Reinsurance News
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
AIG Private Client Group transitions business to Heritage & Safeco
30th June 2020
American International Group, Inc. has announced that AIG Private Client Group’s (PCG) agents will soon be able to transition their upper middle market personal insurance business to Heritage Insurance Holdings, Inc. and Safeco Insurance, a Liberty Mutual Company. Beginning in Q4 2020, AIG will transition a select portion of its personal ... Read the full article
Willis Pension Scheme in £1bn longevity swap with reinsurer Munich Re
30th June 2020
The Willis Pension Scheme has entered into a longevity swap transaction with global reinsurance giant Munich Re, under which the reinsurer will manage the longevity risk in relation to c£1 billion of pensioner liabilities. This longevity reinsurance transaction covers roughly 3,500 Scheme members, providing long-term protection for the Scheme against additional ... Read the full article
COVID-19 increasing rate pressure for D&O Buyers: Marsh JLT Specialty
30th June 2020
Since 2019, pricing for directors & officers liability insurance for public companies has increased by double digits and, as a result of the COVID-19 pandemic, that pace of change is now accelerating. According to analysts at Marsh JLT Specialty, while the ongoing pandemic is currently a top priority and concern for ... Read the full article
Sandra Lee to join BMS from Aon to lead operations in Asia
30th June 2020
Independent specialist insurance and reinsurance broker, BMS Group, has named Sandra Lee as the Head of its operations in Asia, subject to regulatory approvals. Currently, Lee is based in Hong Kong and she is set to join BMS upon completion of her current contractual obligations with rival re/insurance brokerage Aon. Lee has ... Read the full article
Dirk Herrenpoth takes CUO role at NewRe
30th June 2020
NewRe, a wholly owned subsidiary of Munich Re, has announced the appointment of Dirk Herrenpoth as the new Chief Underwriting Officer (CUO) for its non-life business. Effective from July 1, 2020, he will take over the position from Artur Klinger, who is leaving NewRe after 12 years to become Head ... Read the full article
Brit Global Specialty USA hires Terrorism VP from Validus
30th June 2020
Brit Global Specialty USA (BGSU), a division of global specialty re/insurer Brit Ltd, has announced the appointment of Andrew Umphress as Vice President, Terrorism. Umphress joins from Validus Specialty where he was most recently Assistant Vice President, War and Terrorism. He previously held a number of underwriting roles during his time at ... Read the full article
Assurant gets more multi-year coverage at reinsurance renewal
30th June 2020
US specialty insurance group Assurant, Inc. has shrunk the size of its overall reinsurance tower limit by $230 million for 2020 as it exited underperforming businesses. The U.S. Program of Assurant's 2020 property catastrophe reinsurance program provides $930 million of coverage in excess of a $80 million retention per-event with a ... Read the full article
Longevity swaps still on track for record year: Willis Towers Watson
30th June 2020
Pensions risks transactions have kept pace through lockdown, meaning 2020 is still on track to be a record year for longevity swaps, according to re/insurance broker Willis Towers Watson. Analysts believe there remains significant appetite for reinsurers to take on new longevity swaps, reflecting the expected decline in business being directed ... Read the full article
Mike Keating to replace Peter Staddon as Managing Director of MGAA
30th June 2020
The Managing General Agents' Association (MGAA) has announced that Mike Keating is set to join its ranks in September 2020 as its new Managing Director. In his new role, Keating will take on responsibility for the continued growth of the MGAA's membership and also for increasing engagement levels with both insurers ... Read the full article