Reinsurance News
PartnerRe names Jacques Bonneau President & CEO as Clarke departs
28th July 2020
Bermuda-based reinsurer PartnerRe has announced the appointment of Jacques Bonneau as its President and Chief Executive Officer (CEO), effective immediately. Since February 2019, Bonneau has served on the reinsurer's Audit Committee and as the Chairman of its Underwriting and Risk Committee. Formerly, he served as CEO of Ace/Chubb Tempest Re Group and ... Read the full article
Rate momentum to continue into 2021, says Beazley CEO Horton
28th July 2020
Andrew Horton, the Chief Executive Officer of specialist insurer Beazley, anticipates the rate momentum seen over the first six months of 2020 to continue into next year and enable double digit top-line growth for the company. “We expect this momentum to continue into 2021 because there doesn't seem to be anything ... Read the full article
Aviva facing class action from Canadian hotel chains as BI tensions mount
28th July 2020
Global insurer Aviva is facing a class action lawsuit in Canada as a number of hotel groups look to enforce insurance policies covering business interruption or loss of income. Several hotel chains are affected, including Best Western, Home 2 by Hilton and Hampton Inn. This action applies to all hotels who were insured ... Read the full article
Verisk updates cyber risk modelling platform ARC
28th July 2020
Leading data analytics provider Verisk has announced the latest release of 'Analytics of Risk from Cyber' (ARC), its cyber risk modelling platform designed to inform risk selection, portfolio management, and risk transfer. This latest release hosts a comprehensive set of models powered by catastrophe modelling firm AIR, including individual risk models, aggregation ... Read the full article
Brokerslink adds Piiq to network
28th July 2020
Independent broker network Brokerslink has added aerospace and aviation broker Piiq Risk Partners to its global network. Piiq provides aerospace and aviation insurance and risk management solutions offering clients access to leading experts in aerospace, space, airlines, airports and refuellers. Its team is focused on creating innovative and strategic client solutions. “Piiq Risk ... Read the full article
Coalition expands to excess cyber insurance market
28th July 2020
Cyber insurance and security company Coalition has announced that it will enter the excess cyber insurance market to help protect middle market businesses. Coalition will extend its reach beyond offering primary insurance coverage to provide brokers with excess cyber liability and technology errors & omissions insurance for middle market accounts in ... Read the full article
KCC puts Hurricane Hanna insured losses at close to $350mn
28th July 2020
Karen Clark & Company (KCC) has estimated that insurance industry losses from Hurricane Hanna, the first hurricane of the 2020 North Atlantic hurricane season, will near $350 million. Catastrophe risk modeller KCC notes that its estimate includes privately insured wind and storm surge damage to residential, commercial, and industrial properties and ... Read the full article
Sapiens launches P&C and reinsurance platform in the DACH region
28th July 2020
Sapiens International, a global provider of software solutions for the insurance industry, has announced that following its acquisition of German-based insurtech sum.cumo in January 2020 it has tailored its Sapiens IDITSuite for Property & Casualty and Sapiens ReinsuranceMaster to the DACH region. IDITSuite and ReinsuranceMaster are fundamental components of Sapiens ... Read the full article
Lemonade reinsurers betting on improved loss ratio: analysts
28th July 2020
Analysts are forecasting an improvement in the loss ratio of insurtech firm Lemonade over the coming quarters, based on its current reinsurance arrangements. Taking 75% of the risk for every premium dollar Lemonade writes, reinsurers are bearing the bulk of the loss ratio outcome, good or bad, JMP Securities notes. The insurtech’s ... Read the full article
Donegal posts robust Q2 results as net income hits $22.7mn
28th July 2020
US primary holding company Donegal Group posted a net income of $22.7 million for the second quarter of 2020, compared to $4.8 million in the prior year quarter. Kevin G. Burke, President and Chief Executive Officer of Donegal Group, attributed this improvement to a continuation of the solid underwriting performance reported ... Read the full article
Cincinnati Financial CR deteriorates to 103.1% in Q2
28th July 2020
Cincinnati Financial Corporation has reported that its combined ratio deteriorated to 103.1% during the second quarter of 2020 following $231 million of catastrophe losses. Elevated catastrophe losses, plus $65 million of pandemic related loss and expense effects, meant the company finished the quarter with an underwriting loss of $41 million. The ... Read the full article
Brown & Brown’s Q2 net income up 4.5% to $96.8mn
28th July 2020
Insurance brokerage Brown & Brown, Inc. has reported a 4.5% rise in net income in the second-quarter of 2020 to $96.8 million, while organic revenue increased by 0.5% in the period. Overall, the broker has reported revenues of $598.8 million in the second-quarter of 2020, which is a jump of $23.6 ... Read the full article
Guy Carpenter adds Andrea Piatti to GRS unit as Managing Director
28th July 2020
Guy Carpenter, the reinsurance arm of global brokerage Marsh, has appointed Andrea Piatti as a Managing Director within its Global Risk Solutions unit. Piatti will be based in Zurich and work closely with Guy Carpenter’s broking and analytics teams across the Europe and MENA region. He will report to Frank Achtert, Head of Strategic ... Read the full article
Cyber policy sales up 340% amid COVID-19: SchemeServe
28th July 2020
Cyber policy sales have increased by almost three and a half times during the COVID-19 lockdown, according to SchemeServe, a UK based insurtech specialising in schemes software. New data from SchemeServe’s Schemes Premium Index compares data for April 2020 at the height of the lockdown to data from the same period ... Read the full article
Six of the world’s largest ports face increased geopolitical, windstorm risk: analysis
28th July 2020
Six of the world’s largest ports with a combined $1.14 trillion of import/export trade for the second half of the year are exposed to increasing geopolitical and windstorm risk in 2020, according to analysis by Russell Group. The trade volumes of each port easily exceeds $100 billion. Russell Group notes how Hong ... Read the full article