Reinsurance News
Rating agencies downgrade AXIS, company responds
6th May 2020
Global financial services ratings agencies have taken actions against AXIS Capital and its subsidiaries, citing the economic impact of the coronavirus (COVID-19) pandemic and a deteriorating operating performance. Specifically, Fitch Ratings has revised its outlook for AXIS from stable to negative, citing the economic impact of the pandemic. At the same time, ... Read the full article
Lloyd’s updates 2021 business plan process amid COVID-19
6th May 2020
Insurance and reinsurance marketplace Lloyd’s of London has laid out its process for agreeing 2021 business plans and capital requirements, which it says now reflect the challenges posed by COVID-19. The approval process for business plans will involve a three-tiered approach, following on from the pilot of Lloyd’s ‘Light Touch’ approach ... Read the full article
COVID-19 dents Hannover Re’s P&C result, Group net income still up 2.5%
6th May 2020
Reinsurance giant Hannover Re has reported an increase in net income to €300.9 million for the first-quarter of 2020, as an improved performance within Life and Health (L&H) more than offset the impacts of COVID-19 on the reinsurer's Property and Casualty (P&C) reinsurance unit. Group net income improved by 2.5% in ... Read the full article
Chubb appoints Robert Wilson to Deputy CUO role
6th May 2020
Global insurer Chubb has announced the appointment of Robert Wilson as Deputy Chief Underwriting Officer and Head of Underwriting Operations for Chubb Global Markets (CGM). Wilson will have responsibility for growing the business and to further enhance the operational resilience and underwriting of CGM. He reports to Jason Keen, Division President, Chubb ... Read the full article
Burns & Wilcox appoints regional leader for Professional Liability
6th May 2020
Wholesale insurance broker and underwriting manager Burns & Wilcox has announced the appointment of Laura McCormick as Regional Practice Group Leader, Professional Liability for the Southern US Region, based out of the Dallas/Fort Worth office. McCormick will be responsible for setting the strategic direction and growth for Professional Liability business across ... Read the full article
BMS adds Tan Pawar as managing director
6th May 2020
Independent specialist re/insurance broker BMS Group has appointed Tan Pawar as managing director of its new Private Equity, Mergers & Acquisitions and Tax Insurance division. Pawar reports to Ian Gormley, managing director of BMS Global Risks. He brings over 13 years’ M&A and legal experience and has also held various senior positions at ... Read the full article
Gallagher introduces COVID-19 cover for India’s frontline workers
6th May 2020
International insurance and risk management organisation Gallagher has announced the release of a Pandemic Group Insurance product, featuring COVID-19 indemnity cover solution to the India market. The product is for essential workers and front-line services including hospital and healthcare providers, food distribution, and pharmaceutical manufacturers. Coverage is applicable only if the insured ... Read the full article
IRB Brasil Re delays release of Q1 results amid COVID-19
5th May 2020
IRB Brasil Resseguros SA (IRB Brasil Re) has announced that it has postponed the release of its first-quarter 2020 financial results amid the ongoing impacts of the COVID-19 coronavirus pandemic. In an announcement to its shareholders and the market, the Chief Financial and Investor Relations Officer of the Rio de Janeiro-based ... Read the full article
RMS expands, updates Risk Intelligence platform
5th May 2020
Catastrophe risk modelling and analytics firm RMS has announced a series of newly updated products and models on its Risk Intelligence (RI) platform. RMS RI was launched in May 2019 and is an open, modular and unified cloud platform designed to enable advanced modeling, risk insights and analytics. New to the platform ... Read the full article
AM Best places Watford Re & subsidiaries ratings under review amid COVID-19
5th May 2020
Global financial services ratings agency A.M. Best has placed the credit ratings of Watford Re Ltd. and its subsidiaries under review with negative implications, after the company announced that its Q1 2020 results will include a net investment loss of $300 million as a result of COVID-19 impacts on financial ... Read the full article
Peak Re wraps up Lutece Holdings acquisition
5th May 2020
Hong Kong-based reinsurer Peak Re has completed its acquisition of the capital of Lutece Holdings and its subsidiary Lutece Investment Management, which will be renamed Peak Capital. The Bermuda-based ILS investment specialist is now a wholly owned subsidiary of Peak Re. The completion of the transaction follows the fulfilment of customary closing ... Read the full article
Covid-19 trade credit losses up to $46bn, reinsurers to take up to 30%: MS analysts
5th May 2020
Trade credit insurance market losses due to the Covid-19 pandemic could reach as high as $46 billion, with reinsurers perhaps taking as much as 30% of the hit, according to analysts at Morgan Stanley. The analysts said in a report that their initial estimate for losses to primary credit insurers is ... Read the full article
BMS names Peregrine Towneley as Chairman of Intl. Operations
5th May 2020
Specialist insurance and reinsurance broker, BMS Group, has appointed Marsh's Peregrine Towneley as the Group's Chairman of International Operations, reporting to Nick Cook, Chief Executive Officer (CEO) at BMS. In his new role, Towneley's time will be split between helping develop business for the London wholesale, property and energy teams and ... Read the full article
SCOR taps capital markets for $200mn of multi-year reinsurance capacity
5th May 2020
Global insurer and reinsurer SCOR has successfully sponsored a new catastrophe bond transaction, providing the Group with $200 million of multi-year risk transfer capacity from the capital markets, to protect against storms in the U.S. and earthquakes in the U.S. and Canada. SCOR has returned to the catastrophe bond market with ... Read the full article
Palomar adds new CUO, Chief Strategy Officer
5th May 2020
Specialty property insurer Palomar Holdings has announced that Jon Christianson will assume the role of Chief Underwriting Officer, while continuing to serve as Chief Operating Officer. Christianson succeeds Andy Robinson, who has announced his intention to retire. Bill Bold, meanwhile, has been appointed Chief Strategy Officer. He will report to the company’s Chief ... Read the full article
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