Reinsurance News
ICA reviews insurers’ options for economic recovery
9th February 2021
The Insurance Council of Australia (ICA) is reviewing the insurance sector’s options for reforms to improve its contribution to national economic recovery and growth. The review is taking place due to concern from insurers, stakeholders and the community about the availability and affordability of some categories of cover for certain groups ... Read the full article
Scope of cover & capacity have decreased, say Airmic members
9th February 2021
Members of Airmic, the UK association for risk and insurance professionals, have reported a decrease in the scope of cover and capacity available to them across a number of covers and sectors. The latest Airmic Pulse Survey on insurance market conditions found that almost half of respondents saw an increase in ... Read the full article
Argo names Aspen’s Scott Kirk as new CFO
9th February 2021
Argo Group International Holdings, Ltd. has announced that Scott Kirk has been appointed to succeed Jay Bullock as the firm's Chief Financial Officer (CFO), effective March 1st, 2021. Kirk joins the firm from Aspen Insurance Holdings Limited, where he served as CFO from 2014 to April 2020. Argo Group announced in ... Read the full article
SCOR records +15.9% premium growth at favourable Jan 1 reinsurance renewals
9th February 2021
Global reinsurer SCOR has highlighted favourable market conditions at the January 1st, 2021 renewals, as the firm grew its reinsurance treaty premium income up for renewal by 15.9%. Overall, premiums increased by €472 million to €3.445 billion, with SCOR reporting an overall average price increase of 7.8%. The re/insurer states that in ... Read the full article
RGA reports dip in Q4 net income; $300mn of COVID-19 claims
9th February 2021
Life reinsurer Reinsurance Group of America, Incorporated (RGA) has reported net income of $132 million for the fourth-quarter of 2020 and consolidated net premiums of $3.3 billion for the period. Net income declined for the reinsurer from the $235 million reported in Q4 2019, while net premiums increased by 9% for ... Read the full article
Re/insurers risk underestimating COVID losses: RenRe’s O’Donnell
8th February 2021
Kevin O’Donnell, President and CEO of RenaissanceRe, has warned that there is misplaced confidence within the re/insurance industry that COVID-19 losses may be less severe than originally expected. Speaking during a Q4 earnings call, O’Donnell explained that RenRe had updated its COVID loss estimate for the quarter to $173 million. But the ... Read the full article
Dentons bolsters insurance capabilities with nine additions in Canada
8th February 2021
Global law firm Dentons has added nine to its legal team in its Toronto and Calgary offices in a bid to expand its insurance capabilities. The team joins from Cassels, Brock & Blackwell LLP and Read the full article
BDA appoints Susan Pateras as Deputy Chair
8th February 2021
The Bermuda Business Development Agency (BDA) has elected Susan Pateras as its new Deputy Chair, whilst reappointing Fiona Beck as Treasurer. Its Board members have also been assigned to the BDA’s standing committees focused on audit, compensation, and governance and nominations. Pateras joined the BDA board last year, bringing over 20 years ... Read the full article
Core Specialty recruits Fischer to lead Agriculture Reinsurance Division
8th February 2021
Specialty insurance carrier Core Specialty Insurance Holdings has announced the appointment of William R. Fischer to lead its newly formed Agriculture Reinsurance Division. Fischer joines from AIG Reinsurance, where he served as Senior Vice President of Agriculture. In total, he has 25 years of experience in the crop reinsurance business. "Bill has a ... Read the full article
Robert Mercier takes US Chief Operating Officer role at BMS
8th February 2021
BMS, the independent specialist insurance and reinsurance broker, has announced the appointment of Robert Mercier as Chief Operating Officer (COO) of its US business. He joins from Willis Re, where he has spent 15 years across several senior positions, most recently as Operations Director. Prior to joining Willis Re, Mercier was the ... Read the full article
Coverys promotes Joseph Murphy to CEO
8th February 2021
Coverys has appointed Joseph Murphy to Chief Executive Officer and President, succeeding Gregg Hanson, Chief Executive who will retire next month. He joined Coverys as COO in 2015, overseeing the insurers underwriting, business development and distribution, business analytics and risk management. Prior to joining Coverys, he served as the Commissioner of Insurance ... Read the full article
Chubb Tempest Re promotes Sam Peters to Division President, Bermuda
8th February 2021
Chubb's global multi-line reinsurance unit, Chubb Tempest Re, has appointed Sam Peters as Division President of Chubb Tempest Re Bermuda. Peters currently serves as Chief Actuary for both this business and for Chubb Bermuda, which provides excess casualty, professional liability and property products. Peters will have management responsibility for Chubb Tempest Re ... Read the full article
Tremor enhances reinsurance placement capabilities with next-gen Panorama
8th February 2021
Tremor Technologies has built on the success of its original programmatic re/insurance risk transfer marketplace with the launch of its next generation trading platform, Panorama™. As Tremor continues to expand, having now exceeded $1 billion in risk priced and placed with its tech with almost 100 participating reinsurance markets, its ... Read the full article
Aon still confident WTW combination will close in H1
8th February 2021
Executives at re/insurance broker Aon have confirmed that they still expect the planned business combination with Willis Towers Watson (WTW) to close in the first half of 2021, despite an ongoing investigation by EU regulators. Speaking as part of a fourth quarter earnings call, Chief Financial Officer (CFO) Christa Davies said ... Read the full article
CNA reports record core income as catastrophe losses fade
8th February 2021
CNA Financial has reported net income of $387 million for the fourth-quarter of 2020 and record core income of $335 million for the period, aided in part by an improved property & casualty (P&C) performance as catastrophe losses fell. Net income climbed $114 million from Q4 2019, while core income increased ... Read the full article
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