Reinsurance News
State-backed agricultural reinsurer approved in China: reports
28th August 2020
A new state-backed agricultural reinsurer has been approved by China's banking and insurance regulator, according to reports from Xinhua News Agency and Reuters. The company is reported to have been established with $2.34 billion in registration capital. Among the nine shareholders to have co-established the reinsurer are the Ministry of Finance, China ... Read the full article
GuideOne hires senior positions
28th August 2020
GuideOne National has announced the appointment of Nigel Spain to the position of Head of Global Technical Property, as well as Randy Thompson’s appointment to Senior Risk Engineer. Both positions will take place effective immediately. In his new role, Spain will be responsible for leading the commercial property team in the wholesale ... Read the full article
North American P&C results stable despite COVID challenges: Fitch
28th August 2020
Analysts at Fitch Ratings have noted that the H1 results of the North America property and casualty (P&C) re/insurance sector show “relative stability” despite the challenges of the COVID-19 pandemic. Overall, operating performance for this sector declined over the first six months of 2020, as the pandemic hit underwriting results and ... Read the full article
Hurricane Laura insured wind & surge losses seen at up to $12bn: CoreLogic
28th August 2020
Catastrophe risk modeller, CoreLogic, has released an estimate range of between $8 billion and $12 billion for insured wind and storm surge losses for residential and commercial properties in Louisiana and Texas, as a result of the devastating impacts of Hurricane Laura. The fourth hurricane and first major hurricane of ... Read the full article
Ageas to acquire 25% of Taiping Reinsurance’s enlarged share capital
28th August 2020
Personal and Commercial insurer, Ageas, has announced that it has finalised an agreement with China Taiping Insurance Holdings (CTIH) in order to subscribe to a capital increase of its wholly owned subsidiary, Taiping Reinsurance Co (TPRe). The result of this transaction will reinforce Ageas strategic partnership with CTIH, and sees Ageas ... Read the full article
Ping An profits down in H1, but P&C growth stable
28th August 2020
Ping An Insurance (Group) Company of China, Ltd. has reported a 28.2% decrease in net profit over the first half of 2020, partially offset by continued stable growth in its property and casualty (P&C) segment. Net profit came to RMB 75.97 billion (USD 9.07 billion) for the six-month period, while operating ... Read the full article
Reinsurance broker Ed hires from Paragon
28th August 2020
Reinsurance, wholesale and speciality broker, Ed, has announced the appointment of John Head as a broker and producer, effective immediately. Head will support the growth of the professional and executive risk portfolio, a key area of focus and development for the global reinsurance broker, and further strengthen the firm’s cyber offering. He ... Read the full article
Hurricane Laura cost to reach well into billions, take time to calculate: Aon
28th August 2020
While the ultimate financial impact of Hurricane Laura is expected easily reach into the billions of dollars, its large footprint of damage will require a lengthy period of damage assessment, according to Aon's latest catastrophe report. Laura, currently sweeping through Arkansas as a tropical depression, officially became the fourth hurricane of the ... Read the full article
Japanese life insurance sets example for managing low rates: Fitch Ratings
28th August 2020
With insurers in Japan having long been affected by ultra-low interest rates, Fitch Ratings sees its life insurance market as an opportunity for insight into the potential environment insurers worldwide will be operating in since the emergence of COVID-19. The Bank of Japan decreased interest rates significantly in response to the economic ... Read the full article
StarStone U.S. appoints Alison Oliphant to lead new E&S property unit
28th August 2020
Alison Oliphant, formerly of Velocity Risk Underwriters, a division of Nephila Capital, has joined StarStone U.S. as President of the company's newly-created excess & surplus (E&S) property division. In early June, it was revealed that StarStone's parent, Enstar, had agreed a $610 million recapitalisation of StarStone U.S. in a push ... Read the full article
Chedid Re partners with Hellenic Sun Insurance Brokers in Pakistan
28th August 2020
Lloyd's broker Chedid Re has signed a strategic partnership with Hellenic Sun Insurance Brokers (HSB) that sees it become HSB's new co-broking partners in Pakistan. The partnership is considered an opportunity for Chedid Re to expand into the region, and will see the company provide insurance and reinsurance support and expertise ... Read the full article
Hurricane Laura losses manageable on current data: analysts
27th August 2020
Despite Hurricane Laura having become one of the 10 largest storms ever to hit the continental US, analysts from Berenberg and KBW have noted that insured losses will likely remain manageable, unless losses far exceed current expectations. While still too early to provide a concrete outlook, Berenberg notes how the extent to ... Read the full article
Hurricane Laura to further stress insurers’ 2020 Earnings : AM Best
27th August 2020
AM Best has underlined Hurricane Laura's potential to stress balance sheets already weakened by COVID-19 and damage insurers' 2020 earnings. Though analysts from the ratings agency believe reinsurance may help mitigate these losses, potential future challenges to future risk management strategies are expected to remain, as loss affected areas see ... Read the full article
Marsh Commercial to provide risk & insurance services to Pall-Ex Group
27th August 2020
UK insurance broker and risk advisor, Marsh Commercial, part of Marsh, has announced that it is to provide insurance and risk management services to Pall-Ex Group. Pall-Ex Group is a global palletised freight distribution network comprised of SME haulage companies, and members of its pallet delivery network. This announcement follows the establishment ... Read the full article
Jay Orlandi takes General Counsel role at Pacific Life
27th August 2020
US life insurer Pacific Life has announced the appointment of Jay Orlandi as its next General Counsel, effective November 2. Orlandi joins Pacific Life from Transamerica, where he served as Executive Vice President and Chief Operating Officer (COO). At Transamerica, he was responsible for all business support functions, including legal, communications, human ... Read the full article
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