Reinsurance News
UBS, Swiss Re to partner on life insurance offering for mortgage clients
16th July 2020
Multinational investment bank UBS is joining forces with global reinsurer Swiss Re to launch a life insurance offering for property owners in Switzerland. The offering will allow UBS mortgage clients to insure against disability up to $640,000 and against death up to around $1 million. UBS supposedly wants to bake Iptiq, Swiss ... Read the full article
Insurtech Previsico develops new underwriting tool at Lloyd’s Lab
16th July 2020
Live flood forecasting specialist Previsico has launched a new underwriting tool, developed during its time at the Lloyd’s Lab, to enhance insurers’ flood risk models for both residential and commercial property, and fine art risks. The new underwriter modelling solution was designed with input and analysis from leading re- insurers over ... Read the full article
Guy Carpenter launches new Fac unit; appoints WTW’s Upton as lead
16th July 2020
Guy Carpenter, the reinsurance arm of global brokerage Marsh, has announced the launch of Hybrid Solutions UK, a new facultative operation that will be led by Laurence Upton. The new Hybrid Solutions UK team becomes part of GC Fac, and will focus on developing semi-automatic facultative solutions that sit between traditional ... Read the full article
Chubb names General Counsel for Government & Industry Affairs
16th July 2020
Global insurer and reinsurer Chubb has announced the appointment of John Fielding as Senior Vice President, General Counsel, Global Government and Industry Affairs. In this role, Fielding will provide legal, regulatory and policy guidance and advice to Chubb's state, federal and international government affairs team. He will coordinate advocacy throughout Chubb’s government ... Read the full article
LSM promotes Rainer Rieger to Head of Casualty, Germany
16th July 2020
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has promoted Rainer Rieger to the role of Head of Casualty Germany. Rieger has worked with the company since 2015 and is replacing Detlef Offenhau, who recently retired from the role. Commenting on the appointment, Ronan Gerety, General Manager of LSM Germany ... Read the full article
6-7% rate increases for reinsurers at Jan 2021: Morgan Stanley
15th July 2020
Morgan Stanley analysts expect pricing momentum to continue for reinsurers in 2020/21, with January 1 renewal price increases of 6-7%. This would be the most significant increase since 2018 and analysts are becoming increasingly confident that the large incumbent reinsurers will see a benefit from the improving cycle, not just the smaller, nimble players. The reinsurers ... Read the full article
Insurtech firm Insurity acquires Virtual MGA
15th July 2020
Insurity, Inc., a provider of cloud-based core system solutions and data analytics for the re/insurance market, has acquired Austin, Texas-based Virtual MGA. The deal follows the recent acquisition of Epic-Premier and further expands Insurity’s cloud-based core systems offerings for the MGA and broker markets. Virtual MGA offers a cloud-based binding authority underwriting ... Read the full article
Coverys adds underwriter Xiaohan Fang to Syndicate 1975
15th July 2020
Coverys Managing Agency Limited, the Lloyd’s managing agent of Syndicates 1975 and 1991, has announced the appointment Xiaohan Fang as an underwriter for Syndicate 1975. Fang brings over a decade of actuarial and pricing experience to the role and will primarily focus on underwriting North American medical professional liability business. Prior to ... Read the full article
Selective Insurance announces record level of catastrophe losses for Q2
15th July 2020
Selective Insurance Group, Inc. has revealed preliminary Q2 2020 pre-tax net catastrophe losses of approximately $83 million, stemming from numerous events designated by PCS during the period. The catastrophe events designated by PCS includes two April storms at a cost of $43 million and claims related to civil unrest across the ... Read the full article
COVID-19 market dislocation creating opportunities in some lines: AM Best
15th July 2020
Coronavirus-driven market dislocation is creating attractive opportunities for insurers in some lines of business, according to AM Best. The ratings agency notes how a number of existing companies, including Beazley, Fidelis, Hiscox, Lancashire, QBE and Renaissance Re have all announced capital raising initiatives to bolster balance sheets in response to uncertainty, ... Read the full article
Pen Underwriting extends strategic partnership with CNA Hardy
15th July 2020
Multi-territory managing general agent Pen Underwriting has extended its strategic partnership with specialist insurer CNA Hardy. The agreement will see CNA Hardy continue to provide 100% capacity for up to £50 million in premiums through until 2024 for Pen’s construction business. The existing partnership consolidated and built on a previous relationship in ... Read the full article
Cincinnati Financial posts Q2 cat losses of $231m
15th July 2020
Cincinnati Financial Corporation is expected to include pretax catastrophe losses of approximately $231 million in the second quarter, adding 16.5% to the quarterly combined ratio based on estimated property casualty earned premiums. Two multi-state storms in early April each caused approximately $50 million in losses, in addition to catastrophe losses from ... Read the full article
APCIA hosts virtual meeting to push for federal pandemic solution
15th July 2020
Members of The American Property Casualty Insurance Association are to meet virtually with individuals from of the House Financial Services Committee over the next two weeks to advocate for the Business Continuity Protection Program. The BCPP is a customer-focused proposal for a federal program tailored specifically to help businesses meet the financial ... Read the full article
The Hanover braced for $148mn of Q2 cat losses
15th July 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has announced that it is expecting second quarter catastrophe losses of $148 million pre-tax ($117 million after tax). Losses were driven mainly by hail and wind storms in the Midwest in April and, to a lesser extent, property losses from civil unrest ... Read the full article
CoreLogic acquisition stance unchanged after Senator & Cannae meeting
15th July 2020
Property information and analytics provider CoreLogic has held firm on its rejection of an acquisition offer from Senator Investment Group LP and Cannae Holdings Inc. after meeting with the two investors. CoreLogic announced last week that its Board had unanimously rejected an offer to acquire all outstanding common shares for $65.00 ... Read the full article
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