Reinsurance News
Pen announces key appointments to delegated solutions division
2nd October 2020
Multi-territory managing general agent Pen Underwriting has announced a series of new leadership and underwriting appointments within its delegated solutions division. The new talent will be spearheading the expansion of its commercial and household businesses, where underwriting authority is delegated toon to specialist coverholders. Michael King will join from Canopius on 1 ... Read the full article
Chaucer to implement Phinsys’ suite of data solutions
2nd October 2020
Finance automation software Phinsys has announced that Chaucer will be implementing its suite of products aimed at transforming finance function. Phinsys states that Chaucer opted for its services after a comprehensive proof of concept to validate the benefits that the platform will deliver, including the recently launched finance data dashboard. The ... Read the full article
Swiss Re CorSo promotes three within FinPro underwriting team
2nd October 2020
Swiss Re Corporate Solutions, the commercial insurance division of reinsurance giant Swiss Re, has announced three leadership appointments within its Financial & Professional Services (FinPro) underwriting team, effective immediately. The company has announced the promotions of Laura Coppola as Global Head FinPro; Kristyn Smallcombe as Global Head Construction PI & GL; ... Read the full article
Q3 catastrophe bond & ILS issuance above-average at $1.63bn: report
2nd October 2020
The latest catastrophe bond and insurance-linked securities (ILS) market report from our sister publication, Artemis, shows that despite the challenges of the ongoing COVID-19 pandemic, issuance levels remained above-average in the third-quarter of 2020. Available to download now, the report, ‘Q3 ... Read the full article
Ascot names US Chief Risk Officer & Head of Exposure Management
2nd October 2020
Bermuda domiciled specialty insurer and reinsurer Ascot Group has announced the appointment of Steve Guijarro as US Chief Risk Officer (CRO) & Group Head of Exposure Management. As CRO, Guijarro will have responsibility for Ascot’s enterprise risk management function in North America. In addition to these duties, as Group Head of Exposure ... Read the full article
BHSI expanding mining underwriting capabilities to the UK
2nd October 2020
Berkshire Hathaway Specialty Insurance Company, the insurance arm of Warren Buffett's global insurance and reinsurance company, is expanding its mining underwriting capabilities to the UK. The expansion sees BHSI continue to round out its global mining capabilities, which are currently driven by mining industry specialists based in Australia and Canada. Subsequently, the company ... Read the full article
Allstate selected to provide auto coverage to Lyft in several US states
2nd October 2020
US primary insurer Allstate has been selected to provide commercial auto coverage to Lyft in the US states of California, Iowa, Indiana, Kansas, Kentucky, Missouri, Ohio and West Virginia. The policies managed by Allstate provide coverage throughout the cycle of a Lyft trip, from when a driver turns on the Lyft ... Read the full article
Kin Insurance enters California to relieve wildfire strain
2nd October 2020
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has announced it will begin serving homeowners throughout California. The expansion comes in response to the state’s recent increase in wildfire activity and the strain it has created for many homeowners. Kin notes that, in 2018, insurance ... Read the full article
ICA Chief Exec issues statement on Court of Appeal BI test case hearing
2nd October 2020
The New South Wales Court of Appeal has now heard the legal argument in relation to the business interruption test case lodged by the Insurance Council of Australia (ICA), according to Chief Executive Officer Andrew Hall. The test case consisted of two separate small business claims that were lodged with ... Read the full article
Senior industry figures call for public-private partnership to tackle cyber risk
2nd October 2020
The world’s reliance on online technology has grown to such an extent that it may surpass the insurers' ability to fully protect it, according to a number of senior industry professionals interviewed by CyberCube Chief Executive Officer Pascal Millaire. In the interviews, conducted as part of a new series of NetDiligence webinars, AXIS ... Read the full article
Athene, MassMutual move to acquire American Equity for $3bn
2nd October 2020
Retirement services firm Athene and life insurer MassMutual have submitted a proposal to the board of American Equity Investment Life Holding Company to purchase all of the company's outstanding common shares for a total consideration of around $3 billion. The unsolicited proposal is currently being reviewed by American Equity's board. The proposal ... Read the full article
Genworth & Oceanwide acquisition further progressed
2nd October 2020
Mortgage insurer, Genworth Financial, Inc. and China Oceanwide Holdings Group Co., have announced that Oceanwide has reached an agreement with Hony Capital on the key commercial terms and conditions of its $1.8 billion offshore financing plan to complete the acquisition of Genworth. The key commercial terms and conditions include its $1.8 ... Read the full article
BI policyholders criticise insurers over unpaid claims
2nd October 2020
The Hiscox Action Group, which earlier this month won a High Court ruling on the validity of their COVID-19 related Business Interruption claims, have released a statement criticising the volume of claims that remain unpaid. The Hiscox Action Group consists of 400 Hiscox policyholders whose coronavirus-related business interruption claims had ... Read the full article
Hurdles for crop insurers in 2020 following poor 2019, says AM Best
2nd October 2020
After crop insurers saw their worst results in a decade in 2019, the COVID-19 pandemic and weather events so far in 2020 have globally disrupted the supply chain of agricultural goods and further damaged crop yields, according to a new AM Best report. Challenges facing farmers and multi-peril crop insurers in 2019 ... Read the full article
Verisk adds geopolitical expertise to board
2nd October 2020
Data analytics provider Verisk has strengthened its geopolitical expertise with the addition of General Vincent Brooks to its board of directors. Brooks served in the US Army for 42 years from his entry into West Point until his 2019 retirement as a four-star general. Most recently, Brooks was in command of all ... Read the full article
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