Reinsurance News
MCI completes management buyout from Castel
21st September 2020
Casualty underwriters, Medical & Commercial International (MCI), a division of Castel Underwriting Agencies Ltd, has completed a management buyout from Castel's club-style MGA formation platform. MCI is a specialised casualty underwriting business launched on the Castel MGA platform in 2015. Today it writes over $50 million of annual gross written premium across ... Read the full article
OneBeacon acquires renewal rights for Brit Global Specialty USA portfolio
21st September 2020
OneBeacon Insurance Group, the brand for Intact Financial Corporation's U.S. insurance company subsidiaries, has announced the acquisition of the renewal rights to Brit Global Specialty USA's admitted 'First Dollar Package' Public Entity portfolio. The portfolio acquired in the transaction provides admitted coverage for cities, towns, villages, boroughs, water-sewer utilities and other ... Read the full article
Aon warns of rising secondary peril losses for re/insurers
21st September 2020
Re/insurance broker Aon has warned that secondary perils are accounting for an increasingly significant portion of global catastrophe losses and pose notable challenges for insurance and reinsurance companies. While tropical cyclones often attract the most focus given the high financial toll that landfalling events can cause, losses from secondary perils cannot ... Read the full article
Hurricane Sally’s onshore industry loss could reach $3bn: AIR Worldwide
21st September 2020
Catastrophe risk modelling firm AIR Worldwide (AIR) has estimated that the insured cost of onshore property damages resulting from Hurricane Sally will be between $1 billion and $3 billion. Losses were caused by wind, storm and inland flood, with wind representing the majority of the onshore loss. Although Sally included a major ... Read the full article
Charles Taylor acquires engineering firm SBSA
21st September 2020
Technology solutions provider, Charles Taylor has announced that it has acquired engineering and architectural firm, Solutions Before Solutions After (SBSA). SBSA specialises in a number of products, including architectural, civil, and structural engineering, construction management, building envelope repair, performance testing, forensic analyses, and litigation support. Although the firm works primarily with clients ... Read the full article
Hurricane Sally insured loss from onshore property around $2bn: KCC
21st September 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated hurricane Sally's insured losses from onshore properties at around $2 billion. The estimate includes privately insured wind and storm surge damage to residential, commercial and industrial properties. The estimate does not include losses from NFIP, offshore assets, or any potential impacts from ... Read the full article
IAG appoints Nick Hawkins to lead as CEO
21st September 2020
Australian insurer IAG has announced the appointment of Nick Hawkins as Managing Director and Chief Executive Officer, effective November 2. Hawkins succeeds Peter Harmer, who is set to depart the company after announcing his retirement in April. He joined IAG in 2001 and was appointed Deputy CEO in April this year after 12 ... Read the full article
MAPFRE improves Q2 solvency ratio despite COVID challenges
21st September 2020
Spanish re/insurer MAPFRE has improved its Solvency II ratio in the second quarter of 2020, despite significant challenges associated with the COVID-19 pandemic. The company posted a ratio of 183.8% in Q2, representing a 6.6 percentage point increase on the 177.2% it recorded in Q1. It also compares with the Solvency II ... Read the full article
LMG names Sean McGovern as sponsor for business environment workstream
21st September 2020
The London Market Group (LMG) has revealed that the Chief Executive Officer (CEO) of UK & Lloyd's market at AXA XL, Sean McGovern, has become the new sponsor for the business environment workstream. The workstream proactively engages with the UK government, parliamentary parties and the civil service, ensuring they better understand ... Read the full article
NBIS partners with SCOR for insurance solutions
21st September 2020
Risk management and insurance company, NationsBuilders Insurance Services, Inc. (NBIS), has announced a new partnership with member companies of SCOR to support its insurance solutions for the Specialised Transportation/Heavy Haul Industry. Coverage lines provided for the program offered exclusively by NBIS and the SCOR member companies include admitted and non-admitted Commercial ... Read the full article
Swiss Re’s ADAS risk scores to be available for Toyota & Lexus vehicles
21st September 2020
Global reinsurance giant Swiss Re has announced a new partnership with Toyota Insurance Services (TIS) / Toyota Insurance Management Europe to further develop the Swiss Re ADAS risk score. TIS is the latest partner to join the ADAS risk score platform after BMW Group, and as part of the partnership, will ... Read the full article
Cat losses to exceed 2019 levels, boost reinsurance pricing: KBRA
21st September 2020
Analysts at Kroll Bond Rating Agency (KBRA) believe this year’s active hurricane season, along with growing costs of the US wildfires and the COVID-19 pandemic, will cause insured catastrophe losses to exceed 2019 levels. The result of this elevated catastrophe bill will be further upward pressure on reinsurance pricing, KBRA said, ... Read the full article
Law firm considering action against twelve insurers after High Court BI win
21st September 2020
Mishcon de Reya, the law firm that represented the Hiscox Action Group, could persue legal action against twelve new insurers following its Business Interruption insurance victory in the UK High Court. Based on the sample of policy wordings presented by the FCA, the court decided that most, but not ... Read the full article
Captive use rises amid pandemic volatility: Marsh
21st September 2020
According to insurance broker Marsh, more organizations are turning to captives for insurance protection and financial flexibility in response to an increasingly difficult risk landscape. In its 2020 Captive Landscape Report, Marsh reported that tightening global insurance market conditions throughout 2019 have led to higher captive utilization with steep premium volume ... Read the full article
China’s general insurance to grow 3.8% in 2020: GlobalData
21st September 2020
Data and analytics company, GlobalData has revised China’s general insurance forecast in the aftermath of COVID-19 outbreak. The industry is forecast to grow by 3.8% in 2020, compared to 5.7% registered in 2019. The latest data shows that China’s general insurance industry is forecast to grow at a compound annual growth ... Read the full article
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