Reinsurance News
Premier League rules out pandemic insurance moving forward: reports
24th June 2020
The Premier League will not be taking out pandemic insurance to guard against the financial implications an event similar to coronavirus could have on future seasons, according to reports from The Independent. The 2019-20 season returned this week following a three-month suspension due to the pandemic. The Independent says clubs have already ... Read the full article
Orchid adds Ross Bowie as Head of Personal Lines
24th June 2020
Independent managing general underwriter Orchid Underwriters Agency has named Ross Bowie as Head of Personal Lines. “We are thrilled to have Ross join Orchid to lead our personal lines business,” said Brad Emmons, President and Chief Executive Officer at Orchid Insurance. “He is a consummate professional whose career has spanned the management of ... Read the full article
Palomar launches E&S insurer; announces pricing of public offering
24th June 2020
Palomar Holdings, Inc. has announced the formation of a new surplus lines insurance company subsidiary, called Palomar Excess and Surplus Insurance Company (PESIC). PESIC is based in Arizona and after receiving all necessary regulatory approvals, is licenced to transact across all of Palomar's existing lines of specialty property business as well ... Read the full article
Compre eyes growth with launch of Class 3A reinsurer in Bermuda
24th June 2020
Compre, the independent specialist legacy acquirer, has received regulatory approval in principle to establish a Class 3A reinsurer in Bermuda. Over the coming weeks, Compre is set to work with the Bermuda Monetary Authority (BMA) to finalise the registration and licensing of the reinsurer. The company says that this new platform will ... Read the full article
Beazley reveals leadership team for cyber & tech business
24th June 2020
Specialist insurer Beazley has revealed a new leadership structure within its global cyber & tech underwriting team, designed to support greater knowledge sharing and collaboration between the team globally. As Beazley announced previously, from the 1st of July 2020, Paul Bantick will take on global responsibility for cyber & tech. In ... Read the full article
Nephila to launch specialty syndicate at Lloyd’s, backed by ILS investors
24th June 2020
Insurance-linked securities (ILS) investment manager Nephila Capital has announced that the Lloyd’s Council has approved its plans to form a new syndicate. Nephila’s Lloyd’s managing agency, Nephila Syndicate Management Ltd (NSM), will launch Syndicate 2358 as part of the Future at Lloyd’s initiative. The syndicate will write a diversified portfolio of Lloyd’s ... Read the full article
Michael Rüsch to lead Switzerland at Swiss Re Corporate Solutions
24th June 2020
Swiss Re Corporate Solutions (SRCS), the commercial insurance arm of reinsurer Swiss Re, has announced the appointment of Michael Rüsch as Country Head Switzerland, effective 1 October 2020. He will be responsible for managing Swiss Re Corporate Solutions' strategy, development and performance in the Swiss commercial insurance market. Rüsch has more than ... Read the full article
Berenberg estimates global COVID-19 claims at $50-70bn
23rd June 2020
Analysts at investment bank Berenberg have estimated that global re/insurance claims related to the COVID-19 pandemic will be between $50 billion and $70 billion. Notably, this range is well below the $107 billion estimate put forward by Lloyd’s of London back in May. “Fundamentally, insurers are doing well,” Berenberg stated in ... Read the full article
Munich Re opts against providing fresh profit guidance for 2020 on COVID-19
23rd June 2020
Global reinsurance giant Munich Re has said that while it continues to stand on firm economic footing, the losses and uncertainty being caused by the ongoing COVID-19 pandemic means that it will not meet its previously announced profit guidance for 2020. The reinsurer announced on April 1st, 2020 that it ... Read the full article
BRP Group files for offering of 11.5mn shares
23rd June 2020
BRP Group has today announced the proposed underwritten offering of 11,500,000 shares of its Class A common stock, subject to market conditions and other factors. BRP expects to grant the underwriters a 30-day option to purchase up to 1,725,000 additional shares of its Class A common stock at the public offering ... Read the full article
Trident Marine Managers adds Clarke Smith as Director of Underwriting
23rd June 2020
Trident Marine Managers (TMM), a managing general underwriter for the specialty marine and offshore energy industries and a part of Ryan Specialty Group, has appointed Clarke Smith as Director of Underwriting. TMM has also announced the opening of a new office in Read the full article
AM Best warns against COVID-19 workers’ compensation laws
23rd June 2020
AM Best has warned that legal efforts in several US states to expand workers’ compensation coverage to allow employees to claim for COVID-19 will have a negative impact on re/insurers. The rating agency turned negative on workers’ compensation lines back in March due to the economic conditions and rise in unemployment ... Read the full article
CCRIF pays $3.6mn to Guatemala for Storms Amanda & Cristobal
23rd June 2020
CCRIF has paid the Government of Guatemala US $3.6 million under its excess rainfall (XSR) parametric insurance policy following Tropical Storms Amanda and Cristobal. Amanda, which originated in the Pacific Ocean, initially made landfall on Guatemala’s Pacific coast on May 31, causing flooding and landslides. This tropical storm dissipated but the remnants ... Read the full article
HSCM expected to take majority control of Weston Insurance
23rd June 2020
Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, is expected to take majority control of specialty insurer Weston Insurance Holdings Corporation (WIHC). Financial analysis firm Demotech said the move would be beneficial for both WIHC and its insurance carrier subsidiaries. Accordingly, analysts assigned Financial Stability ... Read the full article
AmWINS Program Underwriters forms new carrier partnership
23rd June 2020
AmWINS Program Underwriters (APU) has announced a new carrier partnership that is expected to result in multiple program enhancements to APU offerings. Specifically, the partnership will provide insurance solutions APU’s Metal & Plastics, Natural Gas Distributors, Trailer & Work Truck Manufacturers and Water Well Contractors programs, effective May 1st. The new carrier ... Read the full article
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