Reinsurance News
AXIS Re appoints Bobby Kwan as Senior Underwriter for Property
5th June 2020
AXIS Re, the reinsurance arm of Bermuda-based AXIS Capital Holdings Limited, has named Bobby Kwan as Senior Underwriter for Property Lines, effective August 17th, 2020. In his new role, Kwan will work alongside the Asia Pacific Property Team to manage the reinsurer's Property book of business across the region. He will ... Read the full article
Marsh & AXA XL partner on same-day delivery solution
5th June 2020
Global re/insurance broker Marsh has announced the launch of Marsh deliveryPRO, a customisable insurance solution that enables US businesses to meet the increased demand for same-day delivery of their products more efficiently. Many grocers, delivery network companies, retailers, restaurants, and other businesses are using individual drivers as employees or in a ... Read the full article
AM Best turns negative on GCC insurance markets amid economic downturn
5th June 2020
Global financial services ratings agency A.M. Best has revised its outlook on the Gulf Cooperation Council (GCC) insurance markets to negative, amid economic downturn across the region and an expectation of fading insurance demand. Lower oil prices and COVID-19 containment measures across the region has resulted in significant economic downturn, notes ... Read the full article
The real story of US flood is the lack of insurance take-up: Clark, Guy Carpenter
4th June 2020
Too often, the story around U.S. flood risk focuses on FEMA and what the entity either isn’t doing right or could be doing better, when the real story is the dangerously low levels of flood insurance penetration, according to Jonathan Clark of Guy Carpenter. Clark, who leads the Public Sector division ... Read the full article
Generali Global Business Lines establishes new organisational structure
4th June 2020
Generali Global Business Lines (GBL) and Generali Global Corporate & Commercial (GC&C) has announced a series of key appointments and changes to organisational structure. Within GC&C, Samuele Borghi joins as Head of Global Corporate & Commercial ACEER, directly reporting to Manlio Lostuzzi and also to the Chief Insurance Officer Property & ... Read the full article
Munich Re adds new execs to US divisions
4th June 2020
Munich Re has announced that Cathy Smith and Kam Jha have taken up new executive positions at its US subsidiaries Munich Re America Services, Inc. and American Modern. Smith has been appointed Chief Risk and Underwriting Officer at Munich Re America Services, while Jha will succeed Smith as Senior Vice President, ... Read the full article
Citizens opts against fresh multi-year cover on “significant price increases”
4th June 2020
Florida’s Citizens Property Insurance Corporation has announced that owing to "dislocation in the reinsurance markets and significant price increases," it opted against securing multi-year reinsurance protection and placed a smaller, cost efficient risk transfer program for 2020. As we wrote previously, Citizen was reportedly out in the market seeking fresh ... Read the full article
COVID-19 to boost demand for W&I coverage: Lockton
4th June 2020
Analysts at re/insurance broker Lockton believe that Warranty & Indemnity (W&I) insurance is likely to become more sought after in the coming months as a result of the COVID-19 pandemic. The firm noted that take up of W&I insurance in mergers and acquisitions (M&A) deals has already increased from 6% to ... Read the full article
A.M. Best upgrades credit ratings of Fidelis
4th June 2020
Fidelis Insurance Holdings Limited and its subsidiaries have had their credit ratings upgraded by international financial services ratings agency, A.M. Best. Specifically, the ratings agency has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to "a" from "a-" of ... Read the full article
TWIA secures $2.1bn of reinsurance & cat bonds after raising 2020 target
4th June 2020
The Texas Windstorm Insurance Association (TWIA) has completed the renewal of its 2020 reinsurance program, securing $4.2 billion in total aggregate funding, effective June 1st, 2020 to May 31st, 2021. The $4.2 billion in total aggregate funding includes $1.1 billion of traditional reinsurance coverage for a one-year term, and $1 billion ... Read the full article
QBE NA adds Woosley as SVP, Broker Management & Sales Operations
4th June 2020
QBE North America has announced the appointment of Thaddeus Woosley as Senior Vice President, Broker Management & Sales Operations. Before joining QBE in February 2020, Woosley worked at Aon for 15 years in a variety of leadership roles of increasing responsibility. Most recently at Aon, he served as Vice President – Global ... Read the full article
BMS names Wiltshire & Titcomb as Directors of specialty re/insurance unit
4th June 2020
BMS Group, the independent specialist insurance and reinsurance broker, has named Norman Wiltshire and Nick Titcomb as Directors of its specialty re/insurance unit, BMS Strategic Risk Solutions (SRS). Following his retirement from brokerage Aon, Wiltshire will join the company to work closely with Hannah Watkins, Managing Director of BMS SRS, in ... Read the full article
All CCRIF Caribbean members renew parametric insurance coverage
4th June 2020
The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has announced that all member governments in the Caribbean have renewed their parametric insurance coverage ahead of the 2020 Atlantic hurricane season, increasing the size of the pool by 8% to more than $1 billion. Acting as a risk ... Read the full article
R&Q wraps up Loss Portfolio Transfer with HIIG
4th June 2020
Non-life legacy insurance investor Randall & Quilter has announced the completion of its loss portfolio transfer from Houston International Insurance Group (HIIG). The transfer provides reinsurance protection and limited adverse development cover for around $95 million of net reserves of three companies in HIIG – Houston Specialty Insurance Company, Imperium Insurance ... Read the full article
Trade credit reinsurance scheme launched in UK
4th June 2020
Trade credit insurance coverage is set to be maintained across the UK market in light of the ongoing COVID-19 pandemic, with up to £10 billion in government backing through the Trade Credit Reinsurance scheme. It was reported towards the end of April that the UK government was considering the implementation ... Read the full article
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