Reinsurance News
Swiss Re lobbies against tighter immigration rules
17th July 2020
Swiss Re Chief Executive Christian Mumenthaler has stated that Switzerland’s re/insurance industry is opposed to tighter immigration proposals in the country. Speaking with Handelszeitung, Mumenthaler said restrictive immigration measures would be antithetical to the industry’s global outlook. Switzerland is set to vote later this year on a set of measures that could ... Read the full article
Allstate braced for $1.19bn Q2 cat hit
17th July 2020
US primary insurance giant Allstate is expecting catastrophe losses for the second quarter to reach $1.19 billion, pre-tax ($937 million, after-tax). For June, the company has estimated total cat hit of $204 million, pre-tax ($161 million, after-tax). Cat losses occurring in June comprised ten events at an estimated cost of $181 million, pre-tax ($143 ... Read the full article
Market conditions & remedial actions to boost Lloyd’s performance: AM Best
17th July 2020
AM Best has affirmed the credit ratings of Lloyd’s, reasoning that improving market conditions and robust remedial actions will support improvements in performance over the next few years. Analysts maintained the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of ‘a+’ of Lloyd’s (United Kingdom), Lloyd’s Insurance ... Read the full article
Everest Insurance adds DeBlasi to retail property group as VP
17th July 2020
Everest Insurance has announced the appointment of Dean DeBlasi to its retail property group as Vice President, East Region Manager. DeBlasi will be oversee the retail property portfolio while developing and maintaining trading partner relationships across the east region. Based out of New York, he was previously a Regional Vice President at ... Read the full article
COVID-19 will hit re/insurer profits but leave capital intact: Moody’s
16th July 2020
The COVID-19 pandemic is set to have an adverse but manageable impact on the European re/insurance sector, according to analysts at Moody’s, who predict a drop in company earnings rather than capital erosion. "We see the industry as resilient overall, and believe it will be able to absorb the impact of ... Read the full article
Swiss Re secures second private sidecar transaction with PGGM
16th July 2020
Global reinsurer Swiss Re has wrapped up its second private sidecar transaction with PGGM, increasing the Dutch pension fund manager's overall investment in the sidecar vehicle to over $500 million. Viaduct Re Ltd. is a special purpose insurer and segregated accounts company that provides PGGM access to a portion of Swiss Re’s core ... Read the full article
Regulator presses SCOR to separate Chairman & CEO roles
16th July 2020
The French financial regulator has told re/insurers in the country to separate the roles of Chairman and Chief Executive Officer (CEO) to improve governance practices. In particular, the move will put pressure on Denis Kessler, who holds both roles at French reinsurer SCOR, and on Thierry Derez, who holds similar positions ... Read the full article
CNA Financial pegs total Q2 cat loss at $301mn
16th July 2020
CNA Financial Corporation has announced that it expects to report a total catastrophe loss of $301 million pretax for the second quarter. Of that figure, $182 million is related to COVID-19, $61 million related to civil unrest and $58 million related primarily to severe weather-related events. The company says its Q2 COVID-19 ... Read the full article
US records $2.3bn+ economic loss from severe weather in June: Aon
16th July 2020
Global re/insurance broker Aon has released its latest Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during June 2020. Several severe weather outbreaks in the United States in June resulted in an economic loss exceeding $2.3 billion. The costliest event was a prolonged weather ... Read the full article
Marco Morelli to take over as Chairman of AXA Investment Managers
16th July 2020
AXA has announced that Marco Morelli is set to take over as Executive Chairman of AXA Investment Managers (AXA IM) and become a member of AXA’s Management Committee. The ex-CEO of Monte dei Paschi di Siena will replace Gérald Harlin, who is set to retire from the role after 30 years ... Read the full article
Munich Re insurtech subsidiary partners with Generali Indonesia
16th July 2020
Munich Re Automation Solutions, an insurtech subsidiary of the global reinsurer, has joined forces with life insurer Generali Indonesia in an effort to help boost the latter's underwriting process and streamline the risk assessment process. Reports from Fi News suggest Munich Re AS will provide its cloud-based business, digital underwriting and ... Read the full article
McGill & Partners recruits Dan Bailey from Steadfast Re
16th July 2020
Specialty risk solutions business McGill & Partners has confirmed that Dan Bailey is set to join the company from reinsurance broker Steadfast Re. He will take up his new position after just 9 months with Steadfast Re, having joined the firm in October 2019. Bailey is an experienced London and international broker ... Read the full article
Argo-backed Lloyd’s Syndicate 1200 downgraded
16th July 2020
Syndicate Research Limited (SRL) has downgraded the B (Average), under review for possible downgrade, Continuity Opinion of Argo Group-backed Lloyd's Syndicate 1200. SRL, which provides research on all trading syndicates operating in the Lloyd’s market, says this decision was driven in part by the announcement of the syndicate’s 2019 annual results and ... Read the full article
BMS adds Aon trio to new Australia energy division
16th July 2020
Independent specialist re/insurance broker BMS Group has added Richard Nunny, Ben Humphries and Serai Armstrong to form the energy division of BMS Australia. The three new additions, all previously employed by river broker Aon, join on 3 August and will report to Andrew Godden, Chief Executive Officer of BMS Australia. Nunny was ... Read the full article
The Hartford’s COVID-19 & cat losses near $500mn in Q2
16th July 2020
U.S. insurer The Hartford expects to incur losses related to COVID-19 of $251 million pre-tax ($198 million after-tax) in the second-quarter of 2020, as well as current accident year catastrophe losses of $248 million pre-tax ($196 million after-tax). Combined, pre-tax losses from COVID-19 and current accident year catastrophes are estimated at ... Read the full article
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