Reinsurance News
Suncorp confident in covid reserves after BI court win
21st December 2020
A Covid-related business interruption court case victory has prompted Australian primary insurer Suncorp to underline its belief that overall reserving for the pandemic continues to be adequate. The federal court of Australia ruled in favour of Suncorp, via its Vero Insurance subsidiary, on a BI claim that had been denied on ... Read the full article
International Group finalises reinsurance structure for 2021
21st December 2020
The International Group of P&I Clubs has now completed its pooling and GXL reinsurance contract structure for 2021, after securing a two-year placement on layers 1-3 of the programme in 2020. In light of the two-year placement completed last year, the focus this year has been on the Group's Collective Overspill ... Read the full article
Data breaches could become the new PPI in 2021: Clyde & Co’s Seaton Gordon
21st December 2020
Clyde & Co London’s legal director Seaton Gordon believes group claims, and potentially class actions, from data breaches could become the new PPI in 2021. Gordon notes how, with fewer legal barriers to individuals bringing claims for loss of their personal data have been reducing in recent times, claims management companies ... Read the full article
Ares wraps up F&G acquisition
21st December 2020
Ares Management and its indirect subsidiary Aspida Holdings have completed the previously-announced acquisition of F&G Reinsurance from FGL. As part of the transaction, Aspida will enter into a strategic flow reinsurance agreement with Bermuda-domiciled life and annuity reinsurer F&G, related to certain annuity products. F&G will continue to operate as a reinsurance ... Read the full article
Resilient profits underpin stable Chinese life outlook: Moody’s
21st December 2020
Moody's Investors Service has assigned a stable outlook to the Chinese life insurance industry for 2021, citing resilient profitability and capitalisation. Large recurring premiums, which reflects the industry's earlier efforts to shift its product focus to long-term regular premium policies, will also improve overall income stability, Moody’s said. And business growth could ... Read the full article
Covid, FCA pricing review & climate change set to define re/insurance in 2021: EY
18th December 2020
Covid, the Financial Conduct Authority’s pricing review and climate-related strategies are set to define the re/insurance sector in 2021, according to analysts at professional services firm EY. Rodney Bonnard, EY's head of insurance in the UK, said the pricing review will have a big cost implication for the sector as many insurers ... Read the full article
AXIS Insurance names Angus Lynn VP, professional lines underwriter
18th December 2020
Specialty insurer AXIS Insurance has appointed Angus Lynn vice president, professional lines underwriter within its Bermuda office. Lynn will focus on commercial and financial institutions professional lines, as well as lawyers errors and omissions underwriting in the Bermuda market. He joins from XL Bermuda, where he was a senior claims specialist focusing ... Read the full article
Generali strikes renewable energy partnership with Ryan Specialty’s PERse
18th December 2020
Generali’s P&C division Global Corporate & Commercial UK has announced a strategic partnership with Power Energy Risk (PERse), a US-based renewable energy underwriter and part of the Ryan Specialty Group (RSG). Generali GC&C UK hopes to enhance its existing capabilities by partnering with PERse and bolstering its expertise in the renewables ... Read the full article
Kyushu flood & Typhoon Haishen losses estimated at $1.7bn
18th December 2020
The General Insurance Association of Japan (GIAJ) has released new data relating to the Kyushu floods and Typhoon Haishen that impacted Japan earlier this year, showing combined re/insurance industry losses to be around US $1.7 billion. The southern Japanese island of Kyushu experienced record-breaking heavy rain in the prefectures of Kumamoto ... Read the full article
KBW says 1/1 looks satisfactory, not spectacular
18th December 2020
After conducting a virtual tour of Bermuda, analysts at Keefe, Bruyette & Woods are expecting a satisfactory, albeit unspectacular 1/1 renewal. Although all of the executives KBW analysts met still expect property reinsurance rate increases during the pending renewals, current rate increase have been described as ambitions and are seen as ... Read the full article
Optio adds Mark Kelsey as senior underwriter, political violence & terrorism
18th December 2020
Specialty MGA Optio Underwriting has appointed Mark Kelsey as senior underwriter within its political violence and terrorism division. Effective immediately, Kelsey will be based in London and reports to Chris Kirby, head of political violence and terrorism. He brings over 10 years of industry experience to the role, the majority of which ... Read the full article
Robus adds Steve Quinn as Chairman
18th December 2020
Insurance management, fiduciary and financial advisory group Robus has added Steve Quinn as Chairman. Quinn has 30 years’ experience in financial services and was the founder and managing director of Quest Group in Gibraltar, a specialist insurance manager. More recently he has worked as managing director of Premier Group in Gibraltar. “Steve brings ... Read the full article
QBE projects $1.5bn full-year loss
18th December 2020
Australian re/insurer QBE has revealed that it expects to incur an after-tax loss of USD 1.5 billion for the full-year 2020 period. The pre-tax loss is estimated at $780 million and includes $470 million of COVID-19 costs, $130 million of elevated catastrophe losses and $360 million of prior year claims development. While ... Read the full article
Solvency II review could create challenges for UK re/insurers: S&P
18th December 2020
Analysts at S&P Global Ratings have warned that the UK Treasury’s Review of Solvency II ahead of Brexit could result in some operational and expense challenges for re/insurers with operations spanning the UK and European Union (EU). The rating agency acknowledged that the review is unlikely to cause a significant impact ... Read the full article
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
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