Reinsurance News
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
CoreLogic’s Q2 organic revenue up 5% as firm sees $15mn COVID-19 impact
24th July 2020
Risk modelling firm CoreLogic has announced a 4% increase in reported revenues to $477 million in the second-quarter of 2020, and organic revenue growth of roughly 5%, up over 2% from the previous quarter. CoreLogic states that revenues were actually up by 15% once normalised for $28 million of second-quarter 2019 ... Read the full article
SSP joins Willis Towers Watson’s Radar Live program
24th July 2020
Broker Willis Towers Watson (WTW) has announced it will partner with insurance software provider SSP to optimise real-time pricing and time to market for insurance companies. SSP will join WTW’s global Radar Live collaborator program, improving its ability to derive insights from various data sources and to deploy machine learning models ... Read the full article
Tysers adds Deloitte’s Clive Buesnel as CEO
24th July 2020
Tysers, the specialty London-based wholesale broker, has named Clive Buesnel, previously of Deloitte, as its new Chief Executive Officer (CEO), subject to regulatory approval. He has spent the large majority of his career in operational and strategic positions in the UK and global insurance markets, most recently serving as a Senior ... Read the full article
RT Specialty announces Scott Smith’s intent to retire
24th July 2020
RT Specialty, the wholesale brokerage unit of Ryan Specialty Group, has announced Scott Smith's intention to retire from the company. He currently serves as President, Northeast Region and Managing Director. Smith joined RT Specialty with the acquisition of his company, S. H. Smith & Company, in September, 2013. He and his team ... Read the full article
Gossmann & Cie. granted license for PCC in Malta
24th July 2020
Gossmann & Cie., a liability management company, has received a license from the Maltese regulator (MFSA) to operate its risk carrier, a protected cell company (PCC) based in Malta. Gossmann & Cie. Insurance PCC Ltd. is authorised under the Insurance Business Act (Cap 403) to carry on business of insurance in ... Read the full article
IAG enhances reinsurance use; CEO notes “immensely challenging” six months
24th July 2020
Australian insurer IAG has further strengthened its overall reinsurance position with the purchase of a new aggregate catastrophe reinsurance cover and a stop-loss protection for retained natural perils. The company has provided an update on its results for the fiscal year ended June 30th, 2020 and also offered some insights into ... Read the full article
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