Reinsurance News
Australian insurers ramp up flood support, provide reinsurance updates
22nd March 2021
Australia’s major insurance providers including Suncorp and IAG are ramping up efforts to support customers affected by severe flooding currently unfolding across New South Wales and South East Queensland. The ICA has declared a catastrophe for large parts of NSW, following the evacuation of around 18,000 residents following widespread and ... Read the full article
Insurtech Artificial joins Convex on data-driven marine liability product
22nd March 2021
Insurtech firm Artificial Labs is collaborating with Convex to digitise and distribute the speciality re/insurer’s data-driven marine liability product. The partnership sees US-based marine liability brokers provided with a rate/quote/bind/issue tool designed to improve client experience and give access to new, specific classes of business. The product is reported to give brokers ... Read the full article
AXIS Insurance adds two to Global Cyber and Technology team
22nd March 2021
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited has appointed Alex White and Jeff Bayer to its Global Cyber and Technology team. White has been appointed as a Senior Underwriter, Global Cyber and Technology, and will focus on Cyber and Technology Errors and Omissions (E&O) risks in ... Read the full article
SCOR announces new satellite-based pasture insurance tool in Brazil
22nd March 2021
Global reinsurer SCOR has announced its role in the creation of a new satellite-based pasture insurance tool available to all Brazilian livestock farmers. Pastagem Protegida – Índice was created in collaboration with Pastagem Protegida – Índice was created in collaboration with IRB, ESSOR and AgroBrasil, and is based on the Airbus ... Read the full article
Marsh’s role in Greensill collapse highlighted by Credit Suisse, reports
22nd March 2021
An internal review conducted by Credit Suisse scrutinises Marsh & McLennan for its role in the collapse of financial services firm Greensill, according to reports emerging from The Financial Times. Greensill, which specialises in supply-chain finance, filed for administration last week after “severe financial distress” left it unable to repay a ... Read the full article
MS Amlin (MS AUL) names Ariel Re’s Wilken as Head of Reinsurance Division
22nd March 2021
Lloyd's of London insurer and reinsurer, MS Amlin Underwriting Limited (MS AUL), has added Matthew Wilken to the newly created role of Head of Reinsurance Division, based in London. In his new role, Wilken will report to Andrew Carrier, Chief Underwriting Officer (CUO) of MS AUL, effective in early May, subject ... Read the full article
RMS launches new climate change models
22nd March 2021
Catastrophe risk modeller RMS has launched new climate change models to help its customers assess the near and long-term impacts of climate change on physical assets and their businesses. The new models include RMS’s economic modelling framework which uses climate science consensus, including from the Intergovernmental Panel on Climate Change (IPCC). The ... Read the full article
Danish Red Cross launches first volcano cat bond
22nd March 2021
Partners from across the private and humanitarian have launched the world’s first catastrophe bond for volcano-related disasters on behalf of the Danish Red Cross. The cat bond covers 10 volcanoes across three continents, aiming to raise up to $3 million from investors for aid in the aftermath of an eruption. Initial investors ... Read the full article
ICA declares catastrophe as NSW overwhelmed by floods
22nd March 2021
The Insurance Council of Australia (ICA) says it is working with the New South Wales Government to understand the severe weather and flooding currently impacting large parts of the region, particularly around the Mid-North Coast and Hawkesbury-Nepean. The ICA has also declared a catastrophe for large parts of NSW, following the ... Read the full article
Fairfax looks to take Singapore Re fully private under 100% ownership
22nd March 2021
Fairfax Asia Limited, the Asian holding company for operating entities of Fairfax Group in the region, has made a voluntary conditional cash offer to acquire all of the issued and paid-up ordinary shares in the capital of Singapore Reinsurance Company Limited. Fairfax, which alongside the concert group currently owns 28.18% of ... Read the full article
Pandemic “reached the limits of insurability”: Swiss Re’s Kielholz
22nd March 2021
Swiss Re Chairman Walter Kielholz has said that the industry withdrawal from covering pandemic risk was “unavoidable” because this peril “once again reached the limits of insurability.” Writing as part of the reinsurer’s annual report for 2020, Kielholz noted that Swiss Re has been prepared for a severe pandemic scenario for ... Read the full article
Bernhard Capital enters partnership with Gray Surety
22nd March 2021
Bernhard Capital has entered into an agreement to make a significant investment in The Gray Casualty & Surety Company, Gray Insurance’s surety market affiliate. Gray Surety, established 2003, is a surety carrier headquartered in Metairie, LA that provides surety bonds to emerging and mid-market contractors. The Gray Surety team also underwrites commercial ... Read the full article
Kovrr adds Hetul Patel to advisory board
22nd March 2021
Cyber risk modeller Kovrr has announced that Hetul Patel has joined its advisory board. Hetul is currently Director for non-life consulting at Actuaries OnTap. He has extensive knowledge of the reinsurance industry gained through his 20 years’ experience working as an actuary and executive in the global reinsurance industry. His experience includes ... Read the full article
Direct Insurance Group adds Matt Field to board
22nd March 2021
Global speciality insurance business Direct Insurance Group has appointed Matt Field to its board as Group Sales & Marketing Director. Field has been with Direct Insurance Group since 2016 when he joined as Business Development Manager for the North for its UK wholesale broking business DILM (Direct Insurance London Market). In 2017 ... Read the full article
Fitch affirms Aon, stays positive on WTW despite merger uncertainty
19th March 2021
Fitch Ratings has affirmed the 'BBB+' Issuer Default Rating (IDR) for Aon and removed its Negative Rating Watch, while maintaining Willis Towers Watson’s 'BBB' Long-Term IDR and issue-level ratings on Rating Watch Positive. This move from the ratings agency is directly linked to the much-talked about combination between the two ... Read the full article
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