Reinsurance News
ESG to become a critical success factor, finds market study
16th December 2020
A new study by management consulting firm Synpulse has explored how environmental, social and governance (ESG) considerations are developing in the risk transfer market, and how they could become a critical success factor in future. Synpulse undertook a market survey in collaboration with our ILS focused sister pulication, Artemis, to look ... Read the full article
B3i adds Türk Reasürans as shareholder in current funding round
16th December 2020
Industry-led blockchain initiative B3i has closed it ongoing Series B funding round with the addition of Turkey domiciled reinsurer Türk Reasürans as a new shareholder This new addition joins alongside further investments from existing shareholders and is seen by B3i as a step forward in its growth plans. B3i now boasts 21 leading ... Read the full article
PRA lays out UK re/insurance priorities for 2021
16th December 2020
The Prudential Regulation Authority (PRA) has set out its priorities for the UK re/insurance sector in 2021, which include a focus on financial resilience, credit risk, the impact of COVID-19, the Brexit transition period, and climate change. The UK regulator noted that re/insurers have thus far proved largely resilient to the ... Read the full article
Aon / WTW divestitures would reduce benefits of merger: KBW
16th December 2020
Following reports that regulators may investigate the merger deal between Aon and Willis Towers Watson (WTW) on anti-trust grounds, analysts at KBW have warned that any resulting divestitures could reduce the benefits of the combination. Sources at Reuters said yesterday that a full-scale review into the $30 billion Aon / ... Read the full article
Cyber the next key market for insurance growth: City of London Corporation
16th December 2020
The City of London Corporation, in association with Accenture, has released a report that identified cyber-insurance as one of the next key markets of growth for London. The report noted that cyber-attacks are one of the greatest risks to the worlds economy and is becoming a normality in post-pandemic life, especially ... Read the full article
Naresh Dade to lead Howden construction practice
16th December 2020
International insurance broker Howden has announced that Naresh Dade has been appointed to lead its construction practice. Dade, formerly Senior Vice President, Construction, Marsh JLT Specialty, New York will join as Managing Director, Howden Global Construction practice. Howden expects the appointment to help drive the growth of its global construction capability. “Our aspiration ... Read the full article
AM Best stays negative on Chinese non-life
16th December 2020
Rating agency AM Best has opted to maintain its negative outlook on the Chinese non-life re/insurance market, partly due to the impact of motor reform on premium growth and underwriting performance. Alongside this reform are execution risks and negative profitability impact arising from expansion of non-motor lines, although this could be ... Read the full article
Carbon Underwriting bolsters data analytics team
16th December 2020
Specialist independent managing general underwriter Carbon Underwriting has appointed two data professionals in a bid to expand its data analytics capabilities. Investment banking and technology expert Mark Oldroyd joins the Carbon team as head of data engineering. He previously worked as senior data engineer at global hedge fund Bluecrest Capital Management. Alexander Scott, ... Read the full article
EU to investigate Aon / WTW merger: reports
15th December 2020
The huge merger deal between brokers Aon and Willis Towers Watson (WTW) is set to undergo an in-depth probe by European Union (EU) regulators due to its complexity, sources have told Reuters. According to these inside sources, the $30 billion deal faces a full-scale review once the European Commission’s preliminary ... Read the full article
LV= in £530mn sale to Bain Capital
15th December 2020
Liverpool Victoria Financial Services (LV=) has reached an agreement to sell itself to private investment firm Bain Capital for £530 million. The acquisition is expected to be completed by the end of 2021 and is subject to the conclusion of the legal process. Alan Cook, Chairman of LV= said its board recognised ... Read the full article
Everest names Connie Germano President of Specialty Casualty
15th December 2020
Everest Insurance has announced the appointment of Connie Germano as President of Specialty Casualty. Based in the company’s New York City office, she will report to Mike Karmilowicz, President and Chief Executive Officer of Everest Insurance. Germano joined Everest Insurance five years ago, and currently leads the Specialty Casualty group, which includes ... Read the full article
BBC Pension Scheme secures £3bn longevity swap with Zurich, Canada Life
15th December 2020
The BBC Pension Scheme has secured a longevity swap with global insurer Zurich for more than £3 billion of pensioner liabilities. Reinsurer Canada Life was also involved in the de-risking transaction, providing cover to Zurich. The deal will give the BBC scheme and the BBC, as sponsoring employer, with protection against the ... Read the full article
AM Best assigns negative outlook to US commercial property insurance
15th December 2020
AM Best has assigned a negative market segment outlook to the US commercial property insurance segment, citing uncertainty over Covid-related business interruption (BI) legislation and increasing frequency and severity of natural catastrophes. While AM Best does not expect significant claims activity in commercial property due to the pandemic, it does foresee ... Read the full article
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
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
