Reinsurance News
RenRe warns of operating loss as cats drive $325mn negative impact in Q3
14th October 2020
Bermuda-based reinsurer, RenaissanceRe Holdings Ltd. (RenRe), expects to report an operating loss for the third-quarter of 2020 as estimated losses from catastrophe events in the period are projected to drive a net negative impact of roughly $325 million. The estimated net negative impact on its operations in Q3 is primarily driven ... Read the full article
R&Q’s pre-tax operating profit up 30%; COVID-19 dents investment result in H1
14th October 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) has reported a 30% rise in pre-tax operating profit to £10.4 million (USD 13.4mn) for the first half of the year, while the impact of the COVID-19 pandemic on financial markets dented the firm's investment performance in the period. Pre-tax operating profit increased from ... Read the full article
Marsh adds senior hires to UK aviation team
14th October 2020
Re/insurance broker Marsh has announced the appointment of Mark Walters as a Managing Director within the UK Aviation Practice, effective immediately. In this role, he will provide senior insurance and risk advisory services to Marsh JLT Specialty’s UK aviation and aerospace clients, which includes airlines, airports, manufacturers, and ancillary providers. Walters was ... Read the full article
CAC Specialty establishes analytics practice with Nathan Baseman hire
14th October 2020
Insurance broker CAC Specialty has established its analytics practice with the appointment of Nathan Baseman as Senior Vice President and Analytics Practice Leader. Baseman, who was most recently Director of Analytics for Lockton Companies, will partner alongside all the existing analytic activity and lead the company's extension of firmwide capabilities around topics ... Read the full article
Willis Towers Watson adds Director of Climate Transition Risk
14th October 2020
Re/insurance broker, Willis Towers Watson (WTW) has announced the appointment of Tony Rooke as Director of Climate Transition Risk in the company's Climate and Resilience Hub (CRH). Rooke brings more than 22 years of global experience in climate change, sustainability, strategy, advisory and programme delivery to the broker. With this, he ... Read the full article
Dinos Iordanou & Greg Hendrick to launch new re/insurer, Vantage
13th October 2020
A newly established insurance and reinsurance business, called Vantage, is set to launch with industry veterans Dinos Iordanou as Non-Executive Chairman, and Greg Hendrick as Chief Executive Officer (CEO), Reinsurance News understands. Vantage is a newly-formed re/insurance entity with fresh capital and a new perspective on risk, and is preparing itself ... Read the full article
US social inflation continues to erode reserving buffers: Jefferies
13th October 2020
Analysts at Jefferies have noted that US social inflation has continued in 2020, amidst the uncertainty of COVID-19 and the extremely active Atlantic hurricane season. Social inflation has, say analysts, resulted in persistent eroding of reserving buffers and is also driving casualty insurance prices. Recent data shows that securities class actions and ... Read the full article
Nexus announces partnership with Crum & Forster
13th October 2020
Specialty managing general agent Nexus Group has entered into a strategic partnership with Crum & Forster (C&F), a US-based top national property and casualty insurer and subsidiary of Fairfax Financial. As part of the deal, C&F will work with Nexus to establish a platform in London that will permit the continued ... Read the full article
Mercury Insurance launches two programs to protect Californians from wildfires
13th October 2020
With wildfire season well underway and the peak of the season yet to arrive, Mercury Insurance has announced two new programs to help Californians better protect their homes and families if they live in areas prone to wildfires. The insurer will be offering a discount of up to 18% if the ... Read the full article
Lockton to leverage CyberCube’s risk analytics platform
13th October 2020
Re/insurance broker, Lockton has announced that it will be rolling out CyberCube’s Broking Manager, a cyber risks analytics platform for insurance intermediaries. CyberCube has designed and tailored Broking Manager specifically to the needs of the insurance broking space, where it offers a streamlined approach to generating financial exposure impact that helps ... Read the full article
AM Best lends weight to pandemic backstop agenda
13th October 2020
Rating agency AM Best has become the latest industry body to voice support for tackling future pandemic risk through public-private partnership. In a new report, analysts noted that insurers are likely to face significant reserve uncertainty arising from the current accident year due to the challenge of estimating COVID-19 losses. Social inflation, ... Read the full article
Howden to acquire majority stake in Mexican broker ADRISA
13th October 2020
International insurance broker Howden is set to acquire a majority stake in ADRISA, a Mexico-based retail insurance broker. The deal will see the two companies merge, with Jose Luis Ordás becoming Executive Chairman and Luis Suarez de Lezo Chief Executive Officer of the combined group. The combination will create the largest independent ... Read the full article
Hurricane Delta insured loss to onshore properties will near $1.25bn, says KCC
13th October 2020
The insured loss to onshore properties from the impacts of Hurricane Delta, the 10th named storm of the season to make a US landfall, is expected to be close to $1.25 billion, according to catastrophe risk modeller, Karen Clark & Company (KCC). Hurricane Delta came ashore in the region of Creole, ... Read the full article
Munich Re Specialty Insurance names Elizabeth Kramer as CUO
13th October 2020
Munich Re Specialty Insurance, a division of German reinsurance giant Munich Re, has announced the appointment of Elizabeth Kramer, formerly of Zurich North America, as its new Chief Underwriting Officer (CUO). In her new role, Kramer will report to Mike Kerner, Munich Re Specialty Insurance's Chief Executive Officer (CEO), and will ... Read the full article
Iowa’s August derecho could drive $5bn insured loss: Holborn
13th October 2020
Analysts at US domiciled reinsurance broker Holborn Corporation have estimated that a major derecho event that impacted the state of Iowa in August could drive $5 billion of insured property losses. A derecho is a widespread, long-lived, straight-line wind storm that is associated with a fast-moving group of severe thunderstorms, and ... Read the full article
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