Reinsurance News
Stock market volatility still biggest challenge for Japan re/insurers: AM Best
3rd July 2020
COVID-19 induced volatility in the stock market continues to pose the biggest challenge to the balance sheets of Japan’s major non-life re/insurers, according to analysts at AM Best. The rating agency noted that high common stock leverage among each of Japan’s re/insurers has brought systematic equity price risk into greater consideration. The ... Read the full article
Reduced capacity boosts reinsurance pricing at US renewals: Willis Re
2nd July 2020
Reduced capacity helped reinsurers at the June and July US property renewals to control market dynamics and achieve significant rate increases, according to the Willis Re 1st View report. In Florida, new capacity proved difficult to acquire at June 1, which led to noteworthy premium increases and an average rate increase ... Read the full article
SRG to acquire Insolvency Risk Services from MS Amlin
2nd July 2020
Specialist insurance broker SRG has announced that it plans to acquire Insolvency Risk Services (IRS), a division of MS Amlin that provides insurance services for companies in administration. The transaction will mark the return of IRS to the insurance broking world after several years as a division of MS Amlin. “We are ... Read the full article
Nasdaq adds Global Earthquake Model to risk modelling service
2nd July 2020
The Global Earthquake Model (GEM), a non-profit, public-private partnership for earthquake risk information, has become the latest catastrophe risk model provider to offer its range of models via the Nasdaq Risk Modelling service. GEM serves the public and private sectors in a global collaborative effort to develop scientific risk assessment tools, ... Read the full article
AXIS Insurance adds Anna Woolley as Senior Underwriter
2nd July 2020
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has added Anna Woolley as a Senior Underwriter to its International Construction team. Effective immediately, Woolley will focus on writing new business and portfolio management on Erection All Risk (EAR), including industrial construction and petrochemical buildings. She is based in London and ... Read the full article
Rokstone launches new aviation division with $50mn capacity
2nd July 2020
Rokstone Underwriting, part of the Direct Insurance Group, has announced the launch of a new aviation division with an additional $50m A rated capacity. The new division will be led by the industry veteran Wayne Murphy, who has almost 30 years’ experience in the global re/insurance market, specialising in aviation and ... Read the full article
Lockton Re recruits Anthony Izzo from TransRe
2nd July 2020
Lockton Re, the reinsurance business of insurance broker Lockton, has announced the addition of Senior Broker Anthony Izzo to its New York office. Izzo arrives from TransRe, where he spent five years as a Senior Vice President of Casualty. Prior to TransRe, he held various senior roles at Willis, Guy Carpenter and ... Read the full article
PG&E pays $11bn settlement to re/insurers, joins wildfire fund
2nd July 2020
PG&E Corporation and Pacific Gas and Electric Company (PG&E) has paid an $11 billion settlement to resolve all insurance subrogation claims arising from the 2017 Northern California wildfires and the 2018 Camp Fire. The utility completed its settlement after receiving court approval for its Chapter 11 Plan of Reorganization last ... Read the full article
IRB Brasil Re looks to expand Board; confirms new Reinsurance EVP
2nd July 2020
Brazilian reinsurer IRB-Brasil Resseguros S.A. (IRB Brasil Re), has announced Hugo Daniel Castillo as a candidate for the ninth member of the company's Board of Directors, and has also confirmed the appointment of Isabel Blázquez Solano as Reinsurance Executive Vice President. Castillo's appointment was confirmed recently by the company's management and ... Read the full article
Arch Re completes majority stake acquisition in PMAP
2nd July 2020
Arch Worldwide Reinsurance Group (Arch Re), the reinsurance arm of Arch Capital Group, has completed its previously announced acquisition of a majority stake in Precision Marketing Asia Pacific (PMAP). PMAP is an Australian company that provides marketing solutions to banks, insurance companies, retailers and health care organisations across the Asia ... Read the full article
Lemonade secures $319m in IPO off $29 a share
2nd July 2020
Insurtech start-up Lemonade has raised $319 million at its Initial Public Offering (IPO) after high-demand saw its price increase to $29 a share. Lemonade commenced its IPO last week with an expectation that it would offer 11 million shares of its common stock at a price of between $23 and $26 per ... Read the full article
Swiss Re welcomes Arthur Levry as Head of West Africa
2nd July 2020
Global reinsurance giant Swiss Re has announced the appointment of Arthur Levry as its new Head of West Africa, effective July 1st, 2020. In his new role, Levry will be tasked with managing the advancement and development of property and casualty (P&C) and Life and Health (L&H) products and solutions across ... Read the full article
COVID-19 losses “entirely manageable” for Lloyd’s: report
2nd July 2020
A new report by Syndicate Research Limited (SRL) has claimed that COVID-19 losses will be “entirely manageable” for re/insurance marketplace Lloyd’s of London in light of the investment market’s recovery. The Lloyd’s Market has estimated pre-tax underwriting losses from COVID-19 of £2.5 billion to £3.5 billion, equivalent to 9.7% to 13.6% ... Read the full article
AXA XL gets approval for first foreign-owned reinsurance subsidiary in China
2nd July 2020
AXA XL, the property & casualty and specialty risk division of AXA, has revealed that its China subsidiary, XL Insurance (China) Company Limited has received the go-ahead from the country's regulator to change its business license from an insurance license to reinsurance. The green light from the China Banking and Insurance ... Read the full article
BBH Capital acquires Sunstar Insurance Group
2nd July 2020
BBH Capital Partners (BBHCP) has acquired a majority stake in regional US insurance broker Sunstar Insurance Group. While terms of the transaction were not disclosed, it has been confirmed that Sunstar management and key employees will remain significant shareholders alongside BBHCP. The transaction with BBHCP provides Sunstar with additional capital to maintain ... Read the full article
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