Reinsurance News
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
Maiden posts $21.5mn Q4 loss, wraps up Vermont re-domestication
19th March 2020
Bermuda-based re/insurer Maiden Holdings has reported a fourth quarter net loss of $21.5 million, reflecting the run-off of its previously-terminated AmTrust reinsurance contracts and a tempering of the adverse prior year loss development experienced in recent years. The company has also closed its re-domestication to Vermont, following a mandatory 14-day publication ... Read the full article
TigerRisk names Brian O’Neill partner, client exec in Florida
19th March 2020
Bermuda-based reinsurance broker TigerRisk Partners has named Brian O’Neill partner and client executive, Florida business. O’Neill was most recently managing director and head of Guy Carpenter’s Tampa office. Prior to that he spent several years at JLT Re where he was the Head of the Natural Catastrophe Practice. Based in Tampa, O’Neill will ... Read the full article
Aegon sees no material adverse impacts on claims ratios from COVID-19
19th March 2020
Aegon, a provider of life insurance, pensions and asset management, has said that at this point, it has observed no material adverse impacts on claims ratios as a result of the COVID-19 outbreak. The announcement comes as part of an update on Aegon's capital position in light of the impact of ... Read the full article
Swiss Re confirms potential for buyback delay
19th March 2020
Swiss Re has confirmed that there is potential for its previously announced share buyback to be delayed, owing to the ongoing uncertainty around the financial market due to COVID-19. The reinsurer said that it will still seek authorisation for the CHF 1 billion public share buyback program at its annual general ... Read the full article
Coronavirus BI exposure remains “very manageable”, says Zurich CFO
19th March 2020
Zurich has started to see some coronavirus-related Business Interruption claims, but based on its exposures is expecting it to be very manageable in a group context. George Quinn, Zurich’s Chief Financial Officer, has explained that for these claims to pay out the company not only needs to see exposure to the ... Read the full article
UK’s £350bn bailout to ease default risk on investments: Peel Hunt
19th March 2020
Analysts at Peel Hunt believe the default risk for re/insurers’ investment portfolios has been lowered by the UK Government’s decision to introduce a £350 billion emergency package of financial measures to support businesses affected by the coronavirus (COVID-19) outbreak. Chancellor Rishi Sunak revealed the measures on Tuesday, which include £330 billion ... Read the full article
Italy adjusts Solvency II rules to help insurers endure coronavirus
19th March 2020
In response to the outbreak of coronavirus (COVID-19), the Italian Government has reduced the requirements for applying a country-specific volatility adjustment to strengthen Italian insurers’ regulatory Solvency II ratios. The measure is part of a decree aimed at mitigating coronavirus pandemic-related effects, including economic contraction, materially slowing business activity, falling equity ... Read the full article
COVID-19 driven market disruption main threat to European reinsurers: Fitch
18th March 2020
Financial market disruption stemming from the spread of the coronavirus is the main threat to the credit profiles of European reinsurers, Fitch Ratings analysts say. Furthermore, downgrades could be on the horizon should earnings weaken and capital headroom erode as a result of prolonged stress on equity and credit markets and ... Read the full article
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