Reinsurance News
EU to investigate Aon / WTW merger: reports
15th December 2020
The huge merger deal between brokers Aon and Willis Towers Watson (WTW) is set to undergo an in-depth probe by European Union (EU) regulators due to its complexity, sources have told Reuters. According to these inside sources, the $30 billion deal faces a full-scale review once the European Commission’s preliminary ... Read the full article
LV= in £530mn sale to Bain Capital
15th December 2020
Liverpool Victoria Financial Services (LV=) has reached an agreement to sell itself to private investment firm Bain Capital for £530 million. The acquisition is expected to be completed by the end of 2021 and is subject to the conclusion of the legal process. Alan Cook, Chairman of LV= said its board recognised ... Read the full article
Everest names Connie Germano President of Specialty Casualty
15th December 2020
Everest Insurance has announced the appointment of Connie Germano as President of Specialty Casualty. Based in the company’s New York City office, she will report to Mike Karmilowicz, President and Chief Executive Officer of Everest Insurance. Germano joined Everest Insurance five years ago, and currently leads the Specialty Casualty group, which includes ... Read the full article
BBC Pension Scheme secures £3bn longevity swap with Zurich, Canada Life
15th December 2020
The BBC Pension Scheme has secured a longevity swap with global insurer Zurich for more than £3 billion of pensioner liabilities. Reinsurer Canada Life was also involved in the de-risking transaction, providing cover to Zurich. The deal will give the BBC scheme and the BBC, as sponsoring employer, with protection against the ... Read the full article
AM Best assigns negative outlook to US commercial property insurance
15th December 2020
AM Best has assigned a negative market segment outlook to the US commercial property insurance segment, citing uncertainty over Covid-related business interruption (BI) legislation and increasing frequency and severity of natural catastrophes. While AM Best does not expect significant claims activity in commercial property due to the pandemic, it does foresee ... Read the full article
Generali (GC&C) names Head of Financial Lines Underwriting in Asia
15th December 2020
Generali Global Corporate & Commercial (GC&C), a subsidiary of the Italian insurance giant, has announced the appointment of Zaid Alami as Head of Financial Lines Underwriting Asia. Based in the regional hub in Hong Kong, he will be responsible for leading the financial lines business across the region. Alami has nearly a ... Read the full article
Industry cat losses totalled $83bn this year, says Swiss Re
15th December 2020
Swiss Re has estimated that insurance industry losses from natural catastrophes and man-made disasters amounted to a total of $83 billion in 2020, making it the fifth-costliest year since 1970. Losses were primarily driven by a record number of severe convective storms, Swiss Re data shows, as well as wildfires in ... Read the full article
QBE hires Fiona Larnach as Group Chief Risk Officer
15th December 2020
Australian re/insurer QBE has appointed Fiona Larnach to the role of Group Chief Risk Officer. Larnach has nearly 30 years of experience working across risk management, finance and treasury. She has held a number of senior executive roles at numerous Australian and UK financial service companies, and was most recently the Chief ... Read the full article
Hiscox names Tom Shewry as CFO for UK business
15th December 2020
Specialist global insurer Hiscox has announced the appointment of Tom Shewry as Chief Financial Officer for its UK business and Hiscox Insurance Company Limited. Reporting to Hiscox UK’s CEO, Bob Thaker, Shewry has spent over 20 years in general insurance working in a variety of commercial roles. He joined Hiscox in 2018 ... Read the full article
PERILS discloses $66mn loss estimate for Izmir Earthquake
15th December 2020
Catastrophe insurance data provider PERILS has disclosed its initial industry loss estimate for the Izmir Earthquake, which hit Turkey on October 30. The insured property market loss, based on claims data collected from affected insurance companies, is TRY 532 million ($66 million). The earthquake had a Moment Magnitude of Mw 6.9, according ... Read the full article
Lloyd’s & Parsyl partner on COVID vaccine distribution initiative
15th December 2020
Lloyd’s of London has partnered with supply chain data platform Parsyl to launch an insurance initiative for the distribution of COVID-19 vaccines. The public-private collaboration includes 14 global re/insurers and aims to address critical risks faced by COVID-19 vaccines and other health commodities during distribution. The initiative involves the launch of a ... Read the full article
Fidelis refuses to back Australia’s Carmichael coal mine
15th December 2020
Specialty re/insurer Fidelis has confirmed that it will rule out underwriting the Adani Carmichael coal project in Central Queensland, Australia, making it the 28th re/insurer to publicly make this commitment. “We are committed to driving forward anti-coal initiatives, we look to shape change by not offering insurance to companies that extract ... Read the full article
Swiss Re CorSo secures direct insurance licence in South Africa
15th December 2020
Swiss Re Corporate Solutions (Swiss Re CorSo) has received a direct insurance authorisation from the South African joint regulators Prudential Authority and Financial Sector Conduct Authority. Swiss Re CoSo Africa offers customers in South Africa the full range of its products, including non-traditional risk solutions, as well as its long-term capacity ... Read the full article
Aon extends partnership with parametric tech firm CelsiusPro
15th December 2020
Re/insurance broker Aon has extended its long-term collaboration with parametric technology firm CelsiusPro. Aon’s Innovation and Solutions team is reported to have seen a dramatic increase in the number of clients seeking to understand how they might supplement or replace their existing risk transfer programmes with parametric structures to potentially improve ... Read the full article
Bigger focus on future of claims needed: Verisk’s Della Rocca
14th December 2020
With the re/insurance industry still reeling from the shock of COVID-19, data analytics provider Verisk Analytics says a focus on the future of claims is essential in order to adapt well to the pandemic. This is the view of Richard Della Rocca, President of ISO Claims Analytics, Verisk Analytics, who in ... Read the full article
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