Reinsurance News
GuideOne National joins the Whitespace Platform
27th May 2020
GuideOne National, a specialty insurance subsidiary of GuideOne Mutual Insurance Company, has taken steps to strengthen its London market connections by joining the Whitespace Platform. The Whitespace Platform provides brokers and underwriters with the ability to digitally offer, negotiate, place, and bind insurance and reinsurance contracts with each other. By joining the ... Read the full article
Global reinsurance sector will fail to earn its cost of capital on COVID-19: Fitch
27th May 2020
The wide-reaching and uncertain impacts of the ongoing COVID-19 pandemic means that the global reinsurance sector will fail to earn its cost of capital in 2020, according to Fitch Ratings. After completing a sector ratings review, Fitch has warned that the financial performance of reinsurers will be hit by mortality claims ... Read the full article
Allstate extends COVID-19 payback scheme through June
27th May 2020
US insurer The Allstate Corporation (Allstate) has announced that it will extend its Shelter-in-Place Payback scheme through June to help its personal auto customers during the COVID-19 pandemic. The scheme is designed to return premiums to customers as they drive less and get in fewer accidents during the crisis. Originally set to ... Read the full article
Rep. Maloney introduces PRIA bill with Pandemic Risk Reinsurance Program
27th May 2020
The Pandemic Risk Insurance Act of 2020 (PRIA) has been introduced by Rep. Maloney alongside various stakeholders. This legislation will create the Pandemic Risk Reinsurance Program, and is seen as a vital step in Congress's prevention efforts against economic losses from future pandemics. H.R. 7011, PRIA, was introduced yesterday by Congresswoman ... Read the full article
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
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