Reinsurance News
Industry split over Supreme Court BI ruling
19th January 2021
With the re/insurance industry still coming to terms with the UK Supreme Court's recent business interruption ruling, we polled our industry contacts and had 270 responses on whether or not they agreed with the outcome. Despite a slim majority siding with the decision to uphold the original High Court ruling, responses ... Read the full article
Marsh UK appoints Tom Colraine as Chairman
19th January 2021
Marsh UK, a division of global insurance brokerage Marsh, has appointed Tom Colraine, who has been a non-executive director of the business since 2018, as Chairman, succeeding Jane Barker. Colraine has experience as a non-executive director, including as Chair of Hastings Group Holdings and the Compre Group, as well as chairing ... Read the full article
National Western Life enters into annuity reinsurance transaction with Prosperity
19th January 2021
National Western Life Insurance Company (NWLIC), part of National Western Life Group, Inc., has completed an annuity reinsurance transaction with Bermuda domiciled reinsurer, Prosperity Life Assurance Limited, effective December 31st, 2020. Prosperity, which is rated A- (Excellent) by A.M. Best, is an emerging provider of bespoke and innovative reinsurance solutions to ... Read the full article
Corant Global launches as holding company for BGC’s insurance interests
19th January 2021
Corant Global Limited, the new name for BGC Insurance (BGCI), has launched today and will become the holding company for all the insurance interests of global brokerage and financial technology firm, BGC Partners, Inc. Corant will comprise of insurance and reinsurance broking operations Ed, Besso, Piiq Risk Partners and Junge, alongside ... Read the full article
Environmental threats still dominate long-term risk landscape: WEF
19th January 2021
According to the World Economic Forum (WEF), environmental risks are again forecast to dominate the risk landscape over the next 10 years, both in terms of impact and likelihood. The WEF’s 2021 Global Risks Report also warned that societal fractures, uncertainty and anxiety will make it increasingly difficult to achieve the ... Read the full article
Re/insurer Canopius exploring IPO at valuation of more than £2bn: reports
19th January 2021
Global specialty insurer and reinsurer, Canopius Group, is reportedly in discussions about a potential public offering that could value the Lloyd's of London player at over £2 billion (USD 2.7bn), according to Sky News. Previously known as Sompo Canopius AG, the specialist re/insurer was acquired in 2017 by a consortium ... Read the full article
Robus Guernsey hires Justin Upson as Director
19th January 2021
Insurance management, fiduciary and financial advisory group Robus has appointed Justin Upson as Director of the Guernsey office. Upson will lead Robus’ Protected Cell Company (PCC) providing innovative solutions to Robus clients, as well as being the client lead for Robus’ PCC. He will also have operational responsibilities for a number of ... Read the full article
SCOR to provide AI-powered life insurance products with Bayer, One Drop
19th January 2021
SCOR is partnering with life science company Bayer and One Drop, a provider of digital solutions for people living with diabetes and other chronic conditions, to create an AI-powered digital health platform to life insurance carriers and policyholders across the US This joint effort between SCOR, Bayer and One Drop aims ... Read the full article
K2 CAT renews Japan facilities for 2021
19th January 2021
K2 CAT has announced that its three property treaty facilities for Japan have been renewed for 2021 with existing carriers, Peak Re, Taiping Re and Cathay Century Insurance. The company, formerly called Pioneer CAT, has been underwriting Japanese business on behalf of principal backer Peak Re since 2014. Back in November, K2 ... Read the full article
Favourable pricing trends to continue: Morgan Stanley
18th January 2021
Equity analysts at Morgan Stanley have released a report which shows a number of predictions for 2021, anticipating that favourable pricing trends are likely to continue driving robust premium growth during 2021. Many factors have driven recent hardening such ... Read the full article
Louisiana Citizens sees continued drop in policies, strong financial position
18th January 2021
Louisiana Citizens Property Insurance, the state-sponsored insurer of last resort, has reported itself to be in a strong financial position after enacting a proactive reinsurance strategy and leveraging models to select polices for depopulation. Insurance Commissioner Jim Donelon noted how Citizens, which covers properties that the private insurance industry won’t, is now ... Read the full article
Aon targets rising fuel costs with new insurance solution
18th January 2021
Global insurance and reinsurance brokerage firm, Aon, has launched a new fuel insurance solution for the shipping and aviation industries, backed by AAA-rated credit insurance. Designed to help companies mitigate the impacts of rising fuel costs, the new protection will be activated if the cost of fuel increases and exceeds an ... Read the full article
SCOR deems pandemic risk uninsurable
18th January 2021
Experts from global reinsurer SCOR have concluded that pandemics are uninsurable due to insurers not having the capacity to absorb such loss accumulation. This serial element is accentuated even further by the global nature of pandemic risk. Added to this, the geographical diversification of risk portfolios is ineffective and actually compounds the ... Read the full article
Clyde & Co expands into Europe with new hires
18th January 2021
Global law firm Clyde & Co has further expanded into Europe with the opening of an office in Munich, Germany following the hiring of three leading insurance lawyers and their team. The expansion will mean that Clyde & Co will have more presence in Germany, where it already has offices in ... Read the full article
Everest Re appoints Mariza Costa as VP, Investor & Rating Agency Relations
18th January 2021
Bermuda-based reinsurer Everest Re Group has appointed Mariza Costa as Vice President (VP) of Investor and Rating Agency Relations, based in the company’s US Headquarters in Warren, New Jersey. Read the full article
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