Reinsurance News
Pen Underwriting extends equine partnership with Markel
23rd March 2020
Multi-territory managing general agent Pen Underwriting is to further consolidate its presence in the equestrian market with the renewal of an existing capacity deal with Markel International. The agreement between the two firms builds on a partnership stretching back to 2017 and will see Markel continuing providing expertise and capacity for ... Read the full article
Sompo Intl appoints Donelan to lead reinsurance business as CEO
23rd March 2020
Bermuda-based P&C re/insurer Sompo International has appointed Christopher Donelan to serve as Chief Executive Officer of the company’s reinsurance business. Donelan, who currently serves as deputy CEO of SI Reinsurance, will report to Christopher Gallagher, CEO of SI’s Commercial P&C business. Stephen Young, the current CEO of Reinsurance at SI has resigned ... Read the full article
Aon’s Richard Dudley named LIIBA chair
23rd March 2020
The London and International Insurance Brokers’ Association (LIIBA) has announced that Richard Dudley, Chief Executive Officer of Aon’s UK Global Broking Centre, is to serve as its new chair. Dudley succeeds Roy White, who served a two-year term and will continue in the short term as deputy chair. His other deputies have ... Read the full article
Japan, Korea insurers face ongoing risks from COVID-19: Moody’s
23rd March 2020
Despite low numbers of infections and low claims, Moody’s analysts believe insurers in Japan and Korea should expect to face business disruption and financial risk from the coronavirus outbreak, with further downside risk should infections rise significantly. Analysts say direct claims related to the coronavirus outbreak will come from two main ... Read the full article
Fitch turns negative on global reinsurance, US P&C fundamentals
23rd March 2020
The unfolding Coronavirus outbreak has prompted Fitch Ratings to revise its outlook for the underlying fundamentals of the global reinsurance sector to negative from stable. The ratings agency also revised its outlook for the US property and casualty insurance sector, citing concerns over coronavirus and related impacts on the credit quality ... Read the full article
Re/insurers cannot be the mechanism for a COVID-19 bailout: CII
20th March 2020
Matt Connell, Director of Policy and Engagement for the Chartered Insurance Institute (CII) , has stressed that it is unsustainable to expect insurance and reinsurance companies to be the “mechanism for a Covid-19 bail out.” Responding to expectations recently set out by the Financial Conduct Authority (FCA), Connell acknowledged that where ... Read the full article
AXA UK, Ireland names Roland Moquet CFO
20th March 2020
AXA UK and Ireland has announced the appointment of Roland Moquet as Chief Financial Officer. Moquet succeeds Amelie Breitburd and joins from AXA Italy, having served as CFO. Since joining AXA from the French Treasury in 2005, he has held various positions, including CFO of AXA Tianping in Shanghai. Additionally, Amber Wilkinson, currently ... Read the full article
European insurers’ coronavirus BI claims will likely be limited, Moody’s
20th March 2020
Moody’s is expecting insurers in the UK, France and Germany to face only moderate business interruption claims as a result of the coronavirus outbreak, as pandemic-related claims are excluded from most business interruption policies in all three countries. This follows a statement from the Association of British Insurers which explained that ... Read the full article
Zurich warns of heightened cyber risk during pandemic
20th March 2020
Zurich Insurance has warned that a surge in remote work during the coronavirus (COVID-19) pandemic will result in heightened cyber security risks. With businesses around the world increasingly urging employees to work from home to help slow the spread of the virus, analysts believe that the security standards of some organisations ... Read the full article
Gen Re partners with medical malpractice insurer NJ PURE
20th March 2020
General Reinsurance Corporation (Gen Re), the global reinsurance subsidiary of Berkshire Hathaway, has entered into a partnership reinsurance contract with NJ PURE, a medical malpractice insurer based in New Jersey. The agreement is expected to minimise the exposures of NJ PURE, while allowing it to strengthen its position in the industry ... Read the full article
Insurtech firm Sapiens partners with HazardHub
20th March 2020
Sapiens International Corporation, a global provider of software solutions for the re/insurance industry, has entered into a partnership with HazardHub, a third-generation provider of property-level hazard risk databases. As part of the agreement, HazardHub’s sets of risk data will be integrated into the Sapiens CoreSuite for Property & Casualty . This is ... Read the full article
Palomar details Salt Lake City quake exposure
20th March 2020
Specialty property insurer Palomar Holdings has outlined its exposure to the magnitude 5.7 earthquake that struck Magna, Utah and the greater Salt Lake City metropolitan area on March 18th. The quake was the fifth largest in Utah recorded history and the largest to hit the state since 1992. It was quickly ... Read the full article
Swiss Re has $250mn exposure to Tokyo Olympics cancellation: CFO Dacey
20th March 2020
Global reinsurance giant Swiss Re has a specific exposure of USD 250 million to the cancellation of the 2020 Tokyo Olympics, and also potential exposure in other lines as a result of the COVID-19 outbreak. Scheduled to commence on the 24th of July 2020, the ability for the Tokyo Olympics to ... Read the full article
Marsh appoints Fiona Park to multinational practice leader role
20th March 2020
Global insurance broker Marsh has appointed Fiona Park as its multinational practice leader for Scotland within its UK corporate division. Based in Glasgow, Park will lead a team which brings together expertise across Marsh’s Corporate offices in Aberdeen, Edinburgh, and Glasgow, and the business’s global network. She reports to Allan McPherson, regional ... Read the full article
FCA asks insurers to stretch policy T&Cs for coronavirus
20th March 2020
UK regulator the Financial Conduct Authority (FCA) has said that it expects insurers to stretch the terms & conditions of policies to help the population adapt to the socioeconomic impact of coronavirus (COVID-19). The FCA is in the process of making the re/insurance industry aware that customer behaviour is set to ... Read the full article
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