Reinsurance News
£472m paid out for BI test case claims so far, says FCA
23rd March 2021
New data from the Financial Conduct Authority (FCA) shows that to date around £472 million has been paid out for claims related to the COVID-19 business interruption (BI) test case in the UK. Re/insurers recently submitted their first data concerning progress with BI claims, relating only to claims and complaints on ... Read the full article
Hamilton sponsors inaugural 144A cat bond
23rd March 2021
Bermuda-based re/insurer Hamilton has sponsored its first 144A industry loss index-triggered catastrophe bond via the issuance of Series 2020-1 Class A Principal-at-Risk Variable Rate Notes by Easton Re. Easton Re was formed in Singapore and is the first index-based transaction approved for issuance by the country’s Monetary Authority. The risk period for ... Read the full article
Lloyd’s launches new parametric earthquake solution in New Zealand
23rd March 2021
Lloyd’s has announced the launch of a new parametric earthquake insurance policy in New Zealand designed to automatically pay customers within five days following a strong earthquake. The product has been developed in partnership with insurance start-up Bounce and leverages cutting-edge technology and real-time GeoNet data to track Peak Ground Velocity ... Read the full article
S&P highlights the pandemic’s impacts on German insurers
23rd March 2021
S&P Global Ratings analysts have highlighted how the COVID-19 related recession is heightening some of the difficulties the German insurance sector already faced prior to the pandemic. The main impact relates to investment volatility and lower-for-longer investment yields and is seen as hurting all lines of business, but analysts expect life ... Read the full article
Greensill collapse does not ‘crystallise any exposure for TMNF,’ says Tokio Marine
23rd March 2021
Japanese insurance giant Tokio Marine has said that the insolvency of financial services company, Greensill Capital, does not result in any exposure to the Australian branch of Tokio Marine & Nichido Fire Insurance Co., Ltd (TMNF). Greensill, a specialist in supply-chain finance, filed for administration earlier this month after warning that ... Read the full article
Centauri maintains “A” rating following acquisition by Applied Underwriters
23rd March 2021
The Centauri Specialty and National Insurance Companies have sustained a Financial Stability Rating of "A" (Exceptional) from Demotech following their acquisition by Applied Underwriters. Demotech said its decision followed extensive examinations measuring claims paying ability, financial reserves and overall financial stability. It says the Sarasota-based insurer, with over $200 million in annual ... Read the full article
Rising Edge adds Kelly Lyles to board
23rd March 2021
Rising Edge, a London-based Managing General Agent (MGA) writing directors’ and officers’ (D&O) insurance, has appointed Kelly Lyles as Non-Executive Chair to its board of directors. Lyles’ career started in the late 1980s as one of the first people to market and underwrite D&O liability for European companies. Most recently she ... Read the full article
COVID an opportunity for industry to “remake itself”: EY
22nd March 2021
Analysts at EY believe that the COVID-19 pandemic represents an opportunity for the global re/insurance industry to “remake itself in line with new societal realities and market needs.” In a new report, EY argues that more creative thinking is necessary within re/insurance management to rebuild positive momentum across the market. This should ... Read the full article
Swiss Re’s JV Movinx hires Carolin Gabo as CEO
22nd March 2021
Insurance intermediary and service provider Movinx has appointed Carolin Gabor as its new Chief Executive Officer. Gabor will be leading the company along with Sebastiaan Bongers in the role of Chief Product Officer and Andreas Roth as Chief Financial Officer. She will be responsible for the acceleration of Movinx’ expansion plans by ... Read the full article
Australian insurers ramp up flood support, provide reinsurance updates
22nd March 2021
Australia’s major insurance providers including Suncorp and IAG are ramping up efforts to support customers affected by severe flooding currently unfolding across New South Wales and South East Queensland. The ICA has declared a catastrophe for large parts of NSW, following the evacuation of around 18,000 residents following widespread and ... Read the full article
Insurtech Artificial joins Convex on data-driven marine liability product
22nd March 2021
Insurtech firm Artificial Labs is collaborating with Convex to digitise and distribute the speciality re/insurer’s data-driven marine liability product. The partnership sees US-based marine liability brokers provided with a rate/quote/bind/issue tool designed to improve client experience and give access to new, specific classes of business. The product is reported to give brokers ... Read the full article
AXIS Insurance adds two to Global Cyber and Technology team
22nd March 2021
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited has appointed Alex White and Jeff Bayer to its Global Cyber and Technology team. White has been appointed as a Senior Underwriter, Global Cyber and Technology, and will focus on Cyber and Technology Errors and Omissions (E&O) risks in ... Read the full article
SCOR announces new satellite-based pasture insurance tool in Brazil
22nd March 2021
Global reinsurer SCOR has announced its role in the creation of a new satellite-based pasture insurance tool available to all Brazilian livestock farmers. Pastagem Protegida – Índice was created in collaboration with Pastagem Protegida – Índice was created in collaboration with IRB, ESSOR and AgroBrasil, and is based on the Airbus ... Read the full article
Marsh’s role in Greensill collapse highlighted by Credit Suisse, reports
22nd March 2021
An internal review conducted by Credit Suisse scrutinises Marsh & McLennan for its role in the collapse of financial services firm Greensill, according to reports emerging from The Financial Times. Greensill, which specialises in supply-chain finance, filed for administration last week after “severe financial distress” left it unable to repay a ... Read the full article
MS Amlin (MS AUL) names Ariel Re’s Wilken as Head of Reinsurance Division
22nd March 2021
Lloyd's of London insurer and reinsurer, MS Amlin Underwriting Limited (MS AUL), has added Matthew Wilken to the newly created role of Head of Reinsurance Division, based in London. In his new role, Wilken will report to Andrew Carrier, Chief Underwriting Officer (CUO) of MS AUL, effective in early May, subject ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
