Reinsurance News
Insurers need to take on more cyber risk to grow the market: Johansmeyer, PCS
17th November 2020
While it might well be true that there's too much cyber risk out there in the world for the re/insurance industry to handle, insurers need to be willing to assume more risk to help the market grow, says Tom Johansmeyer, Head of Property Claim Services (PCS), part of Verisk. The cyber ... Read the full article
Capco appoints Somnath Ghosh as Partner, UK Insurance
17th November 2020
Capco, a management and technology consultancy focused on the financial services industry, has announced the appointment of Somnath Ghosh as Partner within its UK Insurance practice. Ghosh will focus predominantly on finance, risk and regulation as well as insurers’ related data and technology needs. With more than two decades experience in financial ... Read the full article
Selective hits $70mn net income over Q3
17th November 2020
Selective Insurance saw its net income reach $69.9 million over the third quarter, up from the $56.2 million achieved in the prior year period. Year-to-date income is still lagging behind 2019 by 37%, however. The company has also seen its combined ratio improve 1.4 percentage points after a catastrophe-heavy Q2 2020 had ... Read the full article
Aston Lark acquires two new broking firms
17th November 2020
Chartered insurance broker Aston Lark has announced the acquisition of Risk Alliance Limited and Risk Alliance International, two broking subsidiaries of Risk Alliance Group. Risk Alliance Limited is a specialist Schemes broker based in Bingley, West Yorkshire, and were acquired by Accelerant in September 2019. The deal sees a total of 14 staff ... Read the full article
Suncorp expecting broadly neutral COVID-19 impact across first half of FY
17th November 2020
The impact of COVID-19 across Suncorp’s general insurance portfolio is expected to be broadly neutral for the first half of the 2021 financial year. Impacts during this period include an assessment for potential business interruption (BI) claims from the second Victorian lockdown. Additionally, temporary short- term reductions in motor claims frequency, continued ... Read the full article
Canada Life secures £146mn bulk annuity deal with Smiths Industries
17th November 2020
Canada Life has secured their tenth bulk annuity purchase, a £146 million bulk annuity with the Smiths Group pension scheme. The £3 billion Smiths Industries Pension Scheme has secured the bulk annuity with Canada Life after the auction process was redesigned to accommodate the post-COVID-19 market conditions. The transaction was described as having taken ... Read the full article
ICAT launches new insurance solution for cat exposed homeowners
17th November 2020
ICAT, an underwriter and producer of US catastrophe insurance, has announced a new insurance solution for catastrophe-exposed homeowners in Alabama, Mississippi, Louisiana, and Texas. Future expansion is planned in Florida and tier 1 and 2 counties along the Eastern Seaboard. The new homeowners insurance policy can reportadly be quoted and bound through ... Read the full article
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
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