Reinsurance News
WTW appoints Wise Xu as country leader for China
3rd August 2020
Global re/insurance broker WTW has appointed Wise Xu as country leader for China, effective September 1. Wise, who will retain his current position as head of corporate risk and broking in China, takes over from Smilla Yuan, who is set to leave the company towards the end of August. Based in Beijing, ... Read the full article
Cyber growth slows as profits less certain: AM Best
3rd August 2020
Cyber insurance premiums have slowed for the fourth straight year in the US as part of a trend that AM Best attributes to an expanding threat landscape and an increasing awareness of risks. Direct premiums written in the US cyber insurance market increased by 11% year over year in 2019 to ... Read the full article
Guy Carpenter promotes Mayer, Mowery & Crichton to Exec Committee
3rd August 2020
Reinsurance broker Guy Carpenter has named three new members of its Executive Committee, as Neil Mayer, Lara Mowery and John Crichton are all added to the senior leadership group. The company said the move is aligned with its "ongoing commitment to deliver differentiated value and experience to its clients." The Executive Committee ... Read the full article
Hiscox falls to H1 loss, as Covid-19 reserves rise to $232m
3rd August 2020
Hiscox Group, the specialist insurance and reinsurance underwriter, has fallen to a $138.9 million loss for the first-half of 2020, as it lifted its Covid-19 reserves to $232 million across the group. Previously, Hiscox had estimated that it faced roughly $150 million in claims from the Covid-19 pandemic, but this ... Read the full article
Milliman updates P&C reserve analysis system
3rd August 2020
Global consulting and actuarial firm Milliman has released version 2020b of its Arius solution, a family of reserve analysis systems for property and casualty re/insurers. The update provides enhancements to the systems’ analytical capabilities, together with new additions to the reporting and data management tools. According to Milliman, this release adds new ... Read the full article
Aon sees Willis Re as complementary, divestiture unnecessary: Execs
31st July 2020
Aon's senior leadership, including CEO Greg Case, explained today during a quarterly earnings call that the company isn't expecting to need to divest significantly, as it combines with Willis Towers Watson (WTW) when the acquisition is realised. Case, the Chief Executive Officer of insurance and reinsurance broker powerhouse Aon, said before ... Read the full article
Cohen & Company launches second re/insurance acquisition vehicle
31st July 2020
Fixed income financial services specialist Cohen & Company has announced the launch of INSU Acquisition Corp. II, a Special Purpose Acquisition Company (SPAC), as the company looks to raise up to $207 million for the purpose of reinsurance and insurtech investment opportunities. Cohen & Co last launched an SPAC last year ... Read the full article
Munich Re unit HSB finds cyber attacks on the rise
31st July 2020
A survey by HSB, part of Munich Re, has shown results for a continuing increase in identity theft, cyberattacks and online fraud as criminals steal personal information and millions of dollars. The survey conducted by Zogby Analytics found that 77% of consumers were very or somewhat concerned about online identity theft. Because ... Read the full article
RMS places hurricane Hanna insured losses at less than $400mn
31st July 2020
Catastrophe risk modeller and solutions company, RMS, estimates that the U.S. insurance losses from Hurricane Hanna will not exceed $400 million. Losses to the National Flood Insurance Program are expected to be $100 million or less. Jeff Waters, senior product manager, RMS North Atlantic Hurricane Models commented: “Wind and storm surge-driven losses ... Read the full article
ICA makes key changes to board
31st July 2020
The Insurance Council of Australia has announced the addition of Sue Houghton as President of the Insurance Council and Chair of the Board. Houghton currently serves as General Manager Insurance, Westpac and she replaces Gary Dransfield, who stepped aside on July 1. “Gary has been a highly regarded Board Director since 2017 ... Read the full article
James McDonald to lead Sompo International’s energy team in London
31st July 2020
Sompo International Holdings Ltd., the Bermuda-based specialty provider of property and casualty insurance and reinsurance, has announced the appointment of James McDonald as its new Head of London Market Energy. McDonald has more than 30 years of experience across both the broking and underwriting sectors. He joins Sompo International from Talbot and ... Read the full article
COVID-19 losses drag down Brit in H1 as combined ratio hits 106.7%
31st July 2020
Global specialty re/insurer Brit saw COVID-19 heavily impact its performance in the first half of 2020, with the pandemic raising its combined ratio 15.7pps to 106.7%. The company also registered an operating loss of $193.6 million, compared to a profit of $139.6 million in the first half of 2019. ‘The COVID-19 pandemic ... Read the full article
AIR updates Tropical Cyclone and Earthquake Models for the Caribbean
31st July 2020
AIR Worldwide has announced the release of two updated catastrophe risk models for the Caribbean region, covering tropical cyclone and earthquake risks. The company said this will provide re/insurers with models which show a comprehensive view of risk across 29 countries and territories in the region. The AIR Tropical Cyclone Model for ... Read the full article
Gallagher Q2 earnings up 40%, helped by expense measures
31st July 2020
International insurance brokerage firm, Arthur J. Gallagher & Co. has reported a 40% increase in net earnings for the second quarter of 2020, helped by stringent expense control measures. Gallagher posted adjusted net earnings of $229.0 million for its Brokerage & Risk Management segments, compared with $164.1 million for the same ... Read the full article
Legal & General completes £100mn pension bulk annuity transaction
31st July 2020
Life insurer Legal & General announced that it has agreed a £100 million bulk annuity transaction with the Trustee of the Countrywide Farmers Retirement Benefits Scheme, securing the benefits of 360 deferred members and 712 retirees. The Scheme entered the Pension Protection Fund (PPF) assessment in March 2018 following the insolvency ... Read the full article
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