Reinsurance News
David Perez to succeed James Slaughter as CUO of Liberty GRS
21st May 2020
Liberty Mutual Insurance has announced that David Perez has been appointed as Chief Underwriting Officer (CUO) for its Global Risk Solutions (GRS) division. Perez takes over from James Slaughter, who has decided to leave the company effective June 30th, 2020. As CUO of Liberty Mutual's global commercial and specialty lines insurer and ... Read the full article
MS Amlin records FY 2019 profit
21st May 2020
Global insurer and reinsurer MS Amlin has recorded a return to profit for the fiscal year ending March 31st, 2020, while net premiums written increased slightly year-on-year. The re/insurer's parent, MS&AD Insurance Group, has released its results for the 2019 fiscal year, revealing an improved net income contribution from its overseas ... Read the full article
Florida renewals a “perfect storm” of challenges, warns Demotech
20th May 2020
Financial analysis firm Demotech has warned that the Florida reinsurance renewals will bring a myriad of challenges for the market, with COVID-19 issues piling on top of a shortage of retro cover, continued loss creep, and legislative issues. Even before the pandemic, analysts had anticipated that 2020 would not be business ... Read the full article
PartnerRe adds Gareth Stanley to lead US Casualty
20th May 2020
Bermuda-based reinsurer PartnerRe has announced the appointment of Gareth Stanley as Head of US Casualty. Effective May 18, Stanley is to lead the company's strategic efforts towards growing and developing its US Casualty business. He will be primarily focused on offering clients relevant and impactful casualty reinsurance solutions. Stanley will be based in ... Read the full article
Tremor ILW auctions average $100mn per week
20th May 2020
Tremor, the programmatic insurance and reinsurance risk transfer marketplace, has seen an average of more than $70 million capacity offered and $30 million of protection requested each week on its industry loss warranty (ILW) market since it launched in April. The online ILW auctions began on April 2 as part ... Read the full article
Liberty Mutual expands tech used to remotely adjust claims
20th May 2020
Liberty Mutual Insurance's commercial property claims unit has expanded on the technology it uses to inspect and estimate commercial property claims remotely. This move is in response to the need for physical distancing and in anticipation of what is predicted to be a greater than normal Atlantic hurricane season. The unit introduced ... Read the full article
Honan gets backing from private equity firm TA Associates
20th May 2020
Private equity firm TA Associates has agreed to make a strategic growth investment in commercial insurance broker Honan Insurance Group. Following the transaction, Honan’s Group CEO and Executive Director, Damien Honan, Chief Executive Officer, Andrew Fluitsma, and Chief Operating Officer, Laurence Basell, will continue to lead the business and be shareholders ... Read the full article
Insurers could face elevated hurricane activity; less manageable rate rises: KBRA
20th May 2020
With the official start of the 2020 Atlantic Hurricane season fast approaching, analysts at Kroll Bond Rating Agency (KBRA) have warned that some regional insurers could face additional headwinds as early forecasts point to a continuation of above-average activity. Despite the 2020 season officially commencing on June 1st, the formation ... Read the full article
Florida renewal rate increases of at least 20%: KBW
20th May 2020
After conducting virtual field research in Florida, analysts at Keefe, Bruyette & Woods are expecting reinsurance pricing in the state to increase at least 20%. One CEO reported hearing about 30-50% rate increases in the marketplace, with particularly vulnerable companies given only 24 hours to decide whether to accept 75%-plus rate ... Read the full article
Allianz names Catharina Richter as Head of Cyber Center of Competence
20th May 2020
Allianz Group has announced the appointment of Catharina Richter as Global Head of its Cyber Center of Competence (CoC), effective June 1st. Established in 2018, the Allianz Cyber CoC is embedded into Allianz Global Corporate & Specialty (AGCS) and focuses on coordination and alignment of cyber exposures and insurance in the ... Read the full article
Ascent Underwriting adds Moir as senior underwriter within W&I
20th May 2020
Cyber and specialty lines MGA Ascent Underwriting has announced the appointment of Richard Moir as senior underwriter, warranty and indemnity (W&I), effective immediately. Reporting to Alex Smith, head of W&I, Moir will support the development of the specialist niche line. He joins from CMS Cameron McKenna Nabarro Olswang LLP, where he served ... Read the full article
COVID-19 reinsurance impact of $82bn could turn pricing: analysts
20th May 2020
Analysts at Morgan Stanley have estimated that a scenario including a projected COVID-19 reinsurance impact of $82 billion could lead to a turn in reinsurance pricing. Responding to the recent Lloyd’s of London pandemic estimate, which put the total cost to the re/insurance industry at $203 billion, Morgan Stanley tried ... Read the full article
London Market growth driven by P&C segment: LMG
20th May 2020
The P&C segment accounted for more than half of all premium written in the London Market in 2018, while P&C business dominated in terms of premium income flows into the capital, with a compound annual growth rate of 8.1% between 2015 and 2018. In a new report released today by the ... Read the full article
EC3 expands intl. financial, professional lines division with Collier hire
20th May 2020
Lloyd's-headquartered commercial lines broker EC3 Brokers, has expanded its international financial and professional lines division with the appointment of John Collier as divisional director. Collier joined on 1 April and will report to James Murphy, head of broking at EC3 Brokers. He brings over 28 years’ experience placing professional indemnity insurance, directors ... Read the full article
Lockton Re names Martin Stephenson Chairman of Marine & Energy
20th May 2020
Global reinsurance broker Lockton Re has announced the appointment of Martin Stephenson as Chairman of Marine & Energy, effective July 2020. In his new role, Stephenson will report to Keith Harrison, International Chief Executive Officer (CEO) at Lockton Re, and will work closely with Jerry Ridge, Head of Marine & Energy ... Read the full article
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