Reinsurance News
CCRIF Nicaragua payouts total $30.6m following cyclones Iota, Eta
9th December 2020
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has made payouts totalling $30.6 million to the government of Nicaragua following the passage of tropical cyclones Iota and Eta. Both storms made landfall as category 4 hurricanes along the Nicaraguan coast within two weeks of each other in November. Hurricane Iota was the last ... Read the full article
Sirius Group expands new E&S platform
9th December 2020
Sirius International Insurance Group’s new US-based Excess & Surplus Lines (E&S) platform is set to begin underwriting business produced by its environmental division. Sirius Specialty Insurance Company (SSIC) was granted authority to establish as a New Hampshire-based domestic surplus lines insurer earlier this year, with authority for various lines of business, ... Read the full article
Jeremy Sharpe to lead AGCS Global Distribution unit
9th December 2020
Allianz Group’s specialist carrier for corporate insurance business, Allianz Global Corporate & Specialty (AGCS), has appointed Jeremy Sharpe to lead its Global Distribution unit, succeeding Patrick Thiels. Thiels will now lead its Mediterranean & Africa region, succeeding the current Regional Managing Director, Corinne Cipière who has been appointed to a Board ... Read the full article
The ICA to appeal against BI test case ruling
9th December 2020
The Insurance Council of Australia (ICA) has announced its decision to contest a recent New South Wales Court of Appeal’s ruling that landed in favour of Covid-19-impacted businesses. The NSW Court of Appeal’s ruling could see insurers unable to deny claims from policyholders whose business interuption cover included an outdated ... Read the full article
AM Best stays negative on US commercial lines
9th December 2020
Rating agency AM Best has opted to maintain its negative outlook on the US commercial lines industry for 2021, citing uncertainty about the economic fallout from COVID-19 and the re-emergence of social inflation as courts reopen. Analysts noted that the commercial lines industry has shown resilience in a year of abnormally ... Read the full article
BMS adds three directors to marine subsidiary
9th December 2020
Independent specialist re/insurance broker BMS Group has added Nick Hocking, Tony Cuthbertson and Josh Robertson as directors within its marine subsidiary BMS Harris & Dixon Marine (BMS H&D Marine). Effective February 2021, all three will be based in London and report to John Hoare, managing director of BMS H&D Marine. The appointments ... Read the full article
AXA XL Insurance adds Thérèse Badr as Senior Claims Adjuster
9th December 2020
AXA XL Insurance has announced the appointment of Thérèse Badr as a Senior Claims Adjuster within its Energy & Construction division. Badr will be based in London and oversee the management of AXA XL’s large and complex Energy and Construction claims, working closely with underwriters and engineers on risk reviews and ... Read the full article
US social inflation amid the COVID-19 recession here to stay, says Swiss Re
9th December 2020
Global reinsurer Swiss Re expects social inflation to continue pushing up loss costs in US excess liability and reinsurance. Analysts note how social inflation has spread across commercial casualty lines in recent years due to non-economic drivers that include the trial bar's use of psychology-based strategies, litigation funding and inequality. The effects ... Read the full article
Aviva names Chief Brand & Corporate Affairs Officer
9th December 2020
Aviva has announced the appointment of Stephen Doherty as Chief Brand and Corporate Affairs Officer. This new role at Aviva will see Doherty join the Group Executive Committee, reporting to Aviva Chief Executive Officer, Amanda Blanc. He will commence his role at Aviva in March 2021, and will lead on brand, public ... Read the full article
Robert Clark named Head of Everest Specialty Underwriters
9th December 2020
Everest Insurance, a division of Bermuda-based re/insurer Everest Re Group, has announced the appointment of Robert Clark as Senior Vice President, Head of Everest Specialty Underwriters (ESU). As Head of ESU, Clark will be responsible for leading the growth and management of the ESU business segments. These include Financial and Professional Lines, ... Read the full article
Travelers acquires InsuraMatch from Plymouth Rock
9th December 2020
The Travelers Companies has entered an agreement to acquire insurance company InsuraMatch from the Plymouth Rock Group. The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2021. The terms of the transaction were not disclosed. InsuraMatch focuses primarily on personal insurance, and offers ... Read the full article
Swiss Re CorSo names Emmanuelle Huard-Auray as Head E&C, North America
9th December 2020
Reinsurance giant Swiss Re's commercial insurance arm, Swiss Re Corporate Solutions (Swiss Re CorSo), has announced the appointment of Emmanuelle Huard-Auray as Head Engineering & Construction (E&C) North America. Based in Chicago and reporting to Michael LaRocca, Head Property & Specialty North America, Huard-Auray takes on responsibility for driving the ... Read the full article
HSCM adds $600mn in new investor commitments
9th December 2020
Hudson Structured Capital Management (HSCM), the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has added more than $600 million in new investor commitments in Q4 2020. This brings HSCM's commitments and assets under management to more than $3.0 billion and its re/insurance linked strategy commitments and assets under management ... Read the full article
Today, you can do a lot more as a new carrier: Hendrick, Vantage
9th December 2020
Meaningful advances in technology and analytics provides a new re/insurance carrier with far greater capabilities today than in previous periods of market hardening, according to Greg Hendrick, Chief Executive Officer (CEO) of Vantage. Vantage announced its launch last week with $1 billion of equity capital ahead of the January 1st, ... Read the full article
Japanese life premiums suffer but capital remains strong: Moody’s
9th December 2020
According to analysts at Moody’s, disruptions due to the COVID-19 pandemic have significantly impacted new policy sales for the four major Japanese life insurers. However, the rating agency added that core profits among this group remain solid, and capitalisation has also improved but remains vulnerable to market shocks. Overall, in-force business, capital ... Read the full article
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