Reinsurance News
Re/insurers must work with cities to unlock urbanisation opportunities: Lloyd’s
9th October 2020
A new report from insurance and reinsurance marketplace Lloyd’s of London has urged the industry to work more closely with city administrators to improve risk management and unlock the opportunities presented by growing urbanisation. The report, published in association with Urban Foresight and Newcastle University, noted that urbanisation provides opportunities for ... Read the full article
CII adds Aon UK CEO Julie Page as president
9th October 2020
Industry body the Chartered Insurance Institute (CII) has appointed Aon UK Chief Executive Officer Julie Page as president. Page brings over 20 years’ experience within the insurance industry and was appointed CEO of Aon UK in 2018. She directly leads Aon’s Commercial Risk, Health and Affinity businesses. Page was previously a non-executive board ... Read the full article
S&P upgrades Flood Re ratings
9th October 2020
S&P Global Ratings has announced that it has now raised its long-term issuer credit and insurer financial strength ratings on Flood Re Ltd. to 'A' from 'A-', resulting in a stable outlook. The upgrade reflects upon the rating agency’s increased confidence in the success and effectiveness of the Flood Re scheme. The ... Read the full article
Brit partners with Tangram and Costero on Kidnap & Ransom coverage
9th October 2020
Brit Syndicate at Lloyd's has entered into a partnership with MGA Tangram Insurance Services, Inc., and Costero Brokers, Ltd., in order to provide Kidnap & Ransom and Personal Accident coverage through an exclusive facility. The facility is accessible to all Tangram appointed retail brokers in the US, providing up to $50 ... Read the full article
Market to see push for T&C standardisation: KBRA
8th October 2020
Due to complications in Business Interruption claims in the UK and US, KBRA has explained that insurers will expect to see more standardisation and clearer policy language when writing terms and conditions, post COVID-19 pandemic. Reinsurance News recently hosted a webinar partnered with sister publication, Artemis and in association ... Read the full article
RAA comments on new FIO report; expresses support for legislative efforts
8th October 2020
The Reinsurance Association of America (RAA) has commented on the recent release of the Federal Insurance Office’s (FIO) annual report on the insurance industry. The report includes an update on the efforts of state legislatures which are adopting the 2019 Amendments to the National Association of Insurance Commissioners (NAIC) Credit for ... Read the full article
Hurricane Delta’s storm surge threat to US homes up to $63bn: CoreLogic
8th October 2020
Catastrophe risk modeller CoreLogic has released data analysis showing 293,685 homes with a reconstruction cost value of around $62.85 billion are at risk of storm surge damage from Hurricane Delta, based on its projected Category 2 status at landfall. The data includes single-family and multifamily homes across Louisiana and the US ... Read the full article
Kingstone estimates Q3 cat losses of up to $9 million
8th October 2020
Property & casualty insurer, Kingstone Companies, Inc., has announced its expectation to record estimated pre-tax catastrophe losses of between $8.5 million to $9 million, net of reinsurance, for the third-quarter of 2020. The company explains that these losses are from Hurricane Isaias and three other smaller PCS events that occurred during ... Read the full article
L&G Re receives Fitch Ratings upgrade
8th October 2020
Legal & General Reinsurance has received an ‘A+’ to ‘AA-‘ upgrade to its Insurer Financial Strength from Fitch Ratings. AA ratings indicate a very low expectation of ceased or interrupted payments, and suggest a very strong capacity to meet policyholder and contractual obligations. This capacity is not especially vulnerable to foreseeable events. L&G Re's ... Read the full article
Shift to physical exposure based models is essential: Convergence 2020
8th October 2020
While catastrophe vendor models have an important place in the insurance and reinsurance industry, the influence of climate change suggests it's essential to leverage more physical exposure based models, according to industry experts. On the opening day of the virtually held 2020 ILS Bermuda Convergence event, climate change took centre stage ... Read the full article
AM Best places F&G Re under review following Aspida acquisition
8th October 2020
AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of F&G Re. The rating change comes after parent F&G and US title insurer Fidelity reached an agreement to sell F&G Re to Aspida Holdings, an ... Read the full article
JMP sees “rapid improvement” in insurtech loss ratios
8th October 2020
Analysts at JMP Securities have observed a “rapid improvement” in the loss ratios of several insurtech firms, who previously struggled in their earlier days. Over the longer-term, JMP is expecting to see an increasing number of insurtech companies show loss ratios at or below industry norms. At the same time, as these ... Read the full article
BMS hires Pro Global’s Mory Katz to support legacy expansion
8th October 2020
Specialist re/insurance broker BMS Group has hired Mory Katz to work with its reinsurance arm as a senior consultant. Prior to joining BMS, Katz served as a managing director at Pro Global, leading its US operations and business development. He was also the Chief Executive Officer of the company’s two US subsidiaries, ... Read the full article
Brit focuses on diversity in London insurance market
8th October 2020
Specialty re/insurer Brit has announced a new partnership with the African Caribbean Insurance Network (ACIN), which aims to improve ethnic representation across the London insurance market. The ACIN was formed in 2018 with the aim to boost black and minority ethnic representation within the insurance space, whilst also enhancing cultural competence ... Read the full article
E&S digital wholesale platform Pathpoint launches
8th October 2020
Pathpoint, a San Francisco-based Excess & Surplus digital wholesale distributor, has announced its launch. The company has been built to connect retail agents and E&S carriers through its proprietary platform built to quote and bind Excess & Surplus lines coverage. With efficiencies gained from the technology, Pathpoint claims to distribute its products ... Read the full article
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