Reinsurance News
IRB Brasil Re to be investigated by securities regulator, reports
27th May 2020
IRB Brasil Re, along with its management and shareholders, is set to be investigated by the country's securities regulator, according to reports from Reuters. The investigation is described as broad in nature and will include a look at an 8% drop in IRB’s shares earlier this year, after a letter released ... Read the full article
Munich Re Specialty partners with Duck Creek on digital platform
27th May 2020
Munich Re Specialty Group (MRSG), a division of global reinsurer Munich Re, has partnered with Duck Creek Technologies to develop a digital offering via the Duck Creek OnDemand platform. OnDemand is Duck Creek’s end-to-end SaaS solution that provides services, support and computing resources for carriers. The platform includes Duck Creek Policy, Duck ... Read the full article
L&G completes £650mn buy-in with the 3i Group Pension Plan
27th May 2020
Legal & General (L&G) has continued its partnership with the 3i Group Pension Plan, completing a £650 million buy-in with the Trustees of the Plan. The latest agreement provides a policy which matches the benefits of roughly 280 pensioners and 570 deferred members. This deal follows on from the pensioner buy-ins undertaken ... Read the full article
Aquiline raises $2bn+ investment fund, re/insurance a key target
27th May 2020
Private investment firm Aquiline Capital Partners has announced the final close of its fourth private equity fund, the Aquiline Financial Services Fund IV. The fund closed with more than $2 billion in total commitments, exceeding its target of $1.5 billion. Aquiline has raised the new fund from investors around the world and ... Read the full article
FERMA suggests EU resilience framework for non-physical cat risks
27th May 2020
The Federation of European Risk Management (FERMA) has called on the European Commission to create a resilience framework for catastrophic risks, in an effort to address the shortage of business interruption insurance without physical damage (NDBI). FERMA says its resilience framework would have the flexibility to respond to a range of ... Read the full article
Canopius adds Craig Elliott as casualty underwriter for Asia Pacific
27th May 2020
Global specialty re/insurer Canopius has appointed Craig Elliott as casualty underwriter for the Asia Pacific region. Elliott reports to Claudio Saita, Head of Australia & Pacific, and will be based in the company’s recently established Sydney office. He joins with over a decade of industry experience, most recently serving as senior casualty ... Read the full article
Philippines simplifies bidding process for state reinsurance scheme
27th May 2020
The Philippines has simplified the bidding process for reinsurers as the country tries for the second time to secure reinsurance protection to protect state assets and infrastructure from natural catastrophes, according to reports from The Philippine Daily Inquirer. Reinsurers will be invited to re-bid one the one-year national indemnity insurance program ... Read the full article
2021 potentially the hardest market for P&C in some time: analysts
26th May 2020
Following a virtual meeting with some of the world's leading insurers, Wells Fargo Securities believes the breadcrumbs are there for 2021 to be the hardest market the P&C industry has seen in some time. Analysts have noted how it seems like momentum is building for this to be one of those ... Read the full article
Commission approves Dutch trade credit insurance guarantee scheme
26th May 2020
The European Commission has approved a Dutch guarantee scheme to support the region's trade credit insurance market amid the pressures of the ongoing coronavirus (COVID-19) pandemic. As the economic fallout from the current crisis has intensified, the risk of insurers not being willing to provide trade credit insurance has increased, leading ... Read the full article
IRB Brasil Re, Aon launch tool to help analyse pandemic risk exposure
26th May 2020
Brazilian reinsurer IRB Brasil Re is partnering with Aon Resseguros on a tool that allows insurers to analyse the risk exposure of their life and home insurance portfolios and technically estimate possible losses with claims. The analysis will also enable shaping custom-designed coverage products for the pandemic, meeting the expectations of ... Read the full article
Cyclone Amphan costs pegged at $13bn in India, Bangladesh
26th May 2020
Cyclone Amphan, which hit the Indian states of West Bengal and Odisha on May 20th, is expected to cause Rs 1 trillion (US $13 billion) of damage, and Rs 350 crore ($47 million) of insured losses, according to initial estimates. The cyclone made landfall in coastal areas as a Category 3 ... Read the full article
Lloyd’s Part VII transfer progresses after High Court strategy approval
26th May 2020
The specialist Lloyd's of London re/insurance marketplace has received approval from the High Court of England and Wales for its Part VII strategy for notifying policyholders about the proposed transfer of its existing European business to Lloyd's Brussels. Lloyd's announced in March of 2017 that it had selected Brussels as ... Read the full article
Potential BI litigation enhances uncertainty for UK non-life carriers: Fitch
26th May 2020
Uncertainty remains for some UK non-life insurers amid concerns courts might rule in favour of claims in cases where business interruption (BI) policy wording is loose, warns Fitch Ratings. It's been well documented that, overall, BI losses as a result of the COVID-19 pandemic are expected to be manageable owing to ... Read the full article
Reinsurance will cap UK BI costs at $75mn, says QBE
26th May 2020
Australian insurer QBE has said that its reinsurance coverage should limit the costs of COVID-19 related business interruption (BI) claims to £75 million in the UK. However, the company maintained that its BI policies do not typically cover claims arising from COVID-19. “Many businesses are facing an extremely concerning time at present ... Read the full article
Andrew Robinson appointed CEO of HIIG
26th May 2020
Andrew Robinson has been appointed as the new Chief Executive Officer (CEO) of the Houston International Insurance Group, Ltd. (HIIG), succeeding the company's founder and outgoing CEO, Stephen Way. Way has resigned as Chairman of the Board but is set to continue to serve HIIG as Director of the Company. Robinson's appointment ... Read the full article
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