Reinsurance News
Global Indemnity finalises plan to redomicile to the U.S.
1st September 2020
Property and casualty insurer, Global Indemnity Limited, has revealed that its Board of Directors have finalised the plan to redomesticate the firm and its Bermuda arm, Global Indemnity Reinsurance Company, Ltd., to the U.S. The board approved that Global Indemnity Group will replace Global Indemnity Limited as the publicly listed parent ... Read the full article
Troy Cook takes CFO role at Lockton
1st September 2020
Insurance and reinsurance broker Lockton has announced the appointment of Troy Cook as its new Chief Financial Officer (CFO), effective September 24th. As CFO, Cook will lead Lockton's strategic finance function in alignment with the company's growth plan, while reporting to Lockton’s Chairman, Ron Lockton. Most recently, Cook served for over 20 ... Read the full article
Liberty Specialty Markets adds Pierre-Édouard Fraigneau as CUO for Europe
1st September 2020
Liberty Specialty Markets, part of Liberty Mutual Insurance Group, has appointed Pierre-Édouard Fraigneau to the newly-created role of Chief Underwriting Officer, Europe. Fraigneau joins from Sanlam where he held the position of Commercial Lines Director and Member of the Executive Committee, Pan Africa. He has over 17 years of underwriting and leadership ... Read the full article
PERILS puts insured property loss for Feb UK floods at £375m
1st September 2020
Zurich-based insurance data company, PERILS, has released an updated industry loss footprint for the floods in the United Kingdom in February 2020. The floods mainly affected Wales, the Midlands and Yorkshire from 9 to 29 February 2020. In total, an estimated 4,800 properties were flooded, although many more buildings were successfully ... Read the full article
QBE replaces CEO after misconduct review
1st September 2020
QBE Insurance Group has announced that its CEO, Pat Regan, will be departing the company following an external review of his workplace communications. The review was prompted by a complaint from a female employee, and led the QBE Board to conclude that Regan had not met the standards of the Group ... Read the full article
IRB Brasil Re sinks to $125mn loss in Q2
1st September 2020
Brazilian reinsurer IRB Brasil Re recorded a net loss of $124.7 million in the second quarter of 2020, compared to a $72.3 million profit in the prior year quarter. The firm's combined ratio for the quarter stood at 167%, up from 84.7% in the prior year quarter. Written premium increased 8% year-over- year and ... Read the full article
Hippo completes acquisition of Spinnaker
1st September 2020
Hippo, the California-headquartered, homeowners focused InsurTech, has closed its acquisition of Spinnaker Insurance Company, a national property and casualty insurer licensed in 50 US states. Since 2017, Hippo Insurance Services has partnered with Spinnaker as its largest carrier platform, with Hippo products that are backed by Spinnaker currently available in more ... Read the full article
China Re’s GWP climbs 21% in H1 2020 as profit dips
1st September 2020
China Reinsurance (Group) Corporation has announced a 24% dip in net profit for the first-half of 2020 while gross written premiums (GWP) jumped by almost 21% in the period. Overall, the reinsurer's GWP reached RMB102.1 billion in H1 2020, with growth of 17.6% in P&C reinsurance, 31.4% in L&H reinsurance, and ... Read the full article
Roelant de Haas named CEO of Reinsurance Solutions for Aon Nederland
1st September 2020
Re/insurance broker Aon has announced that Roelant de Haas will become the new CEO of Reinsurance Solutions for its business in the Netherlands. As CEO of Reinsurance Solutions for Aon Nederland, de Haas will be responsible for all reinsurance activities within the country. The appointment is effective from September 1 and will ... Read the full article
Emerging market insurers to be hardest hit by COVID-19: Swiss Re
1st September 2020
Reinsurance giant Swiss Re has reported that emerging market insurers will be the hardest-hit globally by COVID-19. It is estimated that insurers will be hit with a 3.6 percentage point impact on premium growth in each of 2020 and 2021. However, China's insurance market is the exception, with average premium growth of ... Read the full article
Capsicum Re to rebrand as Gallagher Re from October
1st September 2020
Reinsurance brokerage Capsicum Re is set to rebrand itself, to reflect its parent company, as Gallagher Re from October 1st, aligning its reinsurance business with the broader Gallagher retail and wholesale insurance broking arm. Arthur J. Gallagher & Co. increased its interest in Capsicum Reinsurance Brokers LLP to 100%, from ... Read the full article
Asia pandemic claims manageable but evolving: Fitch
1st September 2020
Asian reinsurers’ losses related to the coronavirus pandemic appear to be on a manageable scale thus far due to tight measures to curb the spread of the virus, according to Fitch Ratings. The rating agency noted that most Asian reinsurers entered the crisis well-capitalised, but warned that business growth could slow ... Read the full article
Hurricane Laura onshore insured property loss close to $9bn: KCC
31st August 2020
Onshore property insurance market losses in the United States and Caribbean will be close to $9 billion, according to an estimate from Karen Clark & Company (KCC). Karen Clark & Company's industry loss estimate includes $8.7 billion of insured losses in the U.S., driven by hurricane Laura's wind and storm surge ... Read the full article
Hurricane Laura onshore insured losses estimated up to $8bn by AIR
31st August 2020
Catastrophe risk modelling specialist AIR Worldwide has estimated that onshore insured property losses from recent hurricane Laura will fall between $4 billion and $8 billion. The estimate, which is the first of the official post-landfall figures from a catastrophe risk modeller, is based only on industry insured losses to onshore property ... Read the full article
2020 California wildfires may lead to further spikes in reinsurance rates: AM Best
28th August 2020
Considering the existing rate hardening that has been created by the COVID-19 pandemic, this year's record-breaking California wildfire season could spur further reinsurance rate increases, AM Best says. The 2020 wildfire season has affected coastal areas that do not usually burn and has seen the still-ongoing LNU Lightning Complex event and the SCU ... Read the full article
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