Reinsurance News
FedNat estimates $48.3mn Q2 cat loss
21st July 2020
Florida based primary insurer FedNat is anticipating catastrophe losses in the second quarter to reach $48.3 million, net of all recoveries, including reinsurance. These catastrophe losses were driven by severe weather events that occurred during the second quarter in states in which the company does business, including Florida ($21.5mn), Texas ($14.6mn) ... Read the full article
US commercial prices rise during Q2: MarketScout
21st July 2020
The US composite commercial property and casualty rates increased slightly from up 4.5% in the first quarter 2020 to up 4.8% in the second quarter, according to analysis by MarketScout. MarketScout Chief Executive Officer Richard Kerr notes how, while Almost all US insurers are assessing rate increases, surplus lines insurers are ... Read the full article
EIOPA outlines Solvency II rules for COVID-19 reinsurance schemes
21st July 2020
The European Insurance and Occupational Pensions Authority (EIOPA) has outlined how Solvency II rules will recognise reinsurance schemes for COVID-19 and credit insurance. The European regulator has identified significant differences in that way that national schemes are implemented through its temporary framework for state aid measures to support the economy in ... Read the full article
Cohen & Company announces launch of €375mn PriDe III funds
21st July 2020
Cohen & Company Financial (Europe) has completed a series of closed-end investment vehicles with total commitments in excess of €375 million. PriDe III is the latest series of funds advised by CCFEL that focus on investing in Tier II capital instruments issued by small and mid-size insurance companies that have limited ... Read the full article
Genworth reaches PPI settlement with AXA
21st July 2020
Mortgage insurer Genworth Financial has reached an agreement with AXA to settle a dispute that relates to liability for payment protection insurance (PPI) mis-selling losses. The losses concern mis-selling complaints for PPI underwritten by two companies that AXA acquired from Genworth in 2015, for policies sold from 1970 through 2004. Although Genworth ... Read the full article
Aquiline closes investment in Dutch broker Quintes
21st July 2020
Private investment firm Aquiline Capital Partners has closed its investment in Quintes Holding, one of the largest independent insurance brokers in the Netherlands. No financial terms were disclosed. The broker will maintain its corporate headquarters in Culemborg under the continued leadership of the existing management, including CEO Gijsbert van de Nieuwegiessen and ... Read the full article
Sompo Intl adds Warren Diogo, Sam Bishop to Energy Business unit
21st July 2020
Specialty re/insurer Sompo International has bolstered its Energy Business Unit in London with the appointment of Warren Diogo as leader of the Renewable Energy team and Sam Bishop as Assistant Vice President, Renewable Energy Underwriter. Diogo has two decades of experience in the insurance industry as a risk manager, consultant and ... Read the full article
Kovrr adds Visesh Gosrani to Advisory Board
21st July 2020
Cyber risk modelling company Kovrr has expanded its Advisory Board with the addition of Visesh Gosrani, Chair of the Institute and Faculty of the Actuaries Cyber Risk Working Party. Gosrani has over 20 years of experience as an actuary and Chief Risk Officer in the insurance industry. He currently runs a consulting ... Read the full article
PERILS raises loss estimate for Australian hailstorms to AU $1.8bn
21st July 2020
Catastrophe loss data aggregator PERILS has released its industry loss footprint for the January 2020 Australian hailstorms, putting the total insured cost at AU $1.811 billion (US $1.28 billion). Notably, this figure is almost three times higher than the AU $670 million (US $473 million) loss estimate put out by ... Read the full article
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
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