Reinsurance News
Aspen Re America names AXIS Re’s Jim Brown as Head of Casualty
12th October 2020
Bermuda-based reinsurer Aspen Re, the reinsurance arm of Aspen Insurance Holdings Limited, has announced the appointment of Jim Brown as Head of Casualty, Aspen Re America. Effective October 12th, 2020, Brown will be based in the company's New York and Rocky Hill, CT, offices. In his new role, he takes on ... Read the full article
Charles Taylor adds Asia Practice Lead for BI & Financial Lines
12th October 2020
Provider of services and technology solutions to the insurance space, Charles Taylor, has announced the appointment of Matthew John Lim as Asia Practice Lead for Business Interruption and Financial Lines, to its Adjusting business based in Singapore. Lim will be bringing more than 10 years of experience in business interruption risk, ... Read the full article
Ian Patrick named CFO of Compre as Simon Hawkins returns to COO role
12th October 2020
Specialist legacy acquirer, Compre has revealed a number of management changes as the company targets future growth, including the appointment of Ian Patrick as Group Chief Financial Officer (CFO), effective immediately. Patrick takes over as Group CFO from Simon Hawkins, who has held the position since December 2018. He brings a ... Read the full article
Aon, Goldman Sachs launch investment service for captive insurers
12th October 2020
Re/insurance broker Aon has partnered with Goldman Sachs on a service designed to provide captive insurers with an easy way to identify and access high-quality investments. The new service will see Aon offer individual strategic advice, fund research and execution services through its global team of investment specialists and practitioners. Goldman Sachs ... Read the full article
ArgoGlobal announces RITC transaction with RiverStone
12th October 2020
ArgoGlobal, a Lloyd’s insurer and member of speciality reinsurer Argo Group, has entered into a reinsurance-to-close (RITC) transaction with legacy specialist RiverStone. The deal will see RiverStone undertake an RITC of ArgoGlobal’s Syndicate 1200 for 2017 and prior years with net technical provisions of £356 million. The transaction is expected to receive ... Read the full article
Hurricane Delta losses expected to fall within cat reinsurance limits
12th October 2020
Hurricane Delta came ashore in the region of Creole, Louisiana as a Category 2 storm at 18:00 local time on Friday October 9th, making it the 10th named storm to make US landfall so far in 2020. Following its impact on Mexico's Yucatan Peninsula early last week, hurricane Delta tracked into ... Read the full article
Swiss Re & Daimler launch automotive and mobility insurance MGA, Movinx
12th October 2020
Global reinsurance giant Swiss Re has entered into a strategic partnership with Daimler Insurance Services to launch a new company called Movinx, an insurance intermediary and service provider designed to transform and innovate automotive and mobility insurance. Both Swiss Re and Daimler are 50/50 shareholders of the new joint venture, which ... Read the full article
No significant capital rush amid investor trepidation: Willis Re execs
12th October 2020
While it's likely that more fresh capital will look to enter the re/insurance market in light of improving market conditions, investor trepidation remains amid continued financial market uncertainty and volatility, according to executives at Willis Re, the reinsurance broking of Willis Towers Watson (WTW). "We simply don't see capital rushing in," ... Read the full article
Life re/insurers under pressure as COVID-19 mortality estimates rise
12th October 2020
Analysts at Credit Suisse have raised their full-year COVID-19 mortality estimate for the US to 275,000, having previously issued a figure of 210,000 in July. The firm says the significant increase in mortalities due to the pandemic could increase the impact to US life re/insurers. Credit Suisse’s estimates now reflect roughly 80,000 ... Read the full article
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
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