Reinsurance News
Previsico hires former RMS lead modeller Dimosthenis Tsaknias
16th June 2021
Live flood forecasting insurtech firm Previsico has announced the appointment of Dimosthenis Tsaknias as Senior Flood Modeller in charge of its flood modelling team. Tsaknias previously served as Lead Modeller for RMS, where he contributed to the development of hazard and financial loss flood risk models covering 12 countries in Europe, ... Read the full article
European bodies urge revision of “unnecessary” Solvency II costs
16th June 2021
Insurance Europe and Invest Europe have published a joint position paper that calls on the European Commission to make improvements to Solvency II to remove unnecessary barriers that they say undermine insurers’ ability to invest in long-term equities. While the bodies agreed that Solvency II in general works well, they posed ... Read the full article
Suncorp records 3,750 claims from Victoria flooding
16th June 2021
Australian insurer Suncorp has received approximately 3,750 claims so far from the recent severe weather affecting regions across metropolitan and regional Victoria, with more expected over the coming days and weeks. Earlier this week, the Insurance Council of Australia (ICA) declared a catastrophe event in Victoria after thousands of homes ... Read the full article
Aon releases P&C market insight report
16th June 2021
Re/insurance broker Aon has released a new report for the first quarter of 2021, giving insight into the UK Property & Casualty insurance market. The report noted that within the property market, insurers are continuing to focus on achieving a technical rate and getting close to that is a minimum for ... Read the full article
AXA XL appoints new leadership for Global Political Risk, Credit & Bond
16th June 2021
AXA XL Insurance has appointed Rafael Docavo-Malvezzi as Global Chief Underwriting Officer for Political Risk, Credit & Bond (PRCB) and Lian Phua as Head of PRCB, Americas. Docavo-Malvezzi will report to Stephen Ashwell, CUO for Specialty Risks, and help drive global governance, underwriting guidelines and pricing standards across all Political Risk, ... Read the full article
Re/insurers on edge as Tokyo Olympics nears: Bloomberg
16th June 2021
Re/insurers are expected to be on edge over the next six weeks as the Tokyo Olympics' opening nears, according to Bloomberg Intelligence. After much deliberation, the International Olympic Committee (IOC) has decided to go ahead with the postponed 2020 Olympics. However, the IOC has taken out around $800 million in event-cancellation insurance, ... Read the full article
Asian Reinsurance Corp reelects Funa as Chairman
16th June 2021
Insurance Commissioner Dennis B. Funa has been reelected as the chairman of the management board of Asian Reinsurance Corporation. He will serve a fresh new two-year term of office from 2021 until 2023 following his reelection on June 10, the Insurance Commission said in a statement. “I am deeply honored to have ... Read the full article
Moody’s turns stable on global life sector
16th June 2021
Moody’s Investors Service has changed its outlook for the global life insurance sector to stable from negative, based on expectations for near-term growth prospects and a more favourable operating environment. The outlook revision follows a change to stable outlook for US life insurers and Japanese life insurers. Despite sustained low interest rates, ... Read the full article
AJ Gallagher takes remaining shares in Hesse units
16th June 2021
Global insurance broker Arthur J. Gallagher has acquired the remaining shares of Zurich, Switzerland-based Hesse & Partner AG and Hesse Consulting GmbH from founder, Guido Hesse. Gallagher entered a partnership with Hesse and Partner three years ago when it acquired a majority interest of the business. Founded in 1997, Hesse and Partner ... Read the full article
Howden names Aon’s Luigi Sturani as CEO, Europe
16th June 2021
Howden has continued its expansion and investment in Europe with the appointments of Luigi Sturani as Chief Executive Officer (CEO), Europe and Enrico Nanni as Chief Commercial Officer, Europe, effective June 2nd, 2021. In his newly created role, Sturani will lead a diverse regional management team, supported by Louise Cable-Alexander, CEO, ... Read the full article
Climate is single biggest opportunity for re/insurers: John Neal
16th June 2021
Lloyd’s CEO John Neal has described climate change as “the largest single underwriting and investment opportunity” that most re/insurers will see in their careers. Speaking on a panel at S&P’s virtual 37th Annual Insurance Conference last week, Neal said the re/insurance industry needs to “look at climate positively.” Neal was joined by ... Read the full article
Lockton Re appoints Jonty Davies to lead new Bermuda office as CEO
16th June 2021
Lockton Re, the reinsurance arm of the global brokerage, has announced the appointment of Jonathan (Jonty) Davies as Chief Executive Officer (CEO) of its newly launched Bermuda office. The launch of Lockton Re (Bermuda) Limited forms part of the broker's growing global platform. Davies joins the company from Aon Reinsurance Solutions where ... Read the full article
AM Best notes growing interest in GCC captives
16th June 2021
Analysts at AM Best have noted growing interest in the creation of captive insurance companies in the Gulf Cooperation Council (GCC) region, due partly to the hardening trend of international commercial insurance rates. The rating agency observed that the use of captive re/insurance in GCC countries has been limited to date, ... Read the full article
Global macroeconomic resilience cut by 18% by COVID-19: Swiss Re
15th June 2021
COVID-19’s emergence in 2020 caused macroeconomic resilience to fall by 18%, according to a Swiss Re Institute report. While global economic growth is expected to recover strongly this year after the pandemic-induced recession in 2020, the resulting macroeconomic resilience will fall short of levels seen pre-COVID-19. Meanwhile, the global insurance protection gap reached ... Read the full article
TransRe and Gen Re break off underwriting partnership
15th June 2021
Transatlantic Reinsurance Company (TransRe) and General Reinsurance Corporation (Gen Re) have decided not to renew their underwriting partnership for North American property and casualty (P&C) business that has been in place since July 2016. The reinsurers announced yesterday that they would not extend the 5-year agreement, under which TransRe has acted ... Read the full article
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