Reinsurance News
2020 already third highest year for insured Cali wildfire losses: Moody’s
17th September 2020
At nearly $5 billion, 2020 is already the third-highest year for California insured wildfire losses behind 2017 and 2018, according to Moody’s Investors Service. In a new report, Moody’s says wildfires across California, Oregon, Washington and other western states have damaged or destroyed around 9,657 homes and commercial structures and burned ... Read the full article
Remote working to have lasting consequences for re/insurers: GlobalData
17th September 2020
Data and analytics company GlobalData believes that the increase in remote working due to the COVID-19 pandemic will have lasting consequences for the insurance and reinsurance industries. With remote working levels set to stay significantly higher than before the coronavirus crisis, /reinsurers will need to adapt to remote working being more ... Read the full article
Zurich adds climate change to natural hazards risk advisory service
17th September 2020
Global insurer Zurich has expanded its natural hazards risk advisory to include climate change services, underscoring its commitment to sustainability and a 1.5°C future. Zurich's newly launched Climate Change Resilience Services is designed to help businesses better prepare for both current and future climate change risks. Climate change is consistently viewed as ... Read the full article
David Corry takes senior role at Argo Environmental
17th September 2020
Argo Environmental, a subsidiary of specialty re/insurer Argo Group International Holdings Ltd., has announced the appointment of David Corry as Senior Vice President (SVP), Head of Environmental. Corry joins Argo from Markel, where he was senior director of environmental and energy insurance. He previously spent a decade working at Crum & Forster ... Read the full article
UK bulk annuity sales reached £12.7 billion in H1: Aon
17th September 2020
Re/insurance broker, Aon has reported that UK bulk annuity sales have reached a substantial £12.7 billion in the first half of 2020. This amount has been reached despite challenging market conditions resulting from the COVID-19 outbreak. The market volatility saw a number of schemes reconsider market approaches or temporarily suspend transactions. Throughout ... Read the full article
Blackstone & Fairfax back Ki in $500m capital raise
17th September 2020
Ki, the fully digital and algorithmically-driven Lloyd’s of London syndicate, has raised USD 500 million of committed capital from two backers, funds managed by Blackstone Tactical Opportunities and Fairfax Financial Holdings Limited. The creation of Ki was revealed in May 2020 and the capital commitment is expected to fund the ... Read the full article
Novacap announces acquisition of GroupAssur
17th September 2020
Canadian equity firm, Novacap has announced the acquisition of a majority interest in GroupAssur Inc. GroupAssur is a general agent that specialises in Property and Casualty insurance lines, offering insurance products across Canada. Headquartered in Montreal, GroupAssur provides insurance solutions to its country-wide network of Canadian brokers. Marcel Larochelle, Managing Partner, Financial Services ... Read the full article
Munich Re leads financing round for Indian insurtech startup
17th September 2020
It has been announced that Munich Re has led the financing round for an Indian insurtech startup, Acko. The startup, which is taking on India’s outdated insurance industry with a digital-first product that has already received backing from Amazon, today announced a new financing round. So far it has raised $60 million ... Read the full article
BI test case ruling unlikely to affect ratings of UK non-life insurers: Fitch
16th September 2020
The recent High Court ruling on the COVID-19 business interruption (BI) insurance test case, brought by the Financial Conduct Authority (FCA), is unlikely to have an adverse impact on the ratings of UK non-life insurers, says Fitch Ratings. The recent judgement went against insurers in a number of areas, and ... Read the full article
Liberty Mutual appoints head of field operations for GRS North America
16th September 2020
Liberty Mutual has announced the appointment of Marc Orloff as President of North American Field Operations for Global Risk Solutions (GRS) North America. Orloff previously led Liberty Mutual's GRS field distribution team, which includes retail and wholesale field organizations, national broker management, and private equity and construction practices. He will continue to ... Read the full article
AIG’s Zaffino eyeing more strategic purchasing within reinsurance
16th September 2020
AIG's reliance on reinsurance will continue to be strategic but, since the company has repositioned its portfolio, it should be able to do more things with reinsurance without taking more risk, according to President and Chief Operating Officer Peter Zaffino. This could give AIG opportunities for less spend, but more strategic ... Read the full article
Compre eyeing capital raise off COVID-19, market hardening
16th September 2020
Leading specialist legacy acquirer Compre is looking to raise additional capital in the face of increased legacy activity related to the COVID-19 pandemic and hardening insurance market. Compre says its current shareholders, private-equity firm CBPE Capital, remain committed to the business and support its management team's outlook. The existing team, led by CEO ... Read the full article
Premia adds Lloyd’s expertise with addition of Colin Grint from AJG
16th September 2020
Bermuda domiciled reinsurance run-off group, Premia Holdings Ltd., has appointed Arthur J. Gallagher's (AJG) Colin Grint as Chief Executive Officer (CEO) of Premia Managing Agency Ltd. Subject to regulatory approvals, Grint is expected to join Premia on October 1st, 2020 and will take oversight of all of the company's operations in ... Read the full article
RSG Underwriting Managers announces leadership changes
16th September 2020
Ryan Specialty Group, LLC (RSG) has announced the appointments of Nick Cortezi as Chairman & CEO of RSG Underwriting Managers, and Matt Nichols as President of RSG Underwriting Managers. Current leader of RSG Underwriting managers, Mike Rice, recently announced his intention to retire at the end of this year, however ... Read the full article
AGCS highlights key trends putting pressure on liability insurers
16th September 2020
While pricing in the liability insurance market may have turned in recent months, Allianz Global Corporate & Specialty (AGCS) has highlighted a number of market trends that continue to apply pressure on the sector's insurers. Social inflation, a phenomenon especially prevalent in the US, has been driven in recent years by a ... Read the full article
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