Reinsurance News
Marsh names Phil Hobson affinity leader, international division
21st December 2020
Global insurance and reinsurance broker Marsh has appointed Phil Hobson as affinity leader within its international division, a newly created role. Hobson will oversee the development of Marsh’s affinity business across the international division, comprising Africa, Asia, Continental Europe, Latin America & the Caribbean, Middle East and North Africa, Pacific, and ... Read the full article
Tremor exceeds $1bn in limit placed, eyes significant growth for 2021
21st December 2020
Programmatic re/insurance risk transfer marketplace Tremor has now exceeded $1 billion in limit placed and is expecting significant growth for 2021. Tremor says its reinsurance risk transfer technology has now been field-tested in both soft and hard markets and is able to bring efficiency, transparency and speed to the placement process. The ... Read the full article
Lloyd’s ups electronic placement targets to 90% in 2021
21st December 2020
The Lloyd’s of London insurance and reinsurance marketplace has announced an update to its Electronic Placement Mandate, increasing the target on risks bound for all classes to 90% by Q2. The electronic placement target has been 80% of risks bound throughout 2020, and will remain so during the first quarter ... Read the full article
COVID-19 loss reports approach low-end of industry estimates at $30bn
21st December 2020
Data from financial services advisory PeriStrat shows that total tracked public loss estimates from re/insurers are now approaching the low-end of market loss estimates, which range from $30 billion to $80 billion. PeriStrat believes that reported losses now amount to $29.5 billion, and warned that Q4 financial reporting will probably reveal ... Read the full article
Indian crop market to sustain growth despite rate challenges: New Dawn Risk
21st December 2020
Given that market penetration is still very low, New Dawn Risk’s Aditya Singh continues to believe the Indian crop market will sustain its growth of 2020, despite current rate challenges. Singh, a treaty analyst at the Lloyd’s broker, says reinsurers are no longer participating on a market-wide basis, and are choosing ... Read the full article
Moody’s turns negative on QBE after $1.5bn loss projection
21st December 2020
Rating agency Moody’s has changed its outlook on Australian re/insurer QBE from stable to negative, after the company forecast that its after-tax losses would amount to USD 1.5 billion over 2020. Analysts said that the downgrade reflects QBE’s earnings volatility, as well as its relatively weak earnings profile compared to ... Read the full article
Specialist Risk Group to be acquired by PE firm HGGC
21st December 2020
Insurance brokerage Specialist Risk Group (SRG) has signed a definitive agreement to be acquired by HGGC, a leading middle-market private equity firm. Under the terms of the agreement, SRG's management team will invest alongside HGGC and continue to hold a significant stake in the business. The deal also sees existing investor, ... Read the full article
Suncorp confident in covid reserves after BI court win
21st December 2020
A Covid-related business interruption court case victory has prompted Australian primary insurer Suncorp to underline its belief that overall reserving for the pandemic continues to be adequate. The federal court of Australia ruled in favour of Suncorp, via its Vero Insurance subsidiary, on a BI claim that had been denied on ... Read the full article
International Group finalises reinsurance structure for 2021
21st December 2020
The International Group of P&I Clubs has now completed its pooling and GXL reinsurance contract structure for 2021, after securing a two-year placement on layers 1-3 of the programme in 2020. In light of the two-year placement completed last year, the focus this year has been on the Group's Collective Overspill ... Read the full article
Data breaches could become the new PPI in 2021: Clyde & Co’s Seaton Gordon
21st December 2020
Clyde & Co London’s legal director Seaton Gordon believes group claims, and potentially class actions, from data breaches could become the new PPI in 2021. Gordon notes how, with fewer legal barriers to individuals bringing claims for loss of their personal data have been reducing in recent times, claims management companies ... Read the full article
Ares wraps up F&G acquisition
21st December 2020
Ares Management and its indirect subsidiary Aspida Holdings have completed the previously-announced acquisition of F&G Reinsurance from FGL. As part of the transaction, Aspida will enter into a strategic flow reinsurance agreement with Bermuda-domiciled life and annuity reinsurer F&G, related to certain annuity products. F&G will continue to operate as a reinsurance ... Read the full article
Resilient profits underpin stable Chinese life outlook: Moody’s
21st December 2020
Moody's Investors Service has assigned a stable outlook to the Chinese life insurance industry for 2021, citing resilient profitability and capitalisation. Large recurring premiums, which reflects the industry's earlier efforts to shift its product focus to long-term regular premium policies, will also improve overall income stability, Moody’s said. And business growth could ... Read the full article
Covid, FCA pricing review & climate change set to define re/insurance in 2021: EY
18th December 2020
Covid, the Financial Conduct Authority’s pricing review and climate-related strategies are set to define the re/insurance sector in 2021, according to analysts at professional services firm EY. Rodney Bonnard, EY's head of insurance in the UK, said the pricing review will have a big cost implication for the sector as many insurers ... Read the full article
AXIS Insurance names Angus Lynn VP, professional lines underwriter
18th December 2020
Specialty insurer AXIS Insurance has appointed Angus Lynn vice president, professional lines underwriter within its Bermuda office. Lynn will focus on commercial and financial institutions professional lines, as well as lawyers errors and omissions underwriting in the Bermuda market. He joins from XL Bermuda, where he was a senior claims specialist focusing ... Read the full article
Generali strikes renewable energy partnership with Ryan Specialty’s PERse
18th December 2020
Generali’s P&C division Global Corporate & Commercial UK has announced a strategic partnership with Power Energy Risk (PERse), a US-based renewable energy underwriter and part of the Ryan Specialty Group (RSG). Generali GC&C UK hopes to enhance its existing capabilities by partnering with PERse and bolstering its expertise in the renewables ... Read the full article
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