Reinsurance News
More COVID travel coverage a good move in the long run: GlobalData
8th September 2020
According to data and analytics company GlobalData, an increasing number of re/insurers are reincorporating COVID-19-related repatriation and medical expenses as well as cancellation coverage. Big names such as Blue Insurance, Allianz, Caster, and Staysure have opted to reintroduce coverage despite the associated risk of these claims in the travel insurance market. This ... Read the full article
Willis Re’s Warren Berkstresser joins Beach Re as SVP
8th September 2020
Reinsurance broker Beach & Associates has hired Warren Berkstresser as senior vice president of its US reinsurance division, Beach Re. Berkstresser joins at the end of October and will report to Simon Hedley, CEO of Beach North America. He will focus on developing Beach’s US property treaty and specialty programs business while also ... Read the full article
PCS: Market sees hurricane Laura offshore energy loss at up to $250m
8th September 2020
Hurricane Laura's impacts to the offshore energy insurance and reinsurance market may be lower than anticipated, as Property Claim Services (PCS) explained to us that that the market sees the offshore loss from the hurricane at up to $250 million. Catastrophe risk modeller RMS said last week that it expects ... Read the full article
Moody’s turns negative on global reinsurance
8th September 2020
Financial services ratings agency Moody's has changed its outlook on the global reinsurance sector to negative from stable. The firm points to coronavirus-related losses and other catastrophe events in 2020 that have already depleted the annual catastrophe loss budgets of many players. Despite stronger reinsurance pricing, low interest rates and shrinking reserve ... Read the full article
AXA Climate, SatSure to offer parametric solutions for private & public sector
8th September 2020
AXA Climate and SatSure AG have signed a Memorandum of Understanding (MoU) to jointly offer parametric insurance solutions for private and public sector institutions on a global scale. AXA sees climate risk understanding and mitigation as key in reducing the financial consequences that climate-related events may have on communities and businesses. As ... Read the full article
Aon sets up coalition in Singapore to aid economic recovery
8th September 2020
Re/insurance broker Aon has formed a new coalition of companies in Singapore to focus on aiding social and economic recovery in the wake of the COVID-19 pandemic. It follows the launch of similar coalitions in Chicago and New York and in London, and plans are underway for another in ... Read the full article
Swiss Re expects rate hardening to continue; sees underwriting discipline as key
8th September 2020
Reinsurance giant Swiss Re expects to see further rate hardening across all lines of business at the upcoming renewals, driven by a combination of the low interest rate environment and the need to cover rising loss trends. Further rate hardening in reinsurance is expected on the back of price improvements in ... Read the full article
Insurance Europe sees key industry opportunities in COVID-19 pandemic
8th September 2020
A new report by Insurance Europe considers a number of industry takeaways from COVID-19 as opportunities for re/insurers to evolve and strengthen against future challenges. For example, COVID-19 has demonstrated the importance of clear contractual wording and, more broadly, confirmed that the information provision to consumers is both key and an area ... Read the full article
COVID-19 resilience sees AM Best assign stable outlook on Taiwanese non-life
8th September 2020
AM Best has assigned a stable outlook to the Taiwan non-life insurance market and underlined how the country has, relative to its peers, remained resilient to the challenges of the COVID-19 pandemic. In the first half of 2020, AM Best says total non-life insurance direct premium written (DPW) grew by 6.4% year ... Read the full article
R&Q to provide adverse development cover for RenRe’s Syndicate 1458
8th September 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) said this morning that it has entered into an agreement with RenaissanceRe Syndicate Management Limited (RSML) that will see it reinsuring Casualty reserves from the 2009 to 2017 years of account for RenRe's Lloyd’s Syndicate 1458. This arrangement had been out for tender to ... Read the full article
FWD Singapore enhances underwriting engine
8th September 2020
Singapore based insurer, FWD Singapore (FWD) has widened the use of UnderwriteMe’s proprietary underwriting rules engine. This has been put in place to support instant underwriting of applications for its recently launched financial advisory distribution channel, through the FWD SMART platform. FWD’s expansion into the FA distribution channel comes amidst the COVID-19 ... Read the full article
“Undisputed” re/insurance market hardening to persist: Jeworrek, Munich Re
7th September 2020
Re/insurance market hardening, in relation to price increases and renewed discussions around terms and conditions (T&Cs), is expected for "probably the next two years, or even a bit longer," according to Torsten Jeworrek, Chief Executive Officer (CEO) of Reinsurance at Munich Re. With the annual, September meeting of the reinsurance industry ... Read the full article
Specialty MGA Fiducia adds trio to support underwriting
7th September 2020
Specialty managing general agent (MGA) Fiducia has announced the appointment of Scot Dowson as underwriter, while also adding Claire Kilbane and Ben Warburton to support its growing underwriting teams. Scot was previously Regional Manager at NMU. He joined the company in 2001 becoming a cargo underwriter before taking the Regional Manager ... Read the full article
Underwriting income for US P&C fell by 5.5% in H1, says AM Best
7th September 2020
Underwriting income for the U.S. property and casualty (P&C) industry fell by 5.5% in the first half of 2020 when compared with the first half of 2019, on increases in underwriting expenses and policyholder dividends, mostly related to the impacts of the ongoing COVID-19 pandemic, reports A.M. Best. In a new ... Read the full article
CMS adds David McKie as a partner in re/insurance group
7th September 2020
International law firm CMS has appointed marine insurance and shipping lawyer David McKie as a partner in its insurance and reinsurance group. Based in the firm’s London office, McKie joins from Kennedys, where he was a partner. He brings nearly 25 years of experience handling UK and international property and liability insurance ... Read the full article
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