Reinsurance News
Lloyd’s CEO Neal joins GA Board alongside MetLife’s Khalaf and RGA’s Manning
16th June 2020
International re/insurance industry think tank, The Geneva Association (GA), has announced the additions of Lloyd's of London's John Neal, MetLife's Michel Khalaf, and Reinsurance Group of America's (RGA) Anna Manning to its Board of Directors. The appointments of Neal, Chief Executive Officer (CEO) of Lloyd's, Khalaf, President and CEO of MetLife ... Read the full article
Genstar exits remaining stake in Palomar
16th June 2020
Genstar Capital has exited its remaining stake in Palomar Holdings, Inc., a specialty property insurer the private equity firm formed alongside current Chief Executive Officer (CEO) Mac Armstrong in 2014. Palomar launched in 2014 as a new specialty insurance platform company with $75 million in private equity funding from Genstar and ... Read the full article
Heritage secures less first event protection at reinsurance renewal
16th June 2020
Property and casualty (P&C) insurance holding company, Heritage Insurance Holdings, Inc., has announced the placement of its 2020-2021 catastrophe reinsurance program, securing a first event reinsurance tower exhaustion point of $1.347 billion. A first event reinsurance tower exhaustion point of $1.347 billion represents a decline of around 12% from the $1.5 ... Read the full article
Australian carriers face reinsurance price hike at July renewal: Morgan Stanley
16th June 2020
Australia's primary insurers, which make heavy use of reinsurance and which have exceeded cat budgets in recent years, face a significant increase in reinsurance rates at the upcoming July 1 renewals, according to Morgan Stanley. Amid a wider global trend of reinsurance hardening, Australia in particular has seen a consistent increase ... Read the full article
Hiscox Action Group launches £40m arbitration claim
16th June 2020
Mishcon de Reya, the law firm representing the Hiscox Action Group, has triggered the arbitration clause in nearly 350 policyholders’ contracts and is targeting a £40 million payout. The Hiscox Action Group consists of Hiscox clients whose coronavirus-related business interruption claims have been rejected. Mishcon says the total number of policyholders and ... Read the full article
German P&C carrier solvency rates dented by Covid-19
16th June 2020
After falling by five percentage points last year, the average solvency capital requirement (SCR) coverage in the German property and casualty (P&C) insurance market is set to decrease further this year due to the COVID-19 pandemic. This is according to analysts at actuarial consultancy Meyerthole Siems Kohlruss (MSK), which found that ... Read the full article
US P/C challenged despite segment’s overall improvement: AM Best
15th June 2020
Although the US property/casualty industry’s bottom-line underwriting performance improved noticeably in 2019, several individual lines of business are struggling to generate better results in the face of natural catastrophes and wildfires. A report from AM Best shows that some P/C lines of business such as homeowners multiperil and commercial multiperil, as well ... Read the full article
Berkshire (BHSI) names Senior Care Leader, Healthcare Professional Liability
15th June 2020
Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance arm of Warren Buffett's global re/insurance business, has appointed Austin Elkin as Senior Care Leader, Healthcare Professional Liability in the US. Based in Atlanta, Elkin joined BHSI in 2013 as Underwriter, Healthcare Professional Liability. Prior to this, he served as a large account Underwriter ... Read the full article
Artex to launch alternative risk program for the transportation industry
15th June 2020
Artex Risk Solutions, the Arthur J. Gallagher & Co-owned provider of re/insurance and alternative risk management solutions, is launching a new alternative risk program designed for the transportation industry. TOPIC (Transportation Owners Protection Insurance Cell) is a rent-a-captive solution offering many of the advantages of captive ownership with the simplicity of ... Read the full article
Eric Seyfried joins AXIS Insurance as Head of US Cyber Open Market
15th June 2020
AXIS Insurance, the specialty insurance arm of Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited, has appointed Eric Seyfried as Head of Cyber U.S. Open Market, effective immediately. In his new role, Seyfried will be tasked with assisting in the design and implementation of the U.S. strategy and direction for the ... Read the full article
Aon forms coalition to aid COVID-19 economic recovery
15th June 2020
Re/insurance broker Aon has formed a coalition of companies and organisations that will focus on aiding social and economic recovery in the wake of the COVID-19 pandemic. Starting in Chicago, the coalition will create a model and framework to inform criteria and guidelines that will help restart the economy worldwide, with ... Read the full article
Reduced Florida exposure the “most prudent course” despite higher rates: Hiscox
15th June 2020
Despite reports of some meaningful rate increases across the property catastrophe reinsurance sector at the mid-year renewals, Hiscox's Ross Nottingham has warned that improvements could be offset by the rise in the cost of risk in Florida. After consecutive heavy loss years, some fairly significant loss creep and low interest rates, ... Read the full article
Marsh JLT Specialty adds two to expanding Renewable Energy team
15th June 2020
Global insurance and reinsurance broker Marsh has announced the addition of Joanne Silberberg and Dan Gumsley within Marsh JLT Specialty's expanding Renewable Energy team. Silberberg joins the team as Canadian Renewable Energy Leader. She first joined Marsh in 2004 as part of the graduate programme and has subsequently held numerous roles ... Read the full article
KBW still positive on industry capital raises
15th June 2020
Analysts at KBW have concluded that it remains too early to be concerned about recent capital raises across the re/insurance industry, despite some commentators' unease about how long hard market conditions can last. RenRe and Lancashire are among the latest re/insurers to undertake major capital raises in a bid ... Read the full article
Munich Re’s Roanoke partners with travel insurtech battleface
15th June 2020
Roanoke Travel Insurance, a subsidiary of Munich Re Specialty Group North America, has partnered with the travel insurtech startup battleface to launch product sales in the US. battleface offers travel insurance products and assistance to travelers using an API-driven platform. The arrangement with Roanoke is expected to enable the insurtech to offer ... Read the full article
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