Reinsurance News
Businesses turning to credit insurance as volatility grows: Aon
5th March 2020
Re/insurance broker Aon believes that businesses are increasingly turning to credit insurance solutions as a way to manage uncertainty in an increasingly volatile economic, political and consumer environment. As part of a new report, the firm noted that the credit market has seen steady growth in recent years, with covered receivables ... Read the full article
Guernsey Finance appoints Rupert Pleasant as CEO
5th March 2020
Guernsey Finance has announced the appointment of Rupert Pleasant as its next Chief Executive Officer. Pleasant replaces the outgoing Dominic Wheatley and joins from Beauvoir Group, where he was acting group managing director. Wheatley, whose scheduled departure was announced in December, is due to leave the role in June. He brings over 30 ... Read the full article
QIC and Swiss Re partner on admin platform Anoud+
5th March 2020
Qatar Insurance Company (QIC), the Middle East and North Africa (MENA) focused insurer, is collaborating with Swiss Re to integrate specialised offerings through its insurance administration platform Anoud+, according to reports from The Peninsula. Developed internally by QIC, Anoud+ will be offered to insurance carriers in emerging markets, helping them to ... Read the full article
KBRA warns of “wide-ranging” coronavirus implications
4th March 2020
Analysts at Kroll Bond Rating Agency (KBRA) have warned that property and casualty (P&C) re/insurers could face “wide-ranging” implications due to the ongoing coronavirus (COVID-19) outbreak. The rating agency said there remained “substantial uncertainty” about the nature and volume of coronavirus-related claims, but said that large commercial and industrial line re/insurers ... Read the full article
Heritage boosted by shift away from Florida, says CEO
4th March 2020
Bruce Lucas, CEO of property and casualty (P&C) insurer Heritage Insurance Holdings, Inc, has said that the company’s performance has been boosted by its shift away from Florida business in recent years. Although it remains domiciled in Florida, since 2016 Heritage has been shutting off business in what it considers ... Read the full article
AXA XL promotes Peter O’Neill to lead UK downstream and power
4th March 2020
AXA XL, the commercial re/insurance arm of the AXA Group, has promoted Peter O’Neill to UK head of downstream and power. Effective immediately, O’Neill will manage the underwriting operations in the UK for downstream energy and power. Before joining AXA XL as an energy underwriter in 2014, he began his energy career ... Read the full article
Chubb bolsters NA Claims Leadership team
4th March 2020
Global insurer and reinsurer Chubb has announced the appointments of Bill Hazelton and Megan Watt to its North America claims leadership team as the firm looks to better address the complex litigation landscape. Hazelton, who joined Chubb in 2005, has been named Head of Chubb North America Claims. In this role, ... Read the full article
Tokio Marine HCC to acquire renewable energy insurer GCube
4th March 2020
Tokio Marine HCC, a member of Tokio Marine Group, has announced the signing of a purchase agreement to acquire renewable energy risk specialist MGA, GCube. Specialist renewable energy insurer GCube is one of the largest underwriters of renewable energy, covering wind, solar, bio, hydro, wave, and tidal projects across the globe. The ... Read the full article
PERILS estimates Australia’s January hailstorm loss at AU $670mn
4th March 2020
Catastrophe loss data aggregator PERILS has released its first industry loss estimate for the January 2020 hailstorms that impacted south-eastern Australia, putting losses at AU $670 million (US $443 million). This figure compares with the latest estimate of AU $805 million (US $527 million) from the Insurance Council of Australia ... Read the full article
Economic rebound in Latin America could spur re/insurance markets: AM Best
4th March 2020
Analysts at AM Best expect economic and political risks to subside in Latin America over 2020, which should help the re/insurance markets in these countries to better realise their growth potential. The rating agency noted that the Latin America region is coming off two years of low growth and headwinds due ... Read the full article
KCC submits flood model for certification in Florida
4th March 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has submitted its flood reference model to be certified by the Florida Commission on Hurricane Loss Projection Methodology. The firm claims that its flood model is the first to be submitted under the state of Florida’s flood model standards The KCC Flood Reference Model ... Read the full article
Pool Re completes record £2.4bn retro program
4th March 2020
UK government-backed terrorism reinsurer Pool Re has completed placement of a £2.4 billion retrocession program, its largest to date. Led by Munich Re, the £2.4 billion cover represents a £100 million expansion from its 2018 placement and includes £75 million provided by Pool Re’s terrorism catastrophe bond launched last year. The ... Read the full article
Marsh opens Cyber Catalyst 2020 evaluation program
4th March 2020
Re/insurance broker Marsh has announced the 2020 opening of its Cyber Catalyst program, which aims to evaluate and designate products and services that can be effective against major cyber threats. In the inaugural 2019 program, more than 150 products and services were submitted for evaluation, with 17 ultimately receiving a Cyber ... Read the full article
CAC Specialty adds Marsh’s John Kim as environmental exec
4th March 2020
Specialty insurance broker and investment banking platform CAC Specialty has announced the appointment of John Kim as senior vice president within its environmental practice group. Kim brings over 25 years’ experience and most recently served as a managing director at Marsh. He began his career as an industrial hygienist and environmental scientist, ... Read the full article
Allied World names Wes Dupont as COO
4th March 2020
Global insurer and reinsurer Allied World Assurance Company Holdings has announced the appointment of Wes Dupont as Chief Operating Officer (COO) of Allied World Group. As the Chief Operating Officer, he will have oversight of the day-to-day administrative and operational functions across the company. Following the appointment, Dupont will also continue to ... Read the full article
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