Reinsurance News
TigerRisk eyes accelerated growth with strategic investment from Flexpoint Ford
22nd April 2020
Insurance and reinsurance brokerage TigerRisk Partners, LLC has secured a strategic investment from private equity firm Flexpoint Ford LLC, enabling the company to accelerate its current growth trajectory through access to additional capital and expertise. Flexpoint Ford is a private equity firm that specialises in the financial services and healthcare sectors, ... Read the full article
Aon secures Lloyd’s accreditation for reinsurer trading portal
22nd April 2020
Global re/insurance broker Aon has received accreditation from Lloyd’s for its reinsurer trading portal, ABConnect Placements. The Lloyd’s Franchise Board provided ‘conditional recognition’ of the platform following the recent deployment of Aon’s binding function, so valid contracts can be written as ePlacements. Gaining approval from Lloyd’s as part of the electronic placing ... Read the full article
Hannover Re withdraws 2020 profit guidance on COVID-19 pandemic
22nd April 2020
Global reinsurance giant Hannover Re has withdrawn its profit guidance for 2020 in light of the ongoing COVID-19 coronavirus pandemic and related uncertainty surrounding claims and the capital market landscape. The German reinsurer states that its first-quarter 2020 results were not significantly impacted by the global spread of the coronavirus as ... Read the full article
M&A wave to drive opportunities for equity market investors: Twelve Capital
22nd April 2020
A wave of restructuring and consolidation efforts in the re/insurance industry is expected to provide attractive opportunities for equity market investors, according to Twelve Capital. Twelve Capital – an independent investment manager specialising in insurance investments – noted that the global re/insurance industry appears to be increasingly exploring M&A options as ... Read the full article
AM Best turns negative on Bolivia insurance
22nd April 2020
AM Best has revised its market segment outlook on Bolivia’s insurance industry to negative from stable, owing mainly to the coronavirus (COVID-19) pandemic. The rating agency noted that the outbreak has exacerbated Bolivia’s political turmoil and contributed to an overall slowdown in economic activity. In combination with the vulnerable economic environment and ... Read the full article
Swiss Re Institute highlights economic impact from COVID-19 lockdowns
21st April 2020
Analysis conducted by the Swiss Re Institute suggests that coronavirus-related shutdown measures are driving a 20-25% reduction in economic activity among most advanced markets. The different sector compositions of countries will be a main factor in determining the size of the impact, with emerging markets likely to be impacted more given ... Read the full article
Omniscience launches first life insurance underwriting automation suite
21st April 2020
Palo Alto-based firm Omniscience has announced a new software suite designed to automate life insurance underwriting decision-making. By using new underlying technology from Omniscience, this suite is designed to accelerate life insurance decisions 1000 times or more and integrate requirements impacting the whole company in every result. Omniscience notes how the issues ... Read the full article
Florida Southern Insurance joins the Patriot platform
21st April 2020
Patriot Growth Insurance Services, LLC has announced the addition of Florida Southern Insurance, LLC (FSI) to the Patriot platform, significantly expanding Patriot's existing property and casualty (P/C) insurance capabilities. FSI is a Florida-based full-service independent agency that provides a range of P/C insurance solutions, including auto, homeowners, business, flood and boat ... Read the full article
Coverys adds Robert Forster as Director of Underwriting
21st April 2020
Coverys Managing Agency has announced the appointment of Robert Forster as director of underwriting. Forster’s appointment is effective June and he succeeds Phil Sloan, who is due to retire from the position. He brings over three decades of specialist underwriting experience to Coverys and most recently served as Chief Underwriting Officer and ... Read the full article
Pennsylvania classifies COVID-19 as natural disaster
21st April 2020
In a move that could have significant implications for re/insurers, Pennsylvania has classified the coronavirus (COVID-19) pandemic as a natural catastrophe as part of its decision to uphold the state's business closure order. The Pennsylvania Supreme Court reasoned that the pandemic can be considered a natural disaster because of its serious ... Read the full article
AXA XL announces new leadership team, operating model
21st April 2020
AXA XL, the property & casualty and specialty risk division of AXA, has announced a new leadership team and proposed changes to the operating model of its insurance business. Following a strategic review, a proposal has been put forward which would see the creation of a single global insurance underwriting function ... Read the full article
Obsidian Insurance adds Dan Larkin as CUO
21st April 2020
Obsidian Insurance Holdings has added Dan Larkin to its senior management team as Chief Underwriting Officer. Obsidian was recently formed in partnership with industry executives and Genstar Capital. Larkin joins with over 25 years' experience in the insurance industry and most recently served with Allianz as Northeast Zone Midcorp Program Director. Prior to ... Read the full article
Travelers’ Q1 underwriting result dented by higher cat losses & COVID-19
21st April 2020
The Travelers Companies, Inc. has reported a year-on-year decline in net income to USD 600 million for the first-quarter of 2020, as elevated catastrophe losses and charges related to the ongoing COVID-19 coronavirus pandemic dented the insurer's underwriting performance in the period. Net income fell by almost USD 200 million when ... Read the full article
Ralph van Helden joins Everest Insurance from Lloyd’s
21st April 2020
Everest Insurance, a division of Bermuda-based Everest Re Group, Ltd., has appointed Ralph van Helden as the Business Development Director for Everest Global Markets, which includes Everest Insurance (Ireland), DAC (EIID), and Lloyd's of London Syndicate 2786. He takes responsibility for developing and deepening regional relationships with Everest Insurance's broker partners, ... Read the full article
Reinsurers grow premiums & profits in 2019 but underwriting dips: Aon
21st April 2020
Analysis in Aon's Reinsurance Aggregate (ARA) report, which tracks the financial performance of 23 leading reinsurance carriers through 2019, reveals an increase in premiums and pre-tax profit when compared with the prior year. The ARA underwrites roughly half of all global non-life reinsurance premiums and a large majority of life premiums. Insurance ... Read the full article
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