Reinsurance News
Insurers need to start using newer technologies: insurtech report
13th May 2021
According to a new insurtech report from Capgemini and Efma, policyholders have become more cautious when taking out insurance, resulting in the need for insurers to empower their distribution network with newer technologies. As natural disasters and emerging risks have become more severe, along with lockdowns and social distancing, digital channels ... Read the full article
Demand for life reinsurance consistent despite pandemic: RGA COO Néemeh
13th May 2021
Despite the unprecedented impacts of the COVID-19 pandemic and elevated mortality in many parts of the world, demand for life reinsurance "continues pretty much as it has," according to Alain Néemeh, Senior Executive Vice President and Chief Operating Officer (COO) at Reinsurance Group of America (RGA). Since the arrival of the ... Read the full article
Fitch maintains Aon, WTW ratings despite asset divestiture agreement
13th May 2021
Fitch Ratings views Willis Towers Watson’s recently announced divestiture agreement as neutral to the Long-Term Issuer Default Ratings (IDRs) of both itself and Aon. Willis Re and certain other corporate risk, broking and benefits services are all included as part of the companies' attempt to satisfy various regulatory requirements The deal, ... Read the full article
AXA XL hires five senior underwriters
13th May 2021
AXA XL, the property & casualty and specialty risk division of AXA, has appointed five senior underwriters to its Canadian Casualty, Professional and Property groups. The appointments have been made to match Canada's growing demand for underwriting expertise. The appointments for the Casualty team include Gladys Adams, Joseph Renton and Gary Tobin, ... Read the full article
Trean net income sinks to $6.8m, but CR improves to 89%
13th May 2021
Insurance management and reinsurance consulting company Trean Insurance Group, Inc. has posted net income of $6.79 million for the first quarter of 2021, representing a decrease of 29.3% on the same period last year. The result was mainly attributable to a 51.3% decrease in investment income, which totalled $1.59 million versus ... Read the full article
Gallagher to non-disruptively absorb WTW assets, says S&P
13th May 2021
S&P Global Ratings believes Gallagher will successfully and non-disruptively absorb the various businesses it’s set to purchase from Willis Towers Watson, prior to the latter's much-anticipated mega merger with fellow broking powerhouse Aon. The various subsidiaries, being sold to satisfy European Commission competition concerns, include Willis Re, UK specialty, as ... Read the full article
Palomar purchases $280mn of incremental reinsurance at renewal
13th May 2021
Specialty insurer Palomar Holdings has renewed certain reinsurance programs incepting at June 1st, which includes the purchase of an additional $180 million of limit for earthquakes and $100 million of incremental limit for windstorms. Its reinsurance coverage now exhausts at $1.65 billion for earthquake events and $700 million for hurricane events, ... Read the full article
Aon, Willis & Mercer join sustainable investing group
13th May 2021
Fourteen institutional investment consulting firms in the US, including Aon, Willis Towers Watson (WTW) and Mercer, have established a joint working group to advance sustainable investing. Aon Hewitt Investment Consulting, WTW, and Mercer, which forms part of broker Marsh McLennan, will aim to support clients by promoting and improving sustainable investment ... Read the full article
Conduit reports successful first quarter as premiums exceed plan
13th May 2021
Conduit Re, the newly-launched property and casualty reinsurer, has reported a successful initial quarter of trading with estimated ultimate premiums written of $199.1 million. At almost $200 million, Conduit Re's total expected ultimate premiums written came in ahead of the $160 million announced in its January trading statement. At the same ... Read the full article
Pipeline cyber attack not surprising, says Swiss Re’s Mumenthaler
13th May 2021
Swiss Re CEO Christian Mumenthaler has said that he is “not too surprised at all” that cyber criminals were able to successfully target and disrupt the operations of Colonial Pipeline, and warned that key infrastructures remain open to similar hacks. Asked about the eventual cost and fallout of last week’s attack ... Read the full article
Beazley reports growth in premiums to $971mn; 16% rate increase
13th May 2021
Specialist insurer Beazley has reported a 16% rise in gross premiums written (GPW) to $971 million for the first quarter of 2021, alongside premium rates on renewal business that came in above expectation. Rate momentum on renewal business saw an increase of 16% during Q1 2021, compared with 8% for the ... Read the full article
Verisk launches AI-driven, life insurance solution
13th May 2021
Global reinsurer SCOR has provided extensive feedback on a new Verisk-developed life insurance solution designed to distill insights from medical notes in electronic health records. EHR Triage Engine Plus leverages natural language processing and artificial intelligence and was developed in a collaborative effort between the two firms. The solution can be integrated ... Read the full article
Gallagher’s Willis Re acquisition will expand UK, US and international footprint
13th May 2021
Following Arthur J. Gallagher's agreement to acquire the majority of reinsurance brokerage Willis Re, a Gallagher spokesperson has confirmed that the deal will significantly expand the company's footprint in the UK and the US, and provide it with scale operations in certain key markets. It was announced yesterday that Aon ... Read the full article
Africa Specialty launches liability capacity, appoints Boreham to lead
13th May 2021
Pan-African focused reinsurance Africa Specialty Risks (ASR) has announced the launch of its liability business, appointing Martin Boreham to lead. Boreham has over 30 years’ experience within the insurance industry and joins following eight years at MS Amlin, where he was the product lead for international casualty. He was previously portfolio manager ... Read the full article
Nat cats, COVID-19 to drive $100bn+ industry losses in 2021: analysts
12th May 2021
Natural catastrophes and COVID-19 could generate over $100 billion in global insured losses across 2021 according to Bloomberg Intelligence. Analysis indicates that insurers' Tier 2 bonds have tightened significantly, leaving limited room for further compression. Furthermore, according to data from Fitch, insurers' reported natural-cat losses in Q1 could be more than $20 ... Read the full article
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