Reinsurance News
CoreLogic rejects second takeover offer from Senator & Cannae
16th September 2020
Property information and analytics provider CoreLogic has rejected a second acquisition offer from investors Senator Investment Group LP and Cannae Holdings Inc. The two investors, who have been moving to replace CoreLogic’s Board following the rejection of their original proposal, revised their offer upwards from $65.00 to $66.00 per ... Read the full article
Covéa and Swiss Re reported on verge of arbitration over COVID-19 BI claims
16th September 2020
According to reports in the French press, insurer Covéa is set to launch an arbitration with its reinsurer, Swiss Re, concerning COVID-19-related business interruption (BI) losses of at least €500 million. Reports state that both Covéa and Swiss Re are in the process of selecting their arbitrators as tensions between insurers ... Read the full article
Zurich avoids pandemic-related BI payouts in High Court ruling
16th September 2020
The wordings represented by Zurich Insurance in the Financial Conduct Authority test case reportedly do not provide cover for business interruption in relation to the COVID-19 outbreak, a decision the insurer welcomes. Zurich says this decision is supported by the limited numbers of claims relating to policies with these wordings received to ... Read the full article
Helios announces launch of African market-focused reinsurer ASR
16th September 2020
Helios Investment Partners has announced the launch of a reinsurance business formed in partnership with Mikir Shah, former CEO of AXA Africa Specialty Risks, and Bryan Howett, former CEO of Old Mutual’s pan-African reinsurance operations. Africa Specialty Risk Group will create tailored solutions for local and global customers, using Africa-specific pricing ... Read the full article
B3i announces major enhancements to reinsurance solution
16th September 2020
The Blockchain Insurance Industry Initiative (B3i) has released several major enhancements to its reinsurance solution B3i Re. Formerly the Cat XoL placement product, B3i Re includes significant technical accounting functionality and a number of feature requests from B3i’s customers. Features include treaty tower parameter enhancements; multicurrency capabilities; cedent broker approval transactions; enhanced treaty ... Read the full article
Alliant hires Senior Vice President
16th September 2020
US insurance broker, Alliant Insurance Services, has announced the appointment of Larry Shapiro as Senior Vice President, Alliant Mergers & Acquisitions. Shapiro will be serving as the Representations and Warranties team leader for Alliant Mergers & Acquisitions. His position will take place effective immediately. He will be based in San Francisco to ... Read the full article
Lloyd’s welcomes FCA test case judgement
16th September 2020
Lloyd’s has welcomed yesterday's FCA’s test case judgement, describing it as having bought coverage clarity for many policyholders with certain non-damage business interruption insurance extensions. The financial regulator brought the case forward in May to seek legal clarity on whether insurers were obligated to pay out on BI claims ... Read the full article
Insurers have a responsibility to take action on climate change: Sweeney, BoE
16th September 2020
While the insurance industry has made progress on the issue of climate change and related risks, it's vital that the sector, alongside regulators, further advance their thinking and take action, according to Anna Sweeney, Executive Director, Insurance Supervision Division, Bank of England (BoE). Although somewhat overshadowed in recent months by the ... Read the full article
Lockton Re adds Ben Firshein to International P&C division
16th September 2020
Lockton Re, the reinsurance arm of insurance broker Lockton, has announced that Ben Firshein is set to join its International Property and Casualty (P&C) division. He arrives from Gen Re, where he most recently served as Head of Specialty, having joined Gen Re in 2007 as an underwriter. Firshein has held a ... Read the full article
QBE responds to UK BI test case ruling; expects to call on reinsurance
16th September 2020
In response to yesterday's ruling by the UK’s High Court that largely favoured policyholders in the Financial Conduct Authority’s (FCA)’s business interruption (BI) insurance test case, insurer QBE has said that it expects its reinsurance protection to limit the net cost to $70 million. In certain instances, yesterday's judgement favoured ... Read the full article
Peak Re names Matteo Cussigh as SVP of Markets
16th September 2020
Hong Kong domiciled reinsurer, Peak Reinsurance Company Limited, has announced the appointment of Matteo Cussigh from NewRe as Senior Vice President (SVP) of Markets. Cussigh brings two decades of reinsurance industry service to the role, with experience in both traditional reinsurance and alternative risk tools with brokers and reinsurers. Prior to Peak ... Read the full article
SRS acquires Dyna Management Services
16th September 2020
Strategic Risk Solutions (SRS) has announced that it will be acquiring the operations of Dyna Management Services Ltd. Dyna is an independently owned insurance management company headquartered in Bermuda. It’s been decided that all staff of Dyna will remain with the firm, including Terence Power, the current CEO and founder of Dyna, ... Read the full article
AXA XL reveals key findings of disaster recovery study
16th September 2020
AXA XL, the property & casualty and specialty risk division of AXA, has partnered with the Cambridge Centre for Risk Studies on a study exploring the role re/insurers play in disaster recovery, and plans to launch a new Disaster Recovery Board. The firm also plans to create a new open source database using ... Read the full article
Hannover Re provides property cat reinsurance outlook
15th September 2020
Global reinsurers Hannover Re sees the COVID-19 pandemic as having added further challenges to a reinsurance market already distressed by successive years of major natural catastrophe losses. When it comes to property catastrophe business, this has resulted in an overall favourable trading environment for reinsurers throughout all renewals in 2020 so ... Read the full article
Canopius appoints Lisa Davis President, CUO of US business
15th September 2020
Global specialty re/insurer Canopius has appointed Lisa Davis as President and Chief Underwriting Officer of its US business. Effective October 1, Davis reports to group Chief Underwriting Officer Mike Duffy and will oversee all of the group's US operations, comprising of Canopius US Insurance in Chicago and Canopius Underwriting Agency in ... Read the full article
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