Reinsurance News
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
Aston Lark acquires MS Amlin’s marine pleasure craft book of business
11th November 2020
Chartered insurance broker Aston Lark has announced the acquisition of MS Amlin’s marine pleasure craft book of business. Haven was formed as a boat insurance provider in 1986 and merged with Knox-Johnston Insurance Brokers in 1992 to become Haven Knox-Johnston, part of the Amlin Group. A further merger in 2016 saw the ... Read the full article
Beazley expands insurance products in Latin America
11th November 2020
Specialist insurer Beazley has announced that it has expanded its insurance products in Latin America with a suite of commercial reinsurance solutions. Beazley’s healthcare liability offering is available in Chile and Colombia with products designed specifically for these markets by a global team of underwriters. Included is Beazley Virtual Care, a policy ... Read the full article
Aon forecasts continued growth for US homeowners insurers
11th November 2020
Analysis by global insurance and reinsurance broker, Aon, claims that U.S. homeowners direct written premiums are projected to hit $105 billion in 2020, representing an increase from the $104 billion total recorded for 2019. Aon's latest Homeowners ROE Outlook report, which is developed by the firm's Reinsurance Solutions' Analytics team, predicts ... Read the full article
Cat losses push Palomar to Q3 net loss
11th November 2020
California-based insurance holding company Palomar has reported a net loss of $15.7 million for the third quarter of 2020, driven by the active US hurricane season. This compares with a net income of $7.5 million for the same period last year. Palomar had previously warned ahead of an estimated $38 million ... Read the full article
AXA XL hires Ian Nunn as Head of Political Risk
11th November 2020
AXA XL Insurance has announced that Ian Nunn has been appointed Head of Political Risk, Credit & Bond (PRCB) for the UK & Lloyd’s market with immediate effect. In his new role, Nunn is responsible for developing and executing the underwriting strategy for the UK & Lloyd’s market political risk and ... Read the full article
Hiscox Re & ILS adds Marlon Williams as senior property underwriter
11th November 2020
Global re/insurer Hiscox has appointed Marlon Williams to serve as a senior property underwriter within its Hiscox Re & ILS division. Williams holds close to 20 years’ experience in the industry and joins from Markel. He most recently served at Markel as Senior Vice President, International Property Cat Underwriter. Prior to this, Williams ... Read the full article
Everest Insurance promotes Wu to VP, E&S Excess Casualty National Leader
11th November 2020
Everest Insurance, a division of Bermuda-based re/insurer Everest Re Group, Ltd., has promoted Edward Wu to the position of Vice President (VP), E&S Excess Casualty National Leader. Wu joined Everest earlier in 2020 as VP, West Coastal Regional Manager for E&S Excess Casualty, where he was responsible for the development and ... Read the full article
Pacific Life Re signs longevity swap with Prudential pension scheme
11th November 2020
Pacific Life Re has completed a longevity swap transaction with the Trustee of the Prudential Staff Pension Scheme. The longevity swap covers pension liabilities of £3.7 billion relating to over 20,000 pensioners in the scheme and was structured using a Guernsey-based captive. Willis Towers Watson led the advice for the Trustee with ... Read the full article
Pandemic shock less severe than feared for re/insurers: Swiss Re
11th November 2020
A new sigma study by Swiss Re is forecasting global insurance premium growth of 3.4% in real terms in 2021, following a contraction of 1.4% this year due to the impact of the COVID-19 pandemic. The decline was less severe than the 2.8% drop predicted by Swiss Re earlier this year, ... Read the full article
Gallagher secures multi-year appointment as broker for Amey
11th November 2020
Insurance broker Gallagher has secured a multi-year appointment as the professional indemnity (PI) broker for public services supplier Amey. Gallagher was determined by Amey to have a clear understanding of its business and be able to help negotiate the challenging PI market. Julie Scott, Adviser, Gallagher’s Specialty construction practice, commented, “In recent years, ... Read the full article
1:1 Renewal season to see a tightening marketplace: Willis Re
11th November 2020
Willis Re recently held a webinar in which Paddy Jago, Global Chair of Willis Re and Tony Melia, Chief Executive Officer of Willis Re International discussed the upcoming January renewal season and how things in the reinsurance market may develop. Jago commented: “We will experience further gradual firming from where we ... Read the full article
Court orders Derez and Covéa to pay €19.6mn in compensation to SCOR
11th November 2020
Global re/insurer SCOR has announced that the Paris Commercial Court has ruled against Thierry Derez and Covéa for misconduct during the preparation and execution of Covéa's unsolicited takeover bid for the French re/insurer. The judgement rendered on November 10th, 2020, finds that Derez, the CEO of SCOR's largest shareholder, Covéa, committed ... Read the full article
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