Reinsurance News
Freddie Mac announces closure of $2.6bn MCIP reinsurance transaction
24th August 2020
US loan mortgage corporation, Freddie Mac, has announced the closure of its third Multifamily Credit Insurance Pool offering. The transaction reinsures risk on a $2.6 billion reference pool made up of 136 multifamily loans. Partnering with insurance and reinsurance broker Aon, Freddie Mac retains the first 1% of losses, and has purchased ... Read the full article
COVID-19 looking more like an earnings event than a capital event: David Flandro
24th August 2020
Speaking during a recent second quarter earnings update, Hyperion X's David Flandro outlined a belief that COVID-19 is looking more like an earnings event than a capital event, despite the sizeable difficulties remaining for the re/insurance sector as a result of the pandemic. Flandro, noting how reinsurers have taken a larger ... Read the full article
Goldberg Segalla hires insurance lawyer
24th August 2020
US law firm, Goldberg Segalla, has announced the appointment of associate Nathan Young to its Global Insurance Services group in Greensboro. Prior to this position, Young worked with Comerford, Chilson & Moser LLP in Winston-Salem. Young focuses his practice on counselling and defending insurers in coverage litigation arising under a variety of ... Read the full article
Reinsurance growth lifts Sava Re revenue in H1
24th August 2020
Slovenia domiciled reinsurance firm Sava Re has grown its operating revenue by 16.6% over the first half of 2020, due to expansion of its freedom of services (FoS) business and growth in reinsurance business. During H1, the Sava Insurance Group generated almost €314.2 million in operating revenue (51.5% of the original ... Read the full article
Markel adds to its board of directors
24th August 2020
Markel Corporation has announced the appointment of Lynne Puckett to its board of directors. Puckett’s current role is the senior vice president and general counsel of Celanese Corporation, an international tech firm in the production of specialty materials and chemical products. Steve Markel, chairman of the board at Markel, commented: "We are ... Read the full article
European reinsurers top tier globally by business profile: Fitch
24th August 2020
The four major European reinsurers - Munich Re, Swiss Re, Hannover Re and SCOR SE are among the top tier of global reinsurers by business profile, Fitch Ratings says. Large franchises and a high degree of diversification underpin Fitch's assessment of very strong business profile for each group. The capital adequacy of ... Read the full article
China’s insurance penetration rises to almost 6% in H1 2020
24th August 2020
A report has been made by the Chinese regulator that the position of China’s insurance industry in the entire national economy has further improved, as insurance penetration is on the rise. According to statistics from the China Banking and Insurance Regulatory Commission (CBIRC), relayed by China Banking and Insurance News, the ... Read the full article
Marco launches as P&C run-off specialist with €500m capital
21st August 2020
Marco Capital Holdings Limited, a new Malta-headquartered European Property & Casualty run-off solutions provider, has launched with €500 million in committed initial equity capital. The group, whose majority investor is US alternative investment management firm Oaktree, will pursue run-off opportunities located in/emanating from the Continental Europe, the UK and Lloyd's of London. Marco's initial committed ... Read the full article
Lloyd’s unlikely to turn an underwriting profit in 2020: S&P
21st August 2020
With COIVD-19 having already caused sizeable losses and with the North Atlantic hurricane season still a factor, S&P Global Ratings considers it unlikely that Lloyd's of London will turn an underwriting profit in 2020. S&P notes how despite an overall profit in 2019, its first since 2016, Lloyd's underwriting remained unprofitable, ... Read the full article
Suncorp reports improved group net profit for FY20
21st August 2020
Australian insurer Suncorp has reported Group net profit after tax of AUD 913 million for FY20, which includes a gain of AUD 285 million from the sale of its Capital SMART and ACM Parts businesses. In comparison, Suncorp reported Group net profit after tax of just AUD 175 million for ... Read the full article
Principal Financial names McCullum as new CRO
21st August 2020
Ken McCullum, Vice President and Chief Actuary of Principal Financial Group, is set to become the company's new Chief Risk Officer (CRO), effective September 28th, 2020. McCullum takes over from Julia Lawler, executive vice president and CRO, who is retiring after 36 years of service with the company. He has served as ... Read the full article
Universal Property secures Tennessee license
21st August 2020
Universal Insurance Holdings announced today that its wholly-owned subsidiary, Universal Property & Casualty Insurance, has received a Certificate of Authority in Tennessee. This certificate approves Universal Property as a licensed insurance entity in Tennessee and will allow the company to expand its business in the state. This latest addition means Universal Property ... Read the full article
QBE adds Harpreet Mann as Head of Global Credit & Surety for NA
21st August 2020
Australian insurer QBE has announced the appointment of Harpreet Mann as Head of Global Credit & Surety for its North America division. Mann will develop and promote the strategic vision for enhancing the Credit & Surety book of business in North America while building relationships with prospective business partners. She will report to ... Read the full article
IRB Brasil Re targets improved operational efficiency with Insurdata Portal
21st August 2020
Insurtech firm, Insurdata has announced that Brazilian reinsurer IRB Brasil Re will be using its Insuredata Portal. IRB Brasil Re will use the platform to create property geocode information across its global exposures. The company’s catastrophe modelling team will integrate the Portal into its daily risk assessment workflow, boosting the resolution of ... Read the full article
Lloyd’s Lab focus on COVID-19 solutions a positive for the industry: GlobalData
21st August 2020
Lloyd’s Lab, an incubator for startups in the re/insurance sector at Lloyd’s of London, will be continuing and actively focusing on pandemic solutions. Last month it announced the latest cohort of InsurTech disruptors that will join the Lloyd’s Lab innovation accelerator programme. The new Lab teams will join Praedicat, Metabiota ... Read the full article
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