Reinsurance News
FCA business interruption case weakened insurer trust: CII poll
14th October 2020
The results of a new poll by the Chartered Insurance Institute (CII) show that two-thirds of insurance professionals feel that the FCA’s recent business interruption (BI) case has reduced trust in the sector. Last month, the UK High Court gave its landmark verdict on the case brought forward by the ... Read the full article
CoreLogic pegs onshore Delta wind, storm surge losses at up to $1.2bn
14th October 2020
Catastrophe risk modeller CoreLogic has pegged the insured wind losses for residential and commercial properties in Louisiana and Texas from hurricane Delta at between $0.5 billion and $0.9 billion. The analysis examined onshore losses for residential homes and commercial properties and incorporates contents and business interruption, but does not include broader economic ... Read the full article
Compre names CUO of Pallas Re, completes first US deal
14th October 2020
Independent specialty legacy acquirer Compre has announced the appointment of Anson Aguiar as Chief Underwriting Officer of Pallas Reinsurance Company Ltd. (Pallas Re), Compre’s recently-launched class 3A Bermudian reinsurer. He joins Pallas Re from Randall & Quilter Investment Holdings, where he served as Senior Vice President, Legacy M&A. Aguiar brings fourteen ... Read the full article
RenRe warns of operating loss as cats drive $325mn negative impact in Q3
14th October 2020
Bermuda-based reinsurer, RenaissanceRe Holdings Ltd. (RenRe), expects to report an operating loss for the third-quarter of 2020 as estimated losses from catastrophe events in the period are projected to drive a net negative impact of roughly $325 million. The estimated net negative impact on its operations in Q3 is primarily driven ... Read the full article
R&Q’s pre-tax operating profit up 30%; COVID-19 dents investment result in H1
14th October 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) has reported a 30% rise in pre-tax operating profit to £10.4 million (USD 13.4mn) for the first half of the year, while the impact of the COVID-19 pandemic on financial markets dented the firm's investment performance in the period. Pre-tax operating profit increased from ... Read the full article
Marsh adds senior hires to UK aviation team
14th October 2020
Re/insurance broker Marsh has announced the appointment of Mark Walters as a Managing Director within the UK Aviation Practice, effective immediately. In this role, he will provide senior insurance and risk advisory services to Marsh JLT Specialty’s UK aviation and aerospace clients, which includes airlines, airports, manufacturers, and ancillary providers. Walters was ... Read the full article
CAC Specialty establishes analytics practice with Nathan Baseman hire
14th October 2020
Insurance broker CAC Specialty has established its analytics practice with the appointment of Nathan Baseman as Senior Vice President and Analytics Practice Leader. Baseman, who was most recently Director of Analytics for Lockton Companies, will partner alongside all the existing analytic activity and lead the company's extension of firmwide capabilities around topics ... Read the full article
Willis Towers Watson adds Director of Climate Transition Risk
14th October 2020
Re/insurance broker, Willis Towers Watson (WTW) has announced the appointment of Tony Rooke as Director of Climate Transition Risk in the company's Climate and Resilience Hub (CRH). Rooke brings more than 22 years of global experience in climate change, sustainability, strategy, advisory and programme delivery to the broker. With this, he ... Read the full article
Dinos Iordanou & Greg Hendrick to launch new re/insurer, Vantage
13th October 2020
A newly established insurance and reinsurance business, called Vantage, is set to launch with industry veterans Dinos Iordanou as Non-Executive Chairman, and Greg Hendrick as Chief Executive Officer (CEO), Reinsurance News understands. Vantage is a newly-formed re/insurance entity with fresh capital and a new perspective on risk, and is preparing itself ... Read the full article
US social inflation continues to erode reserving buffers: Jefferies
13th October 2020
Analysts at Jefferies have noted that US social inflation has continued in 2020, amidst the uncertainty of COVID-19 and the extremely active Atlantic hurricane season. Social inflation has, say analysts, resulted in persistent eroding of reserving buffers and is also driving casualty insurance prices. Recent data shows that securities class actions and ... Read the full article
Nexus announces partnership with Crum & Forster
13th October 2020
Specialty managing general agent Nexus Group has entered into a strategic partnership with Crum & Forster (C&F), a US-based top national property and casualty insurer and subsidiary of Fairfax Financial. As part of the deal, C&F will work with Nexus to establish a platform in London that will permit the continued ... Read the full article
Mercury Insurance launches two programs to protect Californians from wildfires
13th October 2020
With wildfire season well underway and the peak of the season yet to arrive, Mercury Insurance has announced two new programs to help Californians better protect their homes and families if they live in areas prone to wildfires. The insurer will be offering a discount of up to 18% if the ... Read the full article
Lockton to leverage CyberCube’s risk analytics platform
13th October 2020
Re/insurance broker, Lockton has announced that it will be rolling out CyberCube’s Broking Manager, a cyber risks analytics platform for insurance intermediaries. CyberCube has designed and tailored Broking Manager specifically to the needs of the insurance broking space, where it offers a streamlined approach to generating financial exposure impact that helps ... Read the full article
AM Best lends weight to pandemic backstop agenda
13th October 2020
Rating agency AM Best has become the latest industry body to voice support for tackling future pandemic risk through public-private partnership. In a new report, analysts noted that insurers are likely to face significant reserve uncertainty arising from the current accident year due to the challenge of estimating COVID-19 losses. Social inflation, ... Read the full article
Howden to acquire majority stake in Mexican broker ADRISA
13th October 2020
International insurance broker Howden is set to acquire a majority stake in ADRISA, a Mexico-based retail insurance broker. The deal will see the two companies merge, with Jose Luis Ordás becoming Executive Chairman and Luis Suarez de Lezo Chief Executive Officer of the combined group. The combination will create the largest independent ... Read the full article
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