Reinsurance News
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
Markel hires Adriana Belli as Managing Director
26th October 2020
Financial holding company Markel Corporation has announced the appointment of Adriana Belli as Managing Director, Property, Marine and Select Risk (PMSR) Claims Division. In this role, she will oversee all aspects of the PMSR Claims Division, managing a team of more than 80 claims professionals throughout the United States. Belli has more ... Read the full article
Allianz enters strategic partnership with Jubilee Holdings
26th October 2020
Jubilee Holdings Limited and Allianz have signed an agreement to establish a strategic partnership in the five African countries where Jubilee Insurance currently operates. The partnership aims to cover the property & casualty insurance segment in Kenya, Tanzania and Uganda as well as the short-term insurance segment in Burundi and Mauritius. JHL ... Read the full article
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
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