Reinsurance News
Howden adds Greek broker MATRIX to group
16th April 2020
Howden Broking Group has announced the addition of MATRIX Insurance and Reinsurance Brokers to the group. MATRIX was founded in 2003 and became a broker at Lloyd’s in 2012. It is the leading re/insurance broker in large Corporate and Industrial Risks in Greece and Cyprus. This announcement follows a strategic partnership between ... Read the full article
Arch sees Q1 COVID-19 losses at up to $145m across P/C & mortgage
16th April 2020
Bermuda-based insurer and reinsurer, Arch Capital Group Ltd., has announced estimated pre-tax losses of up to $95 million across its property casualty insurance and reinsurance segments, and losses of up to $50 million in its mortgage segment, as a result of the impacts of the COVID-19 pandemic. Arch has underlined the ... Read the full article
London market re/insurers not immune to impacts of COVID-19: Peel Hunt
16th April 2020
London market insurers and reinsurers are certainly not immune to the economic fallout from the COVID-19 outbreak, with exposures to pandemic and the subsequent recession risks seen across the property, marine, casualty, and contingency classes, according to Peel Hunt. In recent industry notes, analysts at Peel Hunt have explored the potential ... Read the full article
Energy & power industry should prepare for turmoil, warns Marsh JLT Specialty
16th April 2020
Amid widespread uncertainty surrounding the potential impacts of the COVID-19 pandemic on the energy and power insurance sector, Marsh JLT Specialty has said that the industry should be prepared for a period of turmoil. Currently, the potential hit to the insurance and reinsurance industry from the impacts of the ongoing coronavirus ... Read the full article
Erosion of insurance contract rights bad for the economy: Priebe, Guy Carpenter
16th April 2020
Any erosion of insurance contract rights, through the honouring of claims where coverage was never intended, or refusal of claims that should have been covered, would be bad for the economy as a whole, Guy Carpenter's Chairman David Priebe explained to us. In a wide-ranging interview, Priebe said that it remains ... Read the full article
Tremor’s weekly ILW auction sees significant rise in capacity and bidders
16th April 2020
Tremor, the programmatic insurance and reinsurance risk transfer marketplace, recently completed its first programmatic Industry Loss Warranty (ILW) trade and second weekly online auction, during which marketplace capacity tripled and bidders doubled. Tremor announced towards the end of March that in order to ensure the market continues operating during the ... Read the full article
Parsyl raises $15m, launches suite of tech-enabled cargo insurance products
16th April 2020
Approved Lloyd's coverholder and supply chain data platform, Parsyl, Inc., has announced that Parsyl Insurance has launched a suite of connected cargo insurance solutions for perishable goods, called ColdCover. The new suite of solutions will be powered by the firm's IoT data platform and includes an innovative, industry-first parametric spoilage product, ... Read the full article
COVID-19 impact on U.S. insurers’ Q1 underwriting to be limited, says S&P
16th April 2020
With global insurers and reinsurers soon to announce their first-quarter 2020 results, analysts at S&P Global Ratings expect the impacts of the COVID-19 pandemic to hit the earnings of U.S. life, health, and property/casualty (P/C) insurers. Overall, analysts expect that the investment performance of U.S. insurers will take more of a ... Read the full article
AXIS commits $1mn donation to support COVID-19 relief efforts
16th April 2020
Bermudian re/insurer AXIS Capital has announced a $1 million donation to support COVID-19 relief and community support efforts. The company will partner with non-profit organizations providing pandemic relief globally, as well as in communities in which AXIS operates. The donations are an extension of the AXIS Corporate Citizenship strategy, which focuses on ... Read the full article
R&Q to acquire ICI Insurance Company
16th April 2020
Non-life insurance, reinsurance legacy and run-off acquisition specialist Randall & Quilter Investment is set to acquire the entire issued share capital of ICI Insurance Company. ICIICL was incorporated in the Cayman Islands in 2003 and licensed as a Class B (i) Insurer. The residual liabilities of ICIICL comprise primarily of US Workers ... Read the full article
Prudential Financial to sell Korean life unit for $1.9bn
16th April 2020
US insurance and investment firm Prudential Financial has announced that it plans to sell its Korean life insurance business to financial services provider KB Financial Group (KB). Under the terms of its agreement, Prudential Financial will sell 100% of The Prudential Life Insurance Company of Korea for a cash consideration of ... Read the full article
Berkshire (BHSI) expands exec & professional lines in New Zealand
16th April 2020
The insurance arm of Warren Buffett's global insurance and reinsurance company, Berkshire Hathaway Specialty Insurance Company (BHSI), has expanded its Executive & Professional Lines offerings in New Zealand. Going forward, BHSI will introduce Management Liability and Association Liability Insurance policies in the country. “BHSI’s new Management Liability and Association Liability policies reflect ... Read the full article
Stonybrook Capital adds Gregory Morrison to board
15th April 2020
Stonybrook Capital & Risk Management has announced the appointment of Gregory Morrison to its board of directors. Morrison joins the board with over 35 years' experience in the insurance and reinsurance industry in various leadership and investment capacities. He served as CEO of a number of public and private insurance organizations including ... Read the full article
AXA Climate partners with VanderSat on parametric drought cover
15th April 2020
AXA Climate and dutch firm VanderSat have entered a strategic partnership to offer a satellite data-driven parametric cover against drought-related losses. The parametric insurance product features policies that will pay out based on high-precision microwave technology measuring soil moisture in individual field zones. Soil Moisture is a direct indicator of water available ... Read the full article
Cape Analytics expands partnership with Kin insurance
15th April 2020
Re/insurance data analytics provider Cape Analytics has expanded its partnership with Kin insurance. A home insurance technology company, Kin is using Cape Analytics’ geospatial property intelligence to inform its homeowner insurance offering. The integration of Cape Analytics’ data allows Kin to provide customers with policies tailored to individual property and coverage needs. Cape ... Read the full article
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