Reinsurance News
Pen Underwriting adds Hamir Patel as Head of Cyber
28th May 2020
Multi-territory managing general agent Pen Underwriting has appointed Hamir Patel as its new Head of Cyber. Patel succeeds Adrian Scott, who was appointed as Managing Director of International & Financial Lines in February. Hamir is currently Head of Insight & Reserving and joined the company four years ago after having served at ... Read the full article
Allianz & Generali eyeing life asset divestment: reports
28th May 2020
European insurance giants Allianz and Generali could be preparing to sell billions of euros of life insurance assets in order to free up capital amid the COVID-19 pandemic, according to reports from Bloomberg. Sources told the publication that Allianz has been working with Morgan Stanley to divest as much as €9 ... Read the full article
CAC Specialty partners with Liberty Advisor Group
28th May 2020
Specialty insurance broker and investment banking platform CAC Specialty has entered into a new strategic partnership with consulting firm Liberty Advisor Group. Together, Liberty Advisor Group and CAC Specialty will work to create a new solution for insurance clients through a real-time data analytics platform. The platform will allow clients to analyse ... Read the full article
Starr Insurance launches new aviation policy for pilots
28th May 2020
Starr Insurance Companies has announced the launch of Starr Gate, a new usage-based general aviation policy for pilots who rent aircraft. The policy charges pilots for coverage based on when they are flying, and includes access to CloudAhoy, a third-party, cloud-based pilot analytics tool, for a potential discount on the premium. “This ... Read the full article
WR Berkley’s Ira Lederman to step down as EVP, Secretary
28th May 2020
Re/insurance holding company WR Berkley has announced that Ira Lederman will step down as executive vice president and secretary on June 1. He will continue as Of Counsel and assistant secretary. Lederman boasts a 40 year legal career and joined the company in 1983 as associate counsel. He was appointed senior vice president, ... Read the full article
COVID-19 fallout poses unforeseen risks for North American insurers: Fitch
28th May 2020
Fitch Ratings sees a potential for North American insurers to be faced with key vulnerabilities and unforeseen downside risks amid the fallout from the coronavirus pandemic. Such risks include outsized investment exposure with market volatility exacerbating potential issuer defaults, increased mortality risk and elevated claims. Fitch revised the life and health insurance ... Read the full article
QBE NA promotes Gransbury to lead new specialty insurance unit
28th May 2020
The North American division of global insurer QBE has promoted Steve Gransbury as head of specialty insurance, a newly created group of existing QBE businesses. Tara Krauss has been promoted to Gransbury’s previous role as head of accident & health. Gransbury now leads a specialty insurance unit consisting of A&H, aviation and ... Read the full article
Limited COVID-19 impact on US P/C in Q1: AM Best
28th May 2020
A report from AM Best has described the impact of COVID-19 on the US property/casualty industry as limited. However, there’s an expectation for consequences from the pandemic to become considerably more apparent in the second quarter. Analysts say they are seeing somewhat greater changes in line of business underwriting results than normal, ... Read the full article
Fannie Mae transfers up to $1.3bn of mortgage risk to the re/insurance market
28th May 2020
The Federal National Mortgage Association (Fannie Mae) has transferred up to $1.3 billion of mortgage credit risk to the private market through the combination of two recently executed front-end Credit Insurance Risk Transfer (CIRT) transactions. CIRT FE 2020-1 and CIRT FE 2020-2 together cover up to $39.6 billion in unpaid principal ... Read the full article
Swiss Re Corporate Solutions appoints Head A&H Underwriting
28th May 2020
Swiss Re Corporate Solutions (SRCS), the commercial insurance arm of reinsurer Swiss Re, has announced the appointment of Ronald Nagy as Head A&H Underwriting, effective June 1, 2020. In this role, Nagy will be responsible for leading the Accident & Health (A&H) Underwriting team. Based in Schaumburg, Illinois, he will oversee a ... Read the full article
Markel adds Hui Zhi Pek as terrorism underwriter for Asia
28th May 2020
Specialist insurer Markel International has announced the appointment of Hui Zhi Pek as terrorism underwriter for Asia. Pek holds more than 12 years of industry experience and joins from Asia Capital Reinsurance Group, where she worked closely with the senior management across various functions. She will be based in Markel’s Singapore office and ... Read the full article
Monument Re completes GreyCastle acquisition
28th May 2020
Life reinsurance and insurance holding company, Monument Re, has completed its previously announced acquisition of GreyCastle Holdings Ltd and its subsidiaries. The deal was announced towards the end of March, 2020 and sees Monument Re acquire a Bermuda-based manager of annuity and life risks. GreyCastle was established in 2014 by a ... Read the full article
SCOR signs up to UN carbon neutral investment pledge
28th May 2020
SCOR has signed up to the Net-Zero Asset Owner Alliance, an international group of institutional investors that have committed to decarbonise their portfolios to net-zero emissions by 2050. Convened by the United Nations (UN), the Alliance aims to help avoid a global temperature increase above the 1.5°C Paris target, and already ... Read the full article
Australia’s summer nat cat claims hit AU$5bn
28th May 2020
The Insurance Council of Australia has pegged the cost of claims from four natural catastrophes declared over the 2019-20 summer at over AU$5.19 billion. More than 15,000 claims totalling AU$270 million were lodged in the last four weeks. “Thousands of new claims and property loss assessments have pushed total claims to more ... Read the full article
Analysts call for more collaboration between re/insurers and academia
28th May 2020
Research collaboration organisation Lighthill Risk Network Ltd (Lighthill) has called on the global re/insurance sector to support a coordinated effort to establish and improve links with academia. By working more closely with academics and researchers, Lighthill believes the re/insurance industry can deepen its understanding of systemic risks facing societies. As part of ... Read the full article
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