Reinsurance News
Catalina Holdings takes control of Asia Capital Re
31st March 2020
Bermuda-based insurance and reinsurance run-off and legacy specialist, Catalina Holdings, has completed its previously announced acquisition of Singapore headquartered reinsurer, Asia Capital Reinsurance Group Pte. Ltd. The change of control of the Asian reinsurer is effective March 31st, 2020 and marks the completion of Catalina's first acquisition in Asia, with ... Read the full article
PERILS places initial Australian east coast low loss at AU$794mn
31st March 2020
Catastrophe insurance data provider PERILS has released a AU$794 million loss estimate for the Australian East Coast Low event which occurred between February 5 and February 13 and impacted the eastern states of New South Wale and Queensland. The third largest industry loss from an East Coast Low event in the ... Read the full article
FEMA extends flood policy renewal period
31st March 2020
The US Federal Emergency Management Agency (FEMA) has announced that it will extend the grace period to renew flood insurance policies to help policyholders affected by the coronavirus (COVID-19) pandemic. To support customers who may be experiencing financial hardships due to the outbreak, FEMA said it would push back the grace ... Read the full article
Steve Bitar becomes CEO of Olympus
31st March 2020
Gemini Financial Holdings Corporation has announced the appointment of Steve Bitar as Chief Executive Officer (CEO) of Olympus Insurance Company, its subsidiary focused on the Florida property market. Bitar was formerly the Chief of Underwriting and Agency Services for Citizens Property Insurance Corporation, and replaces Interim CEO James McDermott. He will take ... Read the full article
Moody’s turns negative on trade credit insurers
31st March 2020
Moody’s Investors Service has revised its outlook for several trade credit insurers from stable to negative, due to the ongoing coronavirus (COVID-19) pandemic. The rating agency said that COVID-19 could negatively impact the performance of Atradius Credito y Caucion S.A. (ACyC), Compagnie Francaise d'Assurance pour le Comm. (Coface) and Clal Credit ... Read the full article
PERILS pegs industry loss from storm Victoria (Dennis) at €286mn
31st March 2020
Catastrophe loss data aggregator PERILS has released a €286 million initial loss estimate for extratropical cyclone Victoria (also known as Dennis), which affected the British Isles and north-western Europe from 15 to 17 February 2020. It occurred only six days after extratropical cyclone Sabine (Ciara, Elsa) which PERILS has since ... Read the full article
AM Best turns negative on Mexico insurance due to COVID-19
31st March 2020
AM Best has revised its outlook for Mexico’s insurance and surety industry from stable to negative due to the COVID-19 pandemic and its anticipated impact on the economy and international markets. The rating agency explained that the pandemic has aggravated the economic fundamentals that its stable outlook had been based on, ... Read the full article
COVID-19 to test insurer resilience, says S&P Global
30th March 2020
While the economic impact of coronavirus has worsened sharply, analysts at S&P Global Ratings expect insurers will be able to absorb the financial consequences due to a robust capital position and limited exposure to loss-affected lines of business. That said, analysts expect the situation will exacerbate existing weaknesses and some targeted ... Read the full article
Helios capacity outperforming Lloyd’s market average
30th March 2020
Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle has announced returns on average better than the Lloyd’s market itself. The Helios outperformance is measured using the result on the capacity at the end of the year - including the capacity of the portfolios acquired which include participations on underperforming ... Read the full article
Insurtech wefox launches broker platform amid COVID-19 concerns
30th March 2020
Berlin-based insurtech firm wefox Group has announced the launch of a new technology platform, which will be made available to brokers for free amid concerns that the coronavirus (COVID-19) pandemic is affecting sales. wefox explained that it brought forward the release of its platform, wefoxGo, after realising that COVID-19 could put ... Read the full article
CAC Specialty expands P&C team with senior hires
30th March 2020
Specialty insurance broker and investment banking platform CAC Specialty has expanded its property and casualty (P&C) team with the addition of Robert Trinkleback and Jonathan Goodier. As Leader of Property and Casualty Loss Control, Trinkleback will help clients improve workplace safety while increasing productivity and reducing costs related to property, workers’ ... Read the full article
S&P stable on North American P&C despite COVID-19 pressures
30th March 2020
Analysts at S&P Global Ratings believe that fallout from the coronavirus (COVID-19) pandemic will be “manageable” for North American property and casualty (P&C) re/insurers, and have maintained their stable outlook on the sector. The rating agency considers current financial market turmoil and the ensuing recession to be a greater headwind to ... Read the full article
Size matters in Lloyd’s syndicate results, analysts find
30th March 2020
Analysts at Insurance Capital Markets Research (ICMR) have found that larger Lloyd’s of London syndicates were far more likely to report profitable results in 2019 than their smaller peers. The insurance and reinsurance marketplace reported a pro-forma profit of £2.5 billion last year, but its underwriting performance was unprofitable, with ... Read the full article
Sompo adds Michael Carroll as SVP for GRS unit
30th March 2020
Bermuda specialty P&C re/insurer Sompo International has appointed Michael Carroll as Senior Vice President and Deputy Head of Life Sciences for its Global Risk Solutions unit. Carroll will be responsible for driving the development of the company’s Life Sciences platform and brings over 30 years of technical underwriting experience at Chubb ... Read the full article
Genstar, industry execs launch fronting insurance holding firm
30th March 2020
Private equity firm Genstar Capital has partnered with insurance industry executives to establish Obsidian Insurance Holdings, Inc., a new fronting insurance holding company with $100 million of capital. Obsidian's insurance carrier subsidiary, Obsidian Insurance Company, has received a financial strength rating of A- from AM Best to issue policies underwritten by ... Read the full article
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