Reinsurance News
Tokio Marine HCC uses tech to simplify indemnity agreements
19th August 2020
Insurance group, Tokio Marine HCC is set to leverage DocuSign eSignature and knowledge-based authentication (KBA) technology to verify the identities of individual signers. The move is expected to simplify the indemnity insurance agreements process by eliminating the need for notaries and physical paperwork. It will allow agents, brokers and their clients to ... Read the full article
COVID-19 to contract Japan’s insurance industry in 2020: GlobalData
19th August 2020
Japan’s general insurance industry is expected to contract by 0.9% in 2020, compared to the 1.7% growth registered in 2019, according to data and analytics company GlobalData. GlobalData has revised Japan’s general insurance forecast in the aftermath of COVID-19 outbreak to grow at a compound annual growth rate (CAGR) of 0.5% ... Read the full article
Katrina’s economic impact would be $40bn higher today: Swiss Re
18th August 2020
A new report from Swiss Re Institute has estimated that economic costs could be as high as $200 billion if Hurricane Katrina were to hit New Orleans in 2020, which is more than $40 billion higher than the 2005 total. Adjusted for inflation, economic losses from Katrina come to approximately $160 ... Read the full article
IGI hires Neon’s James as Class Underwriter for Cargo
18th August 2020
International General Insurance Holdings Ltd. has announced the appointment of Brian James as Class Underwriter for Cargo. James will be bringing more than 30 years of experience in the cargo insurance industry, and joins from his most recent position with re/insurer Neon Underwriting, where his role was also a Class Underwriter. Prior ... Read the full article
AM Best to keep reinsurance outlook as stable throughout COVID-19
18th August 2020
In 2019, rating agency AM Best noted an overall improvement in non-life market conditions, meaning that they were able to keep their reinsurance outlook as stable in 2020, even throughout the COVID-19 pandemic. Analysts within the firm felt that reinsurers in the non-life segment were also gaining more favourable momentum even ... Read the full article
Previsico hires Business Development Manager
18th August 2020
Live flood forecasting specialist, Previsico, has announced that Lucy Coutts has been appointed as its latest Business Development Manager. This move is to support the company’s insurance expansion that’s being planned in the UK, US and beyond. The Insurtech company is currently based in the UK with a recent launch in the ... Read the full article
€2bn Italian trade credit insurance guarantee scheme approved by EC
18th August 2020
Under new EU State aid rules, the European Commission has approved a €2 billion (USD2.4billion) Italian scheme to support the trade credit insurance market throughout the COVID-19 pandemic. Italy notified to the Commission a State guarantee scheme for the reinsurance of trade credit risks to support companies affected by the coronavirus ... Read the full article
Cincinnati announces officer changes at CFC Investment subsidiary
18th August 2020
Primary insurer, Cincinnati Financial Corporation has announced a series of officer changes at its subsidiary company, CFC Investment Company. The changes were approved by the board of CFC Investment Company at its regular meeting held on August 14th, 2020 and includes the appointment of Chairman and Chief Executive Officer (CEO), Steven ... Read the full article
Public COVID-19 losses among re/insurers up 23% to $24.8bn
18th August 2020
Publicly recorded COVID-19-related losses among the largest global insurance and reinsurance companies have increased by almost 23% to $24.8 billion, according to data compiled by Zurich-based financial services advisory, PeriStrat LLC. We wrote on July 27th that publicly reported losses from the coronavirus pandemic among the largest re/insurers had reached ... Read the full article
RLI hires new Vice President of E&S Property
18th August 2020
US property and casualty insurer, RLI Corp., has announced the promotion of Jonathan Ward to Vice President, E&S Property. In this role, Ward takes on responsibility for leading RLI’s E&S Property Group, which offers comprehensive commercial property and difference in conditions coverages for commercial risks. He will be succeeding John Stenhouse, who ... Read the full article
Global Parametrics provides solution for world’s remotest island
18th August 2020
Global Parametrics, the parametric and index-based risk transfer startup backed by the UK and German governments, has structured a solution to provide parametric protection for the world’s most remote habitable island. The solution provides protection against extreme windstorms for the Tristan Lobster Processing Facility, the main business on Tristan da Cunha, ... Read the full article
Ironshore Environmental hires head of wholesale
18th August 2020
Ironshore Environmental, a division of Ironshore, has announced that Kelly Killimett will lead its newly established wholesale team. She will be responsible for the development and execution of integrated underwriting and sales strategy, dedicated to serving wholesale brokerages in the United States. In her new role, Killimett will be based in Atlanta ... Read the full article
Allianz Benelux, Monument Re agree book portfolio transaction
18th August 2020
The Belgium arm of global insurer Allianz, and Monument Re, have agreed to transfer a closed book of classical life retail insurances together with 4.500 mortgage loans to Monument Assurance Belgium (MAB). The transaction, which will transfer the related operations within 18 months after regulatory approvals, includes a portfolio of 95.000 ... Read the full article
Enstar enters recapitalization agreement ahead of StarStone deal
18th August 2020
Bermuda based insurance, reinsurance and run-off specialist Enstar Group has entered into a recapitalization agreement ahead of its previously announced exchange transaction involving Atrium & StarStone US. Last week, Enstar announced that it plans to grow its interest in StarStone US by exchanging a part of its holding in Northshore ... Read the full article
Blue Capital Re sees Irma loss creep trigger aggregate ILW
18th August 2020
Blue Capital Reinsurance Holdings Ltd., a Bermuda-based holding company currently winding up its operations, has announced the notification of an aggregate catastrophe loss related to 2017's hurricane Irma. The collateralised reinsurer, which is owned by Sompo International Holdings, Ltd., has been in the process of being run-off and its shares liquidated ... Read the full article
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