Reinsurance News
Southeast Asian reinsurers looking to L&H for growth, says AM Best
26th October 2020
Despite many reinsurers in Southeast Asia recording underwriting losses last year, the region still offers significant growth potential given the hardening market conditions and greater demand for health coverage, according to AM Best. Despite reduced capacity and increased rates, AM Best says the COVID-19 pandemic has accelerated the growth trend in the ... Read the full article
“Reinsurance is in a state of flux”: Willis Re’s James Vickers
23rd October 2020
On the back of several years of unsatisfactory returns and the added challenges of COVID-19, Willis Re’s James Vickers has said that the reinsurance market finds itself “in a state of flux.” Vickers, who is Chair of Willis Re International, recently spoke to Reinsurance News about the state of the reinsurance ... Read the full article
Swiss Re Capital Markets announces $775m cat bond for Cali Earthquake Authority
23rd October 2020
Swiss Re Capital Markets, a division of the global reinsurance giant, has announced the successful structuring and placement of $775 million in insurance-linked securities by Ursa Re II Ltd. The catastrophe bond will be used for the protection of the California Earthquake Authority (CEA). CEA protects policyholders in California against earthquakes and ... Read the full article
HCI reports estimated Q3 losses
23rd October 2020
Florida-based insurtech HCI Group announced its initial catastrophe loss estimate for the third quarter of 2020. HCI’s homeowners and flood insurance operations, which are primarily in Florida, experienced only one catastrophic event during the quarter, which was Hurricane Sally. The hurricane made landfall near Gulf Shores, Alabama, but impacted the Florida panhandle ... Read the full article
John Alfieri to succeed outgoing Chubb Canada president Ellen Moore
23rd October 2020
John Alfieri, Chubb's executive vice president for North America major accounts field operations, is set to succeed Ellen Moore as president of Chubb Canada. Moore will now transition to chair of operations for Chubb Canada and will work through the remainder of the year in an advisory capacity to Alfieri and ... Read the full article
Munich Re Speciality launches new cyber, tech E&O Solutions
23rd October 2020
Munich Re Specialty Insurance, a division of the global reinsurer, has launched new cyber and technology errors and omissions (E&O) insurance solutions. The solutions are designed to protect US-domiciled firms with domestic and/or global exposure and are offered on a non-admitted basis for both primary or excess protection. The policies have been ... Read the full article
QBE appoints Richard Pryce interim CEO as search continues
23rd October 2020
Australian re/insurer QBE has appointed Richard Pryce to the role of Interim group Chief Executive Officer while the company searches for a permanent replacement. Former CEO Pat Regan departed following an external review of his workplace communications. Mike Wilkins, who had stepped in to the CEO role on a temporary basis ... Read the full article
US insurers under pressure after doubling private placement assets: AM Best
23rd October 2020
After US insurers ramped up their private placement bond holdings to $1.4 trillion at year-end 2019, AM Best expects to see an increase in covenant waivers to avoid defaults following the COVID-19 pandemic. The life/annuity segment reportedly maintains the largest share, about $1.2 trillion, or 84%, of total insurance industry holdings. In the ... Read the full article
Sun Life takes majority stake in Credit Capital Group
23rd October 2020
Sun Life Financial Inc., the Canadian financial services and life insurance company, has revealed plans to acquire a majority stake in global alternative credit investment manager Crescent Capital Group LP. Headquartered in Los Angeles with offices in New York, Boston and London, Crescent has more than 180 partners and employees and ... Read the full article
Genworth Mortgage Insurance obtains $349.6mn coverage from Triangle Re
23rd October 2020
Genworth Mortgage Insurance Corporation has announced that it has obtained $349.6mn of reinsurance coverage from Triangle Re Ltd. on a portfolio of existing mortgage insurance policies written from January 2020 through to August 2020. Triangle Re is a special purpose insurer domiciled in Bermuda and is not a subsidiary or affiliate ... Read the full article
TMK adds Elisabeth Ibeson as Chief People Officer
23rd October 2020
Tokio Marine Kiln, part of global insurance group Tokio Marine, has added Elisabeth Ibeson as Chief People Officer. Ibeson joins with over 30 years’ experience in HR roles across the UK and internationally. Before this latest role she led the HR function at Gallagher for eight years, developing team and people practices ... Read the full article
Cincinnati Financial found liable in major COVID-19 BI case
23rd October 2020
A North Carolina judge has ruled that Cincinnati Financial is liable to pay out on business interruption (BI) claims filed by a group of restaurants who were forced to shut due to COVID-19. In a landmark decision, the judge said that the virus caused a “physical loss” to the businesses, despite ... Read the full article
Pioneer agrees terms for Russell Coward acquisition
23rd October 2020
Pioneer Underwriting Holdings has signed terms for a deal that will see Pioneer and its subsidiaries acquired by Russell Coward, currently Pioneer’s Head of Risk & Compliance and Company Secretary. This transaction follows an agreement with K2 to transfer the 4 ongoing underwriting units and the separate transaction to divest ... Read the full article
Swiss Re backs parametric quake product by Cover Genius & QuickBooks
23rd October 2020
Insurtech firm Cover Genius has teamed up with Intuit to offer a new parametric earthquake policy, which is backed by capacity from Swiss Re and underwritten by Palomar Excess and Surplus Insurance Company. Cover Genius intends to offer a range of insurance products to customers using QuickBooks, an accounting software package ... Read the full article
Transamerica Life Bermuda CEO to retire, successors named
23rd October 2020
High net worth life insurer Transamerica Life (Bermuda) has announced the retirement of Chief Executive and president Marc Lieberman, effective at year end. Moving forward, TLB intends to split Lieberman's role into two jointly accountable and strategically aligned positions. Chirag Rathod, TLB's current Chief Financial Officer, will take on the role of CEO, while ... Read the full article
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