Reinsurance News
Türk Reasürans reports solid growth & profit in first year of operations
26th October 2020
Istanbul, Turkey domiciled reinsurance company, Türk Reasürans A.Ş, recorded underwriting premium of TRY 723 million (approx. USD 90mn) in the first nine months of the year, as the firm reports solid progress during its first year of operations. Türk Reasürans, a domestic reinsurer established by the Turkish Treasury and Finance ... Read the full article
Credit insurers prepare for rising COVID-related claims in early 2021: Berne Union
26th October 2020
While claims activity is currently relatively subdued, many members of Berne Union have reported a marked increase in payment deferrals and pre-claim situations and expect to see COVID-related claims levels rising from early next year. Increasing corporate insolvencies and the wide economic recession are reportedly the biggest ongoing concerns. Members also flagged ... Read the full article
AccuRisk partners with Convex to offer Employers Liability insurance
26th October 2020
AccuRisk Solutions LLC, has announced a partnership with Convex Group Limited (Convex) to offer Occupational Accident and Employer’s Liability insurance to Texas employers that have opted out of Workers’ Compensation. The product, named AccuRisk254, will be available in all Texas counties, as this partnership will allow AccuRisk to increase their market ... Read the full article
M&A markets sees first positive performance in years: WTW
26th October 2020
New data from re/insurance broker Willis Towers Watson (WTW) shows that the global mergers and acquisitions (M&A) insurance market recorded its first positive performance in three years for completed deals. The market performed well despite the impact of the COVID-19 pandemic on deal-making during 2020, but WTW says that its data ... Read the full article
Markel hires Adriana Belli as Managing Director
26th October 2020
Financial holding company Markel Corporation has announced the appointment of Adriana Belli as Managing Director, Property, Marine and Select Risk (PMSR) Claims Division. In this role, she will oversee all aspects of the PMSR Claims Division, managing a team of more than 80 claims professionals throughout the United States. Belli has more ... Read the full article
Allianz enters strategic partnership with Jubilee Holdings
26th October 2020
Jubilee Holdings Limited and Allianz have signed an agreement to establish a strategic partnership in the five African countries where Jubilee Insurance currently operates. The partnership aims to cover the property & casualty insurance segment in Kenya, Tanzania and Uganda as well as the short-term insurance segment in Burundi and Mauritius. JHL ... Read the full article
Southeast Asian reinsurers looking to L&H for growth, says AM Best
26th October 2020
Despite many reinsurers in Southeast Asia recording underwriting losses last year, the region still offers significant growth potential given the hardening market conditions and greater demand for health coverage, according to AM Best. Despite reduced capacity and increased rates, AM Best says the COVID-19 pandemic has accelerated the growth trend in the ... Read the full article
“Reinsurance is in a state of flux”: Willis Re’s James Vickers
23rd October 2020
On the back of several years of unsatisfactory returns and the added challenges of COVID-19, Willis Re’s James Vickers has said that the reinsurance market finds itself “in a state of flux.” Vickers, who is Chair of Willis Re International, recently spoke to Reinsurance News about the state of the reinsurance ... Read the full article
Swiss Re Capital Markets announces $775m cat bond for Cali Earthquake Authority
23rd October 2020
Swiss Re Capital Markets, a division of the global reinsurance giant, has announced the successful structuring and placement of $775 million in insurance-linked securities by Ursa Re II Ltd. The catastrophe bond will be used for the protection of the California Earthquake Authority (CEA). CEA protects policyholders in California against earthquakes and ... Read the full article
HCI reports estimated Q3 losses
23rd October 2020
Florida-based insurtech HCI Group announced its initial catastrophe loss estimate for the third quarter of 2020. HCI’s homeowners and flood insurance operations, which are primarily in Florida, experienced only one catastrophic event during the quarter, which was Hurricane Sally. The hurricane made landfall near Gulf Shores, Alabama, but impacted the Florida panhandle ... Read the full article
John Alfieri to succeed outgoing Chubb Canada president Ellen Moore
23rd October 2020
John Alfieri, Chubb's executive vice president for North America major accounts field operations, is set to succeed Ellen Moore as president of Chubb Canada. Moore will now transition to chair of operations for Chubb Canada and will work through the remainder of the year in an advisory capacity to Alfieri and ... Read the full article
Munich Re Speciality launches new cyber, tech E&O Solutions
23rd October 2020
Munich Re Specialty Insurance, a division of the global reinsurer, has launched new cyber and technology errors and omissions (E&O) insurance solutions. The solutions are designed to protect US-domiciled firms with domestic and/or global exposure and are offered on a non-admitted basis for both primary or excess protection. The policies have been ... Read the full article
QBE appoints Richard Pryce interim CEO as search continues
23rd October 2020
Australian re/insurer QBE has appointed Richard Pryce to the role of Interim group Chief Executive Officer while the company searches for a permanent replacement. Former CEO Pat Regan departed following an external review of his workplace communications. Mike Wilkins, who had stepped in to the CEO role on a temporary basis ... Read the full article
US insurers under pressure after doubling private placement assets: AM Best
23rd October 2020
After US insurers ramped up their private placement bond holdings to $1.4 trillion at year-end 2019, AM Best expects to see an increase in covenant waivers to avoid defaults following the COVID-19 pandemic. The life/annuity segment reportedly maintains the largest share, about $1.2 trillion, or 84%, of total insurance industry holdings. In the ... Read the full article
Sun Life takes majority stake in Credit Capital Group
23rd October 2020
Sun Life Financial Inc., the Canadian financial services and life insurance company, has revealed plans to acquire a majority stake in global alternative credit investment manager Crescent Capital Group LP. Headquartered in Los Angeles with offices in New York, Boston and London, Crescent has more than 180 partners and employees and ... Read the full article
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