Reinsurance News

Fitch puts Lloyd’s on Rating Watch Negative amid COVID-19 risks

2nd April 2020

Uncertainty and heightened risk to Lloyd's of London's earnings and underwriting performance as a result of COVID-19 claims, has pushed Fitch Ratings to place the marketplace and its operating entities on Rating Watch Negative (RWN). Fitch states that it has placed Lloyd's of London's, Lloyd's Insurance Company S.A. and Lloyd's Insurance ... Read the full article

Munich Re Specialty names Ironshore’s Hui Yun Boo as Head of Asia

2nd April 2020

Munich Re Specialty Group, a division of global reinsurer Munich Re, has announced the appointment of Hui Yun Boo as Head of Asia, effective April 3rd, 2020. In her new role, Hui Yun will be based in Singapore and will be responsible for leading the reinsurer's Syndicate offices throughout the Asia ... Read the full article

Post-coronavirus re/insurers may fail to earn cost-of-capital: Hyperion X

2nd April 2020

Once the current Covid-19 coronavirus pandemic crisis is largely behind us and economies begin to recover, Hyperion X, the data and analytics specialist unit of the Hyperion Insurance Group, sees a risk that most re/insurers may fail to earn their cost-of-capital over an extended period. Looking at the potential recovery ... Read the full article

COVID-19 BI legislation an “existential threat” to insurers, warns Stonybrook

2nd April 2020

Proposed business interruption legislation designed to force P&C insurers to retroactively cover unfunded claims driven by the COVID-19 pandemic, poses an existential threat to the insurance industry, warns re/insurance-focused merchant banking group, Stonybrook Capital. First introduced in New Jersey, bills aimed at forcing insurance companies of certain businesses to cover business ... Read the full article

L&G completes £261mn of pension risk transfer deals in March

2nd April 2020

UK insurer Legal & General Group plc (L&G) has revealed that its Pension Risk Transfer (PRT) division completed eight transactions over the past month, securing a combined £261 million of pensioners' benefits during uncertain times. The eight transactions cover UK and U.S. pension schemes and varied in size from as low ... Read the full article

CAC Specialty adds Edward Krayer as SVP in M&A solutions team

2nd April 2020

Specialty insurance broker and investment banking platform CAC Specialty has appointed Edward Krayer as senior vice president in its M&A Solutions team. Krayer joins with over 14 years’ experience in the industry and has served as vice president at Aon, senior vice president at JLT, and, most recently, director at Willis ... Read the full article

BMS inks Preferred Partner agreement with Portuguese broker Tagus

2nd April 2020

Independant specialist re/insurance broker BMS Group has concluded a Preferred Partner agreement with Tagus Specialty, a new wholesale and specialty broker. A plan has been developed that will see BMS teams in London and Madrid work closely with Tagus. Tagus will also receive support from BMS on the distribution of specialty reinsurance ... Read the full article

MarketScout adds Kelly Dinsley to Allied Healthcare Underwriting Facility

2nd April 2020

US electronic insurance exchange and specialty MGA MarketScout has announced the addition of Kelly Dinsley to its Allied Healthcare Underwriting Facility. MarketScout explained that the appointment of Dinsley would expand the underwriting and processing capabilities of the facility. Going forward, Dinsley will be based in MarketScout’s corporate office headquarters in Dallas, Texas. She ... Read the full article

Insurance M&A in Jan 2020 totalled $1.3bn: GlobalData

2nd April 2020

Total insurance industry mergers and acquisition deals in January 2020 hit $1.3 billion according to GlobalData, down 91.3% from the previous month. In terms of volumes, North America was the top region for insurance M&A deals globally, followed by Europe and then Asia-Pacific. The top country in terms of M&A deals activity ... Read the full article

Starr Insurance adds John Patin as senior investment officer

2nd April 2020

Starr Insurance Companies has announced the appointment of John Patin as senior investment officer. Patin takes responsibility for managing the diverse asset portfolio of Starr’s insurance operating companies. He has spent most of his 20 years’ experience managing investments for insurance enterprises, including most recently Allied World Assurance. He previously was a principal ... Read the full article

Swiss Re expects COVID-19 impacts to be “absolutely manageable”

2nd April 2020

Executives at global reinsurance giant Swiss Re have said that at this point, the impacts of the current crisis around the COVID-19 pandemic on the company is viewed as "being absolutely manageable." In a letter to shareholders, clients and partners, Walter B. Kielholz, Chairman of the Board of Directors and Christian ... Read the full article

Japan wind and flood rates up 30-50% at April renewals: Willis Re

2nd April 2020

Willis Re has reported that reinsurance rates were up by between 30% and 50% for Japanese wind and flood risk at the recent April 1 renewals. The broker said that these renewals saw higher rate increases than occurrence layers, with reinsurers applying significant pressure for restructuring. The renewals were also reported ... Read the full article

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

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