Reinsurance News
Ransomware attacks “skyrocket” in 2019: Beazley
2nd April 2020
Ransomware attacks continue to represent the top cyber security threat for businesses, as incidents “skyrocketed” across 2019, according to a report by Beazley. Beazley Breach Response (BBR) Services reported the number of ransomware attack notifications against clients increased by 131% compared to 2018. With the growth in frequency, the sums demanded by ... Read the full article
Nexus division completes trade credit takeover from Howden UK
2nd April 2020
Xenia Broking Group, the independent broking arm of insurance intermediary holding company Nexus Group, has completed its acquisition of the trade credit business of Howden UK Group Limited. The acquisition was announced last month, and will see Xenia integrate Howden’s trade credit business with its regulated entity Credit Risk Solutions ... Read the full article
Beazley appoints first breach response services manager in Canada
1st April 2020
Specialist insurer Beazley has announced the appointment of Priya Kunthasami as its first breach response services manager in Canada. Kunthasami will be based in Toronto and will oversee the management of breach incidents reported to Beazley’s Canadian policyholders. She will also provide oversight and management of the country’s vendors and work with ... Read the full article
China Re eyes US business entity
1st April 2020
China Reinsurance Group, the country’s largest reinsurer, could be eyeing a move into the US. The company revealed that it is carefully considering a plan to set up a business entity in the US based on global strategy and the implementation of the Sino-US phase one trade deal. The phase one deal ... Read the full article
RAA-led coalition presses US gov for business recovery fund
1st April 2020
The Reinsurance Association of America (RAA), together with a coalition representing the US business community, has sent a letter to President Trump and Congressional leaders, urging them to support the Covid-19 Business and Employee Continuity and Recovery Fund. The Recovery Fund is a solution designed to to support businesses and employees ... Read the full article
Hyperion X and Vario partner on collateralised, whole account reinsurance cover
1st April 2020
Hyperion X, the technology and analytics division of Hyperion Insurance Group, has partnered with Vario Partners LLP on the delivery of collateralised, whole account stop-loss reinsurance protection cover to clients. Vario Partners is an innovator in collateralised reinsurance structuring and its risk transfer mechanism is designed to improve regulatory solvency ratios, ... Read the full article
Dana Lodge takes CFO role at Everest Insurance
1st April 2020
Bermuda-based insurer and reinsurer Everest Re Group, has announced that Dana Lodge has joined the firm as Chief Financial Officer (CFO) of Everest Insurance. Lodge joins Everest from Sompo International where she served as Senior Vice President, Director of Finance. Prior to joining Sompo she held various roles at Hiscox Insurance USA, ... Read the full article
Life re/insurers well positioned to handle COVID-19 risks: S&P
1st April 2020
Analysts at S&P Global Ratings believe the North American life re/insurance industry is well-positioned to handle the immediate impact of the coronavirus (COVID-19) pandemic, despite significant escalation for certain risks. In particular, life insurers will face higher asset risk, S&P said, as well as equity market volatility, near-zero interest rates, and ... Read the full article
kWh Analytics closes Swiss Re-backed 32 MW Solar Revenue Put
1st April 2020
Solar risk management firm kWh Analytics has closed a Swiss Re-funded Solar Revenue Put for a portfolio of 4,000 projects totalling roughly 32 MW DC of capacity. This is the first publicly announced repeat closing with the Solar Revenue Put. It is structured as an insurance policy on solar production and PPA ... Read the full article
FSDC tax reforms designed to enhance Hong Kong’s re/insurance industry
1st April 2020
Hong Kong's Financial Services Development Council (FSDC) has put forward numerous tax recommendations designed to enhance its position as a regional insurance, reinsurance, and risk management hub. The FSDC describes the Hong Kong sector as one of the most open insurance markets in the world, intertwined with numerous industries and parts ... Read the full article
Coface placed on Rating Watch Negative by Fitch
1st April 2020
Global financial services ratings agency, Fitch Ratings, has placed Coface on Rating Watch Negative amid expectations that the trade credit insurance industry will be negatively impacted by the ongoing COVID-19 coronavirus pandemic. According to Fitch, the impacts and uncertainty being created by the virus outbreak means that it is now more ... Read the full article
CIAM reiterates SCOR succession, pay concerns after AGM delay
1st April 2020
Activist investor CIAM has welcomed SCOR’s decision to postpone its annual general meeting (AGM), but has repeated its criticisms of the reinsurer’s executive pay levels, while also reiterating its call for a clear succession plan. In a letter to shareholders last week, CIAM CEO Catherine Berjal accused SCOR of ignoring ... Read the full article
Compre adds Iacovides as Chief Development Officer
1st April 2020
Specialist legacy acquirer Compre has announced the appointment of Eleni Iacovides as Chief Development Officer. Effective June 1, Iacovides will lead the company’s global business development strategy. She was previously group Chief Client Officer at DARAG Group and prior to that, a partner in the London office of law firm Goldberg Segalla. Iacovides ... Read the full article
Aon enhances reinsurer trading portal for Lloyd’s & IUA markets
1st April 2020
Re/insurance broker Aon has enhanced its reinsurer trading portal, ABConnect Placements, to electronically bind treaty placements with Lloyd’s of London and International Underwriting Association (IUA) markets from 1 April renewals. The new bind feature enables Lloyd’s and IUA markets to complete and bind Aon's treaty reinsurance placements without the need for ... Read the full article
Marriott announces second cyber breach, 5.2mn guests affected
1st April 2020
The Marriott hotel chain has again fallen victim to cyber criminals in an attack which may have compromised the personal information of around 5.2 million guests. Marriott hit the headlines in late 2018 when hackers accessed its Starwood brand guest reservation database and compromised the personal information of around 500 ... Read the full article
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