Reinsurance News
Improved profit expectations declining for P/C insurers, says Fitch
9th April 2020
Fitch Ratings has said that the meaningful performance disruption facing U.S. property/casualty (P/C) insurers in 2020 has dampened its expectations for additional profit improvement in the year. After consecutive years of consistent underwriting profitability, the P/C insurance sector in the U.S. started 2020 with record levels of capital and some positive ... Read the full article
Swiss Re names Ian Haycock as Chief Data Officer
9th April 2020
Swiss Re has announced the appointment of Ian Haycock to the newly created role of Chief Data Officer, effective May 1, 2020. Together with Youngran Kim, who started as the Group Chief Technology Officer this month, Ian will help to further develop Swiss Re's digital strategy. Haycock has more than 32 years' ... Read the full article
Crawford & Company withdraws 2020 profit guidance off COVID-19
9th April 2020
Crawford & Company, an independent provider of claims management and outsourcing solutions to carriers, brokers and corporates, has announced a business update in response to COVID-19 and its ongoing impact on the global economy. In light of the pandemic, Crawford & Company has withdrawn its 2020 guidance provided on the Company’s ... Read the full article
EXOR boss rallies shareholders as COVID-19 looms over big deals
9th April 2020
The boss of Agnelli family owned holding company EXOR expects the spirit and resolve of his companies to ensure they emerge stronger when the coronavirus pandemic passes. “These have been challenging days and weeks for us all and we know the ripples from this crisis will likely continue for some time,” John ... Read the full article
Protecdiv adds Jose Montemayor to its board
9th April 2020
US reinsurance broker Protecdiv has announced the appointment of Jose Montemayor to its board. Montemayor has more than twenty-five years’ experience in all aspects of insurance regulation, operations, and mergers and acquisitions. He spent six years as the Commissioner of Insurance for the State of Texas and currently sits on a number ... Read the full article
RiskBook approved by Lloyd’s as reinsurance e-placement tool
9th April 2020
RiskBook Ltd., an independent provider of reinsurance placement technology, has been approved by the specialist Lloyd's of London re/insurance marketplace as a recognised electronic placement system for open market reinsurance business. The announcement marks the first time that brokers from any firm can leverage a single user-friendly placement tool for global ... Read the full article
WTW calls for long-term view to M&A deals amid COVID-19 uncertainty
9th April 2020
As the global merger and acquisition (M&A) market continues to trend downwards, re/insurance broker Willis Towers Watson (WTW) has called on business leaders to draw on lessons from the 2008 financial crisis and take a long-term view to deals amid widespread uncertainty. Insurance and reinsurance brokerage firm WTW notes that since ... Read the full article
West of England P&I Club adds senior underwriter to London team
9th April 2020
The West of England P&I Club has announced the appointment of Sumit Madhu to the Club’s London Underwriting Team as a Senior Underwriter, effective April 14, 2020. Madhu previously served as a Captain on LNG vessels with a major Japanese shipowner, and later joined the claims department of another International Group ... Read the full article
Gallagher appoints Simon Collings as MD within UK retail division
9th April 2020
International insurance broker Gallagher has appointed Simon Collings as managing director of its national broking and placement team within its UK retail division. Collings has over 30 years’ industry experience and joined Gallagher in 2017 as market management director for UK retail. Prior to joining Gallagher, he held several senior positions at ... Read the full article
Pen Underwriting promotes Hinken to Head of Claims Operations
9th April 2020
Multi-territory managing general agent Pen Underwriting has enhanced its core claims capabilities with the promotion of Billy Hinken to Head of Claims Operations. In this newly created position, Hinken will take responsibility for the delivery of several projects that form part of Pen’s claims transformation program and the establishment of its ... Read the full article
Lloyd’s asks members hit by COVID-19 to recapitalise fast
8th April 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has reportedly asked members who have experienced sizeable losses as a result of the COVID-19 coronavirus pandemic to accelerate capital injections. In response, analysts at S&P Global Ratings have said that calling on certain Lloyd's members to accelerate recapitalisation will ultimately help ... Read the full article
Travelers accelerates commission payments for agents & brokers
8th April 2020
US primary insurer Travelers has announced plans to accelerate more than $100 million in commission payments to eligible distribution partners, building on the company’s COVID-19 relief efforts. Travelers explained that the distribution support plan will speed up payments for agents and brokers to help them address the liquidity impacts of the ... Read the full article
Lloyd’s revises Claims Scheme amid ongoing COVID-19 challenges
8th April 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has announced changes to the Lloyd's Claims Scheme to help managing agents respond effectively during the global coronavirus pandemic. Lloyd's, the oldest insurance market in the world, explains that the changes, which are effective immediately, amend the Claims Scheme requirements to empower ... Read the full article
IAG CEO Harmer announces retirement, Nick Hawkins named Deputy CEO
8th April 2020
IAG Managing Director and Chief Executive Officer Peter Harmer has announced his decision to retire by the end of 2020. A search process is underway, supported by the Board’s ongoing succession planning, that will look to identify a suitable successor. He will remain responsible for the overall strategic direction and performance of ... Read the full article
AM Best negative on US commercial lines, stable on personal lines
8th April 2020
AM Best has revised its outlook on the US commercial lines industry to negative from stable due to the impact of COVID-19, but has maintained a stable outlook on US personal lines. The rating agency does not expect significant claims activity in commercial lines owing directly to the pandemic, although virus-related ... Read the full article