Reinsurance News
Forced BI claims would put “systemic strain” on the insurance industry: Triple-I CEO
22nd May 2020
The Chief Executive Officer (CEO) of the Insurance Information Institute (Triple-I), Sean Kevelighan, has warned that systematic strains would be placed on the insurance industry if carriers are forced to pay out retroactive claims. As the fallout surrounding business interruption (BI) insurance related to the COVID-19 pandemic has persisted, leaders from ... Read the full article
PartnerRe promotes André Piché to President of Canadian L&H
22nd May 2020
Bermuda-based reinsurer PartnerRe has announced the promotion of André Piché to President of its Canadian Life & Health (L&H) operations, effective May 19th, 2020. In his new role, Piché takes overall responsibility for the firm's Canadian L&H operation, and will report to Alan Ryder, Chief Executive Officer (CEO) of North America ... Read the full article
Ironshore Environmental enhances CELL solution
22nd May 2020
Ironshore, a Liberty Mutual company, has announced that its Ironshore Environmental's Contractors' Environmental Legal Liability (CELL) policy can now include Professional Liability for certain contractor classes. The company's CELL solution responds to third-party bodily injury, property damage and remediation of environmental damages driven by pollution incidents caused by the contractor's work ... Read the full article
Reinsurance rate increases to continue through 2021: KBW
22nd May 2020
Analysts at KBW believe that reinsurance rate increases will be sustained at least through to January 2021, as reinsurers contend with higher retrocession costs. The firm released its forecasts for the upcoming June and July renewals following a series of virtual meeting with Bermuda executives from two reinsurance brokers and four ... Read the full article
Ariel Re provides cover for solar firm NovaSource Power Services
22nd May 2020
Ariel Re, member of Argo Group, has insured the contractual performance guarantees (PeGu) of NovaSource Power Services, a firm specialising in operations and maintenance for solar projects. Through its Lloyd’s of London Syndicate 1910, Ariel Re provided Solar Power Outage Insurance to backstop NovaSource’s PeGu liabilities in the event of unexpected ... Read the full article
Exacerbated hard market is exposing “anachronistic” broking structure: report
22nd May 2020
A new report claims that a hard market exacerbated by the impacts of the COVID-19 pandemic is exposing the "hopelessly conflicted and untransparent broker system" that developed during a prolonged softened market state. Brokers receive up to 80% of their renumeration from insurers and just 20% from clients, says the report ... Read the full article
Tokio Marine Kiln syndicate forecasts dip on COVID-19
22nd May 2020
The latest Lloyd’s of London syndicate results and forecasts from Tokio Marine Kiln (TMK) show some downward movement in the forecasts for Syndicates 510 and 557 as a result of the COVID-19 pandemic. Starting with the 2018 year of account, Syndicate 510, with capacity of £1,136 million, saw its forecast range ... Read the full article
Neon’s Lloyd’s managing agency platform for sale in TigerRisk run process
22nd May 2020
The Lloyd's of London managing agency platform of in run-off Neon Underwriting, part of American Financial Group, Inc., is up for sale in a process being run by broker TigerRisk Partners, we understand. AFG had announced that it was to exit the Lloyd’s marketplace at the beginning of this year, ... Read the full article
MMC re-elects Board of Directors
22nd May 2020
Marsh & McLennan Companies (MMC), the insurance and reinsurance focused risk, strategy and people professional services firm, has revealed that its entire slate of 2020 director nominees were elected during its recent Stockholders' meeting. At the meeting, shareholders re-elected directors to serve for a one-year term expiring at the 2021 annual ... Read the full article
IRB Brasil Re eyeing competitors’ LatAm portfolios: Reports
22nd May 2020
It’s believed Brazilian reinsurer IRB Brasil Re is in advanced talks with rivals across Latin America as the firm looks to buy up portfolios and strengthen its position in the region. Reuters, citing two sources close to the reinsurer, says the move is an attempt to capitalise on decisions by rivals ... Read the full article
ABI rejects pub industry appeal for pandemic BI cover
22nd May 2020
In response to an open letter penned by a coalition of beer and pub businesses, the Association of British Insurers (ABI) has insisted that the UK re/insurance industry has no responsibility to pay business interruption (BI) claims related to the COVID-19 pandemic. The coalition letter, addressed to ABI Chair Jon Dye, ... Read the full article
NOAA forecasts above-normal Atlantic hurricane activity
22nd May 2020
Forecasters with the National Oceanic and Atmospheric Administration's (NOAA) Climate Prediction Centre have said there's a 60% chance of an above-normal Atlantic hurricane season, which officially starts on June 1st, 2020. Analysis conducted by the NOAA reveals that multiple climate factors indicate that an above-normal level of activity is most likely ... Read the full article
WTW appoints Johan Forsgård to new Nordics leadership role
22nd May 2020
Re/insurance broker Willis Towers Watson (WTW) has announced the appointment of Johan Forsgård as the leader of its new Nordics region structure. As Head of the Nordics, he will manage the newly formed region consisting of Sweden, Finland, Denmark, and Norway. Forsgård was previously Head of Sweden and Finland at WTW, having ... Read the full article
Insurance trade groups propose federal pandemic solution
22nd May 2020
A new, industry-backed federal program designed specifically to help businesses meet the financial challenges from future pandemics has been proposed by the National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty Insurance Association (APCIA), and the Independent Insurance Agents & Brokers of America, Inc. (Big "I"). The new pandemic ... Read the full article
COVID-19 to increase drone use within insurance: GlobalData
22nd May 2020
Data and analytics specialist GlobalData is expecting drones to play a bigger role within the insurance space as coronavirus continues to change the way people and businesses interact. While it was anticipated that drone technology would eventually take off in the inspection of large areas, GlobalData notes how coronavirus is highlighting ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
