Reinsurance News
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
Improved profit expectations declining for P/C insurers, says Fitch
9th April 2020
Fitch Ratings has said that the meaningful performance disruption facing U.S. property/casualty (P/C) insurers in 2020 has dampened its expectations for additional profit improvement in the year. After consecutive years of consistent underwriting profitability, the P/C insurance sector in the U.S. started 2020 with record levels of capital and some positive ... Read the full article
Swiss Re names Ian Haycock as Chief Data Officer
9th April 2020
Swiss Re has announced the appointment of Ian Haycock to the newly created role of Chief Data Officer, effective May 1, 2020. Together with Youngran Kim, who started as the Group Chief Technology Officer this month, Ian will help to further develop Swiss Re's digital strategy. Haycock has more than 32 years' ... Read the full article
Crawford & Company withdraws 2020 profit guidance off COVID-19
9th April 2020
Crawford & Company, an independent provider of claims management and outsourcing solutions to carriers, brokers and corporates, has announced a business update in response to COVID-19 and its ongoing impact on the global economy. In light of the pandemic, Crawford & Company has withdrawn its 2020 guidance provided on the Company’s ... Read the full article
EXOR boss rallies shareholders as COVID-19 looms over big deals
9th April 2020
The boss of Agnelli family owned holding company EXOR expects the spirit and resolve of his companies to ensure they emerge stronger when the coronavirus pandemic passes. “These have been challenging days and weeks for us all and we know the ripples from this crisis will likely continue for some time,” John ... Read the full article
Protecdiv adds Jose Montemayor to its board
9th April 2020
US reinsurance broker Protecdiv has announced the appointment of Jose Montemayor to its board. Montemayor has more than twenty-five years’ experience in all aspects of insurance regulation, operations, and mergers and acquisitions. He spent six years as the Commissioner of Insurance for the State of Texas and currently sits on a number ... Read the full article
RiskBook approved by Lloyd’s as reinsurance e-placement tool
9th April 2020
RiskBook Ltd., an independent provider of reinsurance placement technology, has been approved by the specialist Lloyd's of London re/insurance marketplace as a recognised electronic placement system for open market reinsurance business. The announcement marks the first time that brokers from any firm can leverage a single user-friendly placement tool for global ... Read the full article
WTW calls for long-term view to M&A deals amid COVID-19 uncertainty
9th April 2020
As the global merger and acquisition (M&A) market continues to trend downwards, re/insurance broker Willis Towers Watson (WTW) has called on business leaders to draw on lessons from the 2008 financial crisis and take a long-term view to deals amid widespread uncertainty. Insurance and reinsurance brokerage firm WTW notes that since ... Read the full article
West of England P&I Club adds senior underwriter to London team
9th April 2020
The West of England P&I Club has announced the appointment of Sumit Madhu to the Club’s London Underwriting Team as a Senior Underwriter, effective April 14, 2020. Madhu previously served as a Captain on LNG vessels with a major Japanese shipowner, and later joined the claims department of another International Group ... Read the full article
Gallagher appoints Simon Collings as MD within UK retail division
9th April 2020
International insurance broker Gallagher has appointed Simon Collings as managing director of its national broking and placement team within its UK retail division. Collings has over 30 years’ industry experience and joined Gallagher in 2017 as market management director for UK retail. Prior to joining Gallagher, he held several senior positions at ... Read the full article
Pen Underwriting promotes Hinken to Head of Claims Operations
9th April 2020
Multi-territory managing general agent Pen Underwriting has enhanced its core claims capabilities with the promotion of Billy Hinken to Head of Claims Operations. In this newly created position, Hinken will take responsibility for the delivery of several projects that form part of Pen’s claims transformation program and the establishment of its ... Read the full article
Lloyd’s asks members hit by COVID-19 to recapitalise fast
8th April 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has reportedly asked members who have experienced sizeable losses as a result of the COVID-19 coronavirus pandemic to accelerate capital injections. In response, analysts at S&P Global Ratings have said that calling on certain Lloyd's members to accelerate recapitalisation will ultimately help ... Read the full article
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