Reinsurance News
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
Swiss Re leveraging machine learning to predict motor frequency developments
18th September 2020
By utilising machine learning and numerical text processing techniques, Swiss Re has been able to generate a "predictive view" of motor frequency developments in several markets. In a recent conversation with Nikita Kuksin, Hhead of modelling within Casualty R&D , Miriam Hook, vice president Global clients and Surbhi Gupta, assistant vice ... Read the full article
Analysts forecast €1bn capital injection for AXA XL
18th September 2020
Analysts at Deutsche Bank are forecasting a €1 billion capital injection for AXA XL at year-end, in light of losses from an active hurricane season and possible costs from the Beirut explosion. Deutsche Bank recently spoke to AXA’s management team, who reiterated that no capital injection would be necessary for XL ... Read the full article
COVID-19 rate cuts worsening “often-forgotten” casualty lines catastrophe: JMP
18th September 2020
Analysts at JMP Securities have underlined how risk-free rates have stabilised following emergency COVID-19 rate cuts by the US Federal Reserve, elongating and worsening an "often-forgotten" casualty lines catastrophe. Analysts believe the Fed's recent emergency rate cuts and ensuing interest rate volatility has investors re-examining their expectations for the future direction ... Read the full article
Hive Aero adds Andrew Webster, David Adcock to new Aviation team
18th September 2020
London-based managing general agent Hive Aero has added Andrew Webster as Class Underwriter and David Adcock as Head of Aviation Claims. Effective October 1, Webster and Adcock will be based in London and report to Chief Operating Officer, Bruce Carman. Webster will be responsible for the Aviation Hull and Liabilities (All Risks) ... Read the full article
Carbon Underwriting adds Gary Clark as property underwriter
18th September 2020
Specialist independent managing general underwriter Carbon has announced the appointment of Gary Clark as property underwriter. Clark brings over a decade’s experience and most recently served as an underwriter at Antares Managing Agency. Commenting on his appointment, Clark said, “I’m immensely excited to join Carbon’s dynamic and forward-thinking team. "My focus has always been on ... Read the full article
FCA’s test case ruling irrelevant to current US BI litigation: FAIR
18th September 2020
The U.K. High Court has issued a ruling concerning the UK Financial Conduct Authority’s (FCA) test case on pandemic-related business interruption claims against 21 representative policies issued by 8 insurers. Although the ruling has provided UK insurers and policyholders with more clarity, the FAIR campaign does not believe that the verdict will ... Read the full article
Fitch removes Lloyd’s from Rating Watch Negative as underwriting improves
18th September 2020
Fitch Ratings has removed Lloyd's of London's, Lloyd's Insurance Company (China) Ltd.'s, and Lloyd's Insurance Company S.A.'s Insurer Financial Strength (IFS) Ratings from Rating Watch Negative (RWN). At the same time, Fitch has affirmed Lloyd's and its two operating subsidiaries' IFS Ratings at 'AA-' (very strong), while the outlook is stable. At ... Read the full article
Neptune Flood announces expansion of insurance products
18th September 2020
Neptune Flood Incorporated, an insurtech firm focused on the flood market, has announced the expansion of its insurance products to now include all NFIP product types. Neptune President & CEO, Trevor Burgess commented: "Building off of the successful launch of our commercial flood insurance product this summer we are excited to ... Read the full article
Progressive recovers $80mn from reinsurance in August
18th September 2020
Property and auto-focused insurance group Progressive recovered a total of $80 million from its reinsurance during August. $70 million was recovered after its 2020 cat losses and associated allocated loss adjustment expenses (ALAE) in its property business exceeded the $375 million annual retention threshold. An additional $10 million was recovered because the Property ... Read the full article
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