Reinsurance News
WTW forecasts £30bn in bulk annuity deals for 2021
18th December 2020
Insurance broker Willis Towers Watson is anticipating roughly £30 billion in bulk annuity deals across 2021, closely matching this year’s expected total. Furthermore, WTW expects to see £25 billion in longevity swaps across next year, close to the £24 billion racked up throughout 2020. Overall, despite the challenges inflicted by the global ... Read the full article
Interest rates & COVID shock behind negative European outlook: Moody’s
18th December 2020
Moody’s has said that prolonged low interest rates and the economic shock from the COVID-19 pandemic underpin its negative outlook on the European insurance sector. Interest rates have declined further in 2020 and Moody's expects them to remain low for some time to come. Low rates will reduce P&C insurers' investment income ... Read the full article
Kovrr to help bolster Deutsche Rück’s cyber modelling capabilties
18th December 2020
Cyber risk modeller Kovrr has announced a collaboration with Deutsche Rück designed to help support the reinsurer's cyber risk modelling capabilities. As part of the agreement, Kovrr will implement a platform to provide Deutsche Rück with validation analysis. Kovrr says its solution provides re/insurers with models built bottom-up, utilising data that closely corresponds to ... Read the full article
Tokio Marine HCC names Ari Giller VP of cyber, tech underwriting
18th December 2020
Property & Casualty insurer Tokio Marine HCC has appointed Ari Giller as vice president of cyber and tech underwriting. He reports to Michael Palotay, the group’s Chief Underwriting Officer. Giller is based in Chicago and oversees the West Coast and Midwest underwriting divisions. Palotay said, “I’m excited to announce Ari’s promotion. He’s distinguished ... Read the full article
Castel expands into renewable energy market
18th December 2020
Castel Underwriting Agencies Limited, has entered the renewable energy market with a new proposition primarily aimed at asset and revenue protection for wind and solar energy producers. The company plans to underwrite a book of marine, construction and operating risks, business interruption, general liability, sabotage, terrorism and theft losses and natural ... Read the full article
Kuvare subsidary inks $1.5bn reinsurance deal
17th December 2020
Lincoln Benefit Life (LBL), a subsidiary of life insurance and annuity firm Kuvare, has signed a deal that will see it assume roughly $1.5 billion of fixed annuity reserves. This is the first such reinsurance transaction for LBL since it was acquired by Kuvare last year. The reinsurance deal is in partnership ... Read the full article
HCI acquires personal lines business from United (UPC)
17th December 2020
Florida-based insurtech HCI Group has agreed to acquire personal lines insurance business in four northeastern US states from P&C insurer United Insurance Holdings Corp. (UPC). Under the agreement, HCI will provide 69.5% quota share reinsurance on all of United’s in-force, new and renewal policies in Connecticut, Massachusetts, New Jersey, and Rhode ... Read the full article
Charles Goldie takes CUO role at MS Amlin
17th December 2020
Global reinsurer MS Amlin has announced the appointment of Charles Goldie as its new Chief Underwriting Officer (CUO). Goldie most recently served as Chief Executive Officer (P&C) for PartnerRe, where he spent over 16 years. During his tenure at PartnerRe, he held a number of senior positions within the organisation, including Deputy ... Read the full article
KCC Flood Model certified by Florida Commission
17th December 2020
Karen Clark & Company’s (KCC) Flood Model has been certified by the Florida Commission on Hurricane Loss Projection Methodology, making it the first to be accepted by them. The KCC Flood Model covers coastal flooding from storm surge and ... Read the full article
Berkley North Pacific makes leadership hire
17th December 2020
Re/insurance holding company W.R Berkley has appointed Carrie Cheshier president of Berkley North Pacific. Cheshier has over 30 years of industry experience in leadership, distribution management, underwriting, operations and claims. She most recently served as a regional president for a Travelers, where she was with the company for over 20 years. She will ... Read the full article
COVID-induced premium drop hits P&C re/insurers: AM Best
17th December 2020
AM Best has reported a reduction in property and casualty (P&C) re/insurance premiums this year due to the COVID-19 pandemic. The drop in premiums runs counter to the overall industry trend, which had seen premium volume rise for most of the 33 P&C lines through to the end of 2019. But stay-at-home ... Read the full article
Global Atlantic in $8.5bn reinsurance deal with Unum
17th December 2020
Life and annuity re/insurance firm Global Atlantic has agreed to reinsure a portion of Unum Group's Closed Individual Disability Insurance Block (IDI) business through a coinsurance arrangement. The block of business in question is backed by $8.5 billion in assets and approximately $7.1 billion in reserves. Unum is a Fortune 500 insurance ... Read the full article
Coface extends reinsurance scheme with French government
17th December 2020
Credit insurer Coface is working with the French government to extend its CAP Relais reinsurance scheme until 30 June 2021. The programme covers the outstanding inter-company loans of French policyholders, on both their domestic and export markets. As part of this agreement, Coface will maintain the total amount of its outstanding loans. This ... Read the full article
MS Amlin adds Margot Cronin to non-exec board role
17th December 2020
Lloyd’s re/insurer MS Amlin Underwriting has appointed Margot Cronin to its board, effective from January 1. Cronin will join as a notified independent non-executive director and brings over 30 years’ experience to the role. She spent the last 18 years of her executive career with Aviva in several senior, group and regional ... Read the full article
Aon sets up special purpose acquisition team
17th December 2020
Re/insurance broker Aon has announced the formation of a new Special Purpose Acquisition Company (SPAC) task force. The leadership team behind the new task force will consist of Kristin Kraeger as national SPAC and IPO leader, Tim Fletcher as western region SPAC and IPO, Uri Dallal as eastern region SPAC and ... Read the full article
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