Reinsurance News
U.S. targets federal reinsurance backstop for pandemic BI losses
14th April 2020
The creation of a Federal Pandemic Risk Reinsurance Program, designed to cover insured losses arising from public health emergencies, is reportedly progressing in the U.S. Currently in discussion draft form, the Pandemic Risk Insurance Act of 2020 would develop the new reinsurance program in order to provide a "transparent system of ... Read the full article
Greenlight Re sinks to $43mn Q1 net loss
14th April 2020
Hedge fund-backed reinsurer Greenlight Re expects to incur a net loss of between $38 million and $43 million for the first quarter of 2020. This loss is driven by an investment loss in the Solasglas Investments, LP fund of $42.2 million, representing a loss of 8.1% for the quarter as previously ... Read the full article
Separate billion-dollar events mark active month for US tornadoes: Aon
14th April 2020
The month of March was a particularly active one for US weather losses, with separate billion-dollar tornado events marking significant losses for the re/insurance industry, according to the latest Global Recap report from Aon. Most notably, deadly tornados tracked across central Tennessee on March 3, including an EF4 and EF3 in ... Read the full article
Venbrook recruits Sonia Ahuja as COO
14th April 2020
California-based re/insurance firm Venbrook has announced the appointment of Sonia Ahuja as Chief Operations Officer (COO). In this role, Ahuja will be responsible for growing the company through both organic initiatives and strategic acquisitions and partnerships. She will oversee operations efficiencies and margin improvements for Venbrook Group and its subsidiaries. Most recently, Ahuja ... Read the full article
Munich Re is well placed to manage earnings setback, market volatility: S&P
14th April 2020
S&P Global Ratings expects reinsurance giant Munich Re to maintain its capital adequacy in 2020 and 2021, despite the firm withdrawing its profit guidance for the current year in light of the ongoing COVID-19 pandemic. Prior to the coronavirus pandemic, the reinsurer expected to achieve profit for 2020 of €2.8 billion. ... Read the full article
Global recession twice as deep as 2008, shorter lived: Swiss Re’s Haegeli
9th April 2020
Swiss Re’s chief economist Jérôme Jean Haegeli believes the global recession facing us in the wake of the coronavirus pandemic could be one of the deepest, but also one of the shortest. Analysis conducted by the reinsurer projects an atypical recession which will be twice as deep and more than twice ... Read the full article
Despite headwinds, A.M. Best holds stable outlook on US health insurance
9th April 2020
Ratings agency A.M. Best has maintained its stable outlook on the U.S. health insurance market despite the impacts of the ongoing COVID-19 coronavirus pandemic. A.M. Best has held its stable outlook on the sector in light of positive market trends that were evident through year-end 2019 and into the first-quarter of ... Read the full article
COVID-19 to weaken US P&C insurers’ premiums, investments: Moody’s
9th April 2020
For US property and casualty insurers, Moody's analysts expect the economic shock from coronavirus to cause a decline in premiums, higher claim costs in certain business lines, lower claim frequencies in others, more volatile investment results, and a deterioration in capital. For claim costs, the coronavirus is expected to have mixed ... Read the full article
Starr’s Aviation unit extends deadlines for policyholders amid COVID-19
9th April 2020
Starr Aviation, a division of Starr Technical Risks Agency, Inc. and within Starr Insurance Companies, is set to make accommodations under its general aviation policies to extend some training and medical-certification deadlines for insured pilots. The move comes in response to the social distancing measures that have been implemented across the ... Read the full article
Premium renewal trends positive across Q1: IVANS
9th April 2020
Premium renewal rates continued to increase during the first quarter of 2020 for almost all major commercial lines products, according to the IVANs Index, a division of Applied Systems. The IVANS Index is released on a monthly basis as a data-driven report of current conditions and trends for premium rate renewal ... Read the full article
D L Dale & Others, Syndicate 2525 adds Harcus as head of Intl casualty
9th April 2020
Specialist employers' and third party liability Lloyd's insurer D L Dale & Others, Syndicate 2525, has announced the appointment of Charles Harcus as head of international casualty. Harcus joins from Apollo Syndicate where he has served as head of international casualty since 2014. Prior to this, he was portfolio manager, international casualty, ... Read the full article
Investment declines a primary concern for survey respondents
9th April 2020
As the coronavirus pandemic continues to drive uncertainty throughout the global re/insurance industry and beyond, Reinsurance News has decided to collaborate with its ILS-focused sister-site Artemis on a survey designed to take the pulse of the market. We’ve analysed the data from responses received so far and already there are ... Read the full article
ACORD to release new standards for data exchange
9th April 2020
ACORD, the international standards-setting body for the insurance sector, has announced the release of Version 1.0 of its new digital standards for insurance data exchange. Developed in partnership with various industry organisations, the standards aim to enable omnichannel information exchange across any technology interfaces. ACORD explained that they will support data transfer ... Read the full article
A.M. Best turns negative on US private mortgage insurance market
9th April 2020
Ratings agency A.M. Best has revised its outlook on the U.S. private mortgage insurance market to negative from stable, as a result of the widespread uncertainty being caused by the ongoing COVID-19 coronavirus pandemic. According to A.M. Best, the viability of the primary and secondary markets for mortgages in the U.S. ... Read the full article
Lloyd’s appoints country managers for Benelux regions
9th April 2020
Lloyd’s Insurance Company S.A. has announced several senior appointments to countries in the Benelux regions, including the Netherlands, Belgium, and Luxembourg. Firstly, Iwan Ropcke has been appointed as the interim LIC Country Manager for the Netherlands and Belgium, with effect from 1 January 2020. Most recently, Ropcke served as Business Strategy & ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
