Reinsurance News
Miller enhances reinsurance offering with addition of James Power
25th March 2021
Specialist insurance and reinsurance brokerage, Miller, has bolstered its exposure analytics and deal structuring offering for reinsurance clients with the addition of James Power as Exposure Analytics Lead. Power has more than a decade of experience working in the London market, most recently with Apollo Syndicate Management Limited. In his new role, ... Read the full article
Peak Re names Reynolds & Souter as Co-Heads of P&C as Kershaw departs
25th March 2021
Hong Kong domiciled reinsurer, Peak Reinsurance Company Limited, has announced that Iain Reynolds and Andy Souter will serve as Co-Heads of its P&C operation following the departure of Chris Kershaw, Managing Director, Global Markets and Co-Head of P&C. After more than eight years of service, Kershaw leaves Peak Re on April ... Read the full article
Industry costs from Suez obstruction to exceed $100m: McGill & Partners
25th March 2021
Analysts at specialist broker McGill and Partners believe that the re/insurance industry could be looking at costs in excess of $100 million due to the ongoing obstruction in the Suez Canal. The vital trade waterway through Egypt has been blocked by a grounded ship since Tuesday, resulting in a backlog of ... Read the full article
AXA announces several key senior leadership changes globally
25th March 2021
Global insurer AXA has announced key changes to its senior leadership team as the company looks to successfully execute the strategic plan presented in December last year. With Driving Progress 2023 it’s hoped AXA’s renewed leadership team and simpler organisation will accelerate the execution of its strategic priorities and to consolidate ... Read the full article
Allianz warns industry of climate compliance challenges
25th March 2021
Analysts at Allianz have warned that actions to address climate change pose significant operational and compliance challenges for re/insurance companies, with growing scrutiny for those that over-promise or lag behind. Although the pandemic caused re/insurers and governments alike to shift their priorities over 2020, Allianz believes that the issue will move ... Read the full article
Covéa files complaint against SCOR CEO Kessler, SCOR refutes claims
25th March 2021
Covéa Group has filed on behalf of SCOR a complaint against its Chief Executive Officer (CEO), Denis Kessler, with the Parquet National Financier, which SCOR has refuted and condemned. French insurer and reinsurer SCOR's largest shareholder, Covéa, filed the complaint on Wednesday, March 24th, citing market manipulation and misuse of corporate ... Read the full article
QOMPLX launches insurance data standards library
25th March 2021
Risk analytics provider QOMPLX is setting up a data standards library to improve transparency and consistency across the re/insurance industry. The library, called ReQoncile.io, will provide a single place where data standards can be accessed and compared by players across the insurance value chain. The site will be a publicly available curated ... Read the full article
“Substantial portion” of pandemic losses still not reported: Fitch
24th March 2021
Analysts at Fitch Ratings anticipate that payment of pandemic-related claims will accelerate in 2021, and have noted that a “substantial portion” of losses in the re/insurance industry are currently carried as incurred but not reported. In particular, settlement of claims in areas such as business interruption and multiple liability segments will ... Read the full article
Swiss Re CorSo partners with Economical Insurance
24th March 2021
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurer Swiss Re, has signed an agreement with the Canadian insurer Economical Insurance to provide its IPA platform for its first insurer in North America. Having previously collaborated with the Brokerslink in 2019 and insurers LocalTapiola and Württembergische Versicherung in 2020, Swiss ... Read the full article
ZhongAn reports $85m profit for 2020
24th March 2021
China’s largest online-only insurer ZhongAn has announced net profit of RMB 554 million (USD 84.9 million) for 2020, with performance driven by its health and digital lifestyle ecosystem. Over the year, ZhongAn Online's total gross written premiums (GWP) rose 14.2% year-on-year to RMB 16,705.9 million. ZhongAn Online's operating metrics also improved as ... Read the full article
Amwins Specialty expands into Canadian market
24th March 2021
Specialty Managing General Agency, Amwins Specialty Logistics Underwriters (ASLU), has expanded into the Canadian market to serve Canada's growing logistics industry. Launched in the United States in 2018, ASLU delivers coverage solutions for freight forwarders and third-party logistics operators. As a Lloyd's coverholder, ASLU's expansion into Canada can offer retailers instant coverage ... Read the full article
Suez Canal blockage could drive $40bn in trade disruption: analysts
24th March 2021
The Evergreen container ship currently blocking the Suez Canal after plunging one of the world’s busiest trade routes into chaos could be carrying goods worth $89 million and threatens to create more than $40 billion dollars of trade disruption, according to analysis from Russell. Reports on the still-unfolding event say rescue ... Read the full article
Acrisure closes $3.4bn capital raise
24th March 2021
Global re/insurance brokerage Acrisure has announced the successful closing of two transactions representing a significant $3.4 billion capital raise, led by merchant bank BDT Capital Partners. BDT led a $3 billion investment, via its affiliated investment funds, into the broker's Senior Preferred Stock. Additionally, a consortium of investors, which the broker says ... Read the full article
Australia flood claims estimated at $254m as crisis extends to Queensland
24th March 2021
In its latest update, the Insurance Council of Australia (ICA) says it has recorded more than 17,000 claims from the severe flooding that began in New South Wales (NSW) earlier this week, with losses currently estimated at AU $254.2 million (US $193.49 million). Notably, 15% of claims are now coming out ... Read the full article
Tokio Marine names Tom Weist as CFO
24th March 2021
Property & Casualty insurer Tokio Marine HCC has appointed Tom Weist as Chief Financial Officer following the retirement of current CFO, Sharon Brock. Brock is expected to remain with the company in an advisory capacity until next month, during which time she will be supporting the transition. Weist joined Tokio Marine HCC ... Read the full article
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