Reinsurance News
Coronavirus prompts Fitch to revise European life to negative
20th March 2020
Fitch Ratings has revised its rating outlooks for the life insurance sectors in France, Germany, the Netherlands, and the UK to Negative from Stable; the Italian life insurance sector remains negative. This revision is due to increased risks stemming from the coronavirus pandemic and related impact on the credit quality of ... Read the full article
Beazley bolsters global claims team with internal appointments
20th March 2020
Specialist insurer Beazley has bolstered its global claims team with a series of internal appointments. Beth Diamond has been promoted to group head of claims while Steven Chang has assumed the role of global head of complex claims. Chang was previously global claims team leader for healthcare and joined Beazley in 2006. He ... Read the full article
CAC Specialty, Fortress equipped to provide financing amid COVID-19
20th March 2020
Specialty insurance broker and investment banking platform CAC Specialty says it is equipped to provide financing for CAC clients facing liquidity pressure due to the direct and indirect impact from COVID-19, thanks to a previously-announced partnership with Fortress. The partnership with Fortress, which previously provided financing for the formation of CAC ... Read the full article
Important IFRS 17 issues remain unaddressed, says Insurance Europe
20th March 2020
Insurance Europe, the European insurance and reinsurance federation, has welcomed the decision of the International Accounting Standards Board (IASB) to defer the effective date of International Financial Reporting Standard (IFRS) 17, but argues that important issues remain unaddressed. The implementation of IFRS 17 was originally set for January 1st 2021, ... Read the full article
Two Sigma-backed ISC acquires Access Partners
20th March 2020
Integrated Specialty Coverages (ISC), a General Agent backed by investment manager Two Sigma, has announced plans to acquire Access Partners Insurance Services, a multi-line wholesale broker. ISC is a technology-focused General Agency that builds end-to-end insurance products using artificial intelligence (AI) and data analytics. It is backed by affiliates of Sightway Capital, ... Read the full article
Swiss Re Board nominates three new members for election
20th March 2020
Swiss Re’s Board of Directors has nominated Sergio P. Ermotti, Joachim Oechslin and Deanna Ong for election as new members of the Board at its April 2020 annual general meeting (AGM). Ermotti has been Group Chief Executive Officer and a member of the Group Executive Board of UBS Group since 2011. Before ... Read the full article
Despite the disruption, insurers expect limited BI claims from COVID-19: KBW
19th March 2020
It remains too early to estimate industry-wide business interruption (BI) losses from the COVID-19 outbreak, and while it's expected that some losses will materialise, insurers are expecting these to be limited, according to analysts at KBW. The ongoing COVID-19 outbreak is having a significantly adverse impact on many businesses across numerous ... Read the full article
Zurich partnership targets improved claims processing efficiency
19th March 2020
Global insurer Zurich is partnering with California-based data solutions provider Carpe Data to help improve claims processing efficiency. Zurich will leverage Carpe Data’s ClaimsX monitoring solution to use publicly available web data for real-time assessment and automated decision making. Through ClaimsX, Zurich is able to proactively audit injury claimants and identify cases ... Read the full article
IGI begins trading on Nasdaq following Tiberius deal
19th March 2020
International General Insurance Holdings (IGI), the specialist commercial re/insurer, has begun trading on the Nasdaq Capital Market following the completion of its business combination deal with Tiberius Acquisition Corp. The deal with Tiberius, which completed earlier this week, resulted in the public listing of IGI. Now, IGI has confirmed that its ... Read the full article
Willis Towers Watson announces A Class, a business aviation community
19th March 2020
Global insurance and reinsurance broker Willis Towers Watson (WTW) has launched a new community group dedicated to the delivery of data, knowledge and solutions to its business aviation clients, called A Class. The new business aviation community has a focus on both data analytics and risk strategy and is designed to ... Read the full article
BMS Re US adds Jonah Pfeffer as Chief Casualty Officer
19th March 2020
Specialist re/insurance broker BMS Group has appointed Jonah Pfeffer as Chief Casualty Officer at BMS Re US. Effective immediately, Pfeffer will report to Pete Chandler, president and Chief Executive of BMS Re US, and focus on the strategic direction of BMS’ casualty offering. He joins with 23 years’ experience and most recently ... Read the full article
SCOR says re/insurers have expertise to understand COVID-19 impact
19th March 2020
Global reinsurer SCOR has called for industry-wide action to be taken over the unfolding coronavirus pandemic. SCOR’s executive committee described the re/insurance industry as having the mathematical expertise to understand the potential impact of the virus. SCOR described Life re/insurance in particular as having a unique alignment with the health and well-being ... Read the full article
R&Q subsidiary completes Anglo-French Part VII Transfer
19th March 2020
R&Q Gamma, a subsidiary of non-life legacy insurance investor and capacity provider R&Q, has completed a transfer of US liability insurance underwritten by Anglo-French. The transaction took place via an insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000. The Part VII was sanctioned at a ... Read the full article
Kinsale Capital promotes trio within executive team
19th March 2020
Kinsale Capital Group has announced the promotions of Brian Haney to Executive Vice President (EVP) and Chief Operating Officer, Bryan Petrucelli to EVP, Chief Financial Officer and Treasurer, and Ann Marie Marson to EVP and Chief Claims Officer. Haney has served as Senior Vice President (SVP) and Chief Operating Officer March ... Read the full article
Insured losses from Typhoons Faxai & Hagibis continue to rise: GIAJ
19th March 2020
The General Insurance Association of Japan (GIAJ) has released updated claims data, as of March 9th, from the impacts of Typhoons Faxai and Hagibis, as well as the heavy rain event of October 2019. The last update from the GIAJ for these three events was back in December 2019, with ... Read the full article
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