Reinsurance News
Industry is grinding back to manageable T&Cs: Prospectus 2021
16th November 2020
After a prolonged softened market state, in which wordings became looser and coverage broadened, the reinsurance market is slowly grinding back to terms and conditions (T&Cs) that can be managed, according to industry experts. Day three of Prospectus 2021 - a new annual re/insurance and insurance-linked securities (ILS) conference, ... Read the full article
Alliant hires Steve Shappell as EVP
16th November 2020
US insurance broker Alliant Insurance Services has announced that Steve Shappell has been appointed as Executive Vice President, Specialty Claims and Legal. Shappell will be based in Denver and will provide client advocacy, strategic consulting, and claims resolution options to Alliant’s industry clients across the United States. Prior to joining Alliant, Shappell ... Read the full article
Labuan IBFC reports 50% increase in licensing approvals for H1 2020
16th November 2020
Labuan International Business and Financial Centre (Labuan IBFC) has announced a 50% increase in licensing application approvals for the first half of 2020, bringing the total number of licensed entities to 800. Datuk Danial Mah Abdullah, Director-General of Labuan FSA welcomed the news, noting that, notwithstanding the challenges and movement restrictions ... Read the full article
K2 renews US Cat facilities for 2021
16th November 2020
Specialty insurance and reinsurance underwriting platform K2 International (K2) has announced that Head underwriter David Carson’s team has renewed all three of its US Cat facilities for 2021 with existing carriers. Carriers include Peak Re, Taiping Re and Cathay Century Insurance. This will be the eighth year of underwriting on behalf of ... Read the full article
Pandemic related reinsurance losses fading in 9M20, Fitch suggests
16th November 2020
Fitch Ratings’ reinsurance dashboard for the first nine months of 2020 suggests pandemic-related losses have started to fade. Hannover Rueck SE, SCOR and Swiss Re all booked fewer pandemic-related claims reserves in 3Q20 than in 2Q20, as the actual loss experience did not require any major adjustments to expected claims in ... Read the full article
COVID-19 could see Lloyd’s look more like a coffee shop again: Carnegie-Brown
16th November 2020
In a recent interview with the Mail on Sunday, Lloyd's of London Chairman Bruce Carnegie-Brown remarked how the historic re/insurance market could end up looking more like a coffee shop again. It's well known that Lloyd's, the oldest insurance market in the world, started life as a coffee shop some 334 ... Read the full article
Insured cat losses in 2020 close to $100bn: AIR
16th November 2020
AIR Worldwide's 2020 Global Modelled Catastrophe Losses report estimates that the modelled insured average annual loss from catastrophes worldwide is nearly $100 billion. The 1% percent aggregate exceedance probability insured loss is nearly $301 billion. The new report acquires its loss metrics from the most current suite of global property and crop models ... Read the full article
Hiscox USA expands Ask Kodiak partnership
16th November 2020
API platform provider Ask Kodiak has expanded its partnership with Hiscox and will now support its direct small commercial product appetite and eligibility in the US. Kodiak's platform is designed to allow insurers to store, update, and share information with any distribution partner for maximum efficiency and quote-to-bind speed. By communicating the product ... Read the full article
Reinsurers ignoring ESG factors may face reputational risk: AM Best
16th November 2020
Rating agency AM Best has released a new report suggesting that insurers in Europe and Asia Pacific are at different stages of their journey to integrate environmental, social and governance (ESG) factors into their businesses. Reportedly a large majority of respondents recognise that proper understanding and integration of ESG factors is ... Read the full article
Re/insurer investment market trends accelerated by COVID, say experts
16th November 2020
As insurers and reinsurers continue to adapt to the lower-for-longer interest rate environment, the arrival of the global COVID-19 pandemic has served to accelerate certain trends in the marketplace, according to industry experts. On the second day of Prospectus 2021 - the new annual re/insurance and insurance-linked securities (ILS) ... Read the full article
GFIA elects Don Forgeron as president
16th November 2020
The Global Federation of Insurance Associations (GFIA) has announced the election of Don Forgeron as its new president, as well as new appointments to its executive committee, following a vote at its annual general assembly. Forgeron, who is president and Chief Executive Officer of the Insurance Bureau of Canada, takes over ... Read the full article
Lockton hires Business Development consultant for Midwest Series
16th November 2020
Re/insurance broker Lockton has announced the appointment of Casey Stine as a Vice President and Business Development consultant for the firm's Midwest Series. Stine brings almost 10 years of experience in employee benefits and corporate human resource consulting to Lockton, and will be located in the firm's St. Louis office, with ... Read the full article
Munich Re, Porsche form consultancy joint venture
16th November 2020
Re/insurer Munich Re has founded a joint venture with car manufacturer Porsche and its management and IT consulting subsidiary MHP 'FlexFactory' aims to make the production of small series of all kinds of different products in the manufacturing industry more flexible and cost efficient. It also enables customers from the manufacturing industry ... Read the full article
Chaucer launches new Bermuda branch
16th November 2020
Global specialty insurer and reinsurer, Chaucer, has announced the launch of a new reinsurance branch based in Bermuda, designed to provide U.S. clients with greater access to its specialty underwriting expertise and capacity. The launch comes after the receipt of the necessary regulatory approvals from the Bermuda Monetary Authority (BMA) and ... Read the full article
Human behaviour critical to pandemic & cyber modelling: CyberCube
16th November 2020
A new report by cyber analytics provider CyberCube stresses the importance of understanding and predicting human behaviour when it comes to modelling both pandemic and cyber risk. According to the report, which sets out to understand the lessons both pandemic and cyber modelers could learn from each other, the potential for ... Read the full article
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