Reinsurance News
Miller adds Dave Cahill to lead expansion into UK construction
10th December 2020
Specialist re/insurance broker Miller has added Dave Cahill to lead its expansion into the UK construction market. Cahill joins with over 32 years’ experience in UK retail construction and has held a variety of roles covering claims, account handling, account management and business development. Since starting in the insurance industry in 1988, ... Read the full article
No deal Brexit shock has diminished, but insurers still at risk: Deutsche Bank
10th December 2020
Analysts at Deutsche Bank have warned that insurers still face a negative impact to their solvency ratios in the event of a no-deal Brexit outcome, even though the potential shock of this scenario has significantly diminished. The comments came amid growing concerns that the UK could be forced to end its ... Read the full article
AmTrust International hires Lead Underwriter for A&H
10th December 2020
AmTrust International, the UK and International arm of New York-based insurer AmTrust Financial Services, Inc., has appointed Steve Ranzetta to the role of Lead Underwriter, Accident & Health (A&H). Ranzetta will lead the A&H underwriting team for the Specialty Business Unit within AmTrust International. He will also be responsible for managing the ... Read the full article
Broad support for flood performance certificates, says Flood Re
10th December 2020
New research released from government-backed reinsurer Flood Re shows an overwhelming majority of prospective home movers are backing the introduction of a Flood Performance Certificate. Much like an Energy Performance Certificate (EPC), the Flood Performance Certificate would provide prospective buyers and renters with a clear overview of the flood risk posed ... Read the full article
Fidelis secures additional $185mn, brings total raised to $1.3bn
10th December 2020
Specialty re/insurer Fidelis has raised an additional $185 million from investors, as the company looks to raise funds to support its growth plan. $60 million of equity capital has come from existing and new investor relationships including Alfa Insurance and affiliated companies, with which Fidelis has a long-standing relationship. Additionally, Fidelis has ... Read the full article
2020 US medical claims lower than expected: Aon
10th December 2020
A new report from global insurance and reinsurance broker Aon shows that medical claims in 2020 are estimated to increase at a rate of 5 percentage points lower than initially estimated by US insurers due to COVID-19. The survey also predicts that the pandemic will increase US employer medical claims by an ... Read the full article
AM Best ends IRB Brasil Re review as management improves
10th December 2020
Am Best has removed IRB Brasil Re’s ‘under review with negative implications’ status following improvements in the company’s enterprise risk management (ERM) and underwriting practices. The rating agency also affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of IRB, although the outlook of ... Read the full article
Arch Insurance renames Syndicate 1955 as part of Barbican integration
9th December 2020
Arch Insurance International, a division of Arch Capital Group Ltd., has changed the name of Barbican Syndicate 1955 to Arch Syndicate 1955, effective January 1st, 2021. The rebranding is part of the ongoing integration of Barbican Insurance into Arch, and follows the launch of Arch Managing Agency Ltd to ... Read the full article
CCRIF Nicaragua payouts total $30.6m following cyclones Iota, Eta
9th December 2020
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has made payouts totalling $30.6 million to the government of Nicaragua following the passage of tropical cyclones Iota and Eta. Both storms made landfall as category 4 hurricanes along the Nicaraguan coast within two weeks of each other in November. Hurricane Iota was the last ... Read the full article
Sirius Group expands new E&S platform
9th December 2020
Sirius International Insurance Group’s new US-based Excess & Surplus Lines (E&S) platform is set to begin underwriting business produced by its environmental division. Sirius Specialty Insurance Company (SSIC) was granted authority to establish as a New Hampshire-based domestic surplus lines insurer earlier this year, with authority for various lines of business, ... Read the full article
Jeremy Sharpe to lead AGCS Global Distribution unit
9th December 2020
Allianz Group’s specialist carrier for corporate insurance business, Allianz Global Corporate & Specialty (AGCS), has appointed Jeremy Sharpe to lead its Global Distribution unit, succeeding Patrick Thiels. Thiels will now lead its Mediterranean & Africa region, succeeding the current Regional Managing Director, Corinne Cipière who has been appointed to a Board ... Read the full article
The ICA to appeal against BI test case ruling
9th December 2020
The Insurance Council of Australia (ICA) has announced its decision to contest a recent New South Wales Court of Appeal’s ruling that landed in favour of Covid-19-impacted businesses. The NSW Court of Appeal’s ruling could see insurers unable to deny claims from policyholders whose business interuption cover included an outdated ... Read the full article
AM Best stays negative on US commercial lines
9th December 2020
Rating agency AM Best has opted to maintain its negative outlook on the US commercial lines industry for 2021, citing uncertainty about the economic fallout from COVID-19 and the re-emergence of social inflation as courts reopen. Analysts noted that the commercial lines industry has shown resilience in a year of abnormally ... Read the full article
BMS adds three directors to marine subsidiary
9th December 2020
Independent specialist re/insurance broker BMS Group has added Nick Hocking, Tony Cuthbertson and Josh Robertson as directors within its marine subsidiary BMS Harris & Dixon Marine (BMS H&D Marine). Effective February 2021, all three will be based in London and report to John Hoare, managing director of BMS H&D Marine. The appointments ... Read the full article
AXA XL Insurance adds Thérèse Badr as Senior Claims Adjuster
9th December 2020
AXA XL Insurance has announced the appointment of Thérèse Badr as a Senior Claims Adjuster within its Energy & Construction division. Badr will be based in London and oversee the management of AXA XL’s large and complex Energy and Construction claims, working closely with underwriters and engineers on risk reviews and ... Read the full article
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