Reinsurance News
AXA XL launches new Risk Scanning service
12th November 2020
AXA XL Risk Consulting has announced the launch of Risk Scanning, a new risk assessment service. The service is to be made available globally, as the solution combines the expertise of AXA XL’s risk consultants with data mining capabilities and probabilistic algorithms to carry out multi-peril assessments of a company’s physical ... Read the full article
AM Best provides US P&C impairment update
12th November 2020
Rating agency AM Best identified thirteen new insurance company impairments in the US property and casualty (P&C) industry in 2019, which was two more than in the previous year. A new report found that four impairments of medical professional liability writers and another four commercial auto writers led the 2019 impairments. Overall, ... Read the full article
Palomar announces agreement with Marsh’s Torrent Technologies
12th November 2020
California-based insurance holding company Palomar has agreed to integrate its residential flood insurance program Flood Guard onto the flood processing platform of Torrent Technologies, part of Marsh. It's hoped this will provide agents of Torrent's Write-Your-Own (WYO) carriers even more choice to meet the flood risk needs of their customers and help close ... Read the full article
Conduit Re to proceed with IPO; expects to raise $1.1bn
12th November 2020
Neil Eckert and Trevor Carvey's new property and casualty (P&C) and specialty reinsurance underwriting business, Conduit Re, has today confirmed its intentions to proceed with an initial public offering (IPO) and apply for admission of its Shares on the London Stock Exchange (LSE). The news comes after Conduit's previous announcement ... Read the full article
Lemonade reports $30.9 million net loss in Q3 2020
12th November 2020
Insurtech start-up Lemonade has reported a net loss of $30.9 million for the third quarter of 2020, representing a mild improvement when compared to a net loss of $31.1 million for the same period last year. The company also announced its in force premium doubled year-on-year, while gross profit increased 83%, ... Read the full article
Orchid & Homesite set up new Florida insurer
12th November 2020
Orchid Underwriters Agency, a specialty underwriter of catastrophe-exposed property insurance, has partnered with US property insurer Homesite to create a new Florida-based reciprocal insurance company. The new company, called TRUE (Trusted Resource Underwriters Exchange), is domiciled in Tampa and will offer owner-occupied homeowners insurance, as well as bundled, optional coverages and ... Read the full article
WTW bolsters climate change expertise with Acclimatise acquisition
12th November 2020
Re/insurance broker Willis Towers Watson has announced the acquisition of Acclimatise, a climate change adaptation advisory and analytics services provider. Acclimatise, based in the UK with teams in France, the US and India, brings additional experience in climate adaptation to WTW following the completion of over four hundred and fifty climate ... Read the full article
Talanx falls to €1.97bn underwriting loss as COVID claims exceed €1bn
12th November 2020
Talanx, the parent of reinsurer Hannover Re, has reported that its underwriting result declined by more than 50% in the first nine months of the year to a loss of €1.97 billion, as the company exceeded its large losses budget as a result of substantial COVID-19-related claims. Overall, 9M 2020 losses ... Read the full article
AXA XL report highlights mangrove potential as natural coastal defence
12th November 2020
Insurance could provide a cost-effective method to help conserve and restore mangrove forests as a way to protect against coastal flooding, according to a report supported by AXA XL. The report, published by The Nature Conservancy and University of California, Santa Cruz identifies 3,000 km of coastline across 20 states, territories ... Read the full article
Zurich reports 3% rise in P&C premiums; unchanged COVID-related claims
12th November 2020
Global insurer Zurich has reported a 3% rise in property and casualty (P&C) gross written premiums (GWP) for the first nine months of 2020 to $27.3 billion, while P&C COVID-19-related claims are reportedly unchanged at roughly $450 million. GWP growth in P&C during the period was driven by 9% growth in ... Read the full article
Vortex develops online portal for parametric rain quotes
12th November 2020
Weather risk agency Vortex Insurance Agency LLC has released a new online portal that provides businesses with access to parametric rain insurance quotes. Rain insurance premiums are based on a number of risk factors, including the event location, time of day, time of year, and historical weather data. And because the portal ... Read the full article
Richard Lance joins Charles Taylor Adjusting as Client Director for Australia
12th November 2020
Technology solutions provider Charles Taylor has today announced the appointment of Richard Lance as Client Director to its Adjusting business in Australia. Lance has over 30 years of insurance industry experience working for adjusters, underwriters and most recently brokers. He was previously the Pacific Claims Manager of a major global broker, managing ... Read the full article
Japanese ESG initiatives face legacy practice hurdles: Moody’s
12th November 2020
Analysts at Moody’s have argued that the adoption of environmental, social and governance (ESG) initiatives among Japanese property and casualty (P&C) re/insurers is a long-term positive, but that legacy assets and practices will create short-term hurdles. According to Moody’s the key environmental risk exposure for Japanese P&C re/insurers does not come ... Read the full article
Credit risks accelerating for US insurers on COVID-19 fallout, warns Fitch
11th November 2020
Analysis by Fitch Ratings warns that insurance companies in the U.S. are facing accelerated credit risks as a result of the economic fallout from the ongoing COVID-19 pandemic. Fitch is expecting longer-term credit implications for U.S. insurers that stretch beyond its three to five-year ratings horizon. The lower for longer interest rate ... Read the full article
IVANS reports softening in October premium rates
11th November 2020
Most commercial lines premium renewal rates continued to show upward growth year-on-year, according to the October results of the IVANS Index, a division of Applied Systems. However, compared to previous months this year, IVANS noted a slight softening of premium renewal averages in October. For instance, Commercial Auto lines saw premium renewal ... Read the full article
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