Reinsurance News
Generali (GC&C) names Head of Financial Lines Underwriting in Asia
15th December 2020
Generali Global Corporate & Commercial (GC&C), a subsidiary of the Italian insurance giant, has announced the appointment of Zaid Alami as Head of Financial Lines Underwriting Asia. Based in the regional hub in Hong Kong, he will be responsible for leading the financial lines business across the region. Alami has nearly a ... Read the full article
Industry cat losses totalled $83bn this year, says Swiss Re
15th December 2020
Swiss Re has estimated that insurance industry losses from natural catastrophes and man-made disasters amounted to a total of $83 billion in 2020, making it the fifth-costliest year since 1970. Losses were primarily driven by a record number of severe convective storms, Swiss Re data shows, as well as wildfires in ... Read the full article
QBE hires Fiona Larnach as Group Chief Risk Officer
15th December 2020
Australian re/insurer QBE has appointed Fiona Larnach to the role of Group Chief Risk Officer. Larnach has nearly 30 years of experience working across risk management, finance and treasury. She has held a number of senior executive roles at numerous Australian and UK financial service companies, and was most recently the Chief ... Read the full article
Hiscox names Tom Shewry as CFO for UK business
15th December 2020
Specialist global insurer Hiscox has announced the appointment of Tom Shewry as Chief Financial Officer for its UK business and Hiscox Insurance Company Limited. Reporting to Hiscox UK’s CEO, Bob Thaker, Shewry has spent over 20 years in general insurance working in a variety of commercial roles. He joined Hiscox in 2018 ... Read the full article
PERILS discloses $66mn loss estimate for Izmir Earthquake
15th December 2020
Catastrophe insurance data provider PERILS has disclosed its initial industry loss estimate for the Izmir Earthquake, which hit Turkey on October 30. The insured property market loss, based on claims data collected from affected insurance companies, is TRY 532 million ($66 million). The earthquake had a Moment Magnitude of Mw 6.9, according ... Read the full article
Lloyd’s & Parsyl partner on COVID vaccine distribution initiative
15th December 2020
Lloyd’s of London has partnered with supply chain data platform Parsyl to launch an insurance initiative for the distribution of COVID-19 vaccines. The public-private collaboration includes 14 global re/insurers and aims to address critical risks faced by COVID-19 vaccines and other health commodities during distribution. The initiative involves the launch of a ... Read the full article
Fidelis refuses to back Australia’s Carmichael coal mine
15th December 2020
Specialty re/insurer Fidelis has confirmed that it will rule out underwriting the Adani Carmichael coal project in Central Queensland, Australia, making it the 28th re/insurer to publicly make this commitment. “We are committed to driving forward anti-coal initiatives, we look to shape change by not offering insurance to companies that extract ... Read the full article
Swiss Re CorSo secures direct insurance licence in South Africa
15th December 2020
Swiss Re Corporate Solutions (Swiss Re CorSo) has received a direct insurance authorisation from the South African joint regulators Prudential Authority and Financial Sector Conduct Authority. Swiss Re CoSo Africa offers customers in South Africa the full range of its products, including non-traditional risk solutions, as well as its long-term capacity ... Read the full article
Aon extends partnership with parametric tech firm CelsiusPro
15th December 2020
Re/insurance broker Aon has extended its long-term collaboration with parametric technology firm CelsiusPro. Aon’s Innovation and Solutions team is reported to have seen a dramatic increase in the number of clients seeking to understand how they might supplement or replace their existing risk transfer programmes with parametric structures to potentially improve ... Read the full article
Bigger focus on future of claims needed: Verisk’s Della Rocca
14th December 2020
With the re/insurance industry still reeling from the shock of COVID-19, data analytics provider Verisk Analytics says a focus on the future of claims is essential in order to adapt well to the pandemic. This is the view of Richard Della Rocca, President of ISO Claims Analytics, Verisk Analytics, who in ... Read the full article
Aon buys 49% stake in Indian broker Anviti
14th December 2020
Global re/insurance broker Aon has acquired a 49% equity stake in Anviti, an India-based provider of reinsurance, insurance broking & risk management insurance services. It's hoped this strategic investment will enable Anviti, a company promoted by institutional investor Catamaran Ventures, to bolster its operations in the country while leveraging support from ... Read the full article
AmTrust Intl. bolsters speciality team with two senior underwriters
14th December 2020
AmTrust International, a subsidiary of the insurer AmTrust Financial Services, has bolstered its speciality team with two senior underwriting appointments. Dean Kiernan joins the professional indemnity team as a senior underwriter, while Donna Stroulger joins as an underwriter in the property team. Kiernan brings 30 years of technical, operational and sales experience ... Read the full article
RGA in £5bn longevity swap for Barclays pension scheme
14th December 2020
Reinsurance Group of America (RGA) has completed a £5 billion longevity swap transaction with the Trustee of the Barclays Bank UK Retirement Fund (UKRF). RGA and Barclays expect the deal to help protect the UKRF from the financial risk of an unexpected increase to life expectancy for current pensioners. “RGA is delighted ... Read the full article
AM Best expects “more measured” use of alternative capital
14th December 2020
Analysts at AM Best are confident that third-party capital will continue to play an important role in the re/insurance industry, but they anticipate that the use of alternative capital structures will be “more measured” in future. As part of its Global Reinsurance Market Outlook, the rating agency noted that the catastrophic ... Read the full article
CRC makes US senior appointments
14th December 2020
Specialty insurer, CRC Group has appointed Garrett Koehn and Brent Tredway as Co-Presidents of its Brokerage Division. Koehn and Tredway will assume national leadership roles as Co-Presidents of CRC Group’s Brokerage Division but divide primary responsibilities. Koehn, who is San Francisco-based, will lead the company’s efforts around engagement with national customers and ... Read the full article
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