Reinsurance News
Rate increases to offset rising reinsurance costs, says FedNat
13th August 2020
FedNat CFO Ronald Jordan has said that filed rate increases are expected to largely offset the company’s higher catastrophe reinsurance costs in the second half of 2020. Speaking alongside the release of FedNat’s Q2 results, Jordan explained that the firm would continue to restrict underwriting in its Florida book until rates ... Read the full article
WTW appoints Shaw to lead data, analytics for Global Fac division
13th August 2020
Global re/insurance broker Willis Towers Watson has appointed Fiona Shaw as head of data, analytics and innovation for its Global Fac division. Shaw will oversee the leveraging of analytical expertise across WTW in order to develop a strategy for the use of data and analytics across the facultative business globally. Her role ... Read the full article
Trident Marine enters into underwriting agreement with Nationwide E&S
13th August 2020
Trident Marine Managers, Inc., a subsidiary of RSG Underwriting Managers (RSGUM), has announced a new delegated authority underwriting agreement with Nationwide E&S. Under the new agreement, the pair will provide recreational marine and marine equipment insurance solutions, along with workers’ compensation. Trident specialises in marine insurance and provides bespoke solutions, global products ... Read the full article
AXA XL’s NA construction business teams up with Procore
13th August 2020
The North America Construction insurance business of AXA XL has added Procore, a leading provider of project management software, to its integrated digital platform designed to help clients manage risks on their jobsites and across their organisations. The Procore construction platform connects entire project teams and enables key stakeholders such as ... Read the full article
QBE posts H1 loss, as virus claims near reinsurance trigger
13th August 2020
Australian insurer QBE has posted an AU $712 million (US $510 million) loss for the first half of 2020, driven by underwriting impacts from COVID-19, large catastrophe losses, and a poor investment performance. The results compare with a profit of $463 million for the same period last year, as performance was ... Read the full article
Pen Underwriting announces new role of Head of Technical Claims
13th August 2020
Insurer Pen Underwriting has announced the promotion of Alex Tinsley to take on the role of Head of Technical Claims, a new role created as the firm continues to invest in enhancing its in-house claims capabilities as a virtual insurer. Tinsley’s previous role was Head of Commercial claims, however his new ... Read the full article
Chubb appoints Paul Krump & John Lupica to new leadership roles
13th August 2020
Chubb has announced the appointments of Paul Krump as Vice Chairman, Global Underwriting and Claims, and John Lupica as President, North America Insurance Operations. Krump currently serves as Executive Vice President, Chubb Group and President, North America Commercial and Personal Insurance, while Lupica is Vice Chairman, Chubb Group and President, North ... Read the full article
The ICA launches BI test case in NSW Supreme Court
13th August 2020
The Insurance Council of Australia (ICA) is set to test the application of certain infectious diseases exclusions in business interruption policies with the commencement of proceedings in the NSW Supreme Court. The test case consists of two separate small business claims that were lodged with the Australian Financial Complaints Authority (AFCA) as ... Read the full article
Zurich’s BOP falls 40% in H1 on COVID-19 and elevated cat losses
13th August 2020
Global insurer Zurich has announced a 40% dip in business operating profit (BOP) for the first half of the year to $1.7 billion, driven mostly by an impact of $686 million related to the ongoing COVID-19 pandemic. As well as the decline in BOP, Zurich has today reported a 42% contraction ... Read the full article
Everest Re sees flight to quality among reinsurance buyers: John Doucette
13th August 2020
Having now finished the June and July renewals, Everest Re has observed a continued flight to quality by reinsurance buyers, according to John Doucette, EVP, President and CEO of Everest Insurance Division. Speaking during an earnings call alongside the release of Everest Re’s Q2 results, Doucette said the expanded opportunity set ... Read the full article
InsurTech eMaxx hires new President & CEO of insurance operations
13th August 2020
Commercial property and casualty (P&C) InsurTech company, eMaxx, has announced that Eileen Currie has been appointed President and Chief Executive Officer (CEO) of the firm’s insurance operating companies. Currie will lead the insurance operations in underwriting, client services, and distribution for its alternative risk captive insurance programs. Brian McCarthy, CEO of eMaxx ... Read the full article
R&Q finalises NationsBuilders acquisition
13th August 2020
A statement has been released by Randall & Quilter Investment Holdings Ltd. (R&Q) disclosing the completion of its acquisition of NationsBuilders Insurance Company (NBIC). Back in June, R&Q declared that it was entering into a stock purchase agreement to acquire NationsBuilders Insurance Company. Paul Corver, Group Head of M&A at R&Q, ... Read the full article
FTI Consulting hires two within Global Insurance Services unit
13th August 2020
Business advisory firm, FTI Consulting, Inc. has announced the appointment of Andrew Holderness and Nick Triggs as Senior Advisors to its Global Insurance Services practice. With the appointment of Holderness and Triggs, FTI Consulting plans to further expand its footprint for its insurance M&A and integration services in the UK and ... Read the full article
P&C surplus drops $75.9bn on Q1 stock market downturn: Verisk
12th August 2020
The surplus for the private US property and casualty (P&C) re/insurance industry dropped by $75.9 billion in the first quarter of 2020 as the stock market suffered a major down. This is according to data analytics provider Verisk, who said the drop was the largest ever quarterly decline for the market. Since ... Read the full article
ProSight posts record income in Q2
12th August 2020
Property and casualty insurer ProSight Global has posted record net income of $17.6 million during the second quarter of 2020, helped by strong investment returns. Income compared with $8.62 million for the same period in 2019, while investment income was $23.8 million this year versus $17.4 million previously. Combined ratio was record ... Read the full article
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