Reinsurance News
Reinsurance premiums to decline through 2020: Aon
21st July 2020
According to the new Reinsurance Market Outlook by Aon, reinsurance market premiums are set to decline to varying degrees through 2020 due to the challenges of the COVID-19 pandemic. In auto lines in particular, premium refunds have been widespread due to the reductions in miles driven under lockdown conditions. Aon believes the ... Read the full article
AM Best revises Swiss Re’s issuer credit rating outlook to negative
21st July 2020
AM Best has revised Swiss Re's Long-Term Issuer Credit Rating to negative from stable due to pressure on operating performance assessment, following non-life underwriting losses in recent periods, partly driven by the casualty book of business. The ratings agency also affirmed Swiss Re's Financial Strength Rating (FSR) of A+ (Superior) and ... Read the full article
BHSI appoints Frank Amandi as head of Financial Institutions in Germany
21st July 2020
Berkshire Hathaway Specialty Insurance has named Dr. Frank Amandi as Head of Financial Institutions, for Executive and Professional Lines in Germany. Amandi has over 20 years' experience and was most recently Deputy Global Head of Financial Institutions at Allianz Global Corporate & Specialty SE in Germany. Before that, he spent 10 years ... Read the full article
Re/insurance has major role in tackling climate change: Swiss Re’s Baertschi
20th July 2020
In the wake of the COVID-19 pandemic, the insurance industry must reflect on the lessons it has learned and take a stance as a major player in the fight against climate change. This is according to Urs Baertschi, Chief Executive Officer Reinsurance EMEA / Regional President EMEA at Swiss Re, who ... Read the full article
SterlingRisk Aviation adds Travis Marshall as VP, Senior Account Exec
20th July 2020
SterlingRisk Aviation, a division of SterlingRisk Insurance, has announced the appointment of Travis J. Marshall as Vice President, Senior Account Executive. Marshall will be overseeing accounts while providing comprehensive advisory expertise and facilitating audits and inspections to identify and mitigate client risks. Additionally, he will coordinate and communicate with underwriters and claims ... Read the full article
Apollo expands Syndicate 1969 specie and cargo team
20th July 2020
Independent specialist re/insurer Apollo Syndicate Management has announced a new leadership structure for its expanding specie and cargo business. Richard Panter joins as head of specie & cargo at Apollo Syndicate 1969 and will report to Paul Letherbarrow, head of aviation and member of the executive committee. With over 37 years’ broking ... Read the full article
Munich Re’s H1 2020 COVID-19 losses reach €1.5bn
20th July 2020
Global reinsurer Munich Re has announced COVID-19 related losses of roughly €700 million in its reinsurance operations in the second-quarter of 2020, as the firm cites "truly favourable conditions" for growing its reinsurance business. The reinsurance giant states that the large majority of its €700 million of registered COVID-19 losses is ... Read the full article
Global Risk Solutions acquires major & complex loss expertise in WKA
20th July 2020
Global Risk Solutions, Inc. (GRS), a provider of claims adjusting and environmental risk management solutions, has announced the acquisition of Avon, Connecticut-based firm William Kramer & Associates (WKA). WKA has offices across the U.S. and specialises in large and complex claims as well as litigation management. The company's adjusters have extensive ... Read the full article
Re/insurers cannot shoulder pandemic risk: Hannover Re’s Henchoz
20th July 2020
Hannover Re CEO Jean-Jacques Henchoz has warned that the re/insurance industry does not possess the capital and should not be expected to shoulder a systemic global risk like the COVID-19 pandemic. “We cannot diversify it as a risk,” he told Swiss, German-language newspaper Neue Zürcher Zeitung. Henchoz explained that other approaches to ... Read the full article
DARAG in loss portfolio transfer deal with Hallmark Financial
20th July 2020
Legacy acquirer DARAG has entered into a loss portfolio transfer reinsurance deal with certain property and casualty (P&C) insurance subsidiaries of Hallmark Financial Services. DARAG Bermuda Ltd. and DARAG Insurance (Guernsey) Limited entered into the deal with American Hallmark Insurance Company of Texas, Hallmark Specialty Insurance Company, Hallmark Insurance Company, Hallmark ... Read the full article
Jackson National Life secures $500mn Athene investment
20th July 2020
Jackson National Life Insurance Company has received a $500 million equity investment from Athene Holding. The deal sees Athene receive a 9.9% voting interest corresponding to a 11.1% economic interest in Jackson. “Athene’s investment in Jackson further strengthens our capital position, as we deliver on our long-term strategic objectives,” said Michael Falcon, ... Read the full article
National Security Group pegs Q2 cat loss at $9.7mn
20th July 2020
Insurance holding company The National Security Group is expecting a $9.7 million catastrophe hit in the second quarter. During the period NSFC was negatively impacted by multiple severe weather events that contributed to elevated insured losses due to damage from strong winds, hail and tornadoes. The company was impacted by 15 cat ... Read the full article
Lloyd’s confirms priorities for H2 2020
20th July 2020
Insurance and reinsurance marketplace Lloyd’s of London has confirmed that its three main priorities for the second half of 2020 will be placement, delegated authority and claims. These priorities form part of the Future at Lloyd’s strategy and will be underpinned by new data and technology capabilities, Lloyd’s says. Alongside middle and ... Read the full article
Guy Carpenter adds three to restructured Fac division
20th July 2020
Guy Carpenter, the reinsurance arm of global brokerage Marsh, has added three senior appointments within its GC Fac division as part of a wider realignment process. The company hopes to ensure the delivery of client-centric solutions by structuring product teams around geographic regions. Stephen Wilkins has been appointed Head of UK Property, while Paul Hargis ... Read the full article
Piiq Risk Partners approved to launch French operation
20th July 2020
Piiq Risk Partners, a global aerospace insurance and reinsurance brokerage, has received regulatory approval to operate in France, enabling the firm to provide continuity to clients following the UK's vote to leave the European Union (EU). The re/insurance broker's French operation, Piiq Risk Partners SAS, will serve as a base for ... Read the full article
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