Reinsurance News
AXA UK broadens use of live video to settle commercial property claims
2nd June 2020
AXA UK is set to broaden its use of live video to settle commercial property claims, as the insurer renews its contract with software provider Verisk. The ClaimXperience app is already being used by AXA’s household customers, who can show escape of water damage in real time to their home insurer. The ... Read the full article
Lancashire expected to go for growth, Morgan Stanley analysts say
2nd June 2020
Analysts at Morgan Stanley are expecting Lancashire Holdings Limited to take advantage of the hardening market and expand its footprint, while at the same time improve profitability on the back of better pricing. With P&C pricing anticipated to improve further in 2020 and potentially into 2021, Lancashire is well placed to ... Read the full article
NMI Holdings secures new quota share reinsurance cover
2nd June 2020
Mortgage insurance specialist NMI Holdings has announced that its wholly owned subsidiary, National Mortgage Insurance Corporation (National MI), has entered into a new quota share reinsurance arrangement. Under the new arrangement, National MI will cede 10.5% of its primary business to a broad panel of reinsurers. The coverage applies to business written ... Read the full article
Skuld agrees sale of Lloyd’s Syndicate 1897 to RiverStone
2nd June 2020
Marine insurer Skuld has reached an agreement with The RiverStone Group for the sale of its Lloyd’s Syndicate 1897, which was placed into run-off in July 2019. The transaction is subject to regulatory approval. Following a competitive process which began in autumn 2019, Skuld selected RiverStone as run-off provider for Syndicate ... Read the full article
Enstar completes ADC reinsurance deal with Aspen
2nd June 2020
Legacy acquirer Enstar Group Limited has completed its previously announced adverse development cover (ADC) reinsurance transaction with Bermuda domiciled re/insurer Aspen. Under the terms of the transaction, one of Enstar’s wholly owned subsidiaries has assumed reinsurance losses incurred by Aspen on or prior to December 31, 2019. The losses relate to ... Read the full article
Lockton Capital Markets appoints Ken Pierce as CEO
2nd June 2020
Lockton Capital Markets, a global investment bank and part of Lockton Companies, has announced the hiring of Ken Pierce as Chief Executive Officer (CEO), effective June 1st, 2020. In his new role, Pierce will be tasked with leveraging his 30 years of experience as a leader in the insurance and alternative ... Read the full article
Sompo Intl GRS launches unit focused on tech industry
2nd June 2020
Bermuda-based specialty P&C re/insurer Sompo International Global Risk Solutions has formed a new team that will offer products to clients in the technology industry. The new unit, part of Sompo GRS, will work through a network of retail brokers to offer primary casualty products (general liability, commercial auto, worker’s compensation), as ... Read the full article
AXIS Re names Cyril Caillo as Head of A&H Reinsurance, EMEA LatAm
2nd June 2020
AXIS Re, the reinsurance business segment of AXIS Capital Holdings Limited, has announced the promotion of Cyril Caillo to Head of A&H Reinsurance, EMEA LatAm. In this role, Caillo will be responsible for managing and growing AXIS Re’s accident and health (A&H) business in the EMEA LatAm region. He will continue to ... Read the full article
Munich Re to defend ‘extremely strong’ position despite Covid hit: S&P
2nd June 2020
While S&P Global Ratings expects Munich Re's performance to decline in 2020 due to COVID-19, sufficient capital means the reinsurer will be able to defend its 'extremely strong competitive position' over the next 12-24 months. This capital position is supported by retained earnings and the temporary suspension of Munich Re's €1 ... Read the full article
Property catastrophe reinsurance rates rise 26% at June 1st: Hyperion X
2nd June 2020
Data from Hyperion X Analytics reveals that property catastrophe reinsurance rates-on-line increased by an estimated 26.1% at the June 1st, 2020 reinsurance renewals. The company has released its June 1st property cat rate-on-line index, which indicates average risk-adjusted rate increases of 26.1%. Prior to the COVID-19 pandemic, reinsurance rates were expected to ... Read the full article
HSCM announces launch of Bumblebee Re
2nd June 2020
Hudson Structured Capital Management has announced the formation and approval of Bumblebee Re, a newly-formed Special Purpose Insurer headquartered in Bermuda. This move is designed to help bring collateralized reinsurance cell-formation business in-house, with HSCM receiving approval from the Bermuda Monetary Authority to be registered as a Special Purpose Insurer in ... Read the full article
AM Best revises Nat Re outlook to stable on improved underwriting results
2nd June 2020
A trend of sustained improvement in underwriting performance has seen A.M. Best revise the outlook to stable from negative of National Reinsurance Corporation of the Philippines (Nat Re). As well as the revised outlook, the ratings agency has also affirmed Nat Re's Financial Strength Rating of B++ (Good) and the Long-Term ... Read the full article
Marc Lipman named President of Lloyd’s Canada
1st June 2020
Insurance and reinsurance marketplace Lloyd’s of London has announced the appointment of Marc Lipman as President of its Canadian arm and as Attorney-in-Fact (AIF) for Lloyd’s Underwriters. He assumes the role of AIF from Lisa Duval, who stepped in last year on an interim basis and now returns to Lloyd’s International ... Read the full article
PCS designates MN riots a catastrophe, warns of loss potential
1st June 2020
Property Claim Services (PCS), a Verisk Analytics business, has officially designated the riots in Minneapolis, Minnesota (MN) as a catastrophe, and warned of the potential for large industry losses as unrest threatens to engulf other states. Peaceful protests began in Minneapolis last week after the police killing of unarmed African American ... Read the full article
InsuResilience Solutions Fund to support MiCRO’s Colombia expansion
1st June 2020
The InsuResilience Solutions Fund is set to support the efforts of the Microinsurance Catastrophe Risk Organisation (MiCRO) and SBS Seguros Colombia S.A to strengthen Colombia's resilience to natural catastrophes. MiCRO, a socially oriented commercial enterprise focused in Latin America, provides innovative, technology-based solutions designed to help families and micro-entrepreneurs recover from ... Read the full article
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