Reinsurance News
Lockton Re adds Ben Day to lead fac practice in London
14th September 2020
Lockton Re, the reinsurance business of broker Lockton, has appointed Ben Day to lead its facultative practice in London. He joins from CJ Coleman where he was most recently head of CJC Re, having joined as an executive director in 2018. Day has over 20 years of London market experience in a number ... Read the full article
Aviva agrees to sell £1.6bn majority stake in Singapore business
14th September 2020
UK insurer Aviva has agreed to sell a majority stake in its Singapore business for £1.6 billion to a consortium led by insurtech Singlife. In Singapore, the new business will be initially branded as Aviva Singlife. The £1.6 billion Aviva will recieve includes £1.2 billion in cash and marketable securities, £143 million in ... Read the full article
Catalina hires new CEOs for Swiss & Bermuda units
14th September 2020
Legacy space specialist Catalina Holdings has announced the appointments of Claudia Ingenhoven and Sarah Ruberry as CEOs of its Swiss and Bermudian subsidiaries, respectively. Ingenhoven will take over as head of Glacier Re from August 19th, replacing Martin Kauer, who has held the role since 2011. Kauer has moved to Singapore where ... Read the full article
Reinsurance price increases “absolutely essential” in 2021: Hannover Re
14th September 2020
Against the backdrop of ongoing COVID-19 losses and a low interest rate environment, Hannover Re has argued that continued reinsurance rate increases are “absolutely essential” next year. In a new release that was planned for this year’s cancelled Monte Carlo meet-up, Hannover Re says it anticipates “significant price increases” spanning the ... Read the full article
Munich Re: What can we learn from COVID-19 in terms of climate change?
14th September 2020
Munich Re has released its US white paper, Reimagining Resilience in a Post Pandemic World, which explores how society might become more resilient to disastrous situations similar to the COVID-19 crisis, such as climate change risk. As COVID-19 is continuing to have a huge global disruption on societies and economies, global ... Read the full article
MAPFRE renews management teams
14th September 2020
Spanish re/insurer, MAPFRE has approved the renewal of its management teams. This new move aims to advance MAPFRE's strategic objectives, and accelerate the transformation agenda, strengthening capacities in the main regions where it operates. The renewal of the management team also seeks to strengthen the group’s ability to respond to the economic ... Read the full article
Labuan IBFC registers seven new captives in H1
14th September 2020
The Labuan International Business and Financial Centre (Labuan IBFC) registered seven new captives in the first half of 2020, more than the entirety of 2019. These new additions brings the total number of captives registered in the jurisdiction to 56, a growth of 9.8% year-on-year. Of the seven new captives formed, four are foreign ... Read the full article
New Dawn Risk expands presence in Asia with SpecialistRe partnership
14th September 2020
Specialist insurance intermediary New Dawn Risk is entering into a partnership with Singapore-based advisory and consulting firm SpecialistRe. It's hoped the move will strengthen the company's reach and offering across China, Japan and South-East Asia. SpecialistRe was established in Malaysia and has been operating in Singapore since 2015 as an advisory and consulting ... Read the full article
Continental Re acquires 100% ownership of Botswana subsidiary
14th September 2020
Following its recent acquisition of a minority 40% stake in Continental Reinsurance Ltd (Botswana), Continental Reinsurance Plc now holds 100% of the issued ordinary share capital in the subsidiary. Continental Re says the acquisition entrenches its stature as a strong pan-African reinsurance brand and bolsters its commitment to delivering value to ... Read the full article
“Timid” price increases not enough to cover exposure, says Swiss Re
11th September 2020
Executives at reinsurer Swiss Re have said that further rate improvements are needed after "timid" price increases across the reinsurance sector, which have ultimately failed to compensate for years of premium decline and the elevated claims load. Addressing the media this week as part of Swiss Re's virtual Rendez-Vous de Septembre ... Read the full article
Berkshire Hathaway expands services to Illinois
11th September 2020
Berkshire Hathaway GUARD Insurance Companies has announced that Illinois has been added to its list of states where it offers a Commercial Package Policy. The product includes Commercial Property featuring limits up to $120 million per location. It comes with an enhanced causes of loss form, including built-in equipment breakdown, crime ... Read the full article
BI uncertainty will not be resolved by Jan 1: GC’s Lara Mowery
11th September 2020
Lara Mowery, Global Head of Distribution at reinsurance broker Guy Carpenter (GC), has argued that the upcoming January 1 renewals are likely to be complicated by continued uncertainty about the scale of business interruption losses stemming from the COVID-19 pandemic. Speaking as part of a press briefing in which GC executives ... Read the full article
Munich Re to stop covering businesses against pandemic losses: reports
11th September 2020
Global reinsurer Munich Re will no longer be providing cover to businesses against pandemic losses, according to reports from Bloomberg. This comes after the company took a €1.5 billion hit in the first half of 2020 as a result of the the COVID-19 pandemic. Upon the release of its financial results ... Read the full article
Aon tallies cost of August storms
11th September 2020
Re/insurance broker Aon has estimated that the combined cost of the nine tropical cyclones that made landfall around the globe in August will be nearly $20 billion. The most significant event during the month was Hurricane Laura, which made landfall as a high-end Category 4 storm in Louisiana with sustained over-water ... Read the full article
P&C reinsurance buyers expecting 5% price rise off COVID-19, nat cat losses: Moody’s
11th September 2020
Respondents to a Moody’s survey of P&C reinsurance buyers are expecting reinsurance prices to rise by at least 5% next year. Reinsurers' profitability is generally anticipated to take a hit from factors such as COVID-19, more volatile natural catastrophe losses and capacity constraints. Over 90% of respondents had an expectation for price ... Read the full article
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