Reinsurance News
Re/insurer Canopius exploring IPO at valuation of more than £2bn: reports
19th January 2021
Global specialty insurer and reinsurer, Canopius Group, is reportedly in discussions about a potential public offering that could value the Lloyd's of London player at over £2 billion (USD 2.7bn), according to Sky News. Previously known as Sompo Canopius AG, the specialist re/insurer was acquired in 2017 by a consortium ... Read the full article
Robus Guernsey hires Justin Upson as Director
19th January 2021
Insurance management, fiduciary and financial advisory group Robus has appointed Justin Upson as Director of the Guernsey office. Upson will lead Robus’ Protected Cell Company (PCC) providing innovative solutions to Robus clients, as well as being the client lead for Robus’ PCC. He will also have operational responsibilities for a number of ... Read the full article
SCOR to provide AI-powered life insurance products with Bayer, One Drop
19th January 2021
SCOR is partnering with life science company Bayer and One Drop, a provider of digital solutions for people living with diabetes and other chronic conditions, to create an AI-powered digital health platform to life insurance carriers and policyholders across the US This joint effort between SCOR, Bayer and One Drop aims ... Read the full article
K2 CAT renews Japan facilities for 2021
19th January 2021
K2 CAT has announced that its three property treaty facilities for Japan have been renewed for 2021 with existing carriers, Peak Re, Taiping Re and Cathay Century Insurance. The company, formerly called Pioneer CAT, has been underwriting Japanese business on behalf of principal backer Peak Re since 2014. Back in November, K2 ... Read the full article
Favourable pricing trends to continue: Morgan Stanley
18th January 2021
Equity analysts at Morgan Stanley have released a report which shows a number of predictions for 2021, anticipating that favourable pricing trends are likely to continue driving robust premium growth during 2021. Many factors have driven recent hardening such ... Read the full article
Louisiana Citizens sees continued drop in policies, strong financial position
18th January 2021
Louisiana Citizens Property Insurance, the state-sponsored insurer of last resort, has reported itself to be in a strong financial position after enacting a proactive reinsurance strategy and leveraging models to select polices for depopulation. Insurance Commissioner Jim Donelon noted how Citizens, which covers properties that the private insurance industry won’t, is now ... Read the full article
Aon targets rising fuel costs with new insurance solution
18th January 2021
Global insurance and reinsurance brokerage firm, Aon, has launched a new fuel insurance solution for the shipping and aviation industries, backed by AAA-rated credit insurance. Designed to help companies mitigate the impacts of rising fuel costs, the new protection will be activated if the cost of fuel increases and exceeds an ... Read the full article
SCOR deems pandemic risk uninsurable
18th January 2021
Experts from global reinsurer SCOR have concluded that pandemics are uninsurable due to insurers not having the capacity to absorb such loss accumulation. This serial element is accentuated even further by the global nature of pandemic risk. Added to this, the geographical diversification of risk portfolios is ineffective and actually compounds the ... Read the full article
Clyde & Co expands into Europe with new hires
18th January 2021
Global law firm Clyde & Co has further expanded into Europe with the opening of an office in Munich, Germany following the hiring of three leading insurance lawyers and their team. The expansion will mean that Clyde & Co will have more presence in Germany, where it already has offices in ... Read the full article
Everest Re appoints Mariza Costa as VP, Investor & Rating Agency Relations
18th January 2021
Bermuda-based reinsurer Everest Re Group has appointed Mariza Costa as Vice President (VP) of Investor and Rating Agency Relations, based in the company’s US Headquarters in Warren, New Jersey. Read the full article
COVID BI case exposes policy wordings “lottery”: Mactavish
18th January 2021
According to insurance buyer and claims resolution firm Mactavish, the legal disputes over pandemic business interruption (BI) claims have exposed systematic flaws in the re/insurance market, including vague policy language and potential conflicts of interest for brokers. Last week, the UK Supreme Court upheld an earlier legal ruling that required ... Read the full article
WTW enhances global P&C hub with addition of Shanghai
18th January 2021
Global insurance and reinsurance brokerage, Willis Towers Watson (WTW), has added Shanghai to its international property and casualty hub as the firm looks to enhance its global placement model for clients. Initially focused on the coordination of placement activity across London, Bermuda, and Singapore, the Global Markets P&C Hub further strengthens ... Read the full article
THB places first risk with Global Health Risk Facility via Syndicate 1796
18th January 2021
Specialist re/insurance broker THB has placed the first risk with the newly launched Global Health Risk Facility (GHRF). A public-private collaboration developed by insurtech Parsyl, GHRF is designed to help protect and support the global distribution of critical health commodities, including existing and newly-emerging vaccines. THB was approached to put in place ... Read the full article
Simon Behagg takes over as Gallagher Re CEO
18th January 2021
Gallagher has announced the appointment of Simon Behagg as Chief Executive Officer (CEO) of its global reinsurance business, Gallagher Re. From February 2021, Behagg will take over the role from current CEO Rupert Swallow, who has headed Gallagher Re for the past seven years and was a founding partner of the ... Read the full article
Ratings of UK insurers to be unaffected by BI ruling, says Fitch
18th January 2021
Fitch has said that the ratings of UK non-life insurers are likely to be unaffected by last week's Supreme Court judgement on the validity of business interruption (BI) claims related to the ongoing COVID-19 pandemic. The UK Supreme Court upheld the judgement on the Financial Conduct Authority’s (FCA) BI insurance ... Read the full article
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