Reinsurance News
Saudi Re posts $15.7mn net profit for 2019
30th March 2020
Saudi Re has reported a net profit before zakat (a religious obligation for all Muslims who meet the necessary criteria of wealth) of SR 59.32 million (US 15.7 million) for 2019, a three-fold increase from the previous year. Gross written premium rose 10% year-on-year to reach SR 792 million (US 210 ... Read the full article
COVID-19 uncertainty sees QBE withdraw 2020 targets
30th March 2020
Ongoing economic and investment market uncertainty as a result of the global COVID-19 pandemic has led QBE Insurance Group Limited to withdraw its 2020 financial targets. The insurer announced in mid-February a full-year 2019 combined operating ratio of 97.5%, above the target range of 94.5% to 96.5%. Within its results announcement, ... Read the full article
AXA to offer limited compensation for certain COVID-19 hit firms
30th March 2020
Global insurer AXA has said it will pay out claims from up to 4,000 companies with business interruption cover affected by coronavirus. The company has written to policyholders and said that compensation will be limited to three months’ earnings. However, a case of Covid-19 must occur within a specified radius of a ... Read the full article
SCOR postpones AGM following investor criticism
30th March 2020
French reinsurer SCOR has decided to postpone its annual general meeting (AGM) to June 30, 2019, due to concerns about the coronavirus (COVID-19) pandemic. The company had initially tried to pull its AGM much earlier this year, on April 17th, but drew sharp criticism from activist investor CIAM last week. In ... Read the full article
Covéa committed to PartnerRe acquisition despite COVID-19 impacts: reports
30th March 2020
Despite the global COVID-19 coronavirus pandemic having a significant impact on European countries, driving meaningful and widespread financial market volatility, Covéa has reportedly said that it remains committed to its deal with Exor to acquire reinsurer PartnerRe. In early March, Covéa and Exor announced the signing of a Memorandum of Understanding ... Read the full article
COVID-19 brings range of new complexities for insurers: Swiss Re
30th March 2020
Reinsurer Swiss Re has noted that the ongoing coronavirus (COVID-19) outbreak is introducing “a range of new complexities” for insurers in terms of claims, underwriting, policy terms, and more. These are compounded by the significant uncertainties that continue to surround the virus, such as the factors affecting mortality and infection rates. One ... Read the full article
COVID-19 could drive significant losses for trade credit insurers: Am Best
30th March 2020
AM Best is expecting the unfolding coronavirus pandemic to result in significant losses for trade credit insurers. However, the short-tail nature of the product may partly offset the negative impacts, allowing the trade credit insurers to reprice and de-risk their portfolios, although incurred losses could be significant and involve costly litigation. AM ... Read the full article
Focus of the Future at Lloyd’s strategy narrows in response to COVID-19
27th March 2020
The Lloyd's of London insurance and reinsurance marketplace has decided to rationalise and narrow the focus of the Future at Lloyd's strategy as it adjusts to the impacts of the global COVID-19 pandemic. Speaking during the Lloyd's 2019 annual results call, executives at the world's oldest insurance market noted the broad ... Read the full article
Covid-19 BI losses for small firms could hit $383bn per month, warns APCIA
27th March 2020
David Sampson, President and Chief Executive Officer (CEO) of the American Property Casualty Insurance Association (APCIA), has said that business continuity losses from the COVID-19 pandemic for small businesses with fewer than 100 employees, could reach as much as USD 383 billion per month. Sampson has again warned against measures being ... Read the full article
Insurance-backed securitisations resilient in the near-term: S&P
27th March 2020
S&P Global Ratings has said that it expects insurance-backed securitisations to show resilience to the coronavirus (COVID-19) outbreak in the near-term, although the longer-term outlook remains more uncertain. The rating agency said insurers and reinsurers based in Europe, the Middle East, and Africa (EMEA) and the US should hold firm against ... Read the full article
Expand terrorism risk act to cover pandemics, says expert
27th March 2020
Zach Finn, an insurance professor with Butler University, has argued that the federal backstop for terrorism should be expanded to include pandemic coverage. Speaking in an interview with AMBestTV, Finn said that the Terrorism Risk Insurance Act (TRIA) in the US could be expanded retroactively to ease the economic impact caused ... Read the full article
American Integrity issues $150mn cat bond for 2020 hurricane season
27th March 2020
American Integrity Insurance Company has become the only Floridian insurer to issue a catastrophe bond as part of its overall financial portfolio. Integrity Re II Pte. Ltd. is a $150 million cat bond, ceded by Hannover Rück SE, which provides AIIC and its policyholders with a multi-year source of financial protection ... Read the full article
Monument Re to acquire Bermuda-based GreyCastle Holdings
27th March 2020
Monument Re, the life reinsurance and insurance holding company, has announced the acquisition of Bermuda-based annuity and life risks focused GreyCastle Holdings Ltd and its subsidiaries. The subsidiaries include GreyCastle Life Reinsurance (SAC) Ltd and GreyCastle Services, and Monument Re has reached an agreement to acquire the firm from the shareholders ... Read the full article
Survey: Covid-19 and its impact on the re/insurance market
27th March 2020
As the coronavirus pandemic continues to shake the foundations of our industry and cast uncertainty over the world’s economy, we’ve decided to launch a survey to gauge the opinions and sentiments of the global re/insurance community. The survey has been created alongside our sister site Artemis and will ... Read the full article
Sirius Group announces launch of formal sales process
27th March 2020
Bermuda domiciled global multi-line insurer and reinsurer, Sirius International Insurance Group, has announced the expansion of its strategic review and the launch of a formal process to sell the company. Previously, the firm's Board of Directors engaged Barclays to assist in the review of the terms of a capital raise arrangement ... Read the full article
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