Reinsurance News
Lloyd’s unlikely to turn an underwriting profit in 2020: S&P
21st August 2020
With COIVD-19 having already caused sizeable losses and with the North Atlantic hurricane season still a factor, S&P Global Ratings considers it unlikely that Lloyd's of London will turn an underwriting profit in 2020. S&P notes how despite an overall profit in 2019, its first since 2016, Lloyd's underwriting remained unprofitable, ... Read the full article
Suncorp reports improved group net profit for FY20
21st August 2020
Australian insurer Suncorp has reported Group net profit after tax of AUD 913 million for FY20, which includes a gain of AUD 285 million from the sale of its Capital SMART and ACM Parts businesses. In comparison, Suncorp reported Group net profit after tax of just AUD 175 million for ... Read the full article
Principal Financial names McCullum as new CRO
21st August 2020
Ken McCullum, Vice President and Chief Actuary of Principal Financial Group, is set to become the company's new Chief Risk Officer (CRO), effective September 28th, 2020. McCullum takes over from Julia Lawler, executive vice president and CRO, who is retiring after 36 years of service with the company. He has served as ... Read the full article
Universal Property secures Tennessee license
21st August 2020
Universal Insurance Holdings announced today that its wholly-owned subsidiary, Universal Property & Casualty Insurance, has received a Certificate of Authority in Tennessee. This certificate approves Universal Property as a licensed insurance entity in Tennessee and will allow the company to expand its business in the state. This latest addition means Universal Property ... Read the full article
QBE adds Harpreet Mann as Head of Global Credit & Surety for NA
21st August 2020
Australian insurer QBE has announced the appointment of Harpreet Mann as Head of Global Credit & Surety for its North America division. Mann will develop and promote the strategic vision for enhancing the Credit & Surety book of business in North America while building relationships with prospective business partners. She will report to ... Read the full article
IRB Brasil Re targets improved operational efficiency with Insurdata Portal
21st August 2020
Insurtech firm, Insurdata has announced that Brazilian reinsurer IRB Brasil Re will be using its Insuredata Portal. IRB Brasil Re will use the platform to create property geocode information across its global exposures. The company’s catastrophe modelling team will integrate the Portal into its daily risk assessment workflow, boosting the resolution of ... Read the full article
Lloyd’s Lab focus on COVID-19 solutions a positive for the industry: GlobalData
21st August 2020
Lloyd’s Lab, an incubator for startups in the re/insurance sector at Lloyd’s of London, will be continuing and actively focusing on pandemic solutions. Last month it announced the latest cohort of InsurTech disruptors that will join the Lloyd’s Lab innovation accelerator programme. The new Lab teams will join Praedicat, Metabiota ... Read the full article
Universal promotes Poloskey to COO role
21st August 2020
Universal Insurance Holdings has announced the promotion of Michael Poloskey to take on the new role as Chief Operating Officer (COO). Poloskey’s position will take place effective immediately. He will be succeeding Steve Donaghy who was named CEO last summer. Donaghy commented: “This move fits with the natural progression of our organization ... Read the full article
American Family Ventures launches insurer-backed venture capital fund
21st August 2020
American Family Ventures (AFV) has announced the launch of AFV Fund III, a $213 million venture capital fund. The fund is supported by multiple limited partners that focuses on early stage startups impacting the insurance industry. AFV Fund III’s limited partners (LPs) represent over $100 billion in assets and over $25 billion ... Read the full article
China’s insurance growth to be strongest worldwide in 2020: Swiss Re
21st August 2020
Thanks to China's effectiveness in implementing measures to help its economy rebound from the wide-ranging impacts of COVID-19, Swiss Re expects the country's insurance industry growth to be the strongest worldwide in 2020. Furthermore, the reinsurer sees double-digit growth in the country to resume in 2021. According to analysis from a Swiss ... Read the full article
Aeolus to add Nicholas Jagoda as a partner and portfolio manager
21st August 2020
Aeolus Capital Management has announced the appointment of Nicholas Jagoda as a Partner and Portfolio Manager of Aeolus. He will step into this new role following his obligations with Elementum Advisors, where he is currently a Partner and Portfolio Manager. Jagoda first became involved with investments in collateralized reinsurance when he joined ... Read the full article
Expect further international growth at Whitespace after a promising year: Marcus Broome
20th August 2020
After an impressive 2020 for digital e-trading platform, Whitespace, underpinned by rapid uptake and full recognition by Lloyd’s of London, Reinsurance News spoke with Marcus Broome, Chief Platform Officer. Broome has been in the insurance industry since 1985, originally working for a Lloyd’s syndicate before founding a technology business called ROOM ... Read the full article
BMS hires Nebel & Biancardi from WTW as expansion plans continue
20th August 2020
Independent specialist reinsurance brokerage, BMS Group, has announced the appointment of Bradley Nebel as Branch Manager in its Chicago office, and Mariel Biancardi as Casualty Facultative Senior Vice President (SVP), effective immediately. In his new role, Nebel will report to Jonah Pfeffer, Chief Casualty Officer at the reinsurance broker's US arm. ... Read the full article
Allstate’s July catastrophe results produce income on $450m PG&E recovery
20th August 2020
U.S. primary insurer, The Allstate Corporation, has revealed that catastrophe results for the month of July generated pre-tax income of $334 million ($264mn after-tax), as previously announced PG&E subrogation recoveries more than offset the impacts of catastrophe events in the period. After investigations in 2019 found that PG&E's equipment was responsible ... Read the full article
Swiss Re co-leads new funding round for Chinese InsurTech Waterdrop
20th August 2020
Reinsurance giant Swiss Re, alongside China-based internet firm Tencent Holdings, has led a new $230 million funding round for Chinese online InsurTech firm, Waterdrop Inc. According to reports, the funding signals Swiss Re's first investment into an InsurTech startup in China and is part of the reinsurer's long-term commitment to the ... Read the full article
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