Reinsurance News
AEGIS London reports 7% rise in profit for its managed syndicate in 2019
16th March 2020
AEGIS London, a Lloyd's of London managing agency, has announced that its managed syndicate recorded a 7% rise in profit in 2019 to £31.1 million, compared with £29.1 million a year earlier. The year-on-year increase in profit reported by AEGIS was achieved in spite of foreign exchange losses of £5 million. The ... Read the full article
Talanx posts record €923mn net income for 2019 despite large losses
16th March 2020
Talanx, the parent company of Hannover Re, generated a record net income of €923 million during 2019 despite higher-than expected large losses. Total large losses amounted to €1.3 billion, due above all to events in non-life reinsurance. €363 million of this figure was attributable to primary insurance, while reinsurance accounted for the ... Read the full article
Arthur J. Gallagher adds Christopher Miskel to Board
16th March 2020
International insurance brokerage firm, Arthur J. Gallagher & Co. has announced the appointment of Christopher Miskel to its Board of Directors. Miskel currently serves as President and Chief Executive Officer of Versiti, Inc., a nonprofit holding company for affiliated blood centers across the upper Midwest of the US. Previously, he served in ... Read the full article
Liberty Mutual Re names Dan Carroll as Senior Underwriter, Aviation Treaty
16th March 2020
Liberty Mutual Re, the reinsurance arm of Liberty Mutual Insurance, has announced the appointment of Dan Carroll as Senior Underwriter, Aviation Treaty Reinsurance. Based in London, Carroll reports to Hans Towler, Head of Aviation, and takes up his new role effective immediately. In this role, Carroll takes responsibility for underwriting as well ... Read the full article
EC3 Brokers sets up international financial & professional lines division
16th March 2020
EC3 Brokers, the Lloyd's of London headquartered commercial lines broker, has announced the establishment of its international financial and professional lines division with the appointment of David Purdy as divisional director. In this role, Purdy will be responsible for growing the business while servicing clients in both the wholesale and retail ... Read the full article
Latest mortality projections model to drive uptick in liabilities: Aon
16th March 2020
Insurance and reinsurance broker Aon expects to see a slight increase in liabilities from the use of the latest model from the Continuous Mortality Investigation (CMI) when compared with the 2018 version of the model. CMI_2019, the newly released March 2020 update of the CMI's projection model, incorporates deaths in the ... Read the full article
Kenya Re considering launch of retakaful subsidiary in Egypt, reports
16th March 2020
State-controlled Kenya Reinsurance Corporation is looking to establish a Shariah-compliant subsidiary in Egypt after raising $52.5 million through issuance of bonus shares, according to reports from news site All Africa. Retakaful is the Islamic alternative to reinsurance and operates on Sharia principles. Kenya Re's new capital base meets the revised Egyptian insurance ... Read the full article
Large reinsurers to retake market share as rates harden: KBRA
13th March 2020
Analysts at Kroll Bond Rating Agency (KBRA) anticipate that large capacity reinsurers are set to begin retaking market share as pricing conditions harden. Despite top-line growth, KBRA sees these players as overcapitalised and ready to reclaim business they may have given away during the soft market. Going forward, the firm expects to ... Read the full article
AXA XL affiliate provides cover for innovative medical isotope facility
13th March 2020
AXA XL affiliate and provider of solutions for breakthrough technology projects New Energy Risk (NER) has provided a performance insurance program to SHINE Medical Technologies, a development-stage company working to become the world's leading producer of medical isotopes. The cover is for a new production facility set up by SHINE to ... Read the full article
LMA introduces Coronavirus contingency clause
13th March 2020
The Lloyd’s Market Association (LMA) has published policy language designed to prevent customers being left without cover in the event of a Coronavirus-related market shutdown. Drawn up by the LMA on behalf of its members, the clause ensures continuity of coverage for Lloyd’s re/insureds should, for more than one day during ... Read the full article
Ryan Specialty Group appoints Mark Katz EVP, general counsel
13th March 2020
Ryan Specialty Group has announced the appointment of Mark Katz as executive vice president, general counsel. Katz joined RSG in February 2019 as senior vice president and counsel, insurance services and has been responsible for leading a team focused on supporting the insurance operations of Ryan Specialty Group and its subsidiaries. He ... Read the full article
US commercial insurance prices accelerate 6% in Q4: WTW
13th March 2020
US commercial insurance prices accelerated during the fourth quarter of 2019, according to re/insurance broker Willis Towers Watson (WTW), as the aggregate price change reported by carriers exceeded 6%. The result continues a trend of acceleration that has been observed over recent quarters, the firm found as part of its Commercial ... Read the full article
Insurance Council of Australia declares COVID-19 a catastrophe
13th March 2020
The Insurance Council of Australia (ICA) has officially declared the coronavirus (COVID-19) outbreak to be an ‘insurance catastrophe,’ following its designation as a pandemic by the World Health Organisation. The ICA noted that the extent of claims and losses related to the COVID-19 spread remain unknown at this point, but said ... Read the full article
R&Q to assume occupational disease liabilities from UK P&I Club
13th March 2020
An agreement has been reached between Randall & Quilter Investment Holdings Ltd. (R&Q) and UK P&I Club, under which the former is set to assume the latter's occupational disease liabilities, subject to approval by the High Court in London. UK P&I Club is to transfer its occupational disease liabilities, which total ... Read the full article
Bank rate cut to increase pressure on UK re/insurers: Moody’s
13th March 2020
Analysts at Moody’s Investors Service view the Bank of England’s (BoE) decision to cut its base rate to 0.25% as a credit negative for UK insurers. The cut, which is designed to offset the economic shock of the coronavirus (COVID-19) outbreak, is expected to increase pressure on the UK insurance sector’s ... Read the full article