Reinsurance News
Argo reports operating loss, unfavourable reserve development
25th February 2020
Bermuda domiciled insurer and reinsurer Argo Group International Holdings, Ltd. has reported a net loss of more than $103 million for the fourth-quarter of 2019, and a combined ratio of almost 127%. The company announced earlier this month that its fourth-quarter results were likely to include an underwriting loss, with ... Read the full article
Aon announces new COO amid United strategy push
25th February 2020
Global re/insurance broker Aon has appointed John Bruno to serve as Chief Operating Officer alongside his existing role leading development of the firm’s business services platform. Reporting to Aon Chief Executive Officer, Greg Case, Bruno will also continue as CEO of Data & Analytic Services and add the firm's technology-enabled Affinity ... Read the full article
Swiss Re reinsurance support helps elipsLife to ratings affirmation: AM Best
25th February 2020
AM Best has affirmed its credit ratings for Elips Life Insurance Company (elipsLife), which it says have been lifted by continued reinsurance and capital support from the company’s parent, Swiss Re. The rating agency upheld its financial strength rating of A (Excellent) and long-term issuer credit rating of ‘a+’ for elipsLife, ... Read the full article
Casualty risk has been underpriced for a decade: Stephen Catlin
24th February 2020
Insurers have “significantly underpriced” casualty business over the past 10 years and could now be headed towards “a crisis of catastrophic proportions,” according to Stephen Catlin, the former founder of the Catlin Group and current CEO of Convex Group. Writing in Best’s Review this month, Catlin said a casualty pricing crisis ... Read the full article
Guy Carpenter opts for modelling suite from KCC
24th February 2020
Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, Inc., has agreed to license the catalogue of natural catastrophe models, execution software and analytics from risk modeller Karen Clark and Company (KCC). This multi-year agreement will provide Guy Carpenter’s clients with access to KCC’s suite of natural peril models, ... Read the full article
Radian appoints Derek Brummer as President of Mortgage
24th February 2020
Radian Group has announced the appointment of Derek Brummer as President of its Mortgage business. Upon taking up the role, he will also continue to oversee Radian’s Mortgage Insurance and Mortgage Risk Services businesses. Brummer joined Radian in 2002, serving as Chief Risk Officer since 2013 and as head of Mortgage Insurance ... Read the full article
TMK cyber policy includes physical damage cover
24th February 2020
Tokio Marine Kiln, part of global insurance group Tokio Marine, has launched an enhanced policy designed to protect against physical damage from cyber attacks. Cyber Ctrl PD+ offers affirmative cover for property damage and ensuing business interruption arising from a cyber attack. “As most cyber insurance policies exclude cover for property damage, ... Read the full article
Munich Re-backed At-Bay raises $34mn in Series B round
24th February 2020
At-Bay, a cyber insurance start-up writing policies through Munich Re’s HSB Specialty Insurance Company, has announced a $34 million Series B funding round. Led by Munich Re Ventures and Acrew Capital, the new investment brings At-Bay’s total funding to $51 million. At-Bay offers continuous vulnerability monitoring across the perimeter of each portfolio ... Read the full article
The Hartford adds former Allstate exec Matt Winter to board
24th February 2020
Property and casualty insurer The Hartford has announced the appointment of Matt Winter to its board of directors, effective February 24. Winter is also set to join the board’s finance, investment and risk management committee on the same date, while on May 20 he will join the compensation and management development ... Read the full article
TigerRisk adds Neon’s Conway to Bermuda Reinsurance & Retro teams
24th February 2020
Bermuda-based reinsurance broker TigerRisk Partners LLC has announced the appointment of Christopher Conway to a newly created senior role positioned across the firm's Reinsurance and Retro teams, reporting to Alex Bridges, Partner and Head of Retrocession. Conway joins TigerRisk from Neon Underwriting Bermuda, where he most recently served as Senior Vice ... Read the full article
How to secure your re/insurance future (with software)
24th February 2020
The insurance and reinsurance sector's tendency to become reliant on large, often unwieldy internal software systems can leave it open to disruption, Dmitry Mnushkin, President of Treefrog Consulting writes. When I first started working in the reinsurance industry in 1999 I was fortunate enough to work with RenRe, one of the ... Read the full article
Aon names Eric Andersen as president, Michael O’Connor departs
24th February 2020
Re/insurance broker Aon has announced the appointment of Eric Andersen as its new president, effective March 1. Michael O'Connor departs the company following a 12-year tenure in order to pursue new opportunities. The two had served together as co-president since 2018. Andersen has for the past 22 years served in several key ... Read the full article
Analysts expect Swiss Re’s capital level to absorb weaker earnings
24th February 2020
Despite reinsurer Swiss Re's net income for 2019 falling below analysts' expectations, S&P Global Ratings has said that it anticipates that the group will maintain its risk-based capital above the 'AA' level. Global reinsurance giant Swiss Re recorded net income of $727 million for 2019, which, although an improvement on ... Read the full article
Pro Global Solutions partners with Specialist MGA Katalyst
24th February 2020
Re/insurance consultancy firm Pro Global has announced that its distribution services and managing general agency incubator unit Pro MGA Solutions has formed a partnership with start-up Katalyst Financial. The move will see Pro MS provide a regulatory and compliance framework for Katalyst, a next generation MGA. Katalyst is focused on delivering a ... Read the full article
Coronavirus adds economic pressure for Southeast Asia re/insurers: AM Best
24th February 2020
The claims impact from the coronavirus is likely to be manageable for Southeast Asia-based re/insurers in the short-term, but the resulting economic slowdown could lead to additional pressures, according to analysts at AM Best. The rating agency expects the potential direct impacts of the coronavirus to include medical, personal accident, mortality, ... Read the full article
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