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Reinsurance News

Swiss Re leads reinsurance for Indonesian Government’s nat cat cover

12th December 2019

Global reinsurance giant Swiss Re was the lead reinsurer for the Indonesian government's recently completed natural disaster insurance cover for certain state assets. Announced in late November, the Government of Indonesia signed an umbrella contract with a consortium of 56 insurers and reinsurers to protect state assets against natural disasters ... Read the full article

Economic threat from catastrophes rises to $584bn in 2020, finds study

12th December 2019

The threat posed to the global economy by catastrophic risks in 2020 is higher than ever at roughly $584 billion, according to a new report by The Centre for Risk Studies at the University of Cambridge Judge Business School. The annual Global Risk Index report said the figure was 3% higher ... Read the full article

Risk Strategies acquires Gowie Holdings’ insurance subsidiaries

12th December 2019

US insurance broker and risk management firm Risk Strategies has acquired two subsidiaries of Gowrie Holdings in a move aimed at bolstering the capabilities of the firm’s national private client practice. The acquisitions include both Gowrie Group, a full-service national specialty retail insurance brokerage, as well as Maritime Program Group, a ... Read the full article

Convex will take time to reach profitability, says S&P

12th December 2019

Analysts at S&P expect Bermuda-based insurer and reinsurer Convex Group to build up scale over the next 24 months and feel that the "greenfield" insurer is unlikely to be profitable until it has expanded its premium base. Launched by Stephen Catlin and Paul Brand earlier in 2019, Convex Group is ... Read the full article

Chaucer adds Senior Underwriters to International General Liability team

12th December 2019

Chaucer, the specialty international re/insurance group, has announced the appointments of Thomas Beasley, Senior Class Underwriter, and Rob Neil, Senior Underwriter, to its International General Liability team. In their new roles, Thomas Beasley and Rob Neil will be responsible for growing Chaucer’s International General Liability account, with a focus on building ... Read the full article

Global life sector stable despite low interest rates: Moody’s

12th December 2019

Moody’s Investors Service has assigned a stable outlook to the global life insurance sector in 2020, despite concerns about the adverse impact of low interest rates on profitability and solvency. Analysts believe the industry is supported by solid regulatory capital and relatively conservative investment portfolios, and has made efforts to adapt ... Read the full article

Pacific Life names Brian Woolfolk as head of Institutional Division

12th December 2019

US life insurer Pacific Life has announced the appointment of Brian Woolfolk as leader of the its new Institutional Division, effective January 1, 2020. Woolfolk joined Pacific Life in 2010 and currently serves as Senior Vice President of Sales and Chief Marketing Officer in the Retirement Solutions Division. In his new position, ... Read the full article

Trov looks to Asia with Sompo partnership

12th December 2019

Insurance technology firm Trov has entered into a new partnership with Sompo Holdings to launch Mobility Solutions, designed to expand the firm's mobility footprint to Asia. The new Powered by Trov collaboration combines the tech firm's Mobility Insurance Platform with Sompo Holdings' broad and deep market knowledge and operations, with a ... Read the full article

TWIA insurers to pay $90m for Harvey, wider loss estimate raised to $1.7bn

11th December 2019

The Texas Windstorm Insurance Association’s board of directors have voted for its member insurance companies to pay $90 million between them based on losses from hurricane Harvey while raising its ultimate loss estimate from $1.61 billion to $1.7 billion. This $90 million figure is in addition to the $282 million already ... Read the full article

QOMPLX & Pro MGA Solutions partner to support parametric product launch

11th December 2019

Analytics and insurance software provider QOMPLX has expanded its strategic relationship with Pro MGA Solutions in the UK, in support of the launch of its new multi-peril parametric insurance product. QOMPLX recently announced the launch of its parametric offering, WonderCover, which was developed in partnership with international specialty re/insurance group ... Read the full article

L&G Retirement America hits $1bn premium market in 2019

11th December 2019

Legal & General Retirement America (LGRA), part of the US arm of the multinational financial services and insurance firm, has exceeded $1 billion in deals transacted in 2019. Since its formation in 2015, LGRA has written over $3.5 billion in total US volume, comprising $450 million in 2015, $448 million in ... Read the full article

Mark Watson set for $2.5m Argo payout

11th December 2019

Mark Watson, the former Chief Executive of specialty reinsurer Argo, is set to receive a $2.5 million compensation package upon his departure from the company. Watson’s ‘retirement’ from Argo followed news that the re/insurer had been subpoenaed by The US Securities and Exchange Commission over compensation practices for its executives. Before ... Read the full article

AIG’s Peter Zaffino sees a more disciplined P&C market in 2020

11th December 2019

Peter Zaffino, the Global Chief Operating Officer (COO) and Chief Executive Officer (CEO) of General Insurance at AIG, expects property and casualty (P&C) market dynamics to drive heightened discipline across the space in 2020. Zaffino, alongside AIG President and CEO Brian Duperreault and Mark Lyons, Chief Financial Officer (CFO), recently discussed ... Read the full article

US commercial insurance prices accelerate in Q3: Willis Towers Watson

11th December 2019

Data from Willis Towers Watson's (WTW) latest Commercial Lines Insurance Pricing Survey shows that the majority of business lines indicated significant price increases in the third-quarter of 2019. Overall, U.S. commercial insurance prices accelerated in the quarter, with carriers reporting an aggregate price change of more than 4%. Insurance and reinsurance broker ... Read the full article

Former Lloyd’s CEO Inga Beale joins Clyde & Co board

11th December 2019

Insurance law firm Clyde & Co has strengthened it board with the addition of Inga Beale, the former Chief Executive Officer (CEO) of insurance and reinsurance marketplace Lloyd’s of London. Beale served as CEO of Lloyd’s between 2014 and 2018, during which time she initiated a large-scale digital and cultural transformation ... Read the full article

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