Reinsurance News
QIC increases GWP 13% in H1 off market hardening
27th July 2020
Qatar Insurance Company (QIC), the Middle East and North Africa (MENA) focused insurer, experienced a 13% growth in Gross Written Premium in the first half of 2020, reaching QAR 7.2 billion ($1.9 billion). This growth was predominately driven by the rate hardening in select international insurance markets and continued expansion of QIC’s ... Read the full article
Aurous Risk Partners expands into property D&F with new hire
27th July 2020
London-headquartered MGA Aurous Risk Partners has expanded its operations into the property D&F class with the hire of Will Curtis, while also expanding its energy capacity. Curtis, who previously was the property underwriter for the Antares Lloyds syndicate, has joined Aurous as a Property Risk Partner. He has spent the last 10 ... Read the full article
Chubb announces new leadership appointments
27th July 2020
Global insurer Chubb has announced leadership appointments in its North America Westchester and Financial Lines businesses. The property and casualty insurer has announced that Scott Meyer will succeed Bruce Kessler as Senior Vice President, Chubb Group and Division President of Westchester. Through its brokerage, binding and programs segments, Meyer will have executive ... Read the full article
Santam approves $61mn relief payment for virus disruption
27th July 2020
South African insurer Santam has approved up to R1 billion (US $61 million) of relief payments for businesses hit by COVID-19 related disruption following an order by the country’s regulators. The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) have told non-life insurers to make one-off payments to ... Read the full article
Munich Re best placed to withstand Atlantic hurricane losses, analysts
27th July 2020
As we approach the peak months for the 2020 Atlantic hurricane season, analysts at investment bank Berenberg believe that Munich Re is the best placed to withstand a worst-case scenario. Even in a worst-case scenario, analysts state that Munich Re’s excess capital would only reduce by around 36% at the end ... Read the full article
Chinese regulator hands oversight of certain re/insurers to local authorities
27th July 2020
In an effort to improve the efficiency of China's property re/insurance marketplace, the China Banking and Insurance Regulatory Committee (CBIRC) has revealed plans to delegate the supervision of property insurers and reinsurers to local authorities. The CBIRC has announced a range of new guidelines under which local authorities will take over ... Read the full article
AXA XL unveils leadership team for UK & Lloyd’s market division
27th July 2020
AXA XL, the property & casualty and specialty risk division of AXA, has announced the new client-facing leadership team for its UK & Lloyd's region. Towards the end of April, AXA XL revealed plans for a new operating model that would see the establishment of a single global insurance underwriting ... Read the full article
South African insurers to make relief payments to virus-hit businesses
27th July 2020
South African regulators the Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) have told non-life insurers to make one-off relief payments to businesses hit by COVID-19 losses as the market awaits a court decision on business interruption (BI) claims. The FSCA explained that these payments would allow businesses to ... Read the full article
SRL makes rating adjustments for Lloyd’s syndicates 4472, 2003
27th July 2020
Syndicate Research Limited (SRL) has provided rating adjustments for Liberty Mutual-owned Lloyd’s syndicate 4472 and AXA’s syndicate 2003. Syndicate 4472 is ultimately 100% backed by Liberty Mutual and with a 2020 capacity of £1.1bn, writes an Excess of Loss-orientated account. SRL has affirmed the syndicate’s B+^ (Above Average) Continuity Opinion, while its ... Read the full article
COVID-19 pandemic compounding cyber risk: AM Best
27th July 2020
The COVID-19 pandemic has compounded cyber risk and should cause re/insurers to rethink and enhance their stress tests, according to analysts at AM Best. The rating agency noted a significant uptick in ‘spoofing’ attacks, with hackers posing as figures from the World Health Organization (WHO) or the Centers for Disease Control ... Read the full article
COVID-19 drives 27% drop in MAPFRE’s H1 earnings
27th July 2020
Spanish insurer MAPFRE saw it's earnings for the first half of 2020 drop 27.1% from the previous year to €271 million due to COVID-19 claims recorded in its reinsurance unit. Reinsurance losses in H1 reached €86.5 million, €76.5 million of which correspond to business interruption coverage. Alongside this, earthquakes in Puerto Rico ... Read the full article
SCOR selectively grows reinsurance book at mid-year renewals
24th July 2020
Global insurer and reinsurer SCOR's gross reinsurance premiums grew 1.3% from €708 million to €717 million at the mid-year renewals, as the company took advantage of continued market hardening. The re/insurer notes "strong price growth momentum," reporting overall 8.2% price increases across its renewal book at the mid-year, with improvements materialising ... Read the full article
Travelers provides updates on renewed catastrophe reinsurance treaties
24th July 2020
P&C insurer Travelers has provided an update on the catastrophe reinsurance treaties it renewed on July 1. The Northeast Property Catastrophe Excess-of-Loss Reinsurance Treaty provides up to $600 million part of $850 million of coverage, subject to a $2.25 billion retention for losses arising from a single occurrence, subject to one ... Read the full article
Everest Re names Karmilowicz as President & CEO of its Insurance Division
24th July 2020
Bermuda domiciled insurer and reinsurer, Everest Re Group, Ltd., has appointed Michael Karmilowicz as President and Chief Executive Officer (CEO) of the Everest Insurance Division, effective immediately. Karmilowicz has been with Everest Insurance since 2015, most recently serving as Executive Vice President and President of North America P&C. He brings almost three ... Read the full article
IRB Brasil Re gets favourable court decision in public civil action
24th July 2020
The São Paulo Court of Justice has ruled in favour of Brazilian reinsurer IRB Brasil Re in the public citizen suit filed against the company. It was decided that IRB proved “its economic capacity to face indemnities granted to shareholders” and, consequently, is no longer required to offer a guarantee in ... Read the full article
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