Reinsurance News
Labuan IBFC insurance profits up 44% in 2019
29th May 2020
Labuan International Business and Financial Centre Incorporated (Labuan IBFC Inc) has reported that its insurance industry increased profitability by 43.7% last year. Profits grew to US $190.5 million in 2019 mainly due to improved underwriting performance and better cost management. This was despite only modest top line growth, with total gross premiums ... Read the full article
Regulation, tech assisting the recovery of China’s insurance industry: GlobalData
29th May 2020
The Chinese insurance industry remains on track to record strong growth between 2019 and 2023 as the sector begins to recover from the losses driven by the COVID-19 outbreak, reports GlobalData. Analysis by GlobalData finds that regulatory changes and the use of technology are key to the ability of China's insurance ... Read the full article
AM Best maintains negative outlook on Indian non-life market
29th May 2020
AM Best has opted to maintain its negative market segment outlook on India’s non-life insurance sector, owing to COVID-19 driven economic turbulence as well as other areas of uncertainty. Other key factors underpinning AM Best’s outlook include the non-life sector’s strong competition in India, poor pricing discipline in core business lines, ... Read the full article
Storm surge threatens 7.4mn US homes in 2020: CoreLogic
28th May 2020
Ahead of the 2020 hurricane season, property information and analytics provider CoreLogic has estimated that 7.4 million US homes could be at risk of storm surge and possible mandatory evacuation. Together, these homes have an estimated reconstruction cost value (RCV) of $1.8 million, according to analysts. But with the Atlantic hurricane season ... Read the full article
Pen Underwriting adds Hamir Patel as Head of Cyber
28th May 2020
Multi-territory managing general agent Pen Underwriting has appointed Hamir Patel as its new Head of Cyber. Patel succeeds Adrian Scott, who was appointed as Managing Director of International & Financial Lines in February. Hamir is currently Head of Insight & Reserving and joined the company four years ago after having served at ... Read the full article
Allianz & Generali eyeing life asset divestment: reports
28th May 2020
European insurance giants Allianz and Generali could be preparing to sell billions of euros of life insurance assets in order to free up capital amid the COVID-19 pandemic, according to reports from Bloomberg. Sources told the publication that Allianz has been working with Morgan Stanley to divest as much as €9 ... Read the full article
CAC Specialty partners with Liberty Advisor Group
28th May 2020
Specialty insurance broker and investment banking platform CAC Specialty has entered into a new strategic partnership with consulting firm Liberty Advisor Group. Together, Liberty Advisor Group and CAC Specialty will work to create a new solution for insurance clients through a real-time data analytics platform. The platform will allow clients to analyse ... Read the full article
Starr Insurance launches new aviation policy for pilots
28th May 2020
Starr Insurance Companies has announced the launch of Starr Gate, a new usage-based general aviation policy for pilots who rent aircraft. The policy charges pilots for coverage based on when they are flying, and includes access to CloudAhoy, a third-party, cloud-based pilot analytics tool, for a potential discount on the premium. “This ... Read the full article
WR Berkley’s Ira Lederman to step down as EVP, Secretary
28th May 2020
Re/insurance holding company WR Berkley has announced that Ira Lederman will step down as executive vice president and secretary on June 1. He will continue as Of Counsel and assistant secretary. Lederman boasts a 40 year legal career and joined the company in 1983 as associate counsel. He was appointed senior vice president, ... Read the full article
COVID-19 fallout poses unforeseen risks for North American insurers: Fitch
28th May 2020
Fitch Ratings sees a potential for North American insurers to be faced with key vulnerabilities and unforeseen downside risks amid the fallout from the coronavirus pandemic. Such risks include outsized investment exposure with market volatility exacerbating potential issuer defaults, increased mortality risk and elevated claims. Fitch revised the life and health insurance ... Read the full article
QBE NA promotes Gransbury to lead new specialty insurance unit
28th May 2020
The North American division of global insurer QBE has promoted Steve Gransbury as head of specialty insurance, a newly created group of existing QBE businesses. Tara Krauss has been promoted to Gransbury’s previous role as head of accident & health. Gransbury now leads a specialty insurance unit consisting of A&H, aviation and ... Read the full article
Limited COVID-19 impact on US P/C in Q1: AM Best
28th May 2020
A report from AM Best has described the impact of COVID-19 on the US property/casualty industry as limited. However, there’s an expectation for consequences from the pandemic to become considerably more apparent in the second quarter. Analysts say they are seeing somewhat greater changes in line of business underwriting results than normal, ... Read the full article
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
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