Reinsurance News
Covid-19 losses to impact casualty treaties in 2021: New Dawn Risk
22nd December 2020
As Covid-19 losses continue to bite, New Dawn Risk’s senior treaty broker Rachel Cohen expects to see casualty treaties in 2021 impacted by an accelerating hardening of reinsurance rates, restricted terms and conditions and reduced capacity. While there are already several US D&O class actions related to Covid-19, liability claims are ... Read the full article
ARC launches parametric cyclone product in Africa
22nd December 2020
The African Risk Capacity (ARC) Group is proposing a new parametric insurance mechanism to African countries in the South West Indian Ocean (SWIO) to help mitigate the damages caused by tropical cyclones. The product, already in use by Madagascar, was developed by ARC in response to a growing demand for parametric ... Read the full article
EC confirms “in-depth investigation” of Aon / WTW merger
21st December 2020
The European Commission (EC) has now confirmed that it has opened what it calls an "in-depth investigation" of insurance and reinsurance broker Aon's proposed acquisition of rival Willis Towers Watson (WTW). The European Commission (EC) said it will carefully investigate the proposed acquisition and merger to establish whether the combination of ... Read the full article
Dale & DUAL announce MGU partnership, capacity from Aviva
21st December 2020
Dale Underwriting Partners and DUAL have announced a new joint venture in collaboration with Aviva. Brought together by Howden, the deal sees Aviva enter into a three-year agreement to offer capacity on mid-market global Commercial Property business written by Dale’s Property Insurance team and focusing primarily in the US. The initial focus ... Read the full article
AXA XL appoints Alex Barker to lead Canadian aviation business
21st December 2020
AXA XL, the property & casualty and specialty risk division of AXA, has appointed Alex Barker to lead its aviation insurance business in Canada. Barker will report to Eric Donofrio, Chief Underwriting Officer, Aerospace, Americas and to Renato Rodrigues, Country Manager, Canada. Donofrio commented on the appointment: "Alex brings exceptional technical knowledge ... Read the full article
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
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