Reinsurance News
Hiscox Re & ILS names Kathleen Reardon as CEO
21st October 2020
Specialist insurer and reinsurer Hiscox has announced that Kathleen Reardon is to succeed Mike Krefta as Chief Executive Officer (CEO) of Hiscox Re & ILS, subject to regulatory approval. Reardon most recently served as the CEO of Hamilton Re, the reinsurance arm of Bermuda-based Hamilton Insurance Group. She spent her early ... Read the full article
W.R. Berkley posts 93.7% combined ratio for Q3 despite cat impacts
21st October 2020
W.R. Berkley Corporation has reported operating income of $121.1 million for the third-quarter of 2020 and a combined ratio of 93.7%, despite the impacts of catastrophe events in the period. Operating income fell slightly from the $163.7 million reported for the third-quarter of 2019, while the insurer's net income also fell ... Read the full article
Gallagher recruits Market Management Director from Zurich
21st October 2020
International re/insurance broker Gallagher has announced the appointment of Nick Price as Market Management Director. Price joins Gallagher from Zurich, where he most recently served as Global Broker Relationship Leader. He has 20 years’ experience in insurance having additionally held roles at leading insurers AIG, RSA and AXA. In his new role, Price ... Read the full article
Hannover Re US, insurtech Ladder announce partnership growth
21st October 2020
Hannover Re US and insurtech Ladder are to work together in a new and expanded partnership, having first collaborated in 2016. Ladder offers technology-driven insurance solutions designed to meets the demands of today’s consumers. Hannover Re US has provided support in the form of risk management solutions, accelerated underwriting consultation and outsourced ... Read the full article
Munich Re backs EQ One’s earthquake solutions
21st October 2020
Earthquake insurance underwriter, EQ One, has announced a new relationship with Munich Re Specialty Insurance, a division of Munich Re, to add additional capacity to its earthquake solutions. This new partnership enables EQ One to write larger earthquake risks and serve as a single-source solution for broker partners nationwide, in spite ... Read the full article
Vantage receives Preliminary Credit Assessment of A- from AM Best
20th October 2020
Vantage Risk Ltd., a newly established insurance and reinsurance business set to launch with Dinos Iordanou as Non-Executive Chairman and Greg Hendrick as CEO, has been assigned Preliminary Credit Assessments (PCAs) by ratings agency A.M. Best. Specifically, A.M. Best has assigned a PCA with a Financial Strength Assessment of A- pca ... Read the full article
LSM adds Mandy Macqueen as Chief Digital Transformation Officer
20th October 2020
Liberty Specialty Markets has appointed Mandy Macqueen to the newly created role of Chief Digital Transformation Officer. Mandy brings many years’ experience in major IT and change roles, both in-house and as a consultant. These include managing large IT departments in financial services, including legal and compliance and retail and corporate banking. Macqueen joins ... Read the full article
Aspen looks to raise $238mn via Highlands bond issuance
20th October 2020
Bermuda-based insurer and reinsurer Aspen Insurance Holdings Limited is looking to raise approximately $238 million of capital through a bond issuance. According to a recent securities filing, Highlands Holdings Bond Issuer, Ltd. and its subsidiary, Highlands Holdings Bond Co-Issuer, Inc., are proposing a $500 million issuance, just under half of which ... Read the full article
Munich Re adds €800mn of COVID-19-related losses in Q3
20th October 2020
Global reinsurer Munich Re has added a further €800 million of COVID-19-related losses in its reinsurance operation in the third-quarter of 2020, taking its total for the first nine months of the year to €2.3 billion. The German reinsurer explains that the losses were attributable to various lines of business, including ... Read the full article
UK & EU regulators wrestle for oversight of Aon / WTW merger: reports
20th October 2020
British and European Union regulators are reportedly debating which authority will have oversight of some of Europe's largest mergers ahead of a Brexit trade deal deadline in December, including the planned combination of re/insurance brokers Aon and Willis Towers Watson (WTW). A Financial Times article, citing people briefed on the issue, ... Read the full article
Apollo adds Richard Panter as head of specie, cargo at Syndicate 1969
20th October 2020
Independent specialist re/insurer Apollo Syndicate Management has added Richard Panter as head of specie and cargo at Apollo Syndicate 1969. Panter brings over 37 years’ experience in the insurance market and reports to Paul Letherbarrow, head of aviation and member of the executive committee. Before joining Apollo, he had been head of fine art ... Read the full article
COVID-19 non-life insured loss in Germany seen at up to €1.75bn: E+S Rück
20th October 2020
The impact of the ongoing COVID-19 pandemic is expected to result in a non-life re/insurance market loss of between €1.25 billion to €1.75 billion (USD 1.47bn - USD 2.1bn) in Germany, driven mostly by nationwide business closures, according to executives at E+S Rückversicherung AG, the Hannover Re subsidiary responsible for ... Read the full article
Flooding in French Alps to drive €210mn insured loss
20th October 2020
According to a joint communication from CCR and the French Insurance Federation (FFA), recent flooding in the south east French Alps could cause up to €210 million in insured losses. The industry should expect to record a total of 14,000 claims related to the event, the statement said, of which 8,250 ... Read the full article
Travelers’ Q3 net income rises as losses trigger full agg reinsurance recovery
20th October 2020
The Travelers Companies, Inc. has reported an improved net income of $827 million for the third-quarter of 2020, despite elevated catastrophe and non-catastrophe weather-related losses triggering a full recovery under the firm's Underlying Property Aggregate Catastrophe Excess-of-Loss Reinsurance Treaty. Net income improved by $431 million year-on-year in Q3 2020 as a ... Read the full article
MAPFRE partners with insurtech Shift on customer claims experience
20th October 2020
MAPFRE is set to create a new claims process supported by technology from claims automation firm Shift. The Spanish insurer will leverage Shift’s end-to-end claims automation solution in an effort to deliver a more friendly and transparent experience for clients. Shift has joined MAPFRE's startup engagement program insur_space and over the coming ... Read the full article
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