Reinsurance News
Zurich adds medical stop loss for national carrier-administered programs
19th October 2020
The North American business of global insurer Zurich is launching a medical stop loss insurance product for larger employers with self-funded group health plans administered by national carriers. Zurich created the new solution in collaboration with program administrator Medical Risk Managers. "Zurich's collaboration with MRM enables us to extend our capabilities in medical ... Read the full article
Prospectus 2021 – agenda available for Reinsurance News & Artemis conference
16th October 2020
With less than a month to go until the start of the new conference from Reinsurance News and our sister publication, Artemis, we’ve released a run-down of the discussions you can expect to see at this week-long event. Prospectus 2021 brings together our two publications to address issues relevant ... Read the full article
COVID-19 tail unclear, but we’ve much further to travel in casualty: Willis Re
16th October 2020
While insurers and reinsurers looked to book much of their pandemic losses in the second-quarter, the potential for casualty lines development could persist for years and be very significant, according to executives at reinsurance broker Willis Re. It's likely to be years before we understand the full impact of the ongoing ... Read the full article
COVID losses to converge towards industry estimates in Q3: Berenberg
16th October 2020
While total insured COVID-19 losses still remain substantially below the consensus industry loss estimates, analysts at Berenberg expect the figures to begin to converge over the Q3 reporting season. Insurance losses reported to date stand at around $25 billion, which is far short of the lower end of Berenberg’s estimate ($50-70 ... Read the full article
Olympus Insurance parent Gemini adds John Rollins as CFO
16th October 2020
Gemini Financial Holdings, the parent of Olympus Insurance Company, has announced the appointment of John Rollins as Chief Financial Officer. Rollins brings 30 years' experience to the role and most recently served as a principal and consulting actuary at Milliman. He has served as Chief Risk Officer for three coastal property insurers, ... Read the full article
New York Times Company in $235mn pension transfer deal with MassMutual
16th October 2020
The New York Times Company has announced that it has entered into a pension risk transfer agreement with Massachusetts Mutual Life Insurance Company (MassMutual). Approximately $235 million will be transferred to MassMutual in pension obligations under The New York Times Companies Pension Plan. This arrangement is part of the company’s continued effort ... Read the full article
L&G Retirement America records $628mn of Q3 premium
16th October 2020
Legal & General Retirement America (LGRA), part of the US arm of the multinational financial services and insurance firm, has recorded more than $628 million in premiums for the third quarter of 2020. The figure brings LGRA’s total amount of premiums written this year to nearly $1 billion. From July to September, ... Read the full article
Insurance must be an integrated part of a better future: Peak Re CEO
16th October 2020
Peak Re Chief Executive Officer Franz Josef Hahn has underlined how the insurance industry must be an integrated part of working towards a better future. In a conversation at one of Aon’s recent fireside chats with industry leaders, Hahn spoke at length about how emerging risks such as cyber and climate ... Read the full article
Heritage reports catastrophe losses for Q3
16th October 2020
Property and casualty insurance holding company, Heritage Insurance Holdings, Inc. has reported an estimate of its catastrophe and weather losses for the third-quarter of 2020. The company expects to incur approximately $24.5 million of net current accident quarter catastrophe losses in third quarter 2020, primarily from Hurricanes Isaias and Sally. Additionally, Heritage ... Read the full article
LSM names Underwriting Manager for Affinity & Program Business
16th October 2020
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the appointment of Valérie Baucher to the newly created role of Underwriting Manager Affinity and Program Business for Europe. Baucher will be responsible for the underwriting performance and governance in LSM’s new Affinity and Program Business (A&PB) model and ... Read the full article
Assurant’s housing segment to shoulder $110m Q3 cat losses
16th October 2020
US specialty insurance group Assurant expects to record roughly $110 million pre-tax, or $87 million after-tax, of catastrophes losses in its global housing segment for third quarter 2020. Nearly half of the losses were related to hurricane Laura, with the balance primarily related to claims from Sally and Isaias and the ... Read the full article
Q3 losses may exceed cat budgets, pressure earnings: Fitch
16th October 2020
Analysts at Fitch Ratings have warned that the accumulation of catastrophe losses over the third quarter of 2020 may exceed the budgets of many companies and put further pressure on full-year earnings. The level of cat losses reported by the US property and casualty (P&C) industry is at its highest since ... Read the full article
Enstar closes first US insurance business transfer
16th October 2020
Enstar Group Limited has announced the close of what it says is the first ever insurance business transfer (IBT) to occur in the United States. The transaction occurred between two of Enstar’s subsidiaries, Providence Washington Insurance Company (PWIC) and Yosemite Insurance Company (Yosemite). An IBT is a direct transfer of liabilities between ... Read the full article
DARAG sells active Italian business to NOBIS
16th October 2020
Legacy acquirer DARAG Group has revealed plans to sell the Going Concern business from its Italian arm, DARAG Italia, to NOBIS Compagnia di Assicurazioni (NOBIS). DARAG is looking to streamline its operations, and says the sale of this non-legacy business will help it to focus exclusively on providing better legacy solutions. Following ... Read the full article
WTW launches real estate solution on DBS platform
16th October 2020
Global re/insurance broker Willis Towers Watson has announced the launch of a Real Estate Differentiated Broking Solutions (RE DBS). This solution sits alongside WTW's existing DBS programs and will serve clients across several industries, including real estate holding and other investment offices, hotels, rooming houses, camps and other lodging places, golf courses ... Read the full article
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