Reinsurance News
Enstar announces $610mn StarStone US recapitalisation
11th June 2020
Enstar Group Limited has agreed to a $610 million recapitalisation of StarStone U.S. Holdings, Inc. led by SkyKnight, Dragoneer, and Aquiline, as the company repositions towards specialty excess & surplus (E&S) growth. Investors SkyKnight Capital, L.P., Dragoneer Investment Group and Aquiline Capital Partners LLC have committed $610 million in fresh equity ... Read the full article
FCA’s legal action will provide a “clear line” to resolve BI claims: CEO Woolard
11th June 2020
The Financial Conduct Authority’s (FCA) efforts to obtain legal clarity on business interruption (BI) policies connected to the COVID-19 pandemic will provide a “clear line” to resolve which claims are valid and which aren’t, according to Interim CEO Chris Woolard. Speaking as part of the Inside FCA Podcast, Woolard argued that ... Read the full article
Sompo International expands partnership with Clearwater
11th June 2020
Specialty P&C re/insurer Sompo International has expanded its partnership with Clearwater to include consolidated book of record accounting for additional international entities in more than six countries. Clearwater provides automated investment data aggregation, reconciliation, and validation to Sompo International. Clearwater’s multi-currency and multi-asset class investment accounting provides customized general ledger entries for ... Read the full article
AIG Re names Paschal Brooks as CEO of AlphaCat
11th June 2020
American International Group (AIG) has announced that Paschal Brooks has taken on the role of Chief Executive Officer (CEO) of AlphaCat Capital Inc., an AIG subsidiary that provides investment advisory services to the insurance-linked securities (ILS) space. Brooks' appointment is effective April 1st, 2020 and he reports to Chris Schaper, CEO ... Read the full article
P&C industry has entered into a “new era of catastrophe losses” – KBRA
10th June 2020
The ongoing COVID-19 pandemic, coupled with the recent wave of civil unrest and the looming cyber risk threat, has altered the risk landscape for property and casualty (P&C) insurers and reinsurers, reports Kroll Bond Rating Agency (KBRA). As explained by KBRA, for the global P&C sector the definition of "catastrophe" has, ... Read the full article
WTW and The Hartford partner on captive solution for the middle market
10th June 2020
Global re/insurance broker Willis Towers Watson (WTW) has launched a group captive solution for upper middle market companies, called the Homestead Insurance Company Incorporated Cell. The new captive solution is set to reinsure The Hartford, which in turn will issue admitted insurance policies to members selected for this group program. According to ... Read the full article
Munich Re’s HSB backs new machine failure cover from Augury
10th June 2020
Munich Re member firm The Hartford Steam Boiler (HSB) has backed a new warranty offering by AI-based machine health solution provider Augury, which aims to minimise financial risk from industrial machine failures. The offering, called Guaranteed Diagnostics, combines with Augury’s Machine Health platform with a repair/replacement warranty that compensates customers in ... Read the full article
KCC puts Tropical Storm Cristobal insured loss at $150mn
10th June 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured loss from Tropical Storm Cristobal, which made landfall along the US Gulf Coast on June 8th, will be close to $150 million. This KCC estimate includes the privately insured wind and storm surge damage to residential, commercial, and ... Read the full article
Lockton Re adds Bisset & Foreman from Aon
10th June 2020
Lockton Re, the reinsurance broking arm of the privately held and independent intermediary, has added two senior appointments in Bob Bisset and Matt Foreman from Aon. The two senior London hires see the broker make steps towards the build-out of a new retrocessional reinsurance practice. Bisset has been with Aon for almost ... Read the full article
Zurich implements new legal panel for large & complex claims in EMEA
10th June 2020
Zurich Insurance Group has launched a new legal panel that will be tasked with providing advice on the management of large and complex claims across the Europe, Middle East and Africa (EMEA) region. The legal panel has been implemented to ensure greater transparency and consistency of legal services for claims, to ... Read the full article
Cyclone Amphan’s $15bn impact mostly uninsured: Aon
10th June 2020
Analysts at re/insurance broker Aon estimate that Cyclone Amphan will drive $15 billion of economic losses across India, Bangladesh and Sri Lanka, although most of the damage is expected to be uninsured. The cyclone made landfall in coastal areas on May 20th as a Category 3 storm with winds gusting up ... Read the full article
Berkshire BHSI’s Berxi partners with GreenLight Workforce Solutions
10th June 2020
Berxi, a technology-driven insurance platform owned by Berkshire Hathaway Specialty Insurance, is partnering with GreenLight Workforce Solutions to provide independent professionals with access to its liability insurance products. The products will be offered via GreenLight’s next generation workforce compliance software solution. Berxi provides skilled independent professionals with fast and affordable liability insurance, ... Read the full article
Praedicat launches COVID-19 scenarios, industry’s first litigation tracker
10th June 2020
Liability risk analytics software firm Praedicat has announced the launch of 9 realistic COVID-19 litigation scenarios and a COVID-19 litigation tracker to help clients manage their exposure on casualty lines of business. Praedicat says it developed scenarios that represent a range of ultimate pandemic outcomes, including fully-specified causes of action, numbers ... Read the full article
Ironshore Environmental adds COVID-19 endorsement to CELL solution
10th June 2020
Ironshore, a Liberty Mutual company, has announced that its Ironshore Environmental’s Contractors’ Environmental Legal Liability (CELL) policy will now include a COVID-19 endorsement. The new COVID-19 remediation endorsement is specifically designed for experienced environmental and disinfection contractors. Ironshore’s CELL coverage responds to third-party bodily injury, property damage and remediation of environmental damages ... Read the full article
Ibrahima Cheikh Diong elected as ARC Group Director General
10th June 2020
The Conference of Parties (CoP) of the African Risk Capacity (ARC) has elected Ibrahima Cheikh Diong, of the Republic of Senegal as the new ARC Group Director General, for a term of four years. Diong is Founder and Chairman of the Dakar-based Advisory firm, Africa Consulting and Trading (ACT Afrique Group), ... Read the full article
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