Reinsurance News
Palomar partners with TRU to enhance builder’s risk presence
19th February 2021
California-based specialty insurer Palomar is aiming to expand its presence in the builder’s risk insurance market via a new trading agreement with Technical Risk Underwriters, a subsidiary of Ryan Specialty Group. TRU specializes in underwriting insurance products for complex construction projects and is a managing general underwriter. Palomar’s surplus lines subsidiary, Palomar ... Read the full article
QBE “very disappointed” with $869m underwriting loss
19th February 2021
Australian re/insurer QBE has recorded a “disappointing” underwriting loss of US $869 million for 2020, mainly due to the COVID-19 pandemic and elevated catastrophe losses, as well as adverse prior year claims development. Having warned the market back in December, the company also confirmed that its net loss after tax ... Read the full article
Price Forbes adds four to aviation practice
19th February 2021
Independent insurance broker, Price Forbes, has made four senior appointments to its global aviation practice. Both Michael Moran and Gordon Middleton have joined as Executive Directors of Aviation and Lee Dove as Director of Aviation. Additionally, David Sales will join as Executive Director of Aerospace. Sales was previously Aerospace Director at Ed Broking ... Read the full article
Allianz reports 14% dip in net income; €1.3bn COVID-19 impact for 2020
19th February 2021
Global re/insurer Allianz has reported operating profit of €10.8 billion for 2020 and net income of €6.8 billion, which includes a negative COVID-19 impact of €1.3 billion for the period. Operating profit fell by more than 9% year-on-year, driven mostly by the adverse impacts from the ongoing COVID-19 pandemic. As a result ... Read the full article
Philippine nat cat insurance facility targets Q1 rollout
19th February 2021
Organisations and authorities have come together in the Philippines to finalise the establishment of the Philippine Catastrophe Insurance Facility (PCIF), designed to improve the country's financial resilience against natural disaster events. The country's Insurance Commission (IC), alongside the National Reinsurance Corp. of the Philippines (Nat Re) and the Philippine Insurers and ... Read the full article
AIG’s Zaffino ‘extremely pleased’ with 1/1 renewals
19th February 2021
Peter Zaffino, president and incoming Chief Executive Officer of AIG, has praised his firm for its 1/1 reinsurance renewal activity, particularly amid such a challenging market environment. AIG restructured its core placements in every major general insurance treaty. The company reduced the catastrophe per-occurrence attachment points in North America from $500 million ... Read the full article
WTW proposes Solvency II reforms amid HM Treasury call for evidence
19th February 2021
In support of HM Treasury's review of the Solvency II regime following the expiration of the Brexit transition period, re/insurance broker Willis Towers Watson (WTW) has recommended a number of key changes to ensure relevance for the UK insurance sector. HM Treasury is considering areas of Solvency II that could better ... Read the full article
Swiss Re falls to net loss for 2020 as COVID claims & reserves hit $3.9bn
19th February 2021
Global reinsurance giant Swiss Re has reported a Group net loss of $878 million for 2020 as COVID-19 claims and reserves increased to $3.9 billion across the business. Excluding the impacts of the pandemic, and Swiss Re's net income amounted to $2.2 billion for the year, which is a significant increase ... Read the full article
Home & motor rates to fall through 2021, says PwC
19th February 2021
Analysts at PwC believe that home and motor insurance prices in the UK are likely to fall through 2021 in response to changing regulations and the ongoing COVID-19 pandemic. In combination with growing levels of competition, PwC believes motor premiums could fall by 5-10% this year, while home insurance premiums could ... Read the full article
Verisk announces three key leadership changes
18th February 2021
Data analytics provider Verisk has announced three key changes to its executive management team, including the appointment of Kathy Card Beckles from Chase Consumer Bank as exec vice president, general counsel and corporate secretary. Effective April 5, Beckles will replace Kenneth Thompson, who announced his retirement late last year. “We’re thrilled to ... Read the full article
World Bank has ‘only scratched the surface’ on what it can do: Bennett, ILS NYC 2021
18th February 2021
The World Bank has "only scratched the surface" on what it can do with member governments that are looking to transfer some of their disaster risk to the reinsurance sector and the capital markets, according to Michael Bennett, Head of Derivatives & Structured Finance, World Bank Treasury. The World Bank ... Read the full article
Berkshire (BHSI) makes three senior appointments
18th February 2021
The insurance arm of Warren Buffett's global insurance and reinsurance company, Berkshire Hathaway Specialty Insurance (BHSI), has expanded its U.S. Executive & Professional Lines leadership team. The insurer has appointed Shelley Norman as Senior Vice President, Management Liability, Central Region, and promoted Kevin Gallagher to Senior Vice President, Management Liability, East ... Read the full article
AXIS hires Carol Chavers as Underwriting Innovation Lead
18th February 2021
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has appointed Carol Chavers as Underwriting Innovation Lead for Small Specialty Commercial. In her new role, Chavers will be responsible for underwriting processes, business results and advancements in the business unit’s digital underwriting capabilities. Chavers has nearly 30 years of underwriting ... Read the full article
Zurich appoints Dirk De Nil as CEO of Nordics
18th February 2021
Zurich Insurance Group has announced the appointment of Dirk De Nil as Chief Executive Officer (CEO) of its Nordics region operations, comprising Sweden, Norway, Denmark and Finland. De Nil will take on this role with immediate effect, while retaining his current responsibilities as CEO Benelux, therby expanding his management oversight in ... Read the full article
Peak Re inks largest Lion Rock Re sidecar transaction yet
18th February 2021
Hong Kong-based global reinsurer Peak Re has announced the completion of its third successive reinsurance sidecar transaction via Lion Rock Re Ltd, the company’s Bermuda-domiciled Special Purpose Insurer. This latest transaction saw Peak Re successfully raise $107 million. At $107 million, Lion Rock Re III saw investors exceed the $77 million ... Read the full article
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