Reinsurance News
Heritage pegs Q2 weather and cat losses at $26.8mn
15th July 2020
Florida headquartered property casualty insurance holding company, Heritage Insurance Holdings, Inc., has announced expected net current accident quarter weather losses of roughly $26.8 million in the second-quarter of 2020. Heritage states that its Q2 2020 loss estimate includes approximately $17.6 million of net catastrophe losses. The company says that weather and catastrophe ... Read the full article
BrokerTech Ventures announces carrier, wholesale partnerships
15th July 2020
BrokerTech Ventures, the broker-led platform and accelerator program, has added four insurance firms as partners. The Cincinnati Insurance Companies; RT Specialty; Amerisure Mutual Insurance Company; and AmWINS Group all join the platform. BrokerTech Ventures is made up of 13 super-regional, privately held, insurance brokerage firms representing nearly $30 billion in collective annual premiums and more ... Read the full article
Allison Elzer named as lead of Markel Specialty’s new Risk Solution Services
15th July 2020
Markel Specialty, part of Markel Corporation, has announced the official launch of its newly expanded loss control department, Risk Solution Services, that will be led by Allison Elzer. This new department, headed by Elzer along with her team, is designed to support clients and production partners by offering risk management solutions ... Read the full article
Casualty reinsurance demand strong amid market volatility: Aon
15th July 2020
Aon has reported that demand for reinsurance remains strong in the casualty space as insurers continue to deal with the volatile conditions created by rising social inflation and the COVID-19 pandemic. The broker expects reinsurance outcomes to vary widely depending on cedent experience and exposures, but noted that rate improvement now ... Read the full article
Arch sees Q2 cat losses at up to $225mn
15th July 2020
Arch Capital Group Ltd. has announced estimated pre-tax net catastrophe losses of $205 million to $225 million across its property casualty insurance and reinsurance operations in the second-quarter of 2020. The Bermuda-based insurer and reinsurer's Q2 catastrophe loss range is net of reinsurance recoveries and reinstatement premiums, and includes the impacts ... Read the full article
AXA inks insurance contract with low-carbon cement manufacturer
15th July 2020
Global insurer AXA is to provide Hoffmann Green Cement Technologies with an insurance contract protecting the manufacturing process of its low-carbon H-UKR cement. H-UKR cement is a binder perfected and developed by Hoffmann Green that has a substantially lower carbon footprint than traditional varieties. Hoffmann Green now has a contract covering the ... Read the full article
RSG Transactional Risks Europe adds Will Gay to team
15th July 2020
Ryan Specialty Group Europe (RSG Europe) has announced the addition of Will Gay within RSG Transactional Risks Europe (RSG TRE), as it continues to expand the underwriting capabilities of the unit. RSG TRE operates as a specialised Managing General Underwriter that focuses solely on providing transactional insurance solutions to the mergers ... Read the full article
Second virus wave could erode re/insurer capital: S&P
14th July 2020
Analysts at S&P Global Ratings have warned that re/insurers' capital buffers could be eroded through the second half of the year if there is a second global wave of COVID-19. While its insurance ratings have proven resilient through the pandemic so far, the firm believes many companies will suffer from the ... Read the full article
Storm Fay to drive $400mn insured loss: KCC
14th July 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that Tropical Storm Fay will drive an insured loss of close to $400 million. The storm made landfall near Atlantic City, New Jersey on Friday evening and caused light wind damage and low levels of storm surge from South Carolina to ... Read the full article
MNK Re hires Lee Ellis to lead International Treaty Division
14th July 2020
Specialist Lloyd’s of London brokerage MNK Re Limited has announced the appointment of Lee Ellis as Managing Director of its International Treaty Division. As part of its strategy MNK Re will now provide a full-service treaty reinsurance offering to its global client base. Ellis, whose appointment is effective July 1st, most recently ... Read the full article
Aon adds Tunnicliffe as UK Chairman for Global & Specialty business
14th July 2020
Global re/insurance broker Aon has appointed Andrew Tunnicliffe as UK Chairman, Global & Specialty, part of its Commercial Risk Solutions, Health Solutions and Affinity business. Tunnicliffe joins on July 27 and brings over 30 years' experience in the insurance space. In his last role with Aon, he was UK CEO of Commercial ... Read the full article
AXIS Insurance bolsters US Cyber team with three senior underwriters
14th July 2020
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has added three underwriters to its US Cyber and Technology team. Peter Smith will join AXIS as Underwriting Manager, US Cyber and Technology, while Emma Werth and Jessica Currier join as Senior Underwriters. “AXIS Insurance’s Global Cyber and Technology business continues ... Read the full article
KBW estimates Q2 global cat losses at $11.8bn
14th July 2020
Analysts at KBW have estimated that P&C reinsurers' global catastrophe losses will total $11.8 billion in the second quarter of 2020, stemming mostly from difficult North American weather and civil unrest in the US. Overall, Q2 losses should include bad weather, civil unrest, and significant (but manageable) COVID losses, but no ... Read the full article
Flood Re welcomes government investment in resilience
14th July 2020
Flood Re, the UK’s government-backed reinsurance scheme, has welcomed an announcement that the government plans to invest in the country’s ability to tackle the risks of flooding and coastal erosion. The measures laid out in the proposals include a £5.2 billion investment to create around 2,000 new flood and coastal defences ... Read the full article
Travelers warns of Q2 net loss as catastrophe bill hits $854mn
14th July 2020
Property and casualty insurer, The Travelers Companies, Inc., expects to report a net loss for the second-quarter of 2020 on the back of a high level of catastrophe losses and losses in its non-fixed income investment portfolio. The firm's Q2 2020 catastrophe losses are estimated at $854 million pre-tax ($673 million ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
