Reinsurance News
PERILS puts industry loss from Storm Sabine (Ciara) at €1.6bn
24th March 2020
Catastrophe loss data aggregator PERILS has released its initial loss estimate for extratropical cyclone Sabine (also known as Ciara), putting re/insurance industry losses at €1.551 billion (US $1.680 billion). The estimate from PERILS is some way below the €1.8 billion figure previously released by RMS and the €1.9 billion ... Read the full article
WTW CEO Haley takes Board position with Maximus
24th March 2020
Willis Towers Watson (WTW) CEO John Haley has taken a position on the Board of Directors of MAXIMUS, a US outsourcing company that provides services to government health and human services agencies worldwide. Haley, who previously served as one of the MAXIMUS Board members from 2002 to 2019, is set to ... Read the full article
AmWINS adds Mark Bernacki to leadership team
24th March 2020
Specialty insurer AmWINS has announced the appointment of Mark Bernacki as President of AmWINS Special Risk Underwriters (SRU) and Executive Vice President of AmWINS Group, effective March 30, 2020. In this role, Bernacki will drive strategy and build capacity for SRU, which underwrites risks on behalf of domestic and international carriers. Also, ... Read the full article
Swiss Re names Victoria Lobo Market Exec, WSE for reinsurance
24th March 2020
Nikhil da Victoria Lobo, Swiss Re's Managing Director and Head of Americas for its Public Sector Solutions (PSS) Division, has been named Market Executive for Western and Southern Europe (WSE) for reinsurance at the Switzerland-based firm. His appointment is effective July 1st, 2020 and Victoria Lobo succeeds Claudia Cordioli, who ... Read the full article
Fitch revises London market outlook to negative amid COVID-19 issues
24th March 2020
Fitch Ratings has revised its sector outlook for the underlying fundamentals of the London market insurance space to negative from stable, driven by growing concerns around the impacts and disruption caused by the COVID-19 outbreak. Fitch notes that the ongoing virus outbreak threatens the credit quality of London market insurers. While ... Read the full article
Insurers advised on Coronavirus claims surge preparation
24th March 2020
The Society of Claims Professionals has called on insurers to prepare for surge events as the coronavirus pandemic continues to evolve. The Society published a guide detailing how insurers should establish a “Surge Group” to be adequately prepared for surge events and maintain service. The guide details six activities which must be ... Read the full article
Marine sector faces huge exposure to economic slowdown: analysts
24th March 2020
Analysis by Russell Group has shown that the marine re/insurance sector could face huge exposure to a slowdown in the Chinese economy, induced by the coronavirus (COVID-19) outbreak. The firm found that just six global shipping companies, representing roughly 35% of industry, had a collective $114 billion exposure to this kind ... Read the full article
Forced COVID-19 payments could impact insurer stability: Sampson, APCIA
23rd March 2020
David Sampson, President and Chief Executive Officer (CEO) of the American Property Casualty Insurance Association (APCIA), has said that the industry recognises the unprecedented disruption being caused by the COVID-19 outbreak, but has warned against impacting the stability of the insurance sector in the U.S. through forced covers. According to Sampson, ... Read the full article
Coface North America appoints Ruben Nizard to Economist role
23rd March 2020
Coface North America has announced the appointment of Ruben Nizard as Economist for the North American Region, including the US and Canada. In this role, Nizard will be responsible for providing analysis of the North American economy, including analysis of the impacts caused by current trends and global economic influences. Coface explained ... Read the full article
US insurance industry M&A deals total $11.43bn in Q4: GlobalData
23rd March 2020
Insurance industry merger and acquisition deals announced in the fourth quarter of 2019 totalled $11.43 billion in the US, according to GlobalData’s deals database. This value represents a 174.03% increase over the previous quarter and a rise of 355.3% when compared with the last four-quarter average of $2.51 billion. The US held ... Read the full article
Allianz ART adds AXIS Re’s Kiernan to lead North America reinsurance
23rd March 2020
Former Chief Underwriting Officer and president of AXIS Re in Bermuda, Peter Kiernan, has joined Allianz Global Corporate & Specialty as head of reinsurance North America for its Alternative Risk Transfer division. Kiernan brings over 13 years’ experience to the role and will remain working out of Bermuda. His departure from AXIS ... Read the full article
Coronavirus BI loans available to UK brokers, but not re/insurers
23rd March 2020
Government-owned development bank, the British Business Bank, has revealed that the recently announced Coronavirus Business Interruption Loan Scheme (CBILS) will be made available to UK brokers, but not to insurers or reinsurers. CBILS is a new scheme announced last week by Chancellor Rishi Sunak to help support businesses whose operations have ... Read the full article
Hallmark risks Nasdaq delisting following compliance notice
23rd March 2020
Specialty property and casualty insurer Hallmark Financial Services has received notice from Nasdaq that the company is no longer in compliance with listing rules. The notice comes as a result of Hallmark failing to file its Form 10-K for 2019 in a timely manner. Under Nasdaq rules, the company has 60 calendar ... Read the full article
Could market decline force M&A price renegotiations? (Covea-PartnerRe, Aon-WTW)
23rd March 2020
With pressures from the coronavirus (COVID-19) outbreak causing a surge in market volatility and significant decreases in share prices, there could be a question mark over some of the larger merger and acquisition (M&A) deals announced recently. For example, PartnerRe shares were valued at US $27.20 per share on the New ... Read the full article
AmTrust names Daniel Pacicco as CFO
23rd March 2020
AmTrust Financial Services, Inc. has announced the appointment of Daniel Pacicco as Executive Vice President and Chief Financial Officer, effective March 18th. He will succeed Adam Karkowsky, who was promoted to AmTrust President back in December 2019. Pacicco joins AmTrust from Assurant, where he has served as Senior Vice President, Chief ... Read the full article
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