Reinsurance News
CCR reveals Horizon 2025 strategic plan
17th June 2021
French public-sector reinsurer CCR has outlined its Horizon 2025 strategic plan, due to run for the next four years. The new plan is described as pursuant to the efforts undertaken since 2015's plan, overseen by Chief Executive Officer Bertrand Labilloy, and the former Chairman, Pierre Blayau. The actions of both men are ... Read the full article
Lloyd’s gets £650m cover for Central Fund: Report
17th June 2021
The Lloyd's of London insurance and reinsurance market has taken out a £650 million cover from an investment bank and reinsurers to protect its Central Fund against significant loss events, according to a report from the FT. The Central Fund reinsurance, or perhaps retrocession, arrangement, will have a five-year term and ... Read the full article
US P&C underwriting remained resilient in 2020: AM Best
16th June 2021
According to a new report by rating agency AM Best, the net underwriting performance of US property & casualty (P&C) insurers was resilient in 2020, despite a slew of challenges owing to the global COVID-19 pandemic. It saw above average losses from natural catastrophes, investment market volatility, and numerous events spotlighting ... Read the full article
Munich Re Specialty Insurance names Chief Claims Officer
16th June 2021
Munich Re Specialty Insurance (MRSI), a division of German reinsurance giant Munich Re, has announced the appointment of Mary Beth McClellan as Chief Claims Officer. McClellan joined MRSI in 2020 as Head of Claims and previously served as a Casualty Practice Lead over multiple lines of business for XL Catlin, now ... Read the full article
Tokio Marine HCC promotes Jay Ritchie to CEO, Stop Loss Group
16th June 2021
Tokio Marine HCC, a member of Tokio Marine Group, has appointed Jay Ritchie as Chief Executive Officer of its Stop Loss Group after it was announced that Daniel Strusz will be retiring at the end of October. Ritchie currently serves as President Stop Loss Group and was previously President of HCC ... Read the full article
AmericanAg hires Doug Nuehring as AVP, Underwriting/Marketing
16th June 2021
AmericanAg, a global provider of reinsurance services, has appointed Doug Nuehring as Assistant Vice President, Underwriting/Marketing. In this role, he will be responsible for underwriting a portion of the company’s Broker Assumed international portfolio, including programs in Western and Northern Europe and China. Nuerhring joins from EMC Reinsurance Company, where he spent ... Read the full article
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
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