Reinsurance News
Beazley gets regulatory nod for Labuan service company
21st April 2020
Specialist insurer Beazley has received authorisation by the Labuan financial regulator to open a new service company in the region. Beazley Labuan Limited has been established to help build a presence in the Malaysian market and underwrite various classes of business on a reinsurance basis on behalf of Beazley’s Lloyd’s syndicates. The ... Read the full article
COVID-19 hits Tryg’s Q1 performance
21st April 2020
Scandinavian insurer Tryg has seen its first quarter performance hit by the global coronavirus pandemic, estimating a negative impact of DKK 40 million ($6 million) driven by travel insurance claims. Travel insurance losses totalled $17 million ($37 million before reinsurance) partly offset by lower frequencies in other lines of business (including, ... Read the full article
Charles Taylor announces Board & leadership changes, CEO Marock to depart
21st April 2020
Charles Taylor, a provider of services and technology solutions to the insurance sector, has announced numerous changes to its Board and Executive Committee, including the departure of Group Chief Executive Officer (CEO), David Marock. At the same time, Edward Creasy has been appointed Executive Chairman for the Group from his previous ... Read the full article
COVID-19 to put pressure on reinsurers’ capital buffers: S&P
21st April 2020
S&P Global Ratings has conducted a series of investment assets stress tests for North American reinsurers, which show that the COVID-19 pandemic will put pressure on already-thin capital buffers. The rating agency felt that the majority of its rated North American reinsurers will be able to maintain capital adequacy, even for ... Read the full article
Swiss Re CorSo appoints Matthias Grass as CFO
21st April 2020
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance arm of reinsurance giant Swiss Re, has revealed that Matthias Grass is to succeed Martin Mueller as Chief Financial Officer (CFO), effective July 1st, 2020. In his new role, Grass takes responsibility for the oversight of Swiss Re CorSo's Finance function, ... Read the full article
2020 UK pension buy-in/outs to be second largest ever: LCP
21st April 2020
Pension, insurance and investment consultancy firm, Lane Clark & Peacock LLP (LCP) is predicting total buy-in and buy-out volumes for 2020 by DB pension plans in the UK to hit £25 billion, the second largest total on record. This comes on the back of record-breaking transaction volumes for 2019, where there ... Read the full article
Stephen Catlin chairs UK pandemic steering group, Pool Re collaborates
21st April 2020
Leaders from across the UK insurance industry have come together to form a new steering group, which will work in collaboration with Pool Re, in an effort to strengthen its response to future pandemics. The primary objective of the group, which met for the first time on Friday April 17th, is ... Read the full article
German insurers to see limited impact from equity market declines: MSK
21st April 2020
Property and casualty re/insurers in Germany are only expected to see a limited impact from the downturn in equity markets as a result of the ongoing COVID-19 coronavirus pandemic, reports actuarial consultancy firm, Meyerthole Siems Kohlruss (MSK). The reason for such a limited impact is down to the fact that stock ... Read the full article
GC climate report questions “culture of reliance” on state aid
20th April 2020
A report by re/insurance broker Guy Carpenter has questioned the “culture of reliance” on state assistance for disaster relief, which has emerged as governments increasingly bear the costs of climate change. Guy Carpenter noted that climate change is exacerbating the challenges faced by governments, with natural catastrophes becoming more frequent and ... Read the full article
Truist grows Q1 income, reserves $893mn for COVID-19
20th April 2020
Truist Financial Corp. grew its income by 31.6% to $986 million during the first quarter of 2020, despite merger-related and restructuring charges as well as "discretionary actions" related to the coronavirus (COVID-19) pandemic. The company also added $893 million to its reserves during the quarter to address expected future losses related ... Read the full article
Piiq Risk adds WTW’s Neil Maynard as Senior Partner
20th April 2020
Piiq Risk Partners, the recently branded global aerospace brokerage of BGC Insurance Group, has appointed Neil Maynard as Senior Partner. Maynard will join the business next year and will be based in London, reporting to Marcel Chad, President. He brings extensive broking expertise, having spent more than 25 years at Willis Towers ... Read the full article
UK gov considering reinsurance backstop scheme: reports
20th April 2020
The UK Government is in talks about implementing a trade credit reinsurance backstop scheme for the duration of the coronavirus (COVID-19) pandemic, according to reports from Sky News. Insurers are reportedly discussing a new scheme with the Treasury and the Department for Business, Energy and Industrial Strategy that would prevent the ... Read the full article
Cooper Gay confirms acquisition of Meteo Protect brand & tech
20th April 2020
Cooper Gay France, the European brokerage and wholesale managing general agency (MGA), has acquired the brand and technology of parametric and weather index insurance specialist and Lloyd's of London coverholder, Meteo Protect. The agreement provides Cooper Gay, which is part of the BGC Partners broking group, with stronger capabilities in the ... Read the full article
Uncertainty for re/insurers as experts imply Olympics go-ahead requires vaccine
20th April 2020
As insurers and reinsurers prepare to manage the economic fallout from the one-year delay to the Tokyo Olympics, experts have suggested that the games will only go ahead in 2021 if there's a vaccine for the COVID-19 coronavirus. It was announced on March 24th that for the very first time, the ... Read the full article
Brit Global Specialty adds Shana Stodolski as Assistant VP, Cyber
20th April 2020
Specialty re/insurer Brit has announced the appointment of Shana Stodolski as Assistant Vice President, Cyber, for Brit Global Specialty USA (BGSU). Stodolski will be based in Glastonbury, CT and reports to Jeff Norton, Senior Vice President, Cyber Liability. She will be responsible for supporting the continued growth and underwriting of Cyber for ... Read the full article
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