Reinsurance News
NFP adds duo to specialty team
9th July 2020
Re/insurance broker NFP has announced the additions of Akhil Chopra and Elissa Doroff its specialty team. Chopra brings 20 years of cyber and professional liability experience that includes serving as cyber practice leader for Marsh. As managing director and head of NFP's cyber and network security specialty team, he will drive new ... Read the full article
ReAlign acquires National Lloyds, American Summit Insurance Companies
9th July 2020
ReAlign Insurance Holdings, a new insurance holding company formed by ReAlign Capital Strategies, has completed its acquisition of National Lloyds Insurance Company (NLIC) and American Summit Insurance Company (ASIC) from Align NL Holdings. Both are Texas-domiciled admitted insurance firms that write specialty personal property insurance including homeowners, low value dwelling, mobile and ... Read the full article
Reinsurer return on equity forecast at 0.6% for 2020 by Fitch
8th July 2020
Analysts at Fitch Ratings have forecast that losses from COVID-19 will severely limit reinsurer’s profitability in 2020, with overall return on equity forecast at just 0.6% for the year. This would be a major downturn compared with the 9.6% return on equity reported by the market last year. Instead, levels would be ... Read the full article
Bank of England voices concern over virus BI claims
8th July 2020
Anna Sweeney, the Bank of England’s (BoE) executive director for insurance, has said that business interruption (BI) related to the COVID-19 pandemic claims remain a serious concern for the UK insurance and reinsurance industries. Her comments come as the Financial Conduct Authority (FCA) prepares to seek legal clarity on whether ... Read the full article
PPL use hits all-time high
8th July 2020
Data from the London Market Group (LMG) reveals that use of the Placing Platform Limited (PPL), the London market's electronic placement platform, continued to swell through the second-quarter of 2020, reaching an all-time high. A total of 8,031 risks were bound on the platform in the week commencing June 29th, which ... Read the full article
Cape Town restaurant wins COVID-19 BI claims court battle against insurer
8th July 2020
Café Chameleon, a restaurant in the northern suburbs of Cape Town, recently won an important COVID-19-related insurance claims court battle against insurer Guardrisk Insurance, a division of Momentum Metropolitan Holdings. To mitigate the spread of the ongoing COVID-19 pandemic, South Africa, like many other countries around the world, entered into a ... Read the full article
Global Atlantic acquired by investment firm KKR
8th July 2020
Global investment firm KKR & Co. Inc has announced an agreement to acquire all outstanding shares of life and annuity re/insurer Global Atlantic Financial Group for $4.4 billion. Set to complete in early 2021, the transaction will enable Global Atlantic to continue operating as a separate business with its existing brands ... Read the full article
QIC Global promotes Alexander Craggs to CEO at Antares
8th July 2020
QIC Global, the international specialty re/insurance arm of Qatar Insurance Group, has named Alexander Craggs as acting Chief Executive Officer (CEO) and Jim Lye as Active Underwriter, respectively, at Antares Syndicate 1274, effective July 7th, 2020. In their new roles, Craggs will report to Michael van der Straaten, Chief Executive Officer ... Read the full article
Argo expecting $10-20mn Q2 virus loss
8th July 2020
Argo Group International Holdings, Ltd., the Bermuda based insurance and reinsurance company, has said that it is anticipating net losses of between $10 million and $20 million related to COVID-19 to be recorded in its second quarter earnings. The company fell to a net loss of $18.8 million in Q1 ... Read the full article
Workers’ comp insurers hit by high unemployment: Moody’s
8th July 2020
A surge in unemployment rates due to the COVID-19 lockdown is set to weigh heavily on the profitability of workers’ compensation insurers in the US, according to analysts at Moody’s. The rating agency noted that the workers’ compensation sector is structurally tied to the economy and labour markets. Employers in the US ... Read the full article
The Hartford extends COVID-19 personal auto payback plan
8th July 2020
Property and casualty insurer The Hartford has announced that it will extend its COVID-19 personal auto payback plan through June. The plan originally provided customers with a 15% credit on their April and May personal auto insurance premiums. Extending the plan through June brings the total amount the company will distribute to ... Read the full article
QOMPLX to launch US insurance subsidiary RubiQon
8th July 2020
Analytics and insurance software provider QOMPLX is set to launch a US-based subsidiary that will offer cyber insurance, along with multi-line treaty and facultative re/insurance. Due to open in the fall, RubiQon Risk & Insurance Services/RubiQon Re will be a Managing General Agency led by former Validus Re CEO Conan Ward ... Read the full article
Topsail Re adds Jake Colbert as VP of Underwriting
8th July 2020
Cayman Islands-based Topsail Re has announced the appointment of Jake Colbert as Vice President of Underwriting. Colbert's responsibilities include underwriting, marketing and account management. He has more than ten years of experience in reinsurance underwriting and brokerage operations and most recently was an underwriter at Arch Reinsurance. Before that, he worked at Aon for ... Read the full article
Willis Re names James Moss as co-head of Specialty Casualty business
8th July 2020
Willis Re, the reinsurance broking arm of Willis Towers Watson (WTW), has announced the appointment of James Moss as co-head of its Specialty Casualty practice. He will work in tandem with Chirag Shah to lead Willis Re Specialty’s Casualty strategy in London. Moss has 30 years’ experience and joins from Lockton Re, ... Read the full article
LMA announces establishment of Delegated Authority Committee
8th July 2020
The Lloyd's Market Association (LMA) has announced the establishment of a new Delegated Authority Committee (DAC), designed to both inform and guide the evolution of this aspect of Lloyd's underwriting, distribution, and claims. According to the LMA, this type of business accounts for 40% of the Lloyd's market's annual gross written ... Read the full article
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