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MS Amlin selects Socotra for new digital SME insurance initiative

14th July 2020

Global re/insurer MS Amlin has chosen insurance platform provider Socotra as the core backend system for its new digital SME insurance initiative. The new SME insurance platform by MS Amlin employs a digital-first distribution approach and will initially launch in Belgium, the Netherlands, UK, and France with product offerings that include ... Read the full article

Independent film, TV under threat as insurers refuse COVID-19 risk: Reuters

14th July 2020

Independent film and television productions are struggling to secure financing as insurers increasingly refuse to accept risks associated with COVID-19, according to reports from Reuters. Outside of major studio productions, which have the resources to self-insure, uncertainty around coronavirus appears to have created a major roadblock in moving forward with productions. One ... Read the full article

Consider parametrics to manage COVID-19 insurance gap, says GlobalData

13th July 2020

In order to address the significant insurance protection gap that has been highlighted by the ongoing COVID-19 outbreak, parametric structures should be considered, according to GlobalData. As lockdown measures came into effect around the world, businesses of all shapes and sizes turned to their insurers for assistance through their business interruption ... Read the full article

Premium rates continue upward trend in Q2: IVANS

13th July 2020

Premium renewal rates continued to increase across nearly all major commercial lines of business during the second quarter of 2020, according to the results of the IVAN Index, a division of Applied Systems. Measured year over year, Commercial Auto, Business Owner’s Policy, General Liability, Umbrella, and Commercial Property all showed an ... Read the full article

Allianz closes €500m purchase of auto, other P&C business from SulAmérica

13th July 2020

Global insurer Allianz has closed the acquisition of the automobile and other Property & Casualty business from SulAmérica for around BRL 3.2 billion (€0.5 billion). This deal was first announced late last year and sees Allianz grow its geographical footprint in Brazil. “This represents our largest investment in Brazil,” said Iván de ... Read the full article

AM Best downgrades credit ratings of Kingstone

13th July 2020

AM Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “a-” of Kingstone Insurance Company (KICO). Concurrently, AM Best has downgraded the Long-Term ICR to “bb" from “bbb-” for Kingstone Companies Inc. (KINS), the insurance holding ... Read the full article

Protecdiv partners with BMS on P&C reinsurance offering

13th July 2020

Specialty property and casualty re/insurance broker Protecdiv has announced a new strategic relationship with BMS Group to enhance its service offering to property and casualty (P&C) reinsurance clients. The companies believe the partnership will enable them to leverage their strengths in the production, placement and servicing of ceded reinsurance and retrocession ... Read the full article

RenRe’s Aditya Dutt named as Partner and President of Aeolus

13th July 2020

Aeolus Capital Management Ltd., the Bermuda domiciled reinsurance and insurance-linked securities (ILS) focused investment fund manager, has announced the appointment of Aditya Dutt as Partner and President. It was announced last week that Dutt, who currently serves as Senior Vice President (SVP) of RenaissanceRe (RenRe) and President of Renaissance Underwriting ... Read the full article

Strong June 1, July 1 property cat reinsurance rate increases: KBW

13th July 2020

Analysis by KBW shows the second quarter 2020 reinsurance renewals, most prominently the Florida-focused June 1 and broader, southeastern US-focused July 1, included significant property catastrophe reinsurance rate increases. Analysts think these increases reflect a number of related factors, including the fact reinsurance capital providers (both traditional reinsurers and insurance linked securities ... Read the full article

Aon salary reductions were justified, says CEO Greg Case

13th July 2020

Aon CEO Greg Case has defended his company’s decision to temporarily reduce salaries by up to 20% amid the COVID-19 pandemic. Case told the Financial Times that the move had been based on a “sober analysis” of the crisis, but was soon reversed after certain worst case scenarios became less ... Read the full article

Zurich sets up health & wellbeing business, led by Helene Westerlind

13th July 2020

Zurich Insurance Group has set up a WellCare business to support its existing health and wellbeing initiatives and apply a global approach to their development. The new business aims to provide retail, SME and commercial insurance customers with tailored health and wellness solutions. Helene Westerlind will lead the business as CEO of ... Read the full article

Liberty Mutual appoints Janelle Edem SVP, Global Risk Solutions

13th July 2020

U.S primary insurer Liberty Mutual has announced the appointment of Janelle Edem Senior Vice President of Global Risk Solutions (GRS), its global commercial and specialty lines re/insurer. Reporting to GRS President Dennis Langwell, Edem will lead GRS’ strategic planning and process excellence work. She will also continue to serve as GRS Chief ... Read the full article

Universal’s Q2 weather losses above plan by $17mn

13th July 2020

Universal Insurance Holdings has announced that its estimated losses from incurred weather events are above plan in the second-quarter of 2020. Net of reinsurance recoveries, Universal incurred weather events above plan of roughly $17 million in the second-quarter of the year. The company explains that weather events in the quarter included impacts ... Read the full article

Australia’s summer nat cat claims hit AU$5.3bn

13th July 2020

Insurers in Australia paid over AU$5.3 billion (US$3.7 billion) in catastrophe-related claims over the summer, according to The Insurance Council of Australia CEO Rob Whelan. This figure represents a slight increase from the ICA's previous estimate of AU$5.19 billion. Commenting during a Senate Inquiry, Whelan said AU$2.34 billion was paid out for ... Read the full article

W. R. Berkley puts Q2 cat losses at $145mn; includes $85mn COVID-19 hit

13th July 2020

W. R. Berkley Corporation has revealed that it expects to incur net catastrophe losses of roughly $145 million (pre-tax) for the second-quarter of 2020, most of which is attributable to the COVID-19 pandemic. The firm estimates that approximately $85 million, or 59% of its Q2 loss estimate relates to the ongoing ... Read the full article

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