Reinsurance News
Tokio Marine HCC completes GCube acquisition
1st June 2020
Tokio Marine HCC has completed its previously announced acquisition of GCube, creating a new 'centre of excellence' for renewable energy insurance. The acquisition of specialist renewable energy insurer, GCube by Tokio Marine HCC was announced in early March. The deal combines GCube's extensive track record supporting renewables developers and asset ... Read the full article
Lloyd’s to trial virtual underwriting room in COVID-19 response
1st June 2020
As part of its response to the COVID-19 pandemic, insurance and reinsurance marketplace Lloyd’s of London is planning to explore options for a “virtual” underwriting room. The idea is to add online elements that allow brokers and underwriters to connect in a similar way to the physical 1 Lime Street location ... Read the full article
Insurers welcome FCA update on pandemic BI claims
1st June 2020
Zurich Insurance Group and RSA are among those to welcome the update from the Financial Conduct Authority (FCA) as the UK regulator seeks to obtain legal clarity on business interruption claims related to the COVID-19 pandemic. After consulting with 56 insurers over the past month, the FCA announced today that ... Read the full article
US riots could be a relatively meaningful man-made loss for insurers
1st June 2020
As nation-wide rioting continues in the US following the death of unarmed George Floyd in police custody in Minneapolis, comparisons with previous civil disorders in the country suggests it could be a relatively meaningful man-made loss for the re/insurance industry. The death of George Floyd last Monday resulted in peaceful protests ... Read the full article
R&Q sees 2019 profits surge nearly 400% to £39mn
1st June 2020
Non-life legacy insurance investor Randall & Quilter saw its profits surge 399% to £38.9 million in 2019. At £40.1 million, R&Q’s pre-tax profit was a group record and almost three times the equivalent result in 2018. The company says this was the result of continued growth in both its Program Management and ... Read the full article
AM Best downgrades credit ratings of IRB Brasil Re
1st June 2020
Global financial services ratings agency A.M. Best has downgraded the credit ratings of IRB Brasil Resseguros SA (IRB Brasil Re) and maintained the under review with negative implications status on these ratings. Specifically, A.M. Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer ... Read the full article
UK regulator identifies disputable BI policy wordings
1st June 2020
As part of its effort to seek legal clarity on business interruption (BI) claims related to the COVID-19 pandemic, the Financial Conduct Authority (FCA) has identified a sample of policy wordings that are representative of the key arguable issues. The UK regulator announced on May 1st that it would seek ... Read the full article
UIH Insurance subsidiaries complete 2020-2021 reinsurance programs
1st June 2020
The insurance subsidiaries of Universal Holdings have completed their 2020-2021 reinsurance programs, effective June 1, 2020. “We are pleased to announce the completion and outcome of the 2020-2021 reinsurance programs for both of our insurance companies,” said Jon W. Springer, President and Chief Risk Officer of the Company. “We are in unprecedented ... Read the full article
Pandemic Re Steering Group establishes Project Committee & working groups
1st June 2020
The Pandemic Re Steering Committee, launched to propose an industry response to both the UK Government and the country for future pandemics, has established a Project Committee and six working groups. The newly formed Project Committee will be led by Michael Dawson of Nuclear Insurance as Chair, who will also be ... Read the full article
COVID-19 to worsen the impact of catastrophe claims: GlobalData
1st June 2020
Re/insurers facing high COVID-19 based payouts will be hit harder by catastrophe claims towards the end of the year, according to data and analytics specialist GlobalData. Analysts predict that companies with large pandemic losses will face a heavier financial burden from catastrophes as the COVID-19 crisis ramps up pressure. “With the hurricane ... Read the full article
India looking at natural catastrophe risk pool: reports
1st June 2020
The Indian Government is reportedly looking into a pool-like structure that would offer natural catastrophe insurance coverage for perils such as floods, earthquakes, cyclones and landslides. A pool style scheme has been the topics of discussions for several years in India now, but plans have yet to be realised due to ... Read the full article
Higher margins may offset fading investment income for major reinsurers: Fitch
29th May 2020
The financial earnings of the big four European reinsurers will be affected negatively by the COVID-19 pandemic in the short-term, but moving forward, improved technical pricing could largely offset fading investment returns, according to Fitch Ratings. As evidenced by first-quarter 2020 results, the financial impact of the COVID-19 pandemic for the ... Read the full article
P&C rates up 9.6% amid pandemic: CIAB
29th May 2020
A new survey from the Council of Insurance Agents & Brokers (CIAB) has found that property and casualty (P&C) premium prices increased by an average of 9.6% in Q1 2020, as the COVID-19 pandemic puts further strain on the market. The figure compares to an average increase of 7.5% in Q4 ... Read the full article
$13bn insured loss from 2020 US severe convective storms: Aon
29th May 2020
Global reinsurance broker Aon has pegged the insured loss in 2020 from US severe convective storm damage at $13 billion. This marks the 13th consecutive year that impacts from the peril in the country have surpassed $10 billion in insured payouts; a trend Aon says signifies a “new normal.” In its weekly ... Read the full article
COVID-19 to ‘turbocharge’ pricing trends, says WR Berkley
29th May 2020
As COVID-19 related losses and uncertainty permeates throughout the marketplace, W.R. Berkley leadership has told Credit Suisse that they expect prior pricing trends and Excess and Surplus growth to become 'turbocharged'. Prior to COVID-19's outbreak, WRB says P&C insurance industry was in a period of transition, with acceleration in insurance rates ... Read the full article
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