Reinsurance News
Analysts put Q1 cat losses below average at $5.0-6.5bn
7th April 2020
Analysts at Wells Fargo Securities have said that insured natural catastrophe losses are expected to be below average for the first quarter of 2020 at between $5.0 billion and $6.5 billion. This is well below the $10 billion historical average, with very few losses, if any, likely to hit reinsurer attachment ... Read the full article
AM Best turns negative on France, Italy & UK life markets
7th April 2020
AM Best has revised its outlook for the life insurance markets in France, Italy and the UK to negative, due to concerns about the financial and economic headwinds caused by the coronavirus (COVID-19) pandemic. In France, the rating agency noted that technical margins have already been under pressure for a number ... Read the full article
AXIS Re appoints TMR’s Mark Julian as Chief Pricing Actuary
7th April 2020
AXIS Re, the reinsurance arm of AXIS Capital Holdings Limited, has announced that Mark Julian has joined from Tokio Millennium Re to serve in the newly created position of Chief Pricing Actuary, effective April 20th, 2020. In his new role, Julian will be responsible for the oversight of the reinsurer's new ... Read the full article
COVID-19 impacts to dent insurance brokers’ organic growth: Analysts
6th April 2020
The impacts of the COVID-19 pandemic on the global economy is expected to mitigate organic growth for insurance brokers, but firms cost saving initiatives and a hardening commercial lines market could offset some of the negative pressures, according to analysts at Wells Fargo Securities. It's going to be some time before ... Read the full article
Orchid adds Michael Garamoni as CFO
6th April 2020
Independant MGU Orchid Underwriters Agency has appointed Michael Garamoni as Chief Financial Officer. Garamoni has spent the past 13 years in finance, reporting and planning, which included roles as Vice President of Global Finance for Ryan Specialty Group, LLC., and at Pricewaterhouse Coopers, LLP. “Michael’s experience in financial operations and technology systems ... Read the full article
Allstate announces $600mn payback scheme for customers amid COVID-19
6th April 2020
U.S. insurer The Allstate Corporation (Allstate) has announced the establishment of a Shelter-in-Place Payback scheme designed to assist its personal auto insurance customers during the ongoing COVID-19 pandemic. Customers that insure their vehicle with Allstate, Esurance, and Encompass will receive 15% of their monthly premium in April and May, which amounts ... Read the full article
Marsh appoints Rahr as Global Leader, Multinational Client Service
6th April 2020
Global insurance broker Marsh has appointed David Rahr as Global Leader, Multinational Client Service. Based in Chicago, Rahr will report to Flavio Piccolomini, President, Marsh International, and Martin South, President, US and Canada. Rahr succeeds Justin Walsleben, who has retired from the firm. He will oversee Marsh’s Multinational Client Service team and most ... Read the full article
AXA’s Buberl proposes pandemic risk pooling scheme
6th April 2020
Thomas Buberl, Chief Executive Officer (CEO) of AXA, has said that the company is “ready to take the initiative” to work with governments to develop a risk pooling scheme for pandemics. Speaking in an interview with Le Journal du Dimanche, Buberl said that the industry needs to think about creating a ... Read the full article
Aqueous Underwriting moves to help restaurants hit by COVID-19
6th April 2020
Technology-focused MGA Aqueous Underwriting has launched a series of measures designed to help the food, hospitality and leisure sectors in the face of the unfolding coronavirus pandemic. These measures include free liability insurance add-ons for businesses now offering takeaway services, and three-month policies for businesses uncertain about their future. Aqueous will also ... Read the full article
Scott Kreuzer appointed senior MD, Americas at Aspen Re
6th April 2020
Bermuda-based re/insurer Aspen has appointed Scott Kreuzer to the role of Senior Managing Director, Americas, at Aspen Re. In this new role, Kreuzer will lead the team at Aspen Re America and work closely with Aspen Re’s leadership team, continuing to develop the Group’s North America reinsurance property, casualty and specialty ... Read the full article
Markel adds marine underwriters in Hong Kong & India
6th April 2020
Specialist insurer Markel International has announced the appointment of two marine underwriters, Danielle Yu and Nitin Marathe, to its Hong Kong and India offices, respectively. Marathe joined Markel India on 24 February, 2020, bringing more than 20 years of experience in aviation and marine in India, specialising in marine hull and ... Read the full article
Financial stability vital amid COVID-19 challenges, says GFIA
6th April 2020
The Global Federation of Insurance Associations (GFIA) has said that the continued financial stability of the re/insurance industry is vital as the coronavirus (COVID-19) pandemic progresses. Without stability, the GFIA argued that insurers may not be able to continue to respond to the crisis or to honour their obligations to customers ... Read the full article
Falvey expands capacity via Nationwide partnership
6th April 2020
Falvey Cargo Underwriting and Falvey Shippers Insurance have expanded capacity by partnering with Nationwide Mutual Insurance Company (Nationwide). The partnership will allow Falvey to continue to increase its capacity while providing flexible cargo solutions. All new accounts underwritten April 1, 2020 forward, will be quoted including Falvey's Nationwide facility. In addition, Nationwide will ... Read the full article
China Re’s overseas P&C reinsurance segment boosted by Chaucer in 2019
6th April 2020
China Reinsurance Corporation (China Re) has reported premium growth and a rise in net profit for 2019, driven in part by the strong performance of its P&C Reinsurance segment and the inclusion of Chaucer business. At RMB144,973 million, China Re's gross written premiums (GWP) increased by 18.6% year-on-year. At the same ... Read the full article
Chubb says no layoffs during COVID-19, makes pandemic relief commitment
6th April 2020
Global insurer and reinsurer Chubb has announced that it will not layoff any of its employees during the ongoing COVID-19 (coronavirus) pandemic. At the same time, the re/insurer has revealed a commitment of $10 million to pandemic relief efforts globally. As countries around the world continue efforts to stop the spread of ... Read the full article
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