Reinsurance News
Fannie Mae transfers up to $1.3bn of mortgage risk to the re/insurance market
28th May 2020
The Federal National Mortgage Association (Fannie Mae) has transferred up to $1.3 billion of mortgage credit risk to the private market through the combination of two recently executed front-end Credit Insurance Risk Transfer (CIRT) transactions. CIRT FE 2020-1 and CIRT FE 2020-2 together cover up to $39.6 billion in unpaid principal ... Read the full article
Swiss Re Corporate Solutions appoints Head A&H Underwriting
28th May 2020
Swiss Re Corporate Solutions (SRCS), the commercial insurance arm of reinsurer Swiss Re, has announced the appointment of Ronald Nagy as Head A&H Underwriting, effective June 1, 2020. In this role, Nagy will be responsible for leading the Accident & Health (A&H) Underwriting team. Based in Schaumburg, Illinois, he will oversee a ... Read the full article
Markel adds Hui Zhi Pek as terrorism underwriter for Asia
28th May 2020
Specialist insurer Markel International has announced the appointment of Hui Zhi Pek as terrorism underwriter for Asia. Pek holds more than 12 years of industry experience and joins from Asia Capital Reinsurance Group, where she worked closely with the senior management across various functions. She will be based in Markel’s Singapore office and ... Read the full article
Monument Re completes GreyCastle acquisition
28th May 2020
Life reinsurance and insurance holding company, Monument Re, has completed its previously announced acquisition of GreyCastle Holdings Ltd and its subsidiaries. The deal was announced towards the end of March, 2020 and sees Monument Re acquire a Bermuda-based manager of annuity and life risks. GreyCastle was established in 2014 by a ... Read the full article
SCOR signs up to UN carbon neutral investment pledge
28th May 2020
SCOR has signed up to the Net-Zero Asset Owner Alliance, an international group of institutional investors that have committed to decarbonise their portfolios to net-zero emissions by 2050. Convened by the United Nations (UN), the Alliance aims to help avoid a global temperature increase above the 1.5°C Paris target, and already ... Read the full article
Australia’s summer nat cat claims hit AU$5bn
28th May 2020
The Insurance Council of Australia has pegged the cost of claims from four natural catastrophes declared over the 2019-20 summer at over AU$5.19 billion. More than 15,000 claims totalling AU$270 million were lodged in the last four weeks. “Thousands of new claims and property loss assessments have pushed total claims to more ... Read the full article
Analysts call for more collaboration between re/insurers and academia
28th May 2020
Research collaboration organisation Lighthill Risk Network Ltd (Lighthill) has called on the global re/insurance sector to support a coordinated effort to establish and improve links with academia. By working more closely with academics and researchers, Lighthill believes the re/insurance industry can deepen its understanding of systemic risks facing societies. As part of ... Read the full article
FHCF will not renew its private market reinsurance in 2020
28th May 2020
It's been announced that the Florida Hurricane Catastrophe Fund (FHCF) will not be renewing its expiring $920 million private market reinsurance placement for 2020. The 2019-2020 private reinsurance placement, which was led by reinsurers Swiss Re and RenaissanceRe, is scheduled to expire ahead of the 2020 Atlantic hurricane season. However, in ... Read the full article
Catalina adds Hemphill as non-exec chair, Foulger as senior non-exec director
28th May 2020
Catalina Holdings has announced the appointment of Bruce Hemphill as non-executive chairman of its Board, while Caroline Foulger joins as senior independent non-executive director. Hemphill was previously appointed as a non-executive director to Catalina’s Board in 2019 and brings significant financial services expertise and experience. He is the former Chief Executive Officer ... Read the full article
COVID-19 stress tests positive, but risks still remain: AM Best
28th May 2020
Rating agency AM Best has announced the results of its capital adequacy stress tests as it moves into the second phase of its response to the COVID-19 pandemic. Outside of the life sectors in Canada and the US, the tests have been generally positive, with most rated re/insurers taking only manageable ... Read the full article
International law firm Kennedys joins BILTIR association
28th May 2020
Global law firm Kennedys, which has a strategic focus on the insurance sector, has joined the Bermuda International Long Term Insurers and Reinsurers (BILTIR) association. The addition of Kennedys means that 62 companies have now joined the association, which represents Bermuda's insurance, reinsurance, and servicing firms who provide life and annuity ... Read the full article
Hurricanes and pandemics are “not a good mix”, warns KCC
27th May 2020
On balance, both losses and loss adjustment expenses from hurricanes will increase as a result of the challenges and disruption being caused by the COVID-19 pandemic, says Karen Clark & Company (KCC) in a new report. Numerous forecasters have said that it's likely the 2020 Atlantic hurricane season will see ... Read the full article
Swiss Re Corporate Solutions launches parametric hail insurance solution
27th May 2020
Swiss Re Corporate Solutions (SRCS), the commercial insurance arm of reinsurer Swiss Re, has announced the launch of a new parametric hail insurance solution, HAIL. The new parametric hail cover provides companies in the U.S. with insurance protection against the financial impact of a significant hail event. This includes things like physical ... Read the full article
PartnerRe makes key changes to non-life structure, leadership
27th May 2020
Bermuda-based reinsurer PartnerRe has announced an adjustment to the responsibilities of executive leadership within Specialty Lines and has created the role of Chief Executive Officer for Global Cat. Effective June 1, Greg Haft will assume the role of CEO Global Cat. This newly created position will see him bring together the company’s ... Read the full article
Nexus bolsters FL division with appointment of Bruce Simmons
27th May 2020
Specialty Managing General Agent (MGA) Nexus has announced the appointment of Bruce Simmons to its US operations as Vice President – Management and Professional Liability. Simmons joins Nexus' Financial Lines division from Zon Re, where he served as Chief Underwriting Officer. Before that, he worked at companies including Gen Re, Allied World ... Read the full article
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