Reinsurance News
COVID-19 concerns see Moody’s turn negative on SCOR
8th May 2020
Moody's Investors Service has affirmed SCOR’s Aa3 insurance financial strength rating as well as its debt ratings and the ratings of its subsidiaries. The outlook has been changed to negative from stable because Moody's believes the group is more vulnerable than other Aa3 peers in a stress scenario of higher mortality ... Read the full article
Enstar posts $516.8mn Q1 loss as COVID-19 dents investment portfolio
8th May 2020
Enstar Group Limited recently announced a net loss of almost $517 million for the opening quarter of 2020, driven by $612.6 million of unrealised investment losses owing to COVID-19 related financial market turmoil. Enstar's sizeable Q1 2020 net loss compares with net earnings of $358.8 million reported in the first-quarter of ... Read the full article
Exec search firm EL opens Bermuda office, appoints Britt Reiss to lead
8th May 2020
Insurance sector executive search firm Eliot Partnership (EP) has announced the opening of its Bermuda office and appointed Britt Reiss to lead as Partner and Director. Reiss joins with over 15 years of executive search experience, the majority of which focused on the insurance and reinsurance industries. EL says Reiss' appointment to ... Read the full article
Ransomware continues to dominate cyber discussion: Aon
8th May 2020
Ransomware continues to dominate the cyber insurance discussion according to broker Aon, with total ransomware incidents up 135% last year and carriers steadily fielding more claims emanating from these attacks. Ransomware infections also continued to affect all industries, although sectors like healthcare, public administration, and education experienced the most reported incidents. But ... Read the full article
Hyperion’s DUAL acquires specialty underwriting agency in NZ
8th May 2020
DUAL, the underwriting arm of Hyperion Insurance Group, has announced the acquisition of a controlling interest in New Zealand specialty underwriting agency International Underwriting Agencies (IUA). “In these challenging times I’m delighted that DUAL has completed only the fourth acquisition in its long history and to welcome the IUA team,” said ... Read the full article
S&P upgrades CCR Re despite potential COVID-19 impacts
8th May 2020
S&P Global Ratings has affirmed its 'AA' long-term insurer financial strength and issuer credit ratings on state-backed CCR in France, and raised its ratings on CCR Re to 'A' from 'A-', while the outlook for both companies is stable. Over the past two years, CCR Re has reported a steady improvement ... Read the full article
Amid COVID-19, there’s an opportunity to offer “necessary” protection: L&G Re CEO, Olunloyo
7th May 2020
While it’s impossible to predict the long-term impacts of the COVID-19 pandemic on the pension risk transfer (PRT) space, for expanding life re/insurer L&G, there’s an opportunity to offer necessary life-time protection during these unprecedented times. This is according to the Chief Executive Officer (CEO) of the firm’s reinsurance hub L&G ... Read the full article
COVID-19 pandemic is not an insured event, but a reputational one: WTW
7th May 2020
Insurance and reinsurance broker Willis Towers Watson (WTW) highlights an uncertain and pressured outlook for North American commercial insurance buyers in light of the COVID-19 pandemic. In its Insurance Marketplace Realities 2020 Spring Update, WTW predicts large reductions in insurable values but notes that overall, not one line of business predicts ... Read the full article
FERMA taskforce to address BI coverage for cat risks
7th May 2020
The Federation of European Risk Management Associations (FERMA) has announced the launch of a taskforce to create proposals to address the issue of business interruption coverage for catastrophic risks. “Our aim is to support the creation of economies that are resilient in the face of systemic and catastrophe risks,” said the ... Read the full article
Ryan Specialty Group appoints Chief Revenue Officer
7th May 2020
Ryan Specialty Group (RSG) has announced the appointment of Brendan M. Mulshine as its new Chief Revenue Officer. In his expanded position, Mulshine will have responsibility for working closely with RSG’s business units, R-T Specialty, LLC and RSG Underwriting Managers, LLC to expand organic Prior to joining RSG, Mulshine held several leadership ... Read the full article
Occam Underwriting posts £1mn profit in 2019
7th May 2020
Specialty Lloyd’s of London managing general agent (MGA) Occam Underwriting has reported a £1 million profit after tax for 2019, compared to a loss after tax of £1.25 million for 2018. All three of Occam’s business units – Cyber, Energy and Space – saw strong growth over the year, allowing the ... Read the full article
PG&E facing $600mn hit from Kincade wildfire
7th May 2020
US investor-owned utility Pacific Gas and Electricity (PG&E) is staring down a possible $600 million loss if its equipment is found liable for the ignition which caused the devastating Kincade wildfire in 2019. While it’s too early to say with certainty whether PG&E will be found liable, language used in the ... Read the full article
Zurich adds new leaders for Commercial Insurance Underwriting
7th May 2020
Zurich Insurance Group (Zurich) has appointed Ralph Brand as Global Head of Casualty, Financial Lines and Cyber, and Chris Waterman as Global Head of Property, Marine and Technical Lines. The newly created roles aim to simplify the company’s underwriting function by aligning the shorter-tail first party coverages and the longer-tail third ... Read the full article
Willis Towers Watson forms specialist team for distressed organisations
7th May 2020
Re/insurance broker Willis Towers Watson has announced the formation of a Strategic Solutions Group (SSG) within its within its Financial, Executive and Professional Risks (FINEX) global practice and Mergers & Acquisitions Group. SSG will provide specialised risk services to distressed organisations, focusing in particular on risk, insurance and claim challenges faced ... Read the full article
American Overseas commutes remaining AGM reinsurance portfolio
7th May 2020
American Overseas Reinsurance Company, a division of American Overseas Group Limited, has entered into a commutation, reassumption and release agreement with Assured Guaranty Municipal Corp. (AGM). The agreement sees the company's reinsurance operating subsidiary commute the remaining $345 million outstanding par value of financial guaranty reinsurance business it had assumed from ... Read the full article
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