Reinsurance News
Coverys finalises acquisition of Bridge
26th October 2020
Coverys European Holdings (CEH) has announced that the acquisition of Bridge Insurance Broker, a Lloyd’s wholesale broker and coverholder, has been completed. Bridge, which is based in Italy, will provide a full suite of property, casualty and specialty insurance products, as well as claims management services. The Italian agency manages some ... Read the full article
US life insurers facing rising commercial mortgage losses off COVID-19: Fitch Ratings
26th October 2020
Life insurers are expected to see higher losses on commercial mortgage loans compared to levels seen during the Global Financial Crisis (GFC), reflecting both the severity of the pandemic fallout and the slow pace of the expected recovery, according to Fitch Ratings. Analysts expect elevated losses from the coronavirus pandemic to ... Read the full article
Sompo Holdings adopts Willis Towers Watson’s pricing solutions
26th October 2020
Insurance broker Willis Towers Watson says Sompo Holdings Asia has adopted its pricing solutions for retail business in the region in an effort to transform its pricing operations across 14 markets. Due to the current economic environment where consumer behaviour and financial markets are changing daily, it has become essential for ... Read the full article
Ares welcomes Raj Krishnan as partner, CIO of AIS division
26th October 2020
Global alternative investment manager Ares has added Raj Krishnan as partner and Chief Investment Officer of Ares Insurance Solutions. Krishnan brings over 25 years’ experience to the role and will oversee insurance asset management for AIS and help optimize investment returns. He will also develop and execute strategic asset allocation for Ares’ ... Read the full article
Whitespace partners with GuideOne to launch MGU
26th October 2020
Insurance trading platform Whitespace has partnered with GuideOne National on a new, entirely digitalised energy Managing General Underwriter, Career General Agency (CGA). A first of its kind, CGA will accept risks exclusively via the Whitespace Platform through a wholly digitised underwriting process. CGA will be based in Iowa and will underwrite property ... Read the full article
AM Best assigns strong credit ratings to Swiss Re-backed Coefficient
26th October 2020
AM Best has assigned a Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of “a-” to Coefficient Insurance Company. The outlook assigned to these ratings is stable. Coefficient, a Verily subsidiary focused on employer stop-loss, is backed by Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant ... Read the full article
Re/insurers’ public COVID-19 losses hit $23.7bn with more to come in Q3 & Q4
26th October 2020
Publicly recorded COVID-19-related losses among the largest global re/insurance companies have reached USD 23.7 billion, with further increased loss estimates anticipated for both the third and fourth quarters, according to analysis by Zurich-based financial services advisory, PeriStrat LLC. Losses related to the ongoing pandemic continue to trend upwards, and with Q3 ... Read the full article
Carnegie-Brown calls for government intervention on COVID cover
26th October 2020
Bruce Carnegie-Brown, Chairman of insurance and re/insurance marketplace Lloyd’s of London, has voiced his support for a government initiative that would provide a backstop for pandemics, as well as other forms of systemic risks. Speaking in an interview with the Telegraph, Carnegie-Brown explained how COVID-19 has shown that pandemic risk is ... Read the full article
ELEMENT adds Swiss Re’s Eric Schuh to exec board
26th October 2020
ELEMENT Insurance, a white-label provider for insurance solutions, has added Eric Schuh to its executive board. Schuh joins from Swiss Re, where he held various international management positions. He most recently led Swiss Re P&C Solutions, a unit focusing on the use of modern technology and data analytics for customer solutions. Effective January ... Read the full article
Pen Underwriting adds Sarah Breslin as CFO
26th October 2020
Multi-territory managing general agent Pen Underwriting has added Sarah Breslin as Chief Financial Officer. She succeeds Praveen Panicker, who is set to join Gallagher’s corporate finance team. Breslin joins from Gallagher after eight years with the firm, most recently serving as Finance Director of Corporate Services. She began her career at PwC in ... Read the full article
Macif, Generali & CVC to join bidding war for Aviva’s French business
26th October 2020
Reports suggest that mutual insurer Macif and a consortium consisting of Generali and investment firm CVC Capital Partners are readying their bids for an acquisition of Aviva’s business in France. Last month, sources at Reuters said a consortium of Allianz and life re/insurer Athora Holding were in talks to takeover ... Read the full article
Türk Reasürans reports solid growth & profit in first year of operations
26th October 2020
Istanbul, Turkey domiciled reinsurance company, Türk Reasürans A.Ş, recorded underwriting premium of TRY 723 million (approx. USD 90mn) in the first nine months of the year, as the firm reports solid progress during its first year of operations. Türk Reasürans, a domestic reinsurer established by the Turkish Treasury and Finance ... Read the full article
Credit insurers prepare for rising COVID-related claims in early 2021: Berne Union
26th October 2020
While claims activity is currently relatively subdued, many members of Berne Union have reported a marked increase in payment deferrals and pre-claim situations and expect to see COVID-related claims levels rising from early next year. Increasing corporate insolvencies and the wide economic recession are reportedly the biggest ongoing concerns. Members also flagged ... Read the full article
AccuRisk partners with Convex to offer Employers Liability insurance
26th October 2020
AccuRisk Solutions LLC, has announced a partnership with Convex Group Limited (Convex) to offer Occupational Accident and Employer’s Liability insurance to Texas employers that have opted out of Workers’ Compensation. The product, named AccuRisk254, will be available in all Texas counties, as this partnership will allow AccuRisk to increase their market ... Read the full article
M&A markets sees first positive performance in years: WTW
26th October 2020
New data from re/insurance broker Willis Towers Watson (WTW) shows that the global mergers and acquisitions (M&A) insurance market recorded its first positive performance in three years for completed deals. The market performed well despite the impact of the COVID-19 pandemic on deal-making during 2020, but WTW says that its data ... Read the full article
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