Reinsurance News
Catalina Holdings adds Philipp Waldstein as group CIO
14th May 2020
Legacy space specialist Catalina Holdings has announced the appointment of Phillipp Waldstein as group Chief Investment Officer. Waldstein replaces Peter Harnik, who joined Catalina in 2011 and is now retiring. He joins from MEAG, an asset manager for Munich Re, where he served as Chief Executive Officer. Waldstein brings extensive experience of managing ... Read the full article
Generali (GC&C) partners with Descartes on parametric insurance
14th May 2020
Generali Global Corporate & Commercial (GC&C), a subsidiary of the Italian insurance giant, has partnered with insurtech firm Descartes Underwriting to offer parametric insurance products. Descartes specialises in weather risk modelling and data-driven risk transfers and acts as a risk advisor, backed by independent private equity firm BlackFin Capital Partners. The partnership ... Read the full article
Sirius reports $140mn of COVID-19 losses at Q1
14th May 2020
Sirius International Group has reported a comprehensive loss of $185 million for the first quarter of 2020, including $140 million of losses from the COVID-19 pandemic, most of which stemmed from the company’s reinsurance business. The result compared with comprehensive income of $76 million for the first quarter of 2019. COVID-19 losses ... Read the full article
AXA’s Irene Dorner named Chairwoman of Audit Committee
14th May 2020
Global insurer AXA has announced that Irene Dorner has been appointed Chairwoman of the company's Audit Committee, following the death of Stefan Lippe, director of the company and Chairman of the Audit Committee. Upon the recommendation of AXA's Compensation & Governance Committee, the insurance giant's Board of Directors chose to designate ... Read the full article
Guy Carpenter launches Philippines Flood Model
14th May 2020
Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, has announced the launch of its new probabilistic flood model for the Philippines. The Philippines Flood Model provides countrywide coverage and enables insurers to assess exposure for one of the most common natural hazards in the region. Guy Carpenter’s model is ... Read the full article
Zurich says COVID-19 claims within P&C could hit $750mn in 2020
14th May 2020
Global insurance giant Zurich has recognised COVID-19 related claims within its P&C business of $280 million in the first-quarter of 2020, and has said that for the full year, this figure could rise to approximately $750 million. Overall, the company expects claims from the ongoing COVID-19 pandemic to remain within its ... Read the full article
Lloyd’s considers Recover Re “after the event” pandemic coverage vehicle
14th May 2020
The specialist Lloyd's of London insurance and reinsurance marketplace is considering the creation of a new insurance vehicle called 'Recover Re', designed to provide "after the event" cover for pandemic related business recovery, including the ongoing Covid-19 crisis. Lloyd's recently announced that it will pay customers up to $4.3 billion ... Read the full article
Aviva in £350m bulk annuity deal with Co-operative Pension Scheme
14th May 2020
UK insurer Aviva has completed a £350 million bulk purchase annuity buy-in transaction with the Trustee of the Co-operative Pension Scheme. The deal was completed using a pre-agreed ‘umbrella contract’ designed to support a quick and efficient process and is the second deal of this type between the two parties. Aviva will ... Read the full article
A.M. Best maintains stable outlook on Italy’s non-life insurance sector
14th May 2020
Global financial services ratings agency, A.M. Best, is maintaining its stable outlook for the Italian non-life insurance market, citing limited exposure to catastrophe losses and strong underwriting profitability. Overall, A.M. Best expects that price increases will keep pace with claims inflation, suggesting that solid underwriting profitability will be maintained across the ... Read the full article
Pacific Life Re adds Andrew Doran to lead Asia office
14th May 2020
Life reinsurer Pacific Life Re has announced the appointment of Andrew Doran as head of underwriting and claims for its Asia office. Based in Singapore, Doran reports to the managing director of Asian and Australian offices Andrew Gill. He will lead the underwriting and claims team in Asia and ensure the delivery ... Read the full article
Lloyd’s forecasts $107bn Covid-19 industry loss for 2020
14th May 2020
The Lloyd's insurance and reinsurance marketplace says that it will pay customers between $3 billion and $4.3 billion in claims due to Covid-19, but the industry was a whole is forecast to suffer $107 billion of losses in 2020 alone. The industry loss forecast or estimate from Lloyd's of London is ... Read the full article
Industry consensus on COVID-19 loss range is $30-100bn: Willis Re
13th May 2020
The early consensus among analysts is that COVID-19 industry losses will be somewhere in the range of $30 billion to $100 billion, according to Willis Re, the reinsurance broking arm of Willis Towers Watson (WTW). This rough consensus is broadly consistent with estimates released by WTW earlier this month, which put ... Read the full article
Burns & Wilcox adds Linda Koos to Michigan Leadership team
13th May 2020
Wholesale insurance broker and underwriting manager Burns & Wilcox has announced the addition of Linda Koos to its Michigan leadership team. Koos joins Burns & Wilcox as Vice President & Managing Director, based out of the company’s headquarters in Detroit/Farmington Hills. She will be responsible for overseeing the operations of both the ... Read the full article
EC3 Brokers launches specialty division, announces leadership
13th May 2020
EC3 Brokers, the Lloyd's-headquartered commercial lines broker, has announced the launch of its specialty division and appointed Jonathon Lane as its head. Lane is joined by Dominic Toogood and Gary Moore, with all three reporting to James Murphy, head of broking at EC3 Brokers. Lane began his career in insurance in 2003 ... Read the full article
Pandemic risk coverage should reflect existing federal programs, say actuaries
13th May 2020
Coverage for business interruption (BI) risks due to pandemics should be designed to reflect existing federal insurance programs such as Terrorism Risk Insurance Program and the National Flood Insurance Program, according to the American Academy of Actuaries. The Academy wrote to the US House Committee in a recent letter explaining that ... Read the full article
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