Reinsurance News
MMC pulls ahead in broker rankings but Aon + WTW could take top spot
3rd July 2020
Marsh & McLennan Companies (MMC) has extended its lead in the rankings of The Top 20 Global Insurance and Reinsurance Broking Groups, although a combined Aon and Willis Towers Watson (WTW) could claim the number one spot. As shown by our directory of the Top 20 Global Insurance & ... Read the full article
IGI appoints Ian Noble as Head of Casualty and Professional Lines
3rd July 2020
International General Insurance Holdings Ltd. (IGI) has announced the appointment of Ian Noble as Head of Casualty and Professional Lines. Noble has 34 years’ broking and underwriting experience in Professional Lines in the Lloyd’s of London and company markets. Most recently he served as Senior Class Underwriter – Professional Indemnity at Chaucer ... Read the full article
Airmic endorses Lloyd’s pandemic recovery solutions
3rd July 2020
Airmic, the UK association for risk and insurance professionals, has welcomed Lloyd’s proposals for how the insurance industry can support global economic and societal recovery from the impacts of COVID-19. Earlier this week, Lloyd’s laid out three open source frameworks designed to fast-track global economic and societal recovery from COVID-19, ... Read the full article
TransRe & AmWINS back launch of new ILS manager Integral
3rd July 2020
TransRe and AmWins have been confirmed as backers for the launch of Integral ILS Ltd., a new Bermuda based insurance-linked securities (ILS) fund manager. Representatives from Integral informed our ILS-focused sister publication, Artemis, that the company has launched but remains in the early stages of development. The fund manager is preparing ... Read the full article
AM Best downgrades Credit Ratings of GIC Re
3rd July 2020
AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “a-” of General Insurance Corporation of India (GIC Re) (India). The outlook of the FSR has been revised to stable from negative whilst the Long-Term ... Read the full article
Coface completes takeover of GIEK Kredittforsikring AS
3rd July 2020
Coface has announced the closing of its acquisition of GIEK Kredittforsikring AS, a company created in 2001, and owned by the Norwegian Ministry of Trade, Industry and Fisheries, that manages a short-term export credit insurance portfolio. Coface has acquired all GIEK Kredittforsikring AS shares, and plans to rebrand the business as ... Read the full article
UPC Insurance pegs Q2 cat losses at $30 million
3rd July 2020
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has announced estimated catastrophe losses of roughly $30 million pre-tax ($23mn after-tax) for the second-quarter of 2020. The approximately $30 million of pre-tax cat losses is net of expected reinsurance recoveries, and compares with net retained cat losses ... Read the full article
Lloyd’s Brussels appoints Country Manager, General Rep. for Spain & Portugal
3rd July 2020
The specialist Lloyd's of London re/insurance marketplace has announced that its Brussels subsidiary, Lloyd's Insurance Company S.A., has named Jose Núñez as its new Country Manager for Spain and Portugal (effective July 1), and General Representative for Spain and Portugal (effective August 3rd). In his new role, Núñez will be based ... Read the full article
Gareth Matthews named Chief Underwriter at Hannover Re UK Life Branch
3rd July 2020
Global reinsurer Hannover Re has announced the appointment of Gareth Matthews as Chief Underwriter for the Hannover Re UK Life Branch, effective July 1st, 2020. Matthews takes over from Stuart Johnson who has retired following more than six years with Hannover Re and almost four decades in the industry. Since 2014, Matthews ... Read the full article
Low interest rates add pressure to European re/insurers: Moody’s
3rd July 2020
According to Moody’s, the profitability of European property and casualty (P&C) re/insurers will come under increasing pressure as interest rates are set to stay low for longer than previously expected amid the slowdown in global growth. With government bond yields falling in 2020, P&C re/insurers are also being forced to reinvest ... Read the full article
Ageas enters land & estate deal with Howden division
3rd July 2020
Brussels-headquartered multinational insurer Ageas has announced a new five-year agreement for land and estates insurance with R K Harrison, the specialist rural division of Howden UK. Effective from July 1, 2020, the scheme has been designed to support a range of insurance needs across the rural sector. Under the agreement, farmers, landowners ... Read the full article
Stock market volatility still biggest challenge for Japan re/insurers: AM Best
3rd July 2020
COVID-19 induced volatility in the stock market continues to pose the biggest challenge to the balance sheets of Japan’s major non-life re/insurers, according to analysts at AM Best. The rating agency noted that high common stock leverage among each of Japan’s re/insurers has brought systematic equity price risk into greater consideration. The ... Read the full article
Reduced capacity boosts reinsurance pricing at US renewals: Willis Re
2nd July 2020
Reduced capacity helped reinsurers at the June and July US property renewals to control market dynamics and achieve significant rate increases, according to the Willis Re 1st View report. In Florida, new capacity proved difficult to acquire at June 1, which led to noteworthy premium increases and an average rate increase ... Read the full article
SRG to acquire Insolvency Risk Services from MS Amlin
2nd July 2020
Specialist insurance broker SRG has announced that it plans to acquire Insolvency Risk Services (IRS), a division of MS Amlin that provides insurance services for companies in administration. The transaction will mark the return of IRS to the insurance broking world after several years as a division of MS Amlin. “We are ... Read the full article
Nasdaq adds Global Earthquake Model to risk modelling service
2nd July 2020
The Global Earthquake Model (GEM), a non-profit, public-private partnership for earthquake risk information, has become the latest catastrophe risk model provider to offer its range of models via the Nasdaq Risk Modelling service. GEM serves the public and private sectors in a global collaborative effort to develop scientific risk assessment tools, ... Read the full article
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