Reinsurance News
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
Reckitt Benckiser completes £415m buy-in with Scottish Widows
11th November 2020
The Reckitt Benckiser Pension Fund has secured a £415m buy-in with Scottish Widows, insuring the benefits of around half of the fund's pensioner liabilities. The £415m transaction is set to remove the interest rate, inflation and longevity risk relating to these liabilities. The transaction has only just been announced, although it ... Read the full article
Japanese insurers made underwriting profit despite COVID-19: AM Best
11th November 2020
AM Best has released a new report showing that despite large-scale catastrophe losses in 2019, profitable performance in most other classes of business, particularly voluntary automobile insurance, non-life insurance companies in Japan still generated an overall underwriting profit. Even though the COVID-19 pandemic has led to a slowdown in economic activity ... Read the full article
Cameroon Re prepares to launch with $27mn capital
11th November 2020
Reports from African media suggest that Cameroon Re, a new national reinsurance company, is preparing to launch with FCFA 15 billion (USD 27.1 million) of capital. Sources at Kapital Afrik informed the publication that the reinsurer is in the final stages of its formation, and is awaiting legal approvals. The launch of ... Read the full article
BI dispute has hurt industry reputation: Markel’s Richie Whitt
10th November 2020
Richie Whitt, Co-CEO of Markel, has warned that the re/insurance industry’s response to the dispute around COVID-19 business interruption (BI) claims may have a long-term negative impact on its reputation. Speaking with Andy Marcell, CEO of Reinsurance Solutions at Aon, as part of the broker’s series of virtual ‘fireside chats’, Whitt ... Read the full article
TMK updates Lloyd’s syndicate forecasts for 2018 and 2019
10th November 2020
Tokio Marine Kiln (TMK) Syndicates Limited has announced the latest forecasts for the 2018 and 2019 years of account for its two non-aligned syndicates. The latest Lloyd’s of London syndicate results and forecasts from TMK show upward movement for Syndicates 510 and 557, reflecting the latest COVID-19 estimates for both years ... Read the full article
Direct Insurance launches PI division and makes senior hire
10th November 2020
Lloyd's Broker, Direct Insurance London Market has announced the launch of its new PI & Financial Lines Division along with the appointment of Mike Newson to lead the team as PI and Financial Lines Manager. Mike Newson has over 30 years of experience in broking and handling all aspects of binders ... Read the full article
Iowa Derecho claims hit $1.6bn, with a quarter left to pay
10th November 2020
According to the Iowa Insurance Division, a major derecho event that impacted the state in August has driven more than 200,000 insurance claims. Out of these, nearly 160,000 have already been paid, worth a total of around $1.6 billion. The Division believes that re/insurers are currently holding more than $1 billion in ... Read the full article
Gallagher adds Daniel Launder to Chester office as branch director
10th November 2020
Insurance broker Gallagher has announced the appointment of Daniel Launder to its Chester office as branch director. Launder's role will see him support the growth of Gallagher's client base in the region. Launder will be responsible for heading up a team that looks after the insurance and risk management requirements for clients in ... Read the full article
US workers compensation market to report strong profitability in 2020: Fitch Ratings
10th November 2020
Fitch Ratings has recently released a report that shows how the US workers compensation insurance market is positioned to report strong profitability in 2020. Despite considerable economic challenges from the ongoing coronavirus pandemic, the declines in economic activity led to reduced claims frequency that are currently outpacing pandemic-related losses. However, it’s been ... Read the full article
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