Reinsurance News
Aon sets up Capital Partners team to source ILS capacity
19th August 2020
Re/insurance broker Aon has announced the formation of a new team in its Reinsurance Solutions business that will provide additional sources of ILS capacity to clients. The Capital Partners team will initially bring third-party property catastrophe capacity to clients in London, Bermuda, Europe and Asia, before expanding into other business lines ... Read the full article
COVID-19 compounds losses, uncertainty for Lloyd’s syndicates in 2019
19th August 2020
A recent forecast update for all syndicates supported by third party capital at re/insurance marketplace Lloyd’s of London shows that the 2019 year of account felt the lion's share of COVID-19 losses and caused a variety of outcomes and uncertainties. According to managing agency Argenta Group, Hiscox and Tokio Marine Kiln are ... Read the full article
R&Q announces acquisition of Inceptum Insurance
19th August 2020
Randall & Quilter Investment Holdings Ltd. has revealed that its wholly subsidiary, Randall & Quilter II Holdings Limited, has reached an agreement to acquire the entire issued share capital of Inceptum Insurance Company Limited. Incorporated in England & Wales in 1998, Inceptum is now part of the Vibe Group of companies. The ... Read the full article
Brokers may face a Covid-19 BI wordings E&O storm from two sides
19th August 2020
Brokers face a risk of coming under fire from two sides as the litigation and complaints over pandemic related business interruption from Covid-19 spread, with the potential for intermediaries to find themselves in the middle of an E&O storm. With carriers stating that pandemic related business interruption was never envisaged to ... Read the full article
Willis Research Network & Metabiota partner on pandemic risk
19th August 2020
The Willis Research Network (WRN), a research division of the insurance and reinsurance broking group at Willis Towers Watson (WTW), has partnered with Metabiota, a risk analytics organisation that specialises in infectious diseases modelling and builing resilience to pandemics. The partnership aims to leverage Metabiota’s epidemiological data analytics capabilities to improve ... Read the full article
Tokio Marine HCC uses tech to simplify indemnity agreements
19th August 2020
Insurance group, Tokio Marine HCC is set to leverage DocuSign eSignature and knowledge-based authentication (KBA) technology to verify the identities of individual signers. The move is expected to simplify the indemnity insurance agreements process by eliminating the need for notaries and physical paperwork. It will allow agents, brokers and their clients to ... Read the full article
COVID-19 to contract Japan’s insurance industry in 2020: GlobalData
19th August 2020
Japan’s general insurance industry is expected to contract by 0.9% in 2020, compared to the 1.7% growth registered in 2019, according to data and analytics company GlobalData. GlobalData has revised Japan’s general insurance forecast in the aftermath of COVID-19 outbreak to grow at a compound annual growth rate (CAGR) of 0.5% ... Read the full article
Katrina’s economic impact would be $40bn higher today: Swiss Re
18th August 2020
A new report from Swiss Re Institute has estimated that economic costs could be as high as $200 billion if Hurricane Katrina were to hit New Orleans in 2020, which is more than $40 billion higher than the 2005 total. Adjusted for inflation, economic losses from Katrina come to approximately $160 ... Read the full article
IGI hires Neon’s James as Class Underwriter for Cargo
18th August 2020
International General Insurance Holdings Ltd. has announced the appointment of Brian James as Class Underwriter for Cargo. James will be bringing more than 30 years of experience in the cargo insurance industry, and joins from his most recent position with re/insurer Neon Underwriting, where his role was also a Class Underwriter. Prior ... Read the full article
AM Best to keep reinsurance outlook as stable throughout COVID-19
18th August 2020
In 2019, rating agency AM Best noted an overall improvement in non-life market conditions, meaning that they were able to keep their reinsurance outlook as stable in 2020, even throughout the COVID-19 pandemic. Analysts within the firm felt that reinsurers in the non-life segment were also gaining more favourable momentum even ... Read the full article
Previsico hires Business Development Manager
18th August 2020
Live flood forecasting specialist, Previsico, has announced that Lucy Coutts has been appointed as its latest Business Development Manager. This move is to support the company’s insurance expansion that’s being planned in the UK, US and beyond. The Insurtech company is currently based in the UK with a recent launch in the ... Read the full article
€2bn Italian trade credit insurance guarantee scheme approved by EC
18th August 2020
Under new EU State aid rules, the European Commission has approved a €2 billion (USD2.4billion) Italian scheme to support the trade credit insurance market throughout the COVID-19 pandemic. Italy notified to the Commission a State guarantee scheme for the reinsurance of trade credit risks to support companies affected by the coronavirus ... Read the full article
Cincinnati announces officer changes at CFC Investment subsidiary
18th August 2020
Primary insurer, Cincinnati Financial Corporation has announced a series of officer changes at its subsidiary company, CFC Investment Company. The changes were approved by the board of CFC Investment Company at its regular meeting held on August 14th, 2020 and includes the appointment of Chairman and Chief Executive Officer (CEO), Steven ... Read the full article
Public COVID-19 losses among re/insurers up 23% to $24.8bn
18th August 2020
Publicly recorded COVID-19-related losses among the largest global insurance and reinsurance companies have increased by almost 23% to $24.8 billion, according to data compiled by Zurich-based financial services advisory, PeriStrat LLC. We wrote on July 27th that publicly reported losses from the coronavirus pandemic among the largest re/insurers had reached ... Read the full article
RLI hires new Vice President of E&S Property
18th August 2020
US property and casualty insurer, RLI Corp., has announced the promotion of Jonathan Ward to Vice President, E&S Property. In this role, Ward takes on responsibility for leading RLI’s E&S Property Group, which offers comprehensive commercial property and difference in conditions coverages for commercial risks. He will be succeeding John Stenhouse, who ... Read the full article
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