Reinsurance News
Enstar to reinsure $465mn of Lyft’s legacy automobile business
1st April 2020
A wholly owned U.S. subsidiary of legacy acquirer Enstar Group Limited has entered into a novation agreement with affiliates of ridesharing company Lyft, Inc. and certain underwriting companies of Zurich North America, a division of global insurer Zurich. Under the terms of the novation agreement, Enstar will reinsure legacy automobile business ... Read the full article
Moody’s stays negative on European insurance industry
1st April 2020
Moody's Investors Service has maintained its negative outlook on the European insurance industry as solvency and profitability continues to be pressured by coronavirus. Moody's also changed the outlook on the UK life and Italian life insurance sectors to negative from stable, reflecting the rating agency's view that the coronavirus outbreak will ... Read the full article
Loss-hit lines up +50% during a steady April reinsurance renewals: Willis Re
1st April 2020
Despite the disruption caused by the ongoing COVID-19 pandemic, reinsurers took a measured approach to the April renewals and services were provided without interruption, reports reinsurance broker Willis Re in its latest 1st View renewals report. According to Willis Re, the reinsurance broking arm of Willis Towers Watson, the global reinsurance ... Read the full article
COVID-19 will increase demand for health insurance, says China Re
1st April 2020
China Re has said that it expects the coronavirus (COVID-19) pandemic to accelerate the development of the re/insurance industry by further motivating demand for health insurance and raising the importance of online technology and digital transformation. For the life and health reinsurance market, ceding demand for domestic health insurance will remain ... Read the full article
Munich Re withdraws 2020 profit guidance on COVID-19 impacts
1st April 2020
Global reinsurance giant Munich Re has withdrawn its profit guidance for 2020 as a result of the significant macroeconomic and financial uncertainty caused by the COVID-19 pandemic. The reinsurer states that during the opening quarter of 2020, its property - casualty reinsurance division experienced considerable claims burden from losses related to ... Read the full article
Indian regulator bans insurers from adopting Capital Gearing treaties
1st April 2020
In a circular to all general, specialist, and health insurers in India, the Insurance Regulatory and Development Authority of India (IRDAI) has prohibited carriers from entering into any fresh Capital Gearing treaties, effective March 28th, 2020. Capital gearing concerns the volume of debt a company holds compared to its equity. According ... Read the full article
KBW warns re/insurers against complacency on virus BI claims
31st March 2020
Analysts at Keefe, Bruyette & Woods (KBW) have warned re/insurers that some courts are likely to decide that commercial policies will include business interruption (BI) coverage stemming from the coronavirus (COVID-19), even if it is explicitly excluded. Based on its discussions, KBW believes that most P&C insurers consider themselves to have ... Read the full article
PIC insures $250mn of WPP pension liabilities
31st March 2020
Pension Insurance Corporation, a specialist insurer of defined benefit pension funds, has concluded a £250 million pension insurance buy-in across two schemes, sponsored by WPP. The transaction is the second buy-in agreement between WPP and PIC, following a buy-in of £140 million of liabilities across five schemes in February 2018. PIC won ... Read the full article
SCOR’s Channel Syndicate adds Coulson as a senior underwriter
31st March 2020
SCOR’s Channel Syndicate has appointed Caroline Coulson as a senior underwriter on the political and credit risks team within SCOR Specialty Insurance. Effective immediately, Coulson started on 23 March and will report to Kade Spears, global line head of the political and credit risks team. She was previously a senior political risk ... Read the full article
Coronavirus to weigh against P&C improvements: Fitch
31st March 2020
North American property and casualty (P&C) insurers reported improved operating results in 2019, but near-term performance will likely be more challenging due to the onset of coronavirus (COVID-19) and the resulting economic impact, according to Fitch Ratings. The rating agency has maintained its stable outlook on the US P&C insurance and ... Read the full article
Ali Shahkarami named Chief Data Officer, Allianz (AGCS)
31st March 2020
Allianz Global Corporate & Specialty (AGCS), a division of global re/insurer Allianz, is looking to develop a 'data first' decision making culture with the appointment of Ali Shahkarami as Chief Data Officer, a newly created position. His appointment is effective April 1st, 2020 and sees Shahkarami take responsibility for the development ... Read the full article
IRB Brasil Re adds Wilson Toneto as EVP of risks, compliance
31st March 2020
IRB Brasil Re has appointed Wilson Toneto as its new executive vice president of risks and compliance. Toneto was unanimously elected to the position by the company's Board of Directors, after a decision to dismiss then vice-president Lúcia Maria da Silva Valle. He was vice president of Administration, Control and Finance for ... Read the full article
Survey: 32% say Covid-19 to increase reinsurance & retro buying
31st March 2020
With already a few hundred responses collected from our new survey on the re/insurance market implications of the Covid-19 coronavirus pandemic, it's clear the market is expecting that long-term the crisis will drive an appetite for greater protection. Our ... Read the full article
Charles Rumball to lead Willis Re Specialty – North America
31st March 2020
Willis Re, the reinsurance broking arm of Willis Towers Watson (WTW), has appointed Charles Rumball as Head of Specialty - North America, reporting to both Donald Harrell, Chief Operating Officer (COO) of Willis Re Specialty and Jeffrey Livingston, Executive Vice Chairman, Willis Re North America. Currently, Rumball serves as Executive Vice ... Read the full article
1347 PIH announces name change, reinsurer launch
31st March 2020
1347 Property Insurance Holdings is set to change its name to Fundamental Global Financial Corporation and is in the process of forming its own reinsurance subsidiary, Fundamental Global Reinsurance. Under its new name the company plans to carry out its business via three primary avenues, insurance, asset management, and real estate. Fundamental ... Read the full article
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