Reinsurance News
Direct Insurance launches PI division and makes senior hire
10th November 2020
Lloyd's Broker, Direct Insurance London Market has announced the launch of its new PI & Financial Lines Division along with the appointment of Mike Newson to lead the team as PI and Financial Lines Manager. Mike Newson has over 30 years of experience in broking and handling all aspects of binders ... Read the full article
Iowa Derecho claims hit $1.6bn, with a quarter left to pay
10th November 2020
According to the Iowa Insurance Division, a major derecho event that impacted the state in August has driven more than 200,000 insurance claims. Out of these, nearly 160,000 have already been paid, worth a total of around $1.6 billion. The Division believes that re/insurers are currently holding more than $1 billion in ... Read the full article
Gallagher adds Daniel Launder to Chester office as branch director
10th November 2020
Insurance broker Gallagher has announced the appointment of Daniel Launder to its Chester office as branch director. Launder's role will see him support the growth of Gallagher's client base in the region. Launder will be responsible for heading up a team that looks after the insurance and risk management requirements for clients in ... Read the full article
US workers compensation market to report strong profitability in 2020: Fitch Ratings
10th November 2020
Fitch Ratings has recently released a report that shows how the US workers compensation insurance market is positioned to report strong profitability in 2020. Despite considerable economic challenges from the ongoing coronavirus pandemic, the declines in economic activity led to reduced claims frequency that are currently outpacing pandemic-related losses. However, it’s been ... Read the full article
AXA XL, Xtract look to digitise commercial auto claims
10th November 2020
The insurance business of AXA XL has entered into a multiyear partnership and licensing agreement with Xtract in an effort to transform the commercial auto claims management process in the US. The first AXA XL division to intriduce data aggregation and analytics platform Xtract to its clients is their Environmental Insurance ... Read the full article
Aon appoints Guido Benz as CEO of Global Renewables business
10th November 2020
Aon, the global insurance and reinsurance brokerage firm, has announced the appointment of Guido Benz as Chief Executive Officer (CEO), Global Renewables, Commercial Risk Solutions, effective spring 2021. In his new role, Benz will be based in Zurich and will report to Lee Meyrick, Co-Lead, Global Specialties and CEO, Global Marine, ... Read the full article
Oneglobal expands to Singapore and makes senior hires
10th November 2020
Insurance broker Oneglobal has announced the establishment of Oneglobal Broking Singapore Pte Ltd, which has received regulatory in-principle approval from the Monetary Authority of Singapore. The new business will be headed by Singaporean broking leaders David Lum, who is appointed Chairman and will report to Jonathan Palmer Brown Chairman, Oneglobal, and ... Read the full article
GRS adds insurance execs to Chair Advisory Board
10th November 2020
International loss adjuster Global Risk Solutions has established a Chair Advisory Board and named James Porcari and Allan Robinson as advisors. As initial members of the Chair Advisory Board, Porcari and Robinson will advise GRS’ senior leadership on strategic issues including the firm’s growth and expansion. Porcari is the founder and managing ... Read the full article
Guy Carpenter launches new Vietnam flood model
10th November 2020
Guy Carpenter, the reinsurance arm of global brokerage Marsh, has announced the launch of its new flood model for Vietnam. The probabilistic model will provide full national coverage and help re/insurers to assess their exposure to floods – a peril that affects 70% of the population in Vietnam. The Guy Carpenter Vietnam ... Read the full article
Life & health risks from pandemics are insurable: The Geneva Association
10th November 2020
New research by The Geneva Association finds that life and health risks for pandemics similar to COVID-19 are insurable, but warns that property and casualty (P&C) risks remain too large for the private market. There has been a wide-spread public discussion on how to address the deep financial implications of COVID-19, ... Read the full article
AXIS Insurance adds Bobbie Condell to lead underwriting role
10th November 2020
Specialty insurer AXIS has added Bobbie Condell as Underwriting Lead for Small Specialty Commercial, effective immediately. Condell will initially focus on underwriting analysis and portfolio management as part of the development of the recently launched AXIS Home Based Business product. She brings more than 23 years of underwriting and portfolio management experience across ... Read the full article
UK risk settlement market still thriving despite a lack of jumbo deals: Aon
10th November 2020
The UK risk settlement marketplace has seen fewer jumbo deals this year than in 2019, but re/insurance broker Aon still expects it to reach more than £50 billion by the end of 2020 as activity increases among mid-sized and smaller schemes. Earlier in the month, Aon said that the risk ... Read the full article
SCOR Global P&C adds AXA’s Moufakkir as Chief Business Transformation Officer
10th November 2020
French insurer and reinsurer, SCOR, has announced the appointment of Myriam Moufakkir as the new Chief Business Transformation Officer of SCOR Global P&C. In this newly created role, Moufakkir assumes responsibility for driving key operational aspects of the firm's P&C operation, with a focus on digital & data strategies, business process ... Read the full article
Brown & Brown acquires InsurTech CoverHound
10th November 2020
A subsidiary of Brown & Brown, Inc. has acquired substantially all of the assets of InsurTech firm CoverHound, a digital insurance marketplace for both individuals and small businesses. The deal has been announced by J. Scott Penny, Brown & Brown's Chief Acquisitions Officer and Keith Moore, Chief Executive Officer (CEO) of ... Read the full article
Global Indemnity posts $15.2mn Q3 net loss
10th November 2020
Property and casualty insurer Global Indemnity has reported a net loss of $15.2 million for the third quarter, against an income of $6.7 million in the same period last year. Global Indemnity recorded a combined ratio of 107.2% (Loss Ratio 69.2% and Expense Ratio 38.0%) as against its 95.2% (Loss Ratio 55.2% ... Read the full article
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