Reinsurance News
European Commission urges caution on state-backed pandemic scheme
8th June 2021
A top representative from EU regulator the European Commission has called for “caution” regarding the implementation of a public-private insurance scheme to provide coverage for pandemic risk. John Berrigan, head of financial services at the European Commission, addressed the issue earlier today during an Insurance Europe webinar titled ‘Resilience Lessons from ... Read the full article
Swiss Re warns of credit risks from unviable ‘zombie’ companies
8th June 2021
The latest SONAR report from Swiss Re has identified a number of threats that will shape the future post-COVID risk landscape for insurers, including increased credit and financial market risks due to unviable ‘zombie’ companies, which have been kept alive by government support programs. Other major risks highlighted by Swiss Re ... Read the full article
Penn River partners with Hannover Re US
8th June 2021
Penn River has entered into a partnership with Hannover Life Reassurance Company of America, the US life and health reinsurance subsidiary of Hannover Re. The partnership will enable Penn River to launch a reinsurance addition to its ProductHub platform. This addition to the platform gives its clients the ability to integrate with ... Read the full article
Cayman Finance responds to G7 global corporate tax minimum talks
8th June 2021
The Cayman Islands’ financial services association has responded to news of a global minimum corporate tax rate being agreed upon by G7 leaders, highlighting its international commitments to protecting against tax evasion. An accord was reached on Saturday that backed the creation of a global minimum corporate tax rate of at ... Read the full article
BoE launches climate stress test for insurers
8th June 2021
The Bank of England (BoE) has officially launched its Climate Biennial Exploratory Scenario (CBES), which is designed to explore the financial risks posed by climate change for the largest UK banks and insurers. While the BoE runs regular stress tests to help assess the resilience of the UK financial ... Read the full article
Lockton appoints director Melanie Cruz to Central America fac team
8th June 2021
Independent insurance broker Lockton has appoionted Melanie Cruz as a director within its Caribbean and Central American Facultative team. Cruz will be based in Puerto Rico and oversee Lockton’s offering within the Central American market. She brings over 12 years’ experience to the role, including time at ceding companies and multinational insurers. Prior ... Read the full article
McGill and Partners hires Aon’s Warren Mula to support US growth plans
8th June 2021
Insurance broker McGill and Partners has added Warren Mula as a Strategic Advisor and Non-Executive Director of McGill Global Risk Solutions. Mula will look to support this growth with a particular focus on the specialist broker’s US plans; encompassing talent, clients, markets and intermediary partners. He joins after 40 years’ service with ... Read the full article
BMS hires Mark Aylward as Managing Director of London DUA
8th June 2021
BMS, the independent specialist insurance and reinsurance broker, has appointed Mark Aylward as Managing Director of its newly structured London Delegated Underwriting Authority (DUA) and Programmes division. He will lead BMS's expansion in the sector, primarily in the US and will report to Hannah Watkins, Managing Director, BMS Re. Aylward brings over ... Read the full article
Qianhai Re hires Munich Re’s Weishu Fan as CEO
8th June 2021
Chinese reinsurer, Qianhai Re has appointed Weishu Fan as Chief Executive Officer. Fan brings over 25 years of re/insurance experience across the US, Europe and Greater China markets. With his global industry expertise, strong proven records, entrepreneurship and strategic vision, he is the ideal candidate to lead Qianhai Re. Prior to this appointment, ... Read the full article
B.P. Marsh reports higher profit, rise in NAV despite pandemic impacts
8th June 2021
Venture capital provider B.P. Marsh & Partners Plc has reported consolidated profit after tax of £13.7 million for the year ended 31st January, 2021, compared with £12.5 million for the prior year period. For the year, B.P Marsh has reported a 9.5% rise in Net Asset Value (NAV) to £149.9 million ... Read the full article
Tremor reports 20% growth in total capital as adoption accelerates
8th June 2021
Programmatic re/insurance risk transfer marketplace, Tremor, has reported that insurance companies leveraging its Panorama™ trading platform have sought over $700 million in capacity from reinsurers in the month of May alone. Tremor announced the enhancement of its original programmatic re/insurance risk transfer marketplace with the launch of Panorama™ in February ... Read the full article
LMG publishes 5-point plan to seize new global trade opportunities
8th June 2021
The London Market Group (LMG) has published a 5-point plan involving regulatory and legislative changes aimed at fostering London's growth and taking full advantage of new opportunities. The first involves a more proportionate approach to regulation in recognising both the nature of the large complex risks and the sophisticated corporate buyers ... Read the full article
Moody’s improves Japan life outlook to stable
8th June 2021
Moody’s has revised its industry outlook for Japan’s life insurance sector from negative to stable, based on improving capitalization, resilient underwriting profit and a recovering operating environment. The rating agency believes that these factors will enable insurers to maintain their credit strengths over the next 12-18 months, despite lingering threats from ... Read the full article
2021 a “pivotal year” for re/insurers’ climate efforts: Swiss Re’s Ojeisekhoba
7th June 2021
Moses Ojeisekhoba, Chief Executive Officer (CEO) for Reinsurance at Swiss Re, has warned that following the outbreak of the COVID-19 pandemic, 2021 could be a “pivotal year” for the re/insurance industry to help push for more societal resilience to climate change. As countries look to a sustainable pandemic recovery, and with ... Read the full article
Hippo announces new senior hires
7th June 2021
Hippo, a California-based insurtech focused on US home insurance, has made several new executive appointments to its insurance team. Each appointment brings years of experience from property and casualty (P&C) insurers to support the growth and expansion of Hippo’s protective home insurance products. The newly appointed team will be responsible for overseeing ... Read the full article
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