Reinsurance News
SEC fines Argo $900,000 over CEO benefits
5th June 2020
Specialty re/insurer Argo has been dealt a $900,000 fine by the Securities and Exchange Commission (SEC) for failing to disclose about $5.3 million in perquisites and personal benefits it paid to former CEO and President Mark E. Watson III. Argo was subpoenaed by the SEC back in October 2019 over ... Read the full article
Former Everest Re exec Daryl Bradley joins Palomar’s Board of Directors
5th June 2020
Palomar Holdings, Inc. has revealed that Daryl Bradley has been elected to its Board of Directors at the firm's 2020 Annual Meeting of Stockholders held on May 28th, 2020. Bradley brings almost four decades of industry experience to Palomar. During his career, he has held numerous roles with Everest Re, most ... Read the full article
R&Q’s Vermont subsidiary acquires NationsBuilders Insurance Company
5th June 2020
ICDC, Ltd., the wholly owned Vermont-based subsidiary of Randall & Quilter Investment Holdings Ltd. (R&Q), has entered into a stock purchase agreement to acquire NationsBuilders Insurance Company (NBIC). The transaction, which is subject to customary closing conditions and regulatory approvals, sees the R&Q subsidiary acquire a Washington-based captive from NationsBuilders Insurance ... Read the full article
UK regulator’s court case to expedite BI claims: analysts
5th June 2020
According to analysts at DBRS Morningstar, the Financial Conduct Authority’s (FCA) efforts to seek legal clarity on business interruption (BI) polices related to the pandemic should expedite thousands of claims for SMEs. The UK regulator announced on May 1st that it would seek to obtain a court declaration to resolve contractual ... Read the full article
Lloyd’s reveals members of new single governing body
5th June 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has confirmed the members of its newly formed Council, effective June 1st, 2020. In May of last year, Lloyd's proposed the merger of its Franchise Board into the Lloyd's Council as part of its ongoing mission for increased efficiency. Later in the ... Read the full article
AXIS Re appoints Bobby Kwan as Senior Underwriter for Property
5th June 2020
AXIS Re, the reinsurance arm of Bermuda-based AXIS Capital Holdings Limited, has named Bobby Kwan as Senior Underwriter for Property Lines, effective August 17th, 2020. In his new role, Kwan will work alongside the Asia Pacific Property Team to manage the reinsurer's Property book of business across the region. He will ... Read the full article
Marsh & AXA XL partner on same-day delivery solution
5th June 2020
Global re/insurance broker Marsh has announced the launch of Marsh deliveryPRO, a customisable insurance solution that enables US businesses to meet the increased demand for same-day delivery of their products more efficiently. Many grocers, delivery network companies, retailers, restaurants, and other businesses are using individual drivers as employees or in a ... Read the full article
AM Best turns negative on GCC insurance markets amid economic downturn
5th June 2020
Global financial services ratings agency A.M. Best has revised its outlook on the Gulf Cooperation Council (GCC) insurance markets to negative, amid economic downturn across the region and an expectation of fading insurance demand. Lower oil prices and COVID-19 containment measures across the region has resulted in significant economic downturn, notes ... Read the full article
The real story of US flood is the lack of insurance take-up: Clark, Guy Carpenter
4th June 2020
Too often, the story around U.S. flood risk focuses on FEMA and what the entity either isn’t doing right or could be doing better, when the real story is the dangerously low levels of flood insurance penetration, according to Jonathan Clark of Guy Carpenter. Clark, who leads the Public Sector division ... Read the full article
Generali Global Business Lines establishes new organisational structure
4th June 2020
Generali Global Business Lines (GBL) and Generali Global Corporate & Commercial (GC&C) has announced a series of key appointments and changes to organisational structure. Within GC&C, Samuele Borghi joins as Head of Global Corporate & Commercial ACEER, directly reporting to Manlio Lostuzzi and also to the Chief Insurance Officer Property & ... Read the full article
Munich Re adds new execs to US divisions
4th June 2020
Munich Re has announced that Cathy Smith and Kam Jha have taken up new executive positions at its US subsidiaries Munich Re America Services, Inc. and American Modern. Smith has been appointed Chief Risk and Underwriting Officer at Munich Re America Services, while Jha will succeed Smith as Senior Vice President, ... Read the full article
Citizens opts against fresh multi-year cover on “significant price increases”
4th June 2020
Florida’s Citizens Property Insurance Corporation has announced that owing to "dislocation in the reinsurance markets and significant price increases," it opted against securing multi-year reinsurance protection and placed a smaller, cost efficient risk transfer program for 2020. As we wrote previously, Citizen was reportedly out in the market seeking fresh ... Read the full article
COVID-19 to boost demand for W&I coverage: Lockton
4th June 2020
Analysts at re/insurance broker Lockton believe that Warranty & Indemnity (W&I) insurance is likely to become more sought after in the coming months as a result of the COVID-19 pandemic. The firm noted that take up of W&I insurance in mergers and acquisitions (M&A) deals has already increased from 6% to ... Read the full article
A.M. Best upgrades credit ratings of Fidelis
4th June 2020
Fidelis Insurance Holdings Limited and its subsidiaries have had their credit ratings upgraded by international financial services ratings agency, A.M. Best. Specifically, the ratings agency has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to "a" from "a-" of ... Read the full article
TWIA secures $2.1bn of reinsurance & cat bonds after raising 2020 target
4th June 2020
The Texas Windstorm Insurance Association (TWIA) has completed the renewal of its 2020 reinsurance program, securing $4.2 billion in total aggregate funding, effective June 1st, 2020 to May 31st, 2021. The $4.2 billion in total aggregate funding includes $1.1 billion of traditional reinsurance coverage for a one-year term, and $1 billion ... Read the full article
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