Reinsurance News
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
Everest Re announces estimated Q3 catastrophe losses
23rd October 2020
Bermuda-based reinsurer Everest Re Group has announced its estimated Q3 2020 catastrophe losses. Everest is estimating pre-tax net catastrophe losses in the amount of $300 million, net of reinsurance and reinstatement premiums. The estimate includes the impact of Hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and other events including ... Read the full article
Sompo International appoints Mike Connelly as CFO, Global Reinsurance
23rd October 2020
Bermuda-based specialty property and casualty re/insurance firm Sompo International has announced that Mike Connelly will join the Sompo International Reinsurance team as Chief Financial Officer (CFO), Global Reinsurance. Connelly previously served as CFO, Specialty Commercial at The Hartford, a role he held since 2017. Prior to this he spent six years as ... Read the full article
AM Best highlights insurer challenges ahead of LIBOR transition
23rd October 2020
With less than a year and a half to go before the London Interbank Offered Rate (LIBOR) will no longer be available, analysts at AM Best have highlighted several operational and legal challenges that the transition poses for re/insurers. Based on a review of insurer debt, AM Best found that nearly ... Read the full article
COVID-19 driving up P/C inland marine underwriting losses: Fitch Ratings
23rd October 2020
Pandemic-related insured losses led to unprecedented volatility in the inland marine property/casualty insurance segment in the first half of 2020 and is expected to extend into 2021, Fitch Ratings says. However, Fitch does note that underwriting volatility and weakness is unlikely to continue longer term as underwriters raise premium rates and ... Read the full article
Deep learning reinsurance startup Kettle announces seed financing round
23rd October 2020
Reinsurance startup Kettle has announced its seed financing round. The $4.71 million round was led by True Ventures, with participation from Acrew Capital, Homebrew Ventures, Anthemis, and Inspired Capital. Founded by Andrew Engler and Nathaniel Manning, Kettle is structured as a reinsurance company that can underwrite risks that are on the ... Read the full article
Reinsurance protection is becoming essential: S&P Global
22nd October 2020
Rating agency, S&P Global Ratings has released a report that shows how reinsurance protection is becoming essential although more costly for insurers as extreme weather events rise. The Asia-Pacific region's insurance and reinsurance sector saw its fair share of weather-induced woes over the past two years. And now, the COVID-19 pandemic ... Read the full article
AXIS Insurance and Kennedys Law to create marine cyber product
22nd October 2020
Re/insurer AXIS Insurance and law firm, Kennedys Law LLP have announced a collaboration for services in connection with the new AXIS Marine Cyber Insurance product. This new product will provide insurance cover for the marine shipping market to protect against cyber exposures on board vessels and onshore in shipping company offices. It ... Read the full article
GCube adds three to offshore wind team
22nd October 2020
GCube, a provider of insurance services for renewable energy projects, has announced the addition of three new underwriters to its offshore wind team. The hires include Joshua Cantwell, Zoe Massie and Georgia Ward. Prior to joining GCube, Cantwell held the position of Class Underwriter and then Interim Head of Energy for Talbot ... Read the full article
PartnerRe selects Andrew Hughes as CEO of third party capital
22nd October 2020
Bermuda-based reinsurer PartnerRe has announced the appointment of Andrew Hughes as its new Chief Executive Officer of Third Party Capital. Hughes joins from Hiscox ILS having most recently served as managing principal since July 2019. Before his time at Hiscox ILS Hughes was senior counsel for diversified alternatives asset manager QIC in ... Read the full article
American Equity enters strategic partnership with Brookfield Asset Management
22nd October 2020
American Equity Investment Life Holding Company has announced that it has entered into a strategic partnership with Brookfield Asset Management. The partnership will include the reinsurance of $5 billion of existing liabilities and up to an incremental $5 billion of new sales of American Equity’s IncomeShield or similar fixed index annuity ... Read the full article
Biden election win holds short-term negatives, longer-term positives for re/insurers
22nd October 2020
Analysts at financial services company Jefferies have suggested that a victory by Joe Biden at the upcoming US election could entail some short-term negatives for the non-life insurance industry, but would ultimately be beneficial in the longer-term. Philip Kett, Vice President at Jefferies, noted that in the case of a Biden ... Read the full article
Rosh Capital Management to launch reinsurance provider
22nd October 2020
New York-based asset manager, Rosh Capital Management, has announced that it plans to launch a Bermuda-based reinsurer, to be called Rosh Re Ltd. The reinsurer will provide traditional reinsurance and bespoke rehabilitative solutions, although this is subject to requisite regulatory approvals. It will be funded by a $600 million USD lead investment ... Read the full article
PIC buys British Steel pension fund in £2bn deal
22nd October 2020
Pension Insurance Corporation, a specialist insurer of defined benefit pension funds, has signed a £2 billion pension insurance buyout with the trustee of the Old British Steel Pension Scheme. The deal secures future pension payments for all of the more than 30,000 members at, or above, PPF levels of compensation. The scheme ... Read the full article
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