Reinsurance News
IGI improves combined ratio 13.8 points, as virus hits investments
15th May 2020
International General Insurance Holdings Ltd. improved its combined ratio by 13.8 points to 81.3% in the first quarter of 2020, even as the COVID-19 pandemic drove losses on the investment side of the business. Unrealized mark-to-market adjustments of $4.6 million led to an overall investment portfolio loss of $2.0 million in ... Read the full article
COVID-19 reinsurance recoveries could be lower than historical hurricanes at Lloyd’s
15th May 2020
The reinsured proportion of Lloyd's of London's estimated $3 billion to $4.3 billion of COVID-19 losses could be lower than for historical hurricanes, according to analysis by Jefferies. The specialist insurance and reinsurance marketplace said yesterday that in 2020 alone, non-life underwriting losses for insurers and reinsurers as a result ... Read the full article
Fitch affirms, removes PartnerRe from Rating Watch Positive
15th May 2020
Fitch Ratings has affirmed and removed PartnerRe’s ratings from Rating Watch Positive, including its 'A-' Issuer Default Rating and the 'A+' (Strong) Insurer Financial Strength rating of its principal reinsurance operating subsidiary. The Rating Outlook is Negative. PartnerRe’s removal from Positive Watch follows news that EXOR N.V. and Covea’s $9 ... Read the full article
Volatility driving pricing disparity in bulk annuity market: Aon
15th May 2020
Recent volatile market conditions have been driving a much wider range of pricing for pension scheme buy-ins and buy-outs than has been seen over the last decade, according to re/insurance broker Aon. Despite these uncertainties, Aon still forecasts that 2020 will be another busy year for risk settlement, with pension schemes ... Read the full article
CorRisk adds Christine DeFelice to managing general underwriter role
15th May 2020
Ryan Specialty Group subsidiary CorRisk Solutions has appointed Christine DeFelice as managing general underwriter to lead the company’s Architects and Engineers professional liability team. DeFelice will be based in CorRisk’s New York City office and joins with over 20 years’ experience in the insurance industry, primarily on the insurance carrier side. Her ... Read the full article
Envelop Risk raises $6mn in Series A funding round
15th May 2020
Data-driven underwriting and analytics company Envelop Risk has secured approximately $6 million in a Series A funding round. Led by AI-specialist investor Alpha Intelligence Capital and with participation from MS Amlin and Dymon Asia Ventures, the funding will be put towards proprietary machine-learning and data-driven underwriting activity in London and Bermuda. Envelop ... Read the full article
COVID-19 likely to worsen pre-existing capacity hardening: Steve Hearn
14th May 2020
Although too early to accurately predict coronavirus’ full impact on the re/insurance space, BGCI Chief Executive Officer Steve Hearn can see the pandemic exacerbating the industry's pre-existing environment of capacity hardening. Speaking recently to Reinsurance News, Hearn noted how the pandemic will likely cause customers to look very closely at their ... Read the full article
Swiss Re appoints Philippe Brahin to lead Americas Region, Public Sector Solutions
14th May 2020
Global reinsurance firm Swiss Re has appointed its current Head of Investor Relations Philippe Brahin to a new role as Americas Region leader of the Public Sector Solutions division. Philippe Brahin has worked at Swiss Re since 2011 in roles of increasing responsibility. He joined the reinsurance firm within its Group Finance ... Read the full article
Peter Slot joins Nexus Underwriting as MD, A&H
14th May 2020
Acquisitive insurance intermediary Nexus Group has appointed Peter Slot as Managing Director of Accident & Health within Nexus Underwriting Limited. Slot joins from Aspen Insurance Group where he was Global Head of A&H, responsible for an $80 million GWP book of business. Before that he held a number of senior positions within ... Read the full article
Liberty Mutual’s Q1 net income dips as COVID-19 hits investments
14th May 2020
Liberty Mutual Insurance has reported a 22.4% decline in net income for the first-quarter of 2020 to $519 million, as COVID-19 related financial market volatility adversely impacted the company's investment portfolio in the period. Net income fell by $150 million from the $699 million recorded in the first-quarter of 2019, as ... Read the full article
Lockton Re adds Aon’s Keith Thurman to Workers’ Comp practice
14th May 2020
Lockton Re, the reinsurance division of broker Lockton, has announced that Keith Thurman has joined the Lockton Re Atlanta office to lead the buildout of its’ Workers’ Compensation practice in the US. Thurman joins the firm from Aon, where he has worked for the past 22 years, most recently as a ... Read the full article
Governments need to look for new drivers of sustainable growth: Swiss Re
14th May 2020
Analysts at Swiss Re have argued that, in addition to cushioning the impact of COVID-19, governments need to look beyond the outbreak for new drivers of sustainable growth, such as renewed spending on infrastructure. The reinsurer has revised down its foreast for 2020 global growth to -3.8%, from -1.2% previously in ... Read the full article
Antares appoints Martin Campbell head of specialty
14th May 2020
Antares, the Lloyd’s platform of QIC Global, has appointed Martin Campbell head of specialty at Syndicate 1274. Campbell reports to Alexander Craggs, Active Underwriter at Antares, and succeeds John Taylor, who is stepping down from the role and will be leaving the business. He brings over 30 years’ experience in the insurance ... Read the full article
Munich Re provides reinsurance for Chinese solar firm Talesun
14th May 2020
Munich Re is set to provide reinsurance services for Chinese photovoltaic (PV) manufacturer Talesun Solar Technologies. The reinsurance agreement includes 12 years of products quality guarantee for Talesun, 25 years of regular PV module and 30 years of double-glass module in efficiency guarantee. Talesun believes the coverage will protect the financial risks ... Read the full article
DAC Beachcroft recruits Aviation partner from Clyde & Co
14th May 2020
International law firm DAC Beachcroft has announced the appointment of Alex Stovold as Aviation partner in its Global Insurance practice in London. Stovold will take up his position in July, arriving from Clyde & Co, where he also specialised in aviation work for insurers and reinsurers. His work has included a focus ... Read the full article
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