Reinsurance News
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
Global Atlantic sets up Ivy reinsurance co-investment vehicle
8th April 2020
Life and annuity re/insurance firm Global Atlantic Financial Group has announced the establishment of Ivy Co-Investment Vehicle (Ivy), which will allow Global Atlantic and Ivy to co-invest in new reinsurance opportunities sourced by Global Atlantic’s institutional reinsurance business. The vehicle is designed to co-invest approximately $1 billion with Global Atlantic and ... Read the full article
PPL usage and adoption growing at pace during COVID-19
8th April 2020
In the three weeks since the London insurance and reinsurance market started working remotely as a result of the global coronavirus pandemic, the number of unique users on the Placing Platform Limited (PPL) has increased by 40%. PPL, the London market's electronic placing platform, has been tracking both activity and performance ... Read the full article
Brokerslink adds Pedro Moura Ferreira as Business, Placement Director
8th April 2020
Global broking business Brokerslink has bolstered its senior team with the appointment of Pedro Moura Ferreira as Business & Placement Director. Ferreira will work closely with the organisation’s global Partners & Affiliates to strengthen the network and support multinational business opportunities. He has an insurance career spanning over 25 years and has ... Read the full article
RenRe has “far exceeded” initial goals of the TMR acquisition: CEO, O’Donnell
8th April 2020
More than a year since RenaissanceRe (RenRe) acquired Tokio Millennium Re (TMR) in a $1.5 billion deal, and the former's President and Chief Executive Officer (CEO), Kevin O'Donnell, feels the company has "far exceeded" its initial targets. It was announced in October 2018 that RenRe had entered into a definitive ... Read the full article
W. R. Berkley makes senior exec appointments
8th April 2020
W. R. Berkley Corporation has announced the appointment of Robert Standen as Executive Vice President with oversight responsibility for certain operating units. At the same time, the company said that Scott Holbrook will succeed Standen as President of Key Risk Insurance, a Berkley Company. Standen joined Key Risk Insurance in 2003 as ... Read the full article
UK insurers suspend dividends due to COVID-19
8th April 2020
UK insurers RSA, Aviva and Direct Line have today announced that they will suspend their final dividend payment of 2019 due to the challenges presented by the coronavirus (COVID-19) pandemic. The news comes after Hiscox decided earlier today to suspend dividends and withdraw all its financial guidance and targets for ... Read the full article