Reinsurance News
Munich Re: What can we learn from COVID-19 in terms of climate change?
14th September 2020
Munich Re has released its US white paper, Reimagining Resilience in a Post Pandemic World, which explores how society might become more resilient to disastrous situations similar to the COVID-19 crisis, such as climate change risk. As COVID-19 is continuing to have a huge global disruption on societies and economies, global ... Read the full article
MAPFRE renews management teams
14th September 2020
Spanish re/insurer, MAPFRE has approved the renewal of its management teams. This new move aims to advance MAPFRE's strategic objectives, and accelerate the transformation agenda, strengthening capacities in the main regions where it operates. The renewal of the management team also seeks to strengthen the group’s ability to respond to the economic ... Read the full article
Labuan IBFC registers seven new captives in H1
14th September 2020
The Labuan International Business and Financial Centre (Labuan IBFC) registered seven new captives in the first half of 2020, more than the entirety of 2019. These new additions brings the total number of captives registered in the jurisdiction to 56, a growth of 9.8% year-on-year. Of the seven new captives formed, four are foreign ... Read the full article
New Dawn Risk expands presence in Asia with SpecialistRe partnership
14th September 2020
Specialist insurance intermediary New Dawn Risk is entering into a partnership with Singapore-based advisory and consulting firm SpecialistRe. It's hoped the move will strengthen the company's reach and offering across China, Japan and South-East Asia. SpecialistRe was established in Malaysia and has been operating in Singapore since 2015 as an advisory and consulting ... Read the full article
Continental Re acquires 100% ownership of Botswana subsidiary
14th September 2020
Following its recent acquisition of a minority 40% stake in Continental Reinsurance Ltd (Botswana), Continental Reinsurance Plc now holds 100% of the issued ordinary share capital in the subsidiary. Continental Re says the acquisition entrenches its stature as a strong pan-African reinsurance brand and bolsters its commitment to delivering value to ... Read the full article
“Timid” price increases not enough to cover exposure, says Swiss Re
11th September 2020
Executives at reinsurer Swiss Re have said that further rate improvements are needed after "timid" price increases across the reinsurance sector, which have ultimately failed to compensate for years of premium decline and the elevated claims load. Addressing the media this week as part of Swiss Re's virtual Rendez-Vous de Septembre ... Read the full article
Berkshire Hathaway expands services to Illinois
11th September 2020
Berkshire Hathaway GUARD Insurance Companies has announced that Illinois has been added to its list of states where it offers a Commercial Package Policy. The product includes Commercial Property featuring limits up to $120 million per location. It comes with an enhanced causes of loss form, including built-in equipment breakdown, crime ... Read the full article
BI uncertainty will not be resolved by Jan 1: GC’s Lara Mowery
11th September 2020
Lara Mowery, Global Head of Distribution at reinsurance broker Guy Carpenter (GC), has argued that the upcoming January 1 renewals are likely to be complicated by continued uncertainty about the scale of business interruption losses stemming from the COVID-19 pandemic. Speaking as part of a press briefing in which GC executives ... Read the full article
Munich Re to stop covering businesses against pandemic losses: reports
11th September 2020
Global reinsurer Munich Re will no longer be providing cover to businesses against pandemic losses, according to reports from Bloomberg. This comes after the company took a €1.5 billion hit in the first half of 2020 as a result of the the COVID-19 pandemic. Upon the release of its financial results ... Read the full article
Aon tallies cost of August storms
11th September 2020
Re/insurance broker Aon has estimated that the combined cost of the nine tropical cyclones that made landfall around the globe in August will be nearly $20 billion. The most significant event during the month was Hurricane Laura, which made landfall as a high-end Category 4 storm in Louisiana with sustained over-water ... Read the full article
P&C reinsurance buyers expecting 5% price rise off COVID-19, nat cat losses: Moody’s
11th September 2020
Respondents to a Moody’s survey of P&C reinsurance buyers are expecting reinsurance prices to rise by at least 5% next year. Reinsurers' profitability is generally anticipated to take a hit from factors such as COVID-19, more volatile natural catastrophe losses and capacity constraints. Over 90% of respondents had an expectation for price ... Read the full article
Third Point Re reaches agreement with Sirius shareholders
11th September 2020
Shareholders of Sirius International Insurance Group have agreed to remain as investors in the company following the completion of its merger with Bermuda-based reinsurer Third Point Reinsurance. First announced last month, the merger will see Sirius and Third Point Re combine into an entity called SiriusPoint Ltd, in a transaction ... Read the full article
Aston Lark acquires Lloyd’s broker Brunel Professions
11th September 2020
Chartered insurance broker Aston Lark has announced the acquisition of Lloyd’s broker Brunel Professions. Established in 2005, Brunel Professions specialises in PII, D&O and Cyber Insurance. The company also provides an in-house specialist claims handling and risk management service. Commenting on the acquisition, Peter Blanc, Aston Lark Group CEO, said, “I’m delighted to ... Read the full article
MS Amlin announces partnership with insurtech Allphins
11th September 2020
MS Amlin Underwriting Limited has entered into a service agreement with insurtech data analytics platform Allphins to support its exposure management capabilities. The agreement will see MS Amlin’s marine and energy reinsurance division use the Allphins platform to digitalise existing exposure data and access its specialist datasets and analysis tools. The re/insurer ... Read the full article
Pro Global Holdings hires new Head of Data Management & Risk Modelling
11th September 2020
Re/insurance solutions provider, Pro Global Holdings Limited (Pro) has announced the appointment of Sue Barenbrug as its new Head of Data Management and Risk Modelling and to lead its CAI augmented intelligence project. The CAI platform has been developed in an effort to digitally transform the underwriting process, by cleansing data ... Read the full article
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