Reinsurance News
Generali to become a major shareholder of Cattolica via strategic partnership
25th June 2020
Generali Group has committed to becoming a major shareholder of Cattolica Group through a reserved share capital increase for €300 million, as the pair announce the launch of a new strategic partnership. The Board of Directors of both companies recently approved the launch of a strategic partnership between the pair, which ... Read the full article
UK Gov to review Solvency II ahead of Brexit transition deadline
25th June 2020
The United Kingdom’s HM Treasury has announced that it plans to review Solvency II rules for insurers and reinsurers ahead of the Brexit transition end on 31 December 2020. The government said that the review would ensure that Solvency II is “properly tailored” to take account of the structural features of ... Read the full article
JB Boda adds Kiguru to Nairobi office, eyes Africa expansion
25th June 2020
Indian broker JB Boda Insurance & Reinsurance Brokers (PVT) Ltd has announced the appointment of James Kiguru to its Nairobi office, as it eyes further expansion into the Africa agriculture market. Kiguru will work to drive the broker’s agriculture Panafric strategy, support the existing clientele base seeking agro-based organic growth and ... Read the full article
Insurtech may offer insurers a route out of the pandemic
24th June 2020
New research by Cass Business School has outlined how insurtech may offer a route out of the pandemic for insurance companies. It's suggested that Covid-19 will act as a catalyst for the industry-wide adoption of new digital initiatives in the insurance industry. They also suggest that the pandemic has uncovered the value ... Read the full article
Aegon adds Duncan Russell as Chief Transformation Officer
24th June 2020
Aegon, a provider of life insurance, pensions and asset management, has appointed Duncan Russell in the newly established role of Chief Transformation Officer. Effective September 1, Russell will report to CEO Lard Friese and will become a member of Aegon’s Management Board. He will work closely with the Executive Board in setting ... Read the full article
Fathom announces innovative new US flood model
24th June 2020
UK-based flood risk modeller Fathom claims to have developed a new flood model that is set to fundamentally change the understanding of the risk by providing an unparalleled view of flood hazard across mainland US. Fathom-USv2 is a national-scale model adapted to account for climate change rather than relying solely on ... Read the full article
Farmers Insurance to reinsure policies for fintech Jetty
24th June 2020
Jetty, a fintech company that helps property managers increase lease conversion, reduce bad debt, and streamline operations, has announced a new deal with Farmers Insurance. Under the terms of the deal, Toggle Insurance Company, a Farmers Insurance company, will become the exclusive reinsurance provider for all new policies written under Jetty's core ... Read the full article
Ryan Specialty Group to merge with All Risks
24th June 2020
Ryan Specialty Group, LLC (RSG) has announced an agreement to merge with independent wholesale insurance brokerage All Risks, Ltd. The two firms believe they have complementary strengths, with both specialising in transactional wholesale distribution and underwriting businesses in the form of managing general underwriters, programs and delegated binding authorities. RSG is headquartered ... Read the full article
World Bank’s IFC mobilises $2bn in credit capacity from re/insurers
24th June 2020
IFC, a member of the World Bank Group, has partnered with six global insurance companies to mobilise $2 billion in credit capacity under the Managed Co-Lending Portfolio Program (MCPP). The initiative will allow IFC to increase its medium- and long-term lending to commercial banks and non-bank financial institutions in emerging markets ... Read the full article
WTW adds Matt Foote as a senior director within climate and resilience hub
24th June 2020
Global re/insurance broker Willis Towers Watson has added Matt Foote as a senior director of Science & Analytics within its Climate and Resilience Hub. Based in London, Foote will focus on integrating climate information and expertise into the risk management and decision-making systems of public and private sector financial institutions. He joins from ... Read the full article
NN Group anticipates €100mn COVID-19 impact to 2020 results
24th June 2020
Dutch insurer NN Group has said that it is anticipating a €100 million impact to its 2020 operating result due to the COVID-19 pandemic. The company stated ahead of its investor day that the impact of the pandemic on claims has been limited so far, due to its limited exposure to ... Read the full article
MetLife joins UN corporate sustainability initiative
24th June 2020
MetLife has become the first US-based life insurer to join the United Nations Global Compact, the world’s largest corporate sustainability initiative. The UN Global Compact calls for companies to align their operations and strategies with 10 universal principles in the areas of human rights, labour, the environment, and anti-corruption. “Sustainability is central ... Read the full article
Premier League rules out pandemic insurance moving forward: reports
24th June 2020
The Premier League will not be taking out pandemic insurance to guard against the financial implications an event similar to coronavirus could have on future seasons, according to reports from The Independent. The 2019-20 season returned this week following a three-month suspension due to the pandemic. The Independent says clubs have already ... Read the full article
Orchid adds Ross Bowie as Head of Personal Lines
24th June 2020
Independent managing general underwriter Orchid Underwriters Agency has named Ross Bowie as Head of Personal Lines. “We are thrilled to have Ross join Orchid to lead our personal lines business,” said Brad Emmons, President and Chief Executive Officer at Orchid Insurance. “He is a consummate professional whose career has spanned the management of ... Read the full article
Palomar launches E&S insurer; announces pricing of public offering
24th June 2020
Palomar Holdings, Inc. has announced the formation of a new surplus lines insurance company subsidiary, called Palomar Excess and Surplus Insurance Company (PESIC). PESIC is based in Arizona and after receiving all necessary regulatory approvals, is licenced to transact across all of Palomar's existing lines of specialty property business as well ... Read the full article
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