Reinsurance News
Global Atlantic sets up Ivy reinsurance co-investment vehicle
8th April 2020
Life and annuity re/insurance firm Global Atlantic Financial Group has announced the establishment of Ivy Co-Investment Vehicle (Ivy), which will allow Global Atlantic and Ivy to co-invest in new reinsurance opportunities sourced by Global Atlantic’s institutional reinsurance business. The vehicle is designed to co-invest approximately $1 billion with Global Atlantic and ... Read the full article
PPL usage and adoption growing at pace during COVID-19
8th April 2020
In the three weeks since the London insurance and reinsurance market started working remotely as a result of the global coronavirus pandemic, the number of unique users on the Placing Platform Limited (PPL) has increased by 40%. PPL, the London market's electronic placing platform, has been tracking both activity and performance ... Read the full article
Brokerslink adds Pedro Moura Ferreira as Business, Placement Director
8th April 2020
Global broking business Brokerslink has bolstered its senior team with the appointment of Pedro Moura Ferreira as Business & Placement Director. Ferreira will work closely with the organisation’s global Partners & Affiliates to strengthen the network and support multinational business opportunities. He has an insurance career spanning over 25 years and has ... Read the full article
RenRe has “far exceeded” initial goals of the TMR acquisition: CEO, O’Donnell
8th April 2020
More than a year since RenaissanceRe (RenRe) acquired Tokio Millennium Re (TMR) in a $1.5 billion deal, and the former's President and Chief Executive Officer (CEO), Kevin O'Donnell, feels the company has "far exceeded" its initial targets. It was announced in October 2018 that RenRe had entered into a definitive ... Read the full article
W. R. Berkley makes senior exec appointments
8th April 2020
W. R. Berkley Corporation has announced the appointment of Robert Standen as Executive Vice President with oversight responsibility for certain operating units. At the same time, the company said that Scott Holbrook will succeed Standen as President of Key Risk Insurance, a Berkley Company. Standen joined Key Risk Insurance in 2003 as ... Read the full article
UK insurers suspend dividends due to COVID-19
8th April 2020
UK insurers RSA, Aviva and Direct Line have today announced that they will suspend their final dividend payment of 2019 due to the challenges presented by the coronavirus (COVID-19) pandemic. The news comes after Hiscox decided earlier today to suspend dividends and withdraw all its financial guidance and targets for ... Read the full article
McGriff, Seibels & Williams expands, renames exec risk insurance group
8th April 2020
Insurance broker McGriff, Seibels & Williams has renamed and expanded its executive risk insurance group. Executive Risk Advisors, formally named McGriff Financial Services Division, represents more than 50 Fortune 1000 companies and 125 public companies across a wide range of industries. The name change comes at a time of expansion for the ... Read the full article
Fitch to review all rated re/insurers for COVID-19 exposure
8th April 2020
Fitch Ratings plans to review the international ratings of all of the insurance firms in its coverage over the next four to five weeks as a result of the risks and uncertainties related to the global COVID-19 coronavirus pandemic. Originally, Fitch announced its coronavirus-related reviews in a number of commentaries published ... Read the full article
Guy Carpenter adds Vijaya Singh as global marketing, comms head
8th April 2020
Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, has announced the appointment of Vijaya Singh as global head of marketing and communications. Singh joins from global executive search and leadership advisory firm Russell Reynolds Associates, having served as global head of external marketing and public relations. Prior to her ... Read the full article
Peak Re targets enhanced ILS capabilities with Lutece acquisition
8th April 2020
Hong Kong domiciled reinsurer Peak Re has strengthened its insurance-linked securities (ILS) capabilities with the acquisition of Bermuda-based ILS asset manager, Lutece Holdings Ltd. and its subsidiary Lutece Investment Management Ltd. Peak Re has entered into definitive agreements to acquire 100% of the capital of Lutece Holdings and its subsidiary, with ... Read the full article
COVID-19 will make challenging Lloyd’s conditions more difficult: AmWINS
8th April 2020
Analysts at AmWINS have suggested that the coronavirus (COVID-19) pandemic has and will continue to make already-challenging market conditions at Lloyd’s of London even more difficult. The firm acknowledged that Lloyd’s and its syndicates had extensively tested their systems in preparation for a crisis, and said that the transition to remote ... Read the full article
Absence of large US hurricanes drive down 2019 losses: Swiss Re’s Sigma
8th April 2020
Data from Swiss Re’s latest Sigma report shows that an absence of large and costly hurricanes in the US saw global economic losses from natural and man-made disasters sink to $146 billion in 2019, down from $176 billion in 2018 and below the 10-year annual average of $212 billion. Of the ... Read the full article
Victor appoints Matteo Bonfà as Country Leader of Victor Italia
8th April 2020
Managing general underwriter (MGU) Victor Insurance Holdings has announced the appointment of Matteo Bonfà as Country Manager, Victor Italia, effective immediately. With a 20-year career in the insurance industry, Bonfà has extensive underwriting expertise, particularly in the medical malpractice sector. This includes positions first as an underwriter at Lloyd's of London, then ... Read the full article
Hiscox withdraws all financial targets for 2020, citing COVID-19
8th April 2020
Bermuda headquartered insurance and reinsurance firm Hiscox has withdrawn all its financial guidance and targets for 2020, citing the COVID-19 coronavirus pandemic. Hiscox also said this morning that it will not pay dividends in the currently challenging and uncertain environment. The company will not present a resolution to approve its 2019 final ... Read the full article
Organized 1/4 renewals a prudent approach in light of COVID-19: Willis Re’s Kent
7th April 2020
The majority of protection buyers started their April 1st reinsurance renewal negotiations well in advance, which, in light of the challenges driven by the COVID-19 pandemic proved to be a prescient approach, according to James Kent, global Chief Executive Officer (CEO) of Willis Re. As noted by reinsurance brokerage Willis ... Read the full article
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