Reinsurance News
Latin America recession to delay regional insurance growth: S&P
7th September 2020
Rating agency, S&P Global Ratings has commented on Latin America’s 2020 recession, claiming its likely weak recovery will pressure regional insurers' operating conditions. They expect a contraction in gross written premiums (GWP) in 2020 and moderate growth in 2021, whilst also expecting net profits to reach the 2019 levels only in ... Read the full article
CoreLogic sets record date for shareholder meeting after pressure from Senator & Cannae
7th September 2020
Property information and analytics provider CoreLogic has set September 18th as the record date for its special meeting of stockholders to be held, following pressure from investors Senator Investment Group LP and Cannae Holdings Inc. The meeting, set for November 17th, will consider and vote on the replacement of up to ... Read the full article
Munich Re updates loss estimates for 2020 events
7th September 2020
Reinsurer Munich Re has released updated loss estimates for some of the major loss events of the year, including for the major hurricanes this summer, the coronavirus pandemic, and the Beirut explosion. The company is anticipating a low triple-digit-million euro amount in claims expenditure for the damage caused by hurricanes Hanna, ... Read the full article
ICA to launch test case for pandemic BI exclusions
7th September 2020
The Insurance Council of Australia (ICA) are due to launch a test case in order to examine the application of certain infectious diseases exclusions in business interruption policies. The case will be heard by the NSW Court of Appeal where the hearing is due to start on Friday October 2. ICA CEO ... Read the full article
Marco Capital adds Alan Barlow as Chief Claims Officer
7th September 2020
Newly formed P&C Run-off group Marco Capital Holdings has announced the appointment of Alan Barlow as its Chief Claims Officer. Based in London and Malta, Barlow brings more than 35 years' experience to the role and joins from non-life run-off insurer DARAG. Barlow was previously global head of reinsurance claims & ... Read the full article
European insurers expecting COVID-19 to accelerate digital innovation: analysts
7th September 2020
A new survey conducted by tech research and advisory firm, Information Services Group, has found that over 90% of European insurers are expecting COVID-19 to accelerate digital innovations in the industry. 86% of the continent's insurance executives surveyed by ISG expect customer behaviour to change significantly due to the COVID-19 crisis. Over 95% fully or ... Read the full article
Hiscox combines crisis related expertise into new division
7th September 2020
Global insurer and reinsurer Hiscox has announced the launch of a new Crisis Management unit within its London Market business, a move designed to bring together the firm's crisis related expertise to meet the evolving needs of clients. The new Crisis Management division will include kidnap and ransom (K&R), Security Incident ... Read the full article
THB adds Paul Baker as associate director for North America special risks
7th September 2020
Specialist re/insurance broker THB has appointed Paul Baker as associate director for its London-based North America special risks division. Baker joins from Tysers with 35 years' experience specialising in North American property/catastrophe and transportation risks, both on a facultative basis and in the form of binding authorities. “Like many in the Lloyd’s ... Read the full article
Aon unveils coalition to support COVID-19 recovery phase
7th September 2020
As society continues to move towards the recovery phase of the COVID-19 pandemic, insurance and reinsurance broker Aon has announced the establishment of a coalition of leading London-based businesses, designed to develop key recommendations and guidelines on how companies can operate. The London Work, Travel & Convene Coalition, convened and led ... Read the full article
McGill and Partners continues to build out treaty reinsurance team
7th September 2020
Specialist boutique broker McGill and Partners has made a series of key hires within its treaty team, including Angus Milgate, who joins as head of treaty reinsurance in September. Milgate was formerly head of UK and Ireland for Aon’s reinsurance division and brings over 30 years’ experience in a variety of broking ... Read the full article
Further trade credit losses for re/insurers in 2020, 2021: AM Best
7th September 2020
As a result of the ongoing global economic crisis, AM Best is anticipating further trade credit losses for both insurers and reinsurers across 2020 and into 2021. Economic Secretary to the Treasury, John Glen, announced in May that the UK Government would move ahead with the scheme following several weeks ... Read the full article
Pricing Platform hires Chair of Advisory Board
7th September 2020
Insurtech start-up company, Pricing Platform Inc., has announced that Fielding Norton, III has joined as Founding Advisor and Chair of the Advisory Board. Norton is the former Chief Enterprise Risk Officer of P&C insurer and reinsurer, XL Group. Prior, Norton was Chief Risk Officer of Ironshore Insurance and held risk management and ... Read the full article
Chinese residential protection a new risk pool for re/insurers: Swiss Re
7th September 2020
A new report by Swiss Re Institute has highlighted the opportunity for re/insurers to access a new risk pool by increasing the uptake of residential coverages in China. Analysts noted that residential insurance premiums totaled only CNY 9.1 billion (USD 3 billion) in 2019, which was less than 20% of all ... Read the full article
Fusion expands partnership with AGCS in Asia
7th September 2020
Fusion Specialty Asia Limited have extended their partnership with Allianz Global Corporate & Specialty to provide a platform for specialist Warranty & Indemnity insurance deals across the continent. As part of the the partnership Fusion and AGCS will offer W&I solutions and local underwriting and claims capabilities. In Hong Kong, Fusion acts ... Read the full article
Aspen falls to H1 loss, takes $187mn of COVID losses
4th September 2020
Bermuda-based insurer and reinsurer Aspen Insurance Holdings Limited has reported an operating loss of $48.2 million for the first six months of 2020, after taking $187.3 million of losses associated with the COVID-19 pandemic. Overall, COVID-19 related losses contributed 15.7% to Aspen’s combined ratio of 109.2% during this period. Excluding COVID-19 losses, ... Read the full article
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