Reinsurance News
Heightened storm frequency, rising sea levels to drive greater losses: report
22nd January 2021
A recent report examining the influence of climate change on hurricane risks in the U.S. shows that increased event frequency and sea level rise will have a significant impact on future damages. The AIR Worldwide-led report, in collaboration with experts from re/insurer AXIS Capital Holdings Limited and the Brookings Institution, explores ... Read the full article
SCOR launches machine learning-driven biometric risk calculator
22nd January 2021
Reinsurance giant SCOR has announced the launch of Vitae, an automated biometric risk calculator that employs machine learning techniques. The tool is designed to enable more accurate risk assessment based on a wider array of medical factors and simplifies the underwriting process, in an effort to yield a better experience for ... Read the full article
RMS bolsters cyber offering with two key updates
22nd January 2021
Catastrophe risk modeller RMS has bolstered its cyber offering with the launch of a new underwriting application. The company has also made significant updates to its cyber solutions portfolio management application. RMS Cyber Solutions Version 5.0 will allow users to price and select cyber risks without the need for large sets of ... Read the full article
COVID restaurant ruling may have wider ramifications for re/insurers: analysts
22nd January 2021
Following a landmark pandemic business interruption (BI) ruling by an Ohio judge against Zurich American, analysts at KBW and Credit Suisse have warned that the case could have wider ramifications for the insurance and reinsurance industries. In the recent Ohio case, the federal judge ruled that Zurich must pay out on ... Read the full article
Beazley appoints Christine LaSala as Chair
22nd January 2021
Specialist insurer Beazley has announced that Sir Andrew Likierman will be succeeded by Christine LaSala as Chair of the Beazley Remuneration committee. This is at the conclusion of the company's AGM on 26 March, 2021 following the completion of his second three-year term, in line with standard succession requirements. In addition to ... Read the full article
Willis Re sale deemed necessary for Aon-WTW merger
22nd January 2021
73% of industry participants we approached feel regulators will require Willis Towers Watson to sell its reinsurance subsidiary Willis Re if the much publicised mega-merger with Aon is to go ahead. The two broking giants confirmed that a business combination was being pursued back in March 2020. It's believed such a ... Read the full article
First American enters P&C book transfer deal
22nd January 2021
First American Financial Corporation’s property and casualty insurance subsidiaries have entered into book transfer agreements with Safeco Insurance, a Liberty Mutual Company, and Heritage Insurance Holdings. The agreement, which is expected to complete by the end of the third quarter of 2022, will provide qualifying First American property and casualty insurance ... Read the full article
Labuan IBFC signs MoU with RAM Ratings
22nd January 2021
Labuan IBFC has signed a Memorandum of Understanding (MoU) to collaborate on RAM Ratings’ Labuan Entity Corporate Assessment (LECATM) service. RAM Ratings is Malaysia's premier rating agency and this agreement will see the two organisations develop, promote and facilitate the adoption of LECATM. LECATM is a new rating service for companies based ... Read the full article
Amynta Group names John Matesic as Vice President of Surety
22nd January 2021
Amynta Group announced the appointment of John Matesic as Vice President of Amynta Surety Solutions, its commercial surety division. Matesic will be responsible for underwriting commercial surety opportunities, focused on supporting Amynta's New England, New York, New Jersey and Philadelphia producer partners. He joins Amynta from Nationwide, where he managed the commercial ... Read the full article
R&Q wraps up $80mn Brickell investment
22nd January 2021
Non-life re/insurance legacy and run-off acquisition specialist Randall & Quilter has successfully completed its previously announced $80 million equity investment from Brickell Insurance Holdings. As previously announced on 29 April 2020, investment vehicle Brickell made a $80 million subscription for a new series of preferred stock issued by Randall & ... Read the full article
Everest makes three leadership changes
22nd January 2021
Bermuda-based reinsurer Everest Re has made three new appointments within its Distribution, Specialty Casualty and Everest Specialty Underwriters units. Marcus Cooper has been appointed Head of Distribution for Everest North America. He will be based in Chicago and will report to Mike Karmilowicz, President of Everest. He joins from Liberty Mutual where he ... Read the full article
Storm Christoph losses could reach £120mn: PwC
22nd January 2021
Analysts at PwC have estimated that insurance industry losses from Storm Christoph in the UK will likely total between £80 million and £120 million. Christoph brought widespread flooding across England and Wales this week, prompting evacuations from a “large number” of homes in South Wales. About 2,000 homes in the Didsbury and ... Read the full article
LTC performance adds pressure to life re/insurers: AM Best
22nd January 2021
AM Best has reported that continued poor performance from inadequate pricing is a significant issue for US long-term care (LTC) re/insurers, owing to low interest rates, improving mortality, rising morbidity and policyholder utilisation assumptions. The rating agency noted that loss ratios in the “beleaguered” LTC market continue to climb, with individual ... Read the full article
Arch expects Q4 catastrophe losses of up to $165mn
22nd January 2021
Bermuda domiciled insurer and reinsurer, Arch Capital Group Ltd., has announced estimated pre-tax catastrophe losses of between $155 million and $165 million for the fourth-quarter of 2020. Arch explains that the losses are across its property / casualty insurance and reinsurance operations, net of reinsurance and reinstatement premiums. The loss estimate range ... Read the full article
Lloyd’s names Aviva’s Patrick Tiernan as Chief of Markets
22nd January 2021
The specialist Lloyd's of London insurance and reinsurance marketplace has appointed Aviva's Patrick Tiernan to the newly created role of Chief of Markets, which will see him take oversight of market performance and distribution. Tiernan joins the market from Aviva where he currently serves as Managing Director, UK Commercial Lines & ... Read the full article
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