Reinsurance News
COVID-19 reinsurance impact of $82bn could turn pricing: analysts
20th May 2020
Analysts at Morgan Stanley have estimated that a scenario including a projected COVID-19 reinsurance impact of $82 billion could lead to a turn in reinsurance pricing. Responding to the recent Lloyd’s of London pandemic estimate, which put the total cost to the re/insurance industry at $203 billion, Morgan Stanley tried ... Read the full article
London Market growth driven by P&C segment: LMG
20th May 2020
The P&C segment accounted for more than half of all premium written in the London Market in 2018, while P&C business dominated in terms of premium income flows into the capital, with a compound annual growth rate of 8.1% between 2015 and 2018. In a new report released today by the ... Read the full article
EC3 expands intl. financial, professional lines division with Collier hire
20th May 2020
Lloyd's-headquartered commercial lines broker EC3 Brokers, has expanded its international financial and professional lines division with the appointment of John Collier as divisional director. Collier joined on 1 April and will report to James Murphy, head of broking at EC3 Brokers. He brings over 28 years’ experience placing professional indemnity insurance, directors ... Read the full article
Lockton Re names Martin Stephenson Chairman of Marine & Energy
20th May 2020
Global reinsurance broker Lockton Re has announced the appointment of Martin Stephenson as Chairman of Marine & Energy, effective July 2020. In his new role, Stephenson will report to Keith Harrison, International Chief Executive Officer (CEO) at Lockton Re, and will work closely with Jerry Ridge, Head of Marine & Energy ... Read the full article
Parhelion Underwriting gets grant for African geothermal fund
20th May 2020
Parhelion Underwriting Limited, the UK-based energy and climate risk insurance and advisory group, has been awarded a $1 million grant to progress its investment fund for de-risking geothermal projects in east Africa. The P4G (the Partnering for Green Growth and Global Goals 2030 Initiative) scale-up grant and partnership from the national ... Read the full article
Pre-COVID-19 structural factors to influence reinsurance renewals: Flandro, Hyperion X
19th May 2020
While the COVID-19 pandemic will undoubtedly have an influence on upcoming renewals for insurers and reinsurers, for the latter, the broad structural factors that have been in place prior to the outbreak cannot be ignored, according to David Flandro, Managing Director at Hyperion X. In a recent video interview with our ... Read the full article
Palomar completes June reinsurance renewal
19th May 2020
Specialty property insurer Palomar Holdings has announced the successful completion of its June 1, 2020 reinsurance programs. The company procured $200 million of incremental limit for California earthquakes, $300 million of incremental limit for all earthquake zones, and $80 million of incremental windstorm limit. Reinsurance coverage now exhausts at $1.4 billion for ... Read the full article
Demand for pandemic cover rising, but capacity limited: Third Point Re CEO
19th May 2020
There’s been a notable rise in demand for pandemic re/insurance and a subsequent hike in rates, however, there’s currently limited capacity in the marketplace for pandemic cover, according to Dan Malloy, Chief Executive Officer (CEO) of Third Point Re. These are unprecedented times for the industry, and it will undoubtedly be ... Read the full article
Chubb names CUO for North America small & middle market division
19th May 2020
Global insurer Chubb has appointed Michelle McLaughlin as Chief Underwriting Officer of its North America retail commercial property and casualty insurance division that serves middle market and small businesses. In this capacity, she will guide the business lines' underwriting strategies and authority, as well as general underwriting management. McLaughlin previously served as ... Read the full article
Beazley successful in $300 million capital raise
19th May 2020
Specialist insurer and reinsurer Beazley has announced the successful completion of its previously announced $300 million (£247 million) equity placement. Beazley said yesterday that it is raising capital in the form of an equity placement in order to support growth and take advantage of rising rates being seen across its ... Read the full article
Lloyd’s COVID-19 loss estimate may be conservative: Argenta
19th May 2020
Analysts at managing agency Argenta Group have argued that Lloyd’s has been conservative in its estimates of the insurance losses it will face due to the COVID-19 pandemic. The insurance and reinsurance marketplace previously said that it will pay customers between $3 billion and $4.3 billion in claims, out of ... Read the full article
COVID-19 turns S&P negative on global reinsurance
19th May 2020
With rising property and casualty reinsurance claims and failing investment returns, S&P Global Ratings expects the coronavirus pandemic to turn 2020 into a tough year for global reinsurers. As a consequence, S&P believes the sector's ability to earn its cost of capital in 2020 has visibly reduced, to almost negligible. Including assumptions ... Read the full article
Call for Watford to be sold as reinsurer falls “horribly short of expectations”
19th May 2020
In a recent letter, the principal of investment firm Capital Returns Management, Ronald Bobman, has called for Bermuda-based reinsurer Watford Holdings Ltd to consider selling itself, potentially to a runoff specialist. A letter that was sent on Friday highlighting unprofitable underwriting returns and poor investment results at the company, called for ... Read the full article
BGC Insurance increases revenue 43% to $45mn
19th May 2020
BGC Insurance Group, a division of global brokerage and financial technology firm BGC Partners Inc., has posted a 42.8% increase in revenue during the first quarter of 2020. Revenues totalled $44.8 million in the last quarter, compared to $31.4 million for the same period in the previous year. BGC Insurance, whose subsidiaries ... Read the full article
NN Life transfers €13.5bn of longevity risk to Canada Life, Munich Re & Swiss Re
19th May 2020
A subsidiary of NN Group, NN Life, has completed three longevity reinsurance transactions with reinsurers Canada Life, Munich Re, and Swiss Re, transferring the full longevity risk associated with €13.5 billion (USD 14.8 billion) of pension liabilities in the Netherlands. The arrangements cover the risks associated with the policies of more ... Read the full article
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