Reinsurance News
QIC announces Antares executive team hires
19th November 2020
Specialty re/insurer QIC Global, the subsidiary of Qatar Insurance Group has appointed Mark Graham Chief Executive Officer of Antares Managing Agency. Before joining Antares, Graham chaired the Solvency II Committee for the Lloyd’s Market Association and headed his own London market-based company, Acuitas Consulting, which provided strategic and operational advice to ... Read the full article
Panellists note orderly, constructive start to renewals: Prospectus 2021
19th November 2020
Despite having to navigate an unprecedented landscape as a result of the COVID-19 pandemic and subsequent remote working, the important January 1st, 2021 reinsurance renewals "started off more constructively than in the past," according to Adam Szakmary, Director of Underwriting, Bermuda, Hiscox Re & ILS. Mindful of the time of year, ... Read the full article
Roberts appointed renewable energy leader within Marsh JLT Specialty
19th November 2020
Marsh has announced the appointment of Hamish Roberts as Global Renewable Energy Leader, Marsh JLT Specialty. Effective 1 January, Roberts will continue to be based in London and will report to Andrew George, Global Head, Energy & Power, Marsh JLT Specialty. He brings over 35 years' experience and was previously Power Leader, ... Read the full article
COVID-19 to impact the future of health insurance: Moody’s
19th November 2020
Analysts at Moody’s Investors Service believe that the COVID-19 pandemic will have a significant impact on the future of the health insurance industry. The report explains that Moody's-rated health insurers will need to adapt to certain changes in the next three to five years as it will be an important driver ... Read the full article
PartnerRe reports solid Q3 net income despite non-life underwriting loss
19th November 2020
Bermuda-based reinsurer PartnerRe has reported net income of $206 million for the third-quarter of 2020 on the back of net unrealised investment gains of $218 million, although its non-life segment fell to an underwriting loss of $20 million in the period. Net income of $206 million in Q3 2020 represents a ... Read the full article
AM Best assigns preliminary credit assessment to Conduit Re
19th November 2020
AM Best has assigned a Preliminary Credit Assessment (PCA) to Conduit Re with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca. The outlook assigned to these PCAs is stable. Conduit Re looks set to be the latest edition to the Class ... Read the full article
Lloyd’s expects industry-wide COVID losses to exceed $107bn estimate: reports
19th November 2020
The Chairman of Lloyd's of London, Bruce Carnegie-Brown, said at a recent Reuters event that the global insured loss from the ongoing COVID-19 pandemic will exceed the market's previous estimate of $107 billion. Back in May, the specialist insurance and reinsurance marketplace said that it expects to pay customers up to ... Read the full article
Vietnam’s general insurance growth down in 2020: GlobalData
19th November 2020
Data and analytics company GlobalData has written a report forecasting Vietnamese general insurance industry growth to have slowed to 3.4% in 2020, compared to 13.6% in 2019. Due to the slowdown in economic activities amid COVID-19, the country's general insurance business is expected to grow at a compound annual growth rate ... Read the full article
Trend in secondary perils has been evident for decades: Prospectus 2021
18th November 2020
The trend of so called secondary perils such as wildfires, severe convective storms (SCS) and floods, increasingly contributing to re/insurance industry losses has been evident for the past few decades, according to Andreas Weigel, Weather Perils Lead, Swiss Re. To end day four of Prospectus 2021, Weigel, alongside Kelly ... Read the full article
AbsoluteClimo upgrades global risk models
18th November 2020
AbsoluteClimo has announced an enhanced version of its global risk models GOTCHA and ClimoCats, both of which are linked to climate physics and machine learning predictions. The enhancements include upgraded machine learning and AI tools, wider tail risk probability forecasts, differential and departure forecasts, and a new global pandemic climate-epidemiology prediction ... Read the full article
COVID-19 leads PCS’ Johansmeyer’s ‘Four Horsemen of 2021’
18th November 2020
With one of the year's biggest and busiest holiday's approaching, and the likelihood of any possible COVID-19 vaccine easing the pressure in the near-future low, the next six-to-eight weeks are going to be vital in more accurately gauging what PCS' Tom Johansmeyer expects to be a tough year for reinsurers. Read the full article
Aon launches APAC Capital Advisory unit
18th November 2020
Global re/insurance broker Aon has launched an Asia Pacific Capital Advisory unit within its Reinsurance Solutions division, with an aim of delivering a more holistic capital optimisation approach for reinsurers. The launch follows Aon’s Capital Advisory units in the UK and US, where its aim has been to help re/insurer clients ... Read the full article
RLI Corp announces succession plan for CEO Jonathan Michael
18th November 2020
US property and casualty insurer RLI Corp. has announced its succession plan for current Chief Executive Officer Jonathan Michael. Michael announced that he will retire as CEO, effective December 31, 2021, a position he has held since 2001. He has served as Chairman of the Board since 2011 and will remain in that capacity ... Read the full article
Singaporean wealth fund GIC among latest Convex investors
18th November 2020
Singaporean sovereign wealth fund GIC has joined existing investor Onex Corporation in helping specialty re/insurer Convex Group raise an additional $1 billion in funding. Convex’s initial invested capital of $1.7 billion was raised from the Convex management team, Onex Partners V, PSP Investments and other co-investors. The latest funding drive ... Read the full article
Buckle acquires additional legacy assets from Atlas
18th November 2020
US-based commercial auto insurer Atlas Financial Holdings has announced the sale of further legacy assets to ride-sharing insurance provider Buckle. Buckle recently completed the purchase of Atlas' subsidiary Gateway Insurance Company, following Atlas' decision to move towards an MGA model. Scott D. Wollney, Atlas’ President & CEO said: “We recently announced the closing ... Read the full article
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