Reinsurance News
The London Market needs to think about its evolution, says AM Best
3rd June 2020
The COVID-19 pandemic has shone a light on the modernisation efforts of the Lloyd's and wider London re/insurance market, potentially driving permanent changes to the way the market both interacts and transacts its business, says A.M. Best. In recent years, the performance of the London Market has been challenged by elevated ... Read the full article
Allianz & Lime partner on micromobility safety insurance
3rd June 2020
Global insurer Allianz has entered into a strategic partnership with Lime, a leading provider of shared micromobility solutions, focused on improving the safety of micromobility. Lime, together with Allianz, through its Allianz Partners unit, have launched a comprehensive insurance program that automatically provides Lime riders with Personal Accident Insurance, and Liability ... Read the full article
United Insurance renews cat reinsurance programs
3rd June 2020
United Insurance Holdings Corp. (UPC Insurance) has renewed its catastrophe reinsurance programs at June 1, including an increased multi-event cascading limit of $3.257 billion. The limit was increased by $101 million, or 3.2% on the $3.156 billion of multi-event cascading limit that UPC purchased for its 2019/20 core catastrophe reinsurance program. It ... Read the full article
Reinsurance is again “performing quite well”, says Paul Schultz, Aon Securities
2nd June 2020
While the COVID-19 pandemic brings new challenges, the reinsurance industry is once again performing well during a time of major financial market disruption, according to Paul Schultz, Chief Executive Officer (CEO) of Aon Securities. As part of our sister publication Artemis' series of video interviews with experts and leaders from ... Read the full article
Allianz adds Rebecca Rogers as head of property claims
2nd June 2020
Global insurer Allianz has announced the appointment of Rebecca Rogers as head of property claims. She brings over 23 years' experience and joins from LV= having served as commercial property technical and relationship manager. She will be responsible for the development of Allianz’ property claims handling strategies, technical best practice and ensuring overall ... Read the full article
FedNat agrees terms of cat reinsurance renewal, cites hardening market
2nd June 2020
FedNat Holding Company (FedNat) has announced the terms of the renewal of its 2020-2021 catastrophe reinsurance program, securing $1.3 billion of single-event reinsurance coverage and aggregate coverage of up to $1.9 billion. The aggregate reinsurance limit of $1.9 billion represents a slight increase on the previous year, while the single-event cover, ... Read the full article
GC bolsters terrorism modelling capabilities with Synthetik partnership
2nd June 2020
Guy Carpenter, the reinsurance specialist arm of Marsh & McLennan Companies, has entered into an exclusive multi-year agreement with Synthetik to help enhance its proprietary terrorism modeling product, Sunstone. Synthetik is an applied technology and engineering company that specialises in explosive blast and weapons effects modeling. Synthetik has collaborated with Guy Carpenter ... Read the full article
Liberty Mutual appoints North America Chief Claims Officer for GRS
2nd June 2020
Liberty Mutual Insurance has announced the appointment of Steve Deane as North America Chief Claims Officer for its global commercial and specialty lines re/insurance unit, Global Risk Solutions (GRS). As Chief Claims Officer of GRS North America, Deane will lead a 3,000-person team of claims professionals, and will be responsible for ... Read the full article
RenRe eyes $1bn capital raise to take advantage of significant opportunities
2nd June 2020
Bermuda domiciled reinsurer RenaissanceRe Holdings Ltd. (RenRe) has announced the public offering of 5,500,000 common shares and a concurrent private placement by existing shareholder State Farm, as it looks to raise capital in order to take advantage of current market conditions. Assuming a public offering price of $164.91 per share, the ... Read the full article
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
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