Reinsurance News
Insurance Council of Australia adds four directors
13th November 2020
The Insurance Council of Australia Limited (ICA) Board has announced the appointment of four new directors. The new directors are Frank Costigan, Tracy Green, Jarrod Hill, and Ralph Ronnenberg. Costigan has worked for QBE Australia as Interim Managing Director for just over two years, previously working at insurers such as Berkshire Hathaway ... Read the full article
Moody’s provides stable outlook for US P&C in 2021
12th November 2020
Moody's has has provided a stable outlook for the US Property & Casualty commercial insurance sector in 2021. Analysts highlight an acceleration in price increases and solid capital positions. However these factors could be mitigated by headwinds from loss cost trends, catastrophes and coronavirus related losses "For commercial lines insurers, the coronavirus-related economic downturn ... Read the full article
Chubb appoints John Latter to Claims Director role
12th November 2020
Global re/insurer Chubb has announced the appointment of John Latter as Senior Vice President, Claims Director for the company's Europe and Eurasia & Africa regions. In his new role, Latter will have overall responsibility for the strategy and delivery of Chubb's claims services in these two regions. He will continue to be based ... Read the full article
Munich Re Automation Solutions expands partnership with ExamOne
12th November 2020
Munich Re Automation Solutions, the insurtech-focused subsidiary of Munich Re Group, has expanded its partnership with ExamOne, a Quest Diagnostics company, to leverage its LabPiQture results. LabPiQture is a service from ExamOne that provides automated access to clinical lab data on an individual for use in insurance underwriting. Individuals must provide authorisation ... Read the full article
QBE North America makes two senior hires
12th November 2020
QBE North America has announced two new appointments, Dan Fortin as President, Financial Lines, and Todd Greeley as Chief Operating Officer, Financial Lines. Fortin is to lead and build upon QBE’s existing Management Liability, Professional Liability and Transactional Liability practices, while Greeley is to help further expand its Management Liability, Professional Liability and Transactional ... Read the full article
AXA XL launches new Risk Scanning service
12th November 2020
AXA XL Risk Consulting has announced the launch of Risk Scanning, a new risk assessment service. The service is to be made available globally, as the solution combines the expertise of AXA XL’s risk consultants with data mining capabilities and probabilistic algorithms to carry out multi-peril assessments of a company’s physical ... Read the full article
AM Best provides US P&C impairment update
12th November 2020
Rating agency AM Best identified thirteen new insurance company impairments in the US property and casualty (P&C) industry in 2019, which was two more than in the previous year. A new report found that four impairments of medical professional liability writers and another four commercial auto writers led the 2019 impairments. Overall, ... Read the full article
Palomar announces agreement with Marsh’s Torrent Technologies
12th November 2020
California-based insurance holding company Palomar has agreed to integrate its residential flood insurance program Flood Guard onto the flood processing platform of Torrent Technologies, part of Marsh. It's hoped this will provide agents of Torrent's Write-Your-Own (WYO) carriers even more choice to meet the flood risk needs of their customers and help close ... Read the full article
Conduit Re to proceed with IPO; expects to raise $1.1bn
12th November 2020
Neil Eckert and Trevor Carvey's new property and casualty (P&C) and specialty reinsurance underwriting business, Conduit Re, has today confirmed its intentions to proceed with an initial public offering (IPO) and apply for admission of its Shares on the London Stock Exchange (LSE). The news comes after Conduit's previous announcement ... Read the full article
Lemonade reports $30.9 million net loss in Q3 2020
12th November 2020
Insurtech start-up Lemonade has reported a net loss of $30.9 million for the third quarter of 2020, representing a mild improvement when compared to a net loss of $31.1 million for the same period last year. The company also announced its in force premium doubled year-on-year, while gross profit increased 83%, ... Read the full article
Orchid & Homesite set up new Florida insurer
12th November 2020
Orchid Underwriters Agency, a specialty underwriter of catastrophe-exposed property insurance, has partnered with US property insurer Homesite to create a new Florida-based reciprocal insurance company. The new company, called TRUE (Trusted Resource Underwriters Exchange), is domiciled in Tampa and will offer owner-occupied homeowners insurance, as well as bundled, optional coverages and ... Read the full article
WTW bolsters climate change expertise with Acclimatise acquisition
12th November 2020
Re/insurance broker Willis Towers Watson has announced the acquisition of Acclimatise, a climate change adaptation advisory and analytics services provider. Acclimatise, based in the UK with teams in France, the US and India, brings additional experience in climate adaptation to WTW following the completion of over four hundred and fifty climate ... Read the full article
Talanx falls to €1.97bn underwriting loss as COVID claims exceed €1bn
12th November 2020
Talanx, the parent of reinsurer Hannover Re, has reported that its underwriting result declined by more than 50% in the first nine months of the year to a loss of €1.97 billion, as the company exceeded its large losses budget as a result of substantial COVID-19-related claims. Overall, 9M 2020 losses ... Read the full article
AXA XL report highlights mangrove potential as natural coastal defence
12th November 2020
Insurance could provide a cost-effective method to help conserve and restore mangrove forests as a way to protect against coastal flooding, according to a report supported by AXA XL. The report, published by The Nature Conservancy and University of California, Santa Cruz identifies 3,000 km of coastline across 20 states, territories ... Read the full article
Zurich reports 3% rise in P&C premiums; unchanged COVID-related claims
12th November 2020
Global insurer Zurich has reported a 3% rise in property and casualty (P&C) gross written premiums (GWP) for the first nine months of 2020 to $27.3 billion, while P&C COVID-19-related claims are reportedly unchanged at roughly $450 million. GWP growth in P&C during the period was driven by 9% growth in ... Read the full article
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