Reinsurance News
Risk settlement market could reach £50bn by end of 2020: Aon
12th October 2020
Global insurance and reinsurance brokerage, Aon, predicts that the risk settlement market could still reach £50 billion by the end of 2020. The 2020 result for the risk settlement market, including both bulk annuities and longevity swaps, could make it a record year, despite the difficulties that have arisen from the ... Read the full article
Fenchurch Law adds construction & property claims disputes expert
12th October 2020
Fenchurch Law, a UK law firm specialising in insurance coverage disputes, has expanded its construction and property claims disputes capabilities with the appointment of Jim Robenalt as senior associate. Robenalt has over a decade of experience in litigating coverage disputes arising from property damage, bodily injuries, construction defects and environmental liability. He ... Read the full article
It’s time to go back to basics, says Lloyd’s CEO Neal
9th October 2020
When considering the new risks of the age, the re/insurance industry needs to go back to basics and prioritise educating people around the benefits of insurance, according to John Neal, Chief Executive Officer (CEO) of Lloyd's of London. As emerging and systemic risks such as cyber and climate change, to name ... Read the full article
Demotech assigns ‘unsurpassed’ rating to Coefficient
9th October 2020
Financial analysis firm Demotech has awarded Coefficient Insurance Company a Financial Stability Rating of Aʺ, A Double Prime, Unsurpassed. Coefficient provides self-funded employers with a data-based approach to employer stop-loss. The company is a Verily subsidiary and is backed by Swiss Re Corporate Solutions, the commercial insurance unit of the Swiss Re ... Read the full article
Essent secures $400mn of mortgage reinsurance from capital markets
9th October 2020
Bermuda-domiciled mortgage insurer Essent Group's subsidiary Essent Guaranty has secured $399.2 million of fully collateralised excess of loss reinsurance coverage from the capital markets. The reinsurance covers mortgage insurance policies written in September 2019 through July 2020 and is from Radnor Re 2020-2 Ltd. Radnor Re 2020-2 Ltd is a newly formed Bermuda ... Read the full article
AccuRisk sets up ancillary unit, acquires Texan business
9th October 2020
AccuRisk Solutions, a managing general underwriter (MGU) focused on employee and health insurance benefits, has set up a new ancillary unit and acquired the renewal rights to Great American Insurance Group’s book of Texas non-subscription business. The new ancillary unit, called, AccuRisk Ancillary Solutions, which will be led by Joyce Segall ... Read the full article
Pro Global hires new Head of UK Specialty Claims
9th October 2020
Global re/insurance consultants, Pro Global Holdings Limited (Pro) has announced that Mike Mackenzie will join the company as Head of UK Specialty Claims at the start of 2021. Richard Lawson will now become the new Head of Claims, as Chris Buer has been appointed Head of Marketing and External Communications. Richard Lawson, ... Read the full article
Arch to buy Watford Re in $622mn deal
9th October 2020
Bermuda-based insurer and reinsurer, Arch Capital Group Ltd., has entered into a definitive agreement to acquire all the common shares of total return reinsurer, Watford Holdings Ltd., in an all-cash transaction valued at roughly $622 million. The deal is expected to close in the first-quarter of next year, following which, Watford ... Read the full article
COVID-19 changing term claims trends, risk exposures long-term: AGCS
9th October 2020
The COVID-19 pandemic will likely cause claims trends and risk exposures to evolve in the mid-and long-term, according to a report from Allianz Global Corporate & Specialty (AGCS). The report notes how, with the reduction in economic activity during lockdown phases, traditional property and liability claims have been subdued, most notably ... Read the full article
The Hartford hires new Head of the Central Division
9th October 2020
Property and casualty insurer, The Hartford has announced the appointment of Bob Gulino as Head of the Central Division for the company’s Middle and Large Commercial Insurance business. Gulino will be leading the sales and underwriting operations for the company’s independent agents, brokers and customers across 13 Midwestern states from Minnesota ... Read the full article
Swiss Re CorSo to leverage insurtech Majesco’s digital platforms
9th October 2020
Swiss Re Corporate Solutions has implemented a series of solutions offered by cloud insurance software provider Majesco. The Swiss Re subsidiary opted to implement the Majesco Digital1st Insurance platform and Majesco Policy for P&C on Majesco CloudInsurer, to support initiatives in the Mexico retail market business. “Swiss Re Corporate Solutions had an ... Read the full article
Chubb launches UK personal cyber product
9th October 2020
Re/insurer, Chubb UK has announced the launch of a new personal cyber product to protect individuals and their families. Chubb's Personal Cyber Insurance provides a range of protection and services not only to help mitigate risks and keep individuals safe online but also to offer action and practical support if they ... Read the full article
Allianz Insurance hires new Head of Claims Operations
9th October 2020
General insurer, Allianz Insurance has announced that Graham Stait will be the new Head of Claims Operations. In his new role, Stait will be responsible for leading the development and delivery of Allianz’s claims operational strategy, leveraging enhanced people, data and digital capabilities to drive continuous improvement and positive customer outcomes. In ... Read the full article
Aegon to offload Stonebridge for £60mn
9th October 2020
Aegon, a provider of life insurance, pensions and asset management, has announced the sale of Stonebridge, a UK-based provider of accident insurance products, for £60 million. The acquirer is London-headquartered Global Premium Holdings group, a subsidiary of Embignell group that provides a range of accident and sickness insurance policies. Stonebridge is a direct-to-consumer ... Read the full article
US wildfires, hurricanes drive insured hit into billions for September: Aon
9th October 2020
Wildfires across the US west coast, hurricane Sally and tropical storm Beta all featured in Aon's global catastrophe report for September, generating a cost to insurers that will fall in the billions of the dollars. Five of California's six largest fire events since 1932 were recorded in August and September alone, ... Read the full article
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