Reinsurance News
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
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
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