Reinsurance News
Gallagher reports rise in Q1 earnings, $42.2mn COVID-19 hit
1st May 2020
International re/insurance broker Gallagher has reported a $39.5 million rise in first quarter net earnings, while the total impact of COVID-19 was estimated at $42.2 million. "We are extremely pleased with our first quarter performance, even with the economic deterioration caused by COVID-19," said J. Patrick Gallagher, Jr., Chairman, President and ... Read the full article
Severe scenario puts COVID-19 (US & UK) insured losses at $80bn: WTW
1st May 2020
Under a severe scenario, COVID-19 insurance and reinsurance industry losses for key classes of business in the U.S. and the UK (including the London Market) could be at least $80 billion, according to a report from Willis Towers Watson's (WTW) Insurance Consulting and Technology business. The report is the first to ... Read the full article
Everest Re appoints Merkel as marketing & communications VP
1st May 2020
Bermuda-based re/insurer Everest Re Group has announced the appointment of Stephanie Merkel as vice president, marketing and communications. Merkel joins from Chubb where she served in a variety of senior marketing capacities within their North America operation. She will be responsible for leading the day to day activity of the marketing and ... Read the full article
CCR dedicates 2019 net income to state-backed credit re/insurance scheme
1st May 2020
State-backed reinsurer CCR has reported net income of €67 million for 2019, all of which the firm has dedicated to the recently launched state-guaranteed COVID-19 reinsurance scheme designed to support the country's SMEs by covering credit insurance risks. At €67 million, net income declined from the €147 million reported a year ... Read the full article
UK regulator to seek legal clarity on BI policies
1st May 2020
The Financial Conduct Authority (FCA) has announced that it intends to obtain a court declaration to resolve contractual uncertainty in business interruption (BI) insurance cover relating to the coronavirus pandemic. The UK regulator assured that the process would be undertaken in an “urgent manner,” despite saying last month that most ... Read the full article
Allianz withdraws 2020 guidance, expects Q1 profit dip
1st May 2020
Allianz is the latest global insurer and reinsurer to withdraw its operating profit target for 2020 as the COVID-19 coronavirus pandemic continues to drive widespread uncertainty and financial market volatility. As a result of the uncertain macroeconomic outlook being caused by the virus outbreak and the now available updated financial plans ... Read the full article
AEGIS London promotes Gemma Burns to Head of Digital Underwriting
1st May 2020
Lloyd’s managing agency AEGIS London has announced the appointment of Gemma Burns as Head of Digital Underwriting. Burns has worked with the firm for the past 20 years and has been promoted into this role on her return from maternity leave. Commenting on her appointment, Burns said, “Returning to work after maternity ... Read the full article
Willis Towers Watson launches new cyber cover for shipowners
1st May 2020
Re/insurance brokerage Willis Towers Watson has announced the launch of CyNav, a new type of cyber insurance cover designed specifically for shipowners. The new product aims to provide a solution that specifically addresses ship-operators’ needs, rather than trying to amend existing cyber products to fit marine exposures. Notably, CyNav includes crisis management ... Read the full article
Transverse Insurance Group’s E&S carrier receives A- rating from A.M. Best
1st May 2020
Transverse Insurance Group, a leading program carrier, has announced that its E&S carrier, Transverse Specialty Insurance Company, has received a Financial Strength Rating (FSR) of A- (Excellent) from global financial services ratings agency, A.M. Best. The company acquired its E&S carrier in January of this year, which followed its takeover ... Read the full article
Positive timing of Tiberius deal supports IGI’s growth ambitions: IGI’s Jabsheh
30th April 2020
The timing of the transaction with Tiberius was both positive and opportune for IGI, while the simplified access to capital enables the insurer to grow in the current market, according to the company’s President, Waleed Jabsheh. Following its business combination with Tiberius, former Dubai-registered IGI became a public company ... Read the full article
Aon advises Leonardo Electronics Pension Scheme’s £160m buy-in
30th April 2020
Global re/insurance broker Aon has announced its role in advising the trustees of the Leonardo Electronics Pension Scheme on a £160 million pensioner buy-in with Just Group. This is the first buy-in for the scheme designed to reduce risk while still offering accrual of new benefits to active employees. Leonardo is one ... Read the full article
Nationwide to permanently transition to hybrid (office/remote) operating model
30th April 2020
Ohio-based insurer Nationwide has revealed plans to permanently transition to a new hybrid operating model, which includes primarily working-from-office in four main corporate campuses and working-from-home in the majority of other locations. Like many other businesses in many parts of the world, in mid-March, Nationwide moved to a work-from-home business model ... Read the full article
Market volatility pushes James River to Q1 loss
30th April 2020
James River Group Holdings, the Bermuda-based insurance holdings company, has posted a loss of $36.8 million for the first quarter of 2020 due to investment market volatility caused by the COVID-19 pandemic. Income was down from $22.7 million in Q1 2019, with results weighed down in particular by a portfolio of ... Read the full article
California Wildfire Fund looks to grow reinsurance program
30th April 2020
The California Wildfire Fund is set to return to the reinsurance market shortly to renew and expand the reinsurance program it secured after launching last year. The Fund was set up in Q3 2019 as a source of capital to cover claims arising from wildfire events caused by any of the ... Read the full article
WTW grows organic revenue 4% in Q1, withdraws 2020 guidance
30th April 2020
Global re/insurance broker Willis Towers Watson saw organic revenue hit 4% in the first quarter, while also announcing its decision to withdraw 2020 guidance over ongoing coronavirus fears. It was ultimately decided that WTW should reassess at a future date when it has a clearer understanding of the depth, duration, and ... Read the full article
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