Reinsurance News
MS Amlin adds Johan Slabbert and Martin Hudson as non-exec directors
18th May 2020
Lloyd's of London insurer and reinsurer, MS Amlin Underwriting Limited (MS AUL), has announced the addition of Johan Slabbert and Martin Hudson as Non-Executive Directors. Subject to regulatory approvals, Slabbert will also take on the role of Chairman of the MS AUL Board, succeeding Gilles Bonvarlet, who is set to transition ... Read the full article
FCA invites market participation to help resolve COVID-19 BI disputes
18th May 2020
The UK’s Financial Conduct Authority has begun seeking input from insurers and brokers to help address and understand ongoing contractual issues surrounding coronavirus-related business interruption cover. The regulator said earlier this month that it was seeking a court declaration to help resolve the wide-ranging issue. As was noted at the time, ... Read the full article
Berkshire (BHSI) launches Defense Base Act insurance via Dubai team
18th May 2020
Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance arm of Warren Buffett's global re/insurance business, is providing Defense Base Act (DBA) insurance on a global basis through a dedicated underwriting and claims team in Dubai. DBA insurance provides disability, medical and death benefits to covered employees, whether the injury or death ... Read the full article
S&P revises PartnerRe outlook to stable from positive as Covéa deal collapses
18th May 2020
S&P Global Ratings has revised its outlook on Bermuda-based reinsurer PartnerRe to Stable from Positive following the collapse of its acquisition by French insurer Covéa. It was revealed last week that the $9 billion deal had been called off after owner EXOR declined to renegotiate the price in the context ... Read the full article
Munich Re sees a “variety of opportunities” amid pandemic: CFO Jurecka
18th May 2020
Munich Re sees a “variety of opportunities” available as it prepares to traverse the post COVID-19 marketplace, according to Chief Financial Officer (CFO) Christoph Jurecka. Speaking during a call alongside the release of the reinsurer’s Q1 results, Jurecka noted that there was a lot of demand of catastrophe reinsurance at ... Read the full article
Indian life insurance market set for 2020 decline off COVID-19: GlobalData
18th May 2020
Data and analytics company GlobalData expects the Indian life insurance industry to contract in 2020, declining by 0.9% compared to the 8.8% growth recorded in 2019. This revised forecast accounts for the aftermath of the global coronavirus pandemic. As per the latest data, the country's life insurance market is forecasted to grow ... Read the full article
Reinsurance markets to remain healthy at mid-year renewals: Everest Re’s Doucette
15th May 2020
Everest Re is expecting the reinsurance markets to remain healthy at the upcoming mid-year renewals, despite uncertainties from the COVID-19 pandemic, according to John Doucette, EVP, President and CEO of the company’s Reinsurance Division. Speaking on a call alongside the release of Everest Re’s Q1 results, Doucette noted that the ... Read the full article
Great American bolsters ocean marine division leadership team
15th May 2020
Great American Insurance Group has announced the addition of both David Fowler and Gordon Lewis as divisional vice presidents within its ocean marine division. Fowler joins with over 30 years’ experience in the marine insurance industry and most recently served at Zurich as senior vice president of the Pacific region. He will ... Read the full article
L&H cat bonds most at risk from COVID-19: AM Best
15th May 2020
Analysts at AM Best believe that life and health (L&H) related catastrophe bonds face the greatest threat of losses from the COVID-19 pandemic, compared with other insurance-linked securities (ILS). The rating agency expects the overall impact of the pandemic on the ILS market to be limited, given that the underlying risk ... Read the full article
Skuld reports mixed fiscal 2020 results as CR hits 109%
15th May 2020
Marine insurer Skuld fell to its first negative technical result in 16 years as it’s combined ratio for the fiscal year hit 109%. This negative development was driven by a number of mid-sized and large claims, as well as one-off costs associated with previous year closure of Skuld’s Lloyd’s syndicate 1897. Skuld’s ... Read the full article
S&P optimistic on health results, warns of “serious test” for life insurers
15th May 2020
Analysts at S&P Global Ratings believe that US health insurers are likely to produce better-than-expected underwriting results in the first quarter of 2020 despite the COVID-19 pandemic. On the other hand, life insurers will face a “serious test” to their hedging strategy due to the impact of equity volatility and weakening ... Read the full article
Fitch revises Aegon outlook to negative off COVID-19
15th May 2020
Fitch Ratings has revised its outlook for Aegon to negative from stable following disruption to economic activity and financial markets from the coronavirus pandemic. A set of rating assumptions were used by Fitch to develop pro-forma financial metrics for Aegon that were compared with both rating guidelines defined in its criteria, ... Read the full article
Eamonn Flanagan joins R&Q board as independent non-exec director
15th May 2020
Non-life legacy insurance investor Randall & Quilter has announced the appointment of Eamonn Flanagan to its board as an independent non-executive director. Flanagan’s appointment is effective June 1 and he joins with over 30 years’ experience in the insurance industry. He recently co-founded Shore Capital Markets, an independent securities business, where he ... Read the full article
Open letter calls for virtual Monte Carlo Rendez-Vous
15th May 2020
An open letter penned by senior members of DEVK Re, Gossmann & Cie, and TigerRisk Partners has called on the re/insurance industry to move forward with its Monte Carlo agendas via digital tools and video calls. It was announced recently that the 64th edition of the Rendez-Vous de Septembre would be ... Read the full article
AmWINS launches umbrella program for silent cyber
15th May 2020
Specialty insurer AmWINS has announced the launch of a Cyber Umbrella Program designed to fill gaps in coverage resulting from silent cyber incidents. The program, called CyberUP, is focused on middle market accounts and offers lead umbrella position over primary coverages in all instances. “Until now, the insurance marketplace has only responded ... Read the full article
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