Reinsurance News
EIOPA info request points to Solvency II changes: AM Best
25th March 2020
A recent information request issued by the European Insurance and Occupational Pensions Authority (EIOPA) suggests a set of potential changes that could be made to enhance Solvency II standards for insurers, according to AM Best. EIOPA began the latest phase of its Solvency II review on March 4th with a request ... Read the full article
Guy Carpenter partners with insurtech RiskGenius on silent cyber
25th March 2020
Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, Inc., has entered into a strategic partnership with RiskGenius on the detection and qualitative analysis of silent cyber exposure. RiskGenius is an insurtech firm that utilises artificial intelligence to evaluate emerging risks across insurance portfolios. By working with RiskGenius, Guy Carpenter ... Read the full article
WTW tool enables tracking of COVID-19 cases against P&C portfolios
25th March 2020
Global insurance and reinsurance broker Willis Towers Watson (WTW) has announced the addition of a new COVID-19 feature within its Global Peril Diagnostic modelling tool, designed to track pandemic cases against P&C clients' global assets. The new, real-time, risk and analytics feature provides risk managers with up-to-date information on confirmed COVID-19 ... Read the full article
Demotech affirms Security First’s FSA of A, Exceptional
25th March 2020
Demotech has affirmed the Financial Stability Rating (FSA) of A, Exceptional, assigned to Security First Insurance Company. Financial analysis firm Demotech warned in January of this year that it was expecting downgrades for a number of carriers in Florida as a result of pressures on operating performance. Yesterday, Demotech affirmed ... Read the full article
Joint letter calls for EU financial markets to be kept open
25th March 2020
The European insurance and reinsurance federation Insurance Europe is among ten associations calling for the continents’ financial markets to be kept open during the ongoing Coronavirus pandemic. The group has written to several European and national policymakers and stressed the role financial markets play in providing critical infrastructure for the Europe’s ... Read the full article
Ping An screening system identifies 1,600 coronavirus cases
25th March 2020
Ping An Insurance (Group) Company of China, Ltd. has announced that its smart audio screening system has successfully identified more than 1,600 suspected cases of coronavirus (COVID-19) to date. Launched in February, the system uses artificial intelligence to help doctors more efficiently and accurately diagnose cases of the virus and ... Read the full article
Guy Carpenter hires Williams from AIG as Global Head of Client Support Services
25th March 2020
Reinsurance broker Guy Carpenter has hired an AIG alum as its new Global Head of Client Support Services, appointing George Williams to the role, who was most recently COO of General Insurance North America at the insurance firm. Williams has been appointed as Managing Director, Global Head of Client Support Services ... Read the full article
COVID-19 could cost US commercial health market $251bn in 2020: analysis
24th March 2020
Analysis conducted by California’s insurance marketplace, Covered California, suggests the US commercial health market's projected costs for testing, treatment and care specifically related to COVID-19 could range from $34 billion to over $251 billion in the first year of the pandemic. Over 170 million Americans are in the commercial health market, ... Read the full article
Flood insurtech Neptune expands US presence
24th March 2020
Neptune Flood Incorporated, a digital insurtech firm focused on the flood market, has announced its launch into Arkansas, Idaho and Illinois in the US. With its expansion into these states, a potential 6.7 million more households will now have access to Neptune’s flood insurance solution. The firm explained that it launched in ... Read the full article
AIG hires Gero Michel as Head of Risk Analytics, AIG Re
24th March 2020
U.S. insurer and reinsurer American International Group, Inc. (AIG) has hired Gero Michel, who was most recently at broker Aon, as its new Head of Risk Analytics for its reinsurance unit AIG Re. Gero Michel joined AIG Re in February, taking on the new position that will see him working across ... Read the full article
Oxbridge Re posts loss for 2019, despite profitable Q4
24th March 2020
Property and casualty reinsurer Oxbridge Re Holdings Limited has recorded a net loss $305,000 for 2019, despite achieving a profitable result in the fourth quarter of the year. The company generated net income of $61,000 in Q4 compared with a loss of $6.5 million for the same period in 2018. Although it ... Read the full article
Coronavirus could delay Genworth & China Oceanwide merger
24th March 2020
Mortgage insurer Genworth Financial has said that its planned merger agreement with China Oceanwide Holdings Group Co., Ltd. may be further delayed due to operational disruptions caused by the coronavirus. The New York State Department of Financial Services (NYDFS) recently reapproved the proposed acquisition of control by Oceanwide of Genworth's New ... Read the full article
Travel insurers to pay out £275mn over Coronavirus
24th March 2020
Travel insurers are expected to pay out at least £275 million to travellers due to the Coronavirus according to first estimates out today from the Association of British Insurers. ABI’s figures suggest £275 million will be paid to customers in Coronavirus related claims with the vast majority attributable to cancellations, with ... Read the full article
Re/insurers brace for economic impact of Olympics delay
24th March 2020
The confirmed one-year delay to the Tokyo Olympics is expected to have broad implications for the re/insurance industry beyond basic cancellation coverage issues, with some commentators suggesting that the decision could result in a $12 billion hit to the Japanese economy. Japan's Prime Minister Shinzo Abe, along with the International Olympic ... Read the full article
Demotech affirms financial strength of Gulfstream P&C
24th March 2020
Financial analysis firm Demotech has affirmed the financial stability of A, Exceptional, assigned to Gulfstream Property & Casualty Insurance Company. Demotech’s president and co-founder Joseph Petrelli said the fine management team at Gulfstream invited Demotech to review holding company and affiliated entity financials in an effort to better understand how the ... Read the full article
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