Reinsurance News
Arch promotes Krista Bonneau to SVP of Ceded Reinsurance
23rd July 2020
Arch Insurance International, part of Arch Capital Group, has announced the promotion of Krista Bonneau to the position of Senior Vice President of Ceded Reinsurance. In this role, effective immediately, Bonneau will be responsible for managing all reinsurance programmes across Arch Insurance International’s portfolio. Based in London, she will report to Amy ... Read the full article
Travelers reports $40mn Q2 net loss as catastrophe hit rises to $854mn
23rd July 2020
The Travelers Companies, Inc. has fallen to a net loss of $40 million for the second-quarter of 2020 as catastrophe losses spiked to $854 million (pre-tax) and net investment income declined year-on-year. The insurer's Q2 net loss of $40 million compares with net income of $557 million in the same period ... Read the full article
Beazley sinks to $13.8mn H1 loss off COVID-19 claims
23rd July 2020
Specialist insurer Beazley has posted a $13.8 million pre-tax loss for the first half of 2020, against a profit of $166.4 million in the same period in 2019. The company attributes this loss to high volumes of claims arising from COVID-19 impacted lines, as well a lower investment return of $83.2 ... Read the full article
WR Berkley CEO eyeing reinsurance division growth
23rd July 2020
WR Berkley's President and Chief Executive Officer W. Robert Berkley says we will see his company grow its reinsurance division more and more as discipline returns to the market. Berkley stated that this growth will likely have an impact on how much business the company chooses to cede to the marketplace. In addition ... Read the full article
Lloyd’s creates Syndicate 1796 to insure transportation of COVID-19 vaccine
23rd July 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has announced the creation and in principal approval of Syndicate 1796, a new "syndicate in a box" designed to insure both the storage and transportation of a COVID-19 vaccine once developed to emerging economies. The marketplace's newest syndicate in a box has ... Read the full article
Generali & Eurochambres sign MoU to promote ‘Pandemic Risk Pool’
23rd July 2020
Italian insurer Generali Group has signed a Memorandum of Understanding (MoU) with Eurochambres under which the pair have agreed to cooperate in order to both promote and implement a 'Pandemic Risk Pool' against future pandemic risks in Europe. Eurochambres is the European entity of Chambers of Commerce and Industry, representing over ... Read the full article
Insurtech Branch closes $24mn Series A funding round
23rd July 2020
Branch, a tech-driven home and auto insurer, has closed a $24 million Series A funding round that was co-led by Greycroft and HSCM Bermuda, with participation from both returning and new investors. Over the past year, Branch has launched in Arizona, Illinois, Missouri, Ohio, and Texas, and the Series A funding ... Read the full article
Insured losses from nat cats hit $27 billion in H1, says Munich Re
23rd July 2020
In the first half of the year, natural catastrophes resulted in overall economic losses of approximately $68 billion, of which just over 18%, or $27 billion was covered by re/insurance protection, according to Munich Re. Globally, economic losses of $68 billion in H1 2020 is below the 30-year average of $74 ... Read the full article
Chubb reveals integration of North America A&H units
23rd July 2020
Chubb has appointed Chris Martin, current President of Chubb Workplace Benefits, as Division President of Chubb North America Accident and Health, effective immediately. The appointment of Martin comes as the insurer and reinsurer announces the integration of its North America Accident and Health Businesses to better serve the needs of today's ... Read the full article
Swiss Re appoints Pranav Pasricha as Global Head P&C Solutions, Reinsurance
23rd July 2020
Global reinsurance giant Swiss Re has named Pranav Pasricha, current Chief Executive Officer (CEO) of Intellect SEEC, as Global Head P&C Solutions of the company's global Reinsurance arm, effective August 3rd, 2020. He takes over from Eric Schuh, who is leaving the reinsurer to take on an exciting new challenge outside ... Read the full article
Just Group completes £5mn buy-in with the Premaberg pension plan
23rd July 2020
Life insurer Just Group has completed a £5 million annuity buy-in transaction with pension plan of Premaberg Holdings, a UK manufacturer of separation and filtration systems for marine, offshore, rail and HVAC applications. The transaction was completed using Mercer’s streamlined quotation service. A statement from Premaberg Holdings described the deal as a ... Read the full article
SCOR reports Q2 net loss amid COVID-19 impacts of €456mn
23rd July 2020
Global insurer and reinsurer SCOR has reported a net loss of €136 million for the second-quarter of 2020 and net income of €26 million for the first half of the year, as the estimated cost of the COVID-19 pandemic booked in Q2 reached €456 million. In Q2 2020, COVID-19 pandemic impacts ... Read the full article
Swiss Re’s H1 2020 COVID-19 impacts reach $2.5bn
23rd July 2020
Global reinsurance giant Swiss Re has announced significant claims and reserves related to the COVID-19 pandemic of $2.5 billion (pre-tax) in the first half of 2020. As a result of the high level of losses from the pandemic, Swiss Re expects to report a net loss of approximately $1.1 billion in ... Read the full article
Google-backed Lloyd’s syndicate Ki adds Dan Hearsum as MD
23rd July 2020
Ki, the first fully digital and algorithmically-driven Lloyd’s syndicate has announced the appointment of Dan Hearsum as Managing Director. Launched in collaboration with Brit Limited and Google Cloud, Ki was launched to reduce the amount of time taken for brokers to place their follow capacity. In his new role, Hearsum will report to ... Read the full article
Insured nat cat losses exceed 20-year average in H1 at $30bn+, says Aon
22nd July 2020
Globally, insured losses from natural catastrophes exceeded $30 billion in the first six months of 2020, which is roughly 8% above the 20-year average of $28 billion, according to the latest Global Catastrophe Recap report from Impact Forecasting, re/insurance broker Aon's catastrophe model development team. The report notes that a total ... Read the full article
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