Reinsurance News
Pandemic to drive significant mortgage reinsurance losses: AM Best
4th June 2020
Analysts at AM Best believe that the COVID-19 pandemic will drive “significant” losses for US mortgage reinsurance business, even as the eventual impact still remains unclear. The rating agency predicts that delinquencies will increase dramatically in the second quarter of 2020 due to forbearance and job losses. While forbearance, loan modifications, and ... Read the full article
COVID-19 triggers shift in largest airport exposures
3rd June 2020
New data from risk management company Russell Group shows that the top 10 airports by exposure have changed as a result of COVID-19 restrictions. Airports such as Heathrow, Paris CDG and Los Angeles have dropped out of the rankings due to a $50 billion increase in the value of grounded aircraft ... Read the full article
Zurich bolsters global A&H with three key hires
3rd June 2020
Global insurer Zurich has added three new senior members to its Commercial Insurance Accident and Health (A&H) underwriting group. Chris Howard joins as Head of A&H in the US, Nicole Yates as Head of A&H in Australia, and Stephane Baj as Head of A&H in the UK and Multinational A&H. These new ... Read the full article
InsurTech Hippo adds Spinnaker to family of companies
3rd June 2020
Hippo, the California-headquartered, homeowners focused InsurTech, has entered into a definitive agreement, pending regulatory approval, to acquire Spinnaker Insurance Company. Founded in 2015, Hippo looks to transform home insurance and ownership by providing a more efficient and affordable service to U.S. homeowners. Since 2017, Hippo Insurance Services has partnered with Spinnaker as ... Read the full article
AGCS adds WTW’s Kang as Head of Cyber, North America
3rd June 2020
Allianz Global Corporate & Specialty has announced the appointment of Thomas Kang as Head of Cyber in North America. Effective June 15, he will based in New York and report to Paul Schiavone, North America Regional Head of Financial Lines, North America and Regional Head of Corporate Long Tail Lines and ... Read the full article
Karen DeToro takes CRO role at CNO Financial
3rd June 2020
CNO Financial Group, Inc. has announced the appointment of Karen DeToro as Chief Risk Officer (CRO), effective June 15, 2020. In addition to her new position, DeToro will continue to serve as the company’s Chief Actuary. She will assume responsibility for risk management strategy for CNO and its insurance businesses from ... Read the full article
Hurricane season presents “unique challenges” for re/insurers: Fitch
3rd June 2020
Insurers and reinsurers will face “unique challenges” during the upcoming hurricane season, according to Fitch Ratings, with the ongoing COVID-19 pandemic set to test many companies. NOAA data shows that 2020 is already forecast to be above average in terms of hurricane activity, and analysts fear that a major event ... Read the full article
Direct Insurance Group commits to post-Covid remote work policy
3rd June 2020
Global speciality insurance business Direct Insurance Group is to become the first insurance group to formally commit to a remote working policy for all staff permanently. This comes following widespread disruption caused by the coronavirus pandemic has provided a new perspective on employee workflow. All staff within its business who want to ... Read the full article
W. Marston Becker joins AXIS Board of Directors
3rd June 2020
Bermuda based reinsurer AXIS Capital Holdings has announced the addition of W. Marston Becker to its Board of Directors. Becker, who will serve as a member of the Executive, Finance and Risk Committees, boasts a 35-year career in the re/insurance industry, with numerous senior leadership roles at brokers across Bermuda, the ... Read the full article
RenRe capital raise tops $1bn after $166 share pricing
3rd June 2020
Bermuda domiciled reinsurer RenaissanceRe has announced a $166 per-share pricing for its offering of 5,500,000 common shares, which, along with an option for underwriters to buy an additional 825,000 shares, brings the total equity raise to around $1.125 billion in total. This figure includes $75 million worth of common stock that ... Read the full article
AXA puts P&C virus claims at €1.2bn, cuts dividend
3rd June 2020
Global insurer AXA has estimated that the COVID-19 pandemic will result in an overall P&C claims cost of €1.2 billion, post-tax and net of reinsurance. The figure came alongside news that the company will cut its dividend almost in half, from €1.43 per share to €0.73 per share. This decision, approved by ... Read the full article
PCS designates US riots as a catastrophe in multiple-states
3rd June 2020
For the first time in its history, Property Claim Services (PCS) has designated the rioting and civil commotion across the U.S. as a catastrophe event in multiple-states. The death of unarmed George Floyd last Monday in police custody in Minneapolis has resulted in widespread protesting across the U.S. While many demonstrations started ... Read the full article
CPIC to pursue London listing with Swiss Re as cornerstone investor: reports
3rd June 2020
Reports have emerged claiming that China Pacific Insurance Company (CPIC) is moving forward with a London listing to support its overseas expansion, with global reinsurance giant Swiss Re serving as its cornerstone investor. In November of last year, Swiss Re confirmed that it was exploring an investment opportunity with CPIC ... Read the full article
Michael Wade joins Brit as Independent Consultant
3rd June 2020
Specialty re/insurer Brit Ltd has announced the appointment of industry veteran Michael Wade as an Independent Strategic Consultant. In this role, he will act as an adviser to Brit’s management team across a number of areas, while also acting as an external ambassador for the Group. Wade has over 40 years of ... Read the full article
Capsicum Re adds Shane Aldons to Motor & Casualty division
3rd June 2020
Capsicum Re, the specialist reinsurance broker, has continued its investment in industry talent and specialist expertise with the appointment of Shane Aldons to its Motor & Casualty division, who joins this week. Aldons brings over 20 years’ reinsurance market and its hoped his background in underwriting, pricing and senior client relationship ... Read the full article
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