Reinsurance News
Fitch revises UK life insurance sector outlook to negative from stable
18th March 2020
The rapidly evolving coronavirus outbreak has led Fitch Ratings to revise its UK life insurance sector outlook to negative from stable. The move comes a day after the global financial services ratings agency turned negative on the US life insurance industry. Both revisions are a result of the widespread uncertainty ... Read the full article
Swiss Re adds three to Asia Pacific leadership team
18th March 2020
Global reinsurer Swiss Re has bolstered its leadership team in Asia Pacific across its Life & Health and Property & Casualty business lines. Jolene Loh has been appointed director, head of L&H client markets, South East Asia. She joins with more than 25 years’ experience and will lead Swiss Re’s L&H in-market ... Read the full article
James Allen Insurance announces pandemic policy
18th March 2020
National insurance solutions provider James Allen Insurance has announced a comprehensive pandemic policy for business enterprises to protect themselves in the event of an outbreak. The policy is designed to cover added out-of-pocket expenses, as well as lost revenue associated with the outbreak of disease. The policy is backed Lloyd’s and other ... Read the full article
Fitch revises Allstate’s rating outlook to stable from positive on coronavirus
18th March 2020
Fitch Ratings has downgraded the rating outlook for The Allstate Corporation and its core insurance subsidiaries to stable from positive, due to the significant uncertainty being caused by the global coronavirus pandemic. The ongoing COVID-19 outbreak has led to high levels of volatility in capital markets, which, has in turn driven ... Read the full article
Coronavirus volatility to erode EMEA insurers’ capital: Moody’s
18th March 2020
Analysts at Moody’s believe that coronavirus-induced volatility in the financial markets could erode the capital of EMEA insurers in the short term, with low interest rates also set to add pressure over the coming quarters. A recent heat map produced by the rating agency identified these two factors as the key ... Read the full article
GRS partners with Canopy Weather on property damage claims
18th March 2020
Global Risk Solutions (GRS), a provider of a claims adjusting and environmental risk management services, has partnered with Canopy Weather to streamline weather related property damage claims. Under the partnership, Canopy will provide GRS with real-time property-specific wind and hail damage analytics that are expected to help facilitate loss verification and ... Read the full article
Coronavirus to spark global recession in 2020: S&P Global
17th March 2020
As the coronavirus pandemic continues to accelerate, economists at S&P Global are expecting a global recession this year. Since the company’s last update on March 3, coronavirus’ economic effect has worsened sharply. Economic data remains scarce, but the long-awaited initial figures from China for January and February appear much worse than feared. S&P ... Read the full article
Industry players welcome IFRS 17 effective date deferral
17th March 2020
The International Accounting Standards Board (IASB) has voted to defer the effective date of IFRS 17 insurance contracts to January 1st, 2023. The effective date was originally set at January 1st, 2021 before an amendment in 2019 saw the effective date move by one-year to the start of January 2022. Now, in ... Read the full article
IGI completes Tiberius business combination
17th March 2020
International General Insurance Holdings (IGI), the specialist commercial re/insurer, has completed its business combination with Tiberius. The combination has been approved by Tiberius stockholders, having already been given the go ahead by former IGI shareholders, who exchanged 100% of the outstanding shares of the former IGI for common shares of IGI ... Read the full article
Alliant appoints Sean White to employee benefits team
17th March 2020
US specialty insurance broker Alliant has announced the appointment of Sean White to its employee benefits team. As first vice president, White will provide a range of strategic benefits solutions to Alliant’s client base throughout the Northwest. Prior to joining Alliant, White was principal with a national insurance and employee benefits consulting ... Read the full article
Solvency at risk if insurers pay for excluded virus claims: APCIA
17th March 2020
David A. Sampson, President and CEO of the American Property Casualty Insurance Association (APCIA), has warned that industry solvency could be at risk if insurers are forced to pay COVID-19 claims that are not covered by current contracts. He noted that standard event cancellation insurance policies do not include communicable disease ... Read the full article
Gallagher acquires P&C broker McConnell, Manit & Trout
17th March 2020
International insurance brokerage firm, Arthur J. Gallagher & Co has acquired full-service property and casualty broker McConnell, Manit & Trout. MMT focuses on servicing building materials, energy, waste, construction and transportation industries and has clients across the US. Rick McConnell, Mike Manit, Doug Trout and their associates are expected to continue operating ... Read the full article
Many UK firms lack adequate insurance regardless of Government orders: ABI
17th March 2020
The Association of British Insurers (ABI) has suggested that many businesses in the UK are unlikely to be able to call on their insurance cover for standard business interruption (BI) as a result of the COVID-19 outbreak, irrespective of the Government ordering closures. When addressing the nation yesterday, UK Prime Minister ... Read the full article
Kemper adds Erich Sternberg as president of L&H division
17th March 2020
Specialist insurer Kemper has appointed Erich Sternberg as president of its life and health division. Sternberg was most recently president and Chief executive officer of Starmount Life Insurance Company and Starmount Managed Dental of California, subsidiaries of Unum Group. He will be based in Chicago and report to Joseph P. Lacher, Jr., ... Read the full article
WTW appoints Finbow global head of FINEX Financial Institutions
17th March 2020
Global re/insurance broker Willis Towers Watson has appointed Susan Finbow as global head of FINEX (Financial, Executive and Professional Risks) Financial Institutions. Finbow most recently served at Marsh Canada, where she spent nearly 24 years in total and held the role of Financial Institutions Industry Practice Leader for the last 13 ... Read the full article
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