Reinsurance News
Dorian claims sees Bahamian insurer call on reserves for the first time: reports
9th July 2020
For the first time in its 25-year history, Bahamian insurer, Summit Insurance has released a portion of its catastrophe reserves owing to the substantial volume of claims from 2019's Hurricane Dorian, reports The Tribune. The devastating Category 5 storm hit the Bahamas over September 1st to 3rd, 2019 with sustained wind speeds ... Read the full article
Chubb proposes $1.15tn state-backed pandemic BI scheme
9th July 2020
Global insurer and reinsurer Chubb has put forward a proposal for a public-private partnership program to provide business interruption (BI) cover for all kinds of US business ahead of the next pandemic. The company envisions the scheme’s total capacity at around $1.15 trillion, consisting of an aggregate limit of $750 billion ... Read the full article
IRB announces $430mn capital raise
9th July 2020
Brazilian reinsurer IRB Brasil Re has announced that it plans to raise between 2.1 billion reais (US $392 million) and 2.3 billion reais ($430 million) to strengthen its capital structure and increase solvency. The company said last month that it was considering a potential capital raise, and had hired bankers ... Read the full article
Analysts forecast 18 months of reinsurance rate increases
9th July 2020
Analysts at investment banking group Jefferies have predicted that the trend of reinsurance price firming should last at least 18 months, and potentially longer. High natural catastrophe claims over the past few years, combined with underlying claims inflation in the US and the impact of low interest rates will likely sustain ... Read the full article
Ken Randall to retire from R&Q in March 2021
9th July 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) has confirmed that Ken Randall, Executive Chairman and Co-Founder of the firm, has notified the Board of his intention to retire as Executive Chairman and step down as a Director with effect March 31st, 2021. It was revealed in early January 2020 that ... Read the full article
CCR Re bolsters solvency with €300mn bond issue
9th July 2020
French reinsurance firm CCR Re has completed the placement of €300 million Tier 2 subordinated bonds in its first bond issuance. The bond was quickly placed with more than 150 investors, mainly based in France, Europe and Asia. CCR Re said the issue will support the development of its Streamline business plan ... Read the full article
Munich Re Specialty Insurance launches new MPL offering
9th July 2020
Munich Re Specialty Insurance, a division of global reinsurance giant Munich Re, has launched a new Miscellaneous Professional Liability (MPL) solution for non-specialist, commercial businesses. MPL covers both liability and defense costs from claims that allege errors or omissions in the rendering of professional services, explains Munch Re Specialty Insurance. The company ... Read the full article
Clyde & Co adds Ian Birdsey to cyber team
9th July 2020
Global law firm Clyde & Co has expanded its global cyber risk offering with the appointment of Ian Birdsey as a partner in London. Birdsey joins from Pinsent Masons, where he was Global Head of Cyber and led the development of the firm's practice over eight years. He has more than a ... Read the full article
Genworth secures $300mn mortgage reinsurance from capital markets
9th July 2020
Genworth Mortgage Insurance, part of Genworth Financial, has completed an excess of loss reinsurance transaction covering a portion of the loss tier on subject loans written between 2009 and 2019 book years, effective April 1, 2020. The transaction provides reinsurance coverage in excess of the Private Mortgage Insurer Eligibility Requirements (PMIERs) capital ... Read the full article
Raja Balasuriya takes over from Grahame Chilton as Chair of Capsicum Re
9th July 2020
Specialist reinsurance brokerage Capsicum Re has announced that co-founder, Raja Balasuriya, has been appointed as Chairman, taking over from fellow Capsicum Re founder, Grahame Chilton. Balasuriya served as Capsicum Re's first ever Managing Partner from 2014 and, alongside his partners, has led and grown its UK Motor & Liability unit since ... Read the full article
Insurers confident in asset managers’ navigation of COVID-19: State Street survey
9th July 2020
New research by State Street Corporation shows that 78% of insurers are confident their asset managers can navigate the financial crisis caused by COVID-19. State Street surveyed insurers around the world on the impact of the COVID-19 pandemic and their views on how asset managers have handled the crisis. The survey also ... Read the full article
Global insurance premiums to recover in 2021 after COVID-19-induced dip: Swiss Re
9th July 2020
Global insurance premiums are expected to recover in 2021 after contracting this year on the back of a COVID-19-induced economic recession, according to the latest Swiss Re Institute sigma report. While expected to be short-lived, Swiss Re warns that this year's recession is set to be the deepest since the Great ... Read the full article
Pen Underwriting targets £1bn premium in new strategy
9th July 2020
Multi-territory managing general agent Pen Underwriting has announced a new strategy to target £1 billion in gross written premium. As part of this goal, Nick Wright will take on the newly created role of Chief Business Development Officer (CDO), with a focus on investing in M&A, talent and innovation. “Now more than ... Read the full article
NFP adds duo to specialty team
9th July 2020
Re/insurance broker NFP has announced the additions of Akhil Chopra and Elissa Doroff its specialty team. Chopra brings 20 years of cyber and professional liability experience that includes serving as cyber practice leader for Marsh. As managing director and head of NFP's cyber and network security specialty team, he will drive new ... Read the full article
ReAlign acquires National Lloyds, American Summit Insurance Companies
9th July 2020
ReAlign Insurance Holdings, a new insurance holding company formed by ReAlign Capital Strategies, has completed its acquisition of National Lloyds Insurance Company (NLIC) and American Summit Insurance Company (ASIC) from Align NL Holdings. Both are Texas-domiciled admitted insurance firms that write specialty personal property insurance including homeowners, low value dwelling, mobile and ... Read the full article
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