Reinsurance News
Sompo Intl GRS launches unit focused on tech industry
2nd June 2020
Bermuda-based specialty P&C re/insurer Sompo International Global Risk Solutions has formed a new team that will offer products to clients in the technology industry. The new unit, part of Sompo GRS, will work through a network of retail brokers to offer primary casualty products (general liability, commercial auto, worker’s compensation), as ... Read the full article
AXIS Re names Cyril Caillo as Head of A&H Reinsurance, EMEA LatAm
2nd June 2020
AXIS Re, the reinsurance business segment of AXIS Capital Holdings Limited, has announced the promotion of Cyril Caillo to Head of A&H Reinsurance, EMEA LatAm. In this role, Caillo will be responsible for managing and growing AXIS Re’s accident and health (A&H) business in the EMEA LatAm region. He will continue to ... Read the full article
Munich Re to defend ‘extremely strong’ position despite Covid hit: S&P
2nd June 2020
While S&P Global Ratings expects Munich Re's performance to decline in 2020 due to COVID-19, sufficient capital means the reinsurer will be able to defend its 'extremely strong competitive position' over the next 12-24 months. This capital position is supported by retained earnings and the temporary suspension of Munich Re's €1 ... Read the full article
Property catastrophe reinsurance rates rise 26% at June 1st: Hyperion X
2nd June 2020
Data from Hyperion X Analytics reveals that property catastrophe reinsurance rates-on-line increased by an estimated 26.1% at the June 1st, 2020 reinsurance renewals. The company has released its June 1st property cat rate-on-line index, which indicates average risk-adjusted rate increases of 26.1%. Prior to the COVID-19 pandemic, reinsurance rates were expected to ... Read the full article
HSCM announces launch of Bumblebee Re
2nd June 2020
Hudson Structured Capital Management has announced the formation and approval of Bumblebee Re, a newly-formed Special Purpose Insurer headquartered in Bermuda. This move is designed to help bring collateralized reinsurance cell-formation business in-house, with HSCM receiving approval from the Bermuda Monetary Authority to be registered as a Special Purpose Insurer in ... Read the full article
AM Best revises Nat Re outlook to stable on improved underwriting results
2nd June 2020
A trend of sustained improvement in underwriting performance has seen A.M. Best revise the outlook to stable from negative of National Reinsurance Corporation of the Philippines (Nat Re). As well as the revised outlook, the ratings agency has also affirmed Nat Re's Financial Strength Rating of B++ (Good) and the Long-Term ... Read the full article
Marc Lipman named President of Lloyd’s Canada
1st June 2020
Insurance and reinsurance marketplace Lloyd’s of London has announced the appointment of Marc Lipman as President of its Canadian arm and as Attorney-in-Fact (AIF) for Lloyd’s Underwriters. He assumes the role of AIF from Lisa Duval, who stepped in last year on an interim basis and now returns to Lloyd’s International ... Read the full article
PCS designates MN riots a catastrophe, warns of loss potential
1st June 2020
Property Claim Services (PCS), a Verisk Analytics business, has officially designated the riots in Minneapolis, Minnesota (MN) as a catastrophe, and warned of the potential for large industry losses as unrest threatens to engulf other states. Peaceful protests began in Minneapolis last week after the police killing of unarmed African American ... Read the full article
InsuResilience Solutions Fund to support MiCRO’s Colombia expansion
1st June 2020
The InsuResilience Solutions Fund is set to support the efforts of the Microinsurance Catastrophe Risk Organisation (MiCRO) and SBS Seguros Colombia S.A to strengthen Colombia's resilience to natural catastrophes. MiCRO, a socially oriented commercial enterprise focused in Latin America, provides innovative, technology-based solutions designed to help families and micro-entrepreneurs recover from ... Read the full article
Tokio Marine HCC completes GCube acquisition
1st June 2020
Tokio Marine HCC has completed its previously announced acquisition of GCube, creating a new 'centre of excellence' for renewable energy insurance. The acquisition of specialist renewable energy insurer, GCube by Tokio Marine HCC was announced in early March. The deal combines GCube's extensive track record supporting renewables developers and asset ... Read the full article
Lloyd’s to trial virtual underwriting room in COVID-19 response
1st June 2020
As part of its response to the COVID-19 pandemic, insurance and reinsurance marketplace Lloyd’s of London is planning to explore options for a “virtual” underwriting room. The idea is to add online elements that allow brokers and underwriters to connect in a similar way to the physical 1 Lime Street location ... Read the full article
Insurers welcome FCA update on pandemic BI claims
1st June 2020
Zurich Insurance Group and RSA are among those to welcome the update from the Financial Conduct Authority (FCA) as the UK regulator seeks to obtain legal clarity on business interruption claims related to the COVID-19 pandemic. After consulting with 56 insurers over the past month, the FCA announced today that ... Read the full article
US riots could be a relatively meaningful man-made loss for insurers
1st June 2020
As nation-wide rioting continues in the US following the death of unarmed George Floyd in police custody in Minneapolis, comparisons with previous civil disorders in the country suggests it could be a relatively meaningful man-made loss for the re/insurance industry. The death of George Floyd last Monday resulted in peaceful protests ... Read the full article
R&Q sees 2019 profits surge nearly 400% to £39mn
1st June 2020
Non-life legacy insurance investor Randall & Quilter saw its profits surge 399% to £38.9 million in 2019. At £40.1 million, R&Q’s pre-tax profit was a group record and almost three times the equivalent result in 2018. The company says this was the result of continued growth in both its Program Management and ... Read the full article
AM Best downgrades credit ratings of IRB Brasil Re
1st June 2020
Global financial services ratings agency A.M. Best has downgraded the credit ratings of IRB Brasil Resseguros SA (IRB Brasil Re) and maintained the under review with negative implications status on these ratings. Specifically, A.M. Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer ... Read the full article
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