassau Financial Group, an insurance and financial services firm based in Hartford, CT, has completed the acquisition of Foresters Life Insurance and Annuity Company (FLIAC) from The Independent Order of Foresters. Nassau offers a range of insurance and fixed annuity solutions, as well as reinsurance, insurance distribution, and asset management capabilities ... Read the full article