Reinsurance News
Allstate reports $632mn cat losses for April
21st May 2020
US primary insurer Allstate Corporation has announced an estimated $632 million in pre-tax catastrophe losses for April 2020. Catastrophe losses, which came out to $499 million after tax, were driven by six events over the month. Together, these six events resulted in an estimated cost of $627 million pre-tax, or $495 million ... Read the full article
EC3 Brokers adds Colin Bird to senior management
21st May 2020
EC3 Brokers has added Colin Bird to work alongside senior management in a role that will see him focus on the growth of the company. Bird joined on May 1 and will also oversee the newly created specialty casualty and cyber team. He has over 30 years’ experience in the industry and ... Read the full article
AXA XL launches global admitted commercial umbrella solution
21st May 2020
AXA XL, a division of AXA Group, has announced that its Global Risk Management (GRM) and the North America Excess Casualty business units have collaborated to launch Multipass, a new global admitted commercial program. The new product brings together a global controlled master program with an umbrella liability solution to create ... Read the full article
NTT DATA UK, ICE InsureTech announce strategic partnership
21st May 2020
Consulting and IT solutions firm NTT DATA UK is entering into a strategic partnership with ICE InsureTech, a specialist software provider to insurers. NTT DATA UK will work with ICE as a systems integrator while supporting its future business growth. The partnership will also allow ICE to expand its footprint across the ... Read the full article
Starr Insurance adds Jose Ribeiro to independent non-exec director role
21st May 2020
Starr Insurance Companies has announced the appointment of Jose Ribeiro as an independent non-executive director for Starr Europe Insurance and Starr Managing Agency. Based in London, Ribeiro brings over 30 years’ experience in the financial services industry. He began his insurance career at AIG in 1986 where he spent eight years before ... Read the full article
“Dire consequences” should Cayman Islands remain blacklisted: Premier McLaughlin
21st May 2020
Cayman Islands Premier Alden McLaughlin foresees “dire consequences” should the European Union fail to remove the financial centre from its blacklist According to reports from Caribbean News Global, McLaughlin underlined the severity of the blacklisting even relative to the consequences being faced as a result of the global COVID-19 pandemic. “I am ... Read the full article
CAC Specialty adds WTW’s Eric Joost to key tech, global markets role
21st May 2020
Specialty insurance broker and investment banking platform CAC Specialty has added Eric Joost as Executive Vice President and Chief Technology & Global Markets Officer. Joost joins with over 30 years’ experience across a range of insurance products, markets and client segments. His experience spans several global firms including most recently as Global ... Read the full article
Aviva estimates £160mn of COVID-19 claims across GI businesses
21st May 2020
London headquartered insurer Aviva has announced estimated COVID-19 related losses of £160 million, net of reinsurance, in its General Insurance businesses based on claims in business interruption, other commercial lines, and travel insurance. In its Q1 operating update, insurer Aviva has reported a strong start to the year, but also warned ... Read the full article
BMS adds three to energy division
21st May 2020
BMS Group, the specialist insurance and reinsurance broker, has announced the additions of Alison Schwab, Russell Williams, and Robert Thomas to its energy division. Schwab and Williams will join alongside Thomas after the completion of their contractual obligations in July and November, respectively. The trio will report to James Chicken, Managing ... Read the full article
Generali posts €113m Q1 profit, €655m COVID-19 investment hit
21st May 2020
Italian insurance giant Generali has announced a first quarter net profit of €113 million despite the COVID-19 pandemic driving an investment loss of around €655 million. This €113 million net profit is down from €744 million in the prior year quarter and includes a non-operating expense amounting to €100 million from ... Read the full article
Saudi Re adds Peter Hugger, Marc Maupoux to board
21st May 2020
Saudi Reinsurance Company has announced the appointment of Dr Peter Hugger and Marc Maupoux to its board of directors for a three-year term. Hugger was formerly the Chief Executive Officer of Echo Re, Zurich, from 2012-2018 and assumed executive and technical roles in companies such as ACR, Singapore; MSG System, and ... Read the full article
Tokio Marine’s consolidated net income dips in FY2019
21st May 2020
Tokio Marine Holdings, Inc. has reported a decline in consolidated net income to JPY 259.7 billion in the fiscal year ended March 31st, 2020, while adjusted net income improved to JPY 286.7 billion on the back of improved results in domestic life and overseas insurance subsidiaries. Consolidated net income declined year-on-year ... Read the full article
R&Q appoints Bank of America’s Thomas Solomon as Group CFO
21st May 2020
Randall & Quilter Investment Holdings Ltd., the global non-life specialty insurer with a focus on the program management and legacy insurance business, has announced that its Board of Directors has appointed Thomas Solomon as Group Chief Financial Officer (CFO). Solomon will be based in the firm's New York office and will ... Read the full article
Sompo International profits surge on specialty growth
21st May 2020
Bermuda-based property and casualty re/insurer, Sompo International, saw its profits surge 81% to $320 million for the full-year 2019, mainly due to top line growth centred on specialty insurance. The figure was up by $142 million on the adjusted profit of $177 million posted by the company in 2018. Notably, Sompo International ... Read the full article
Governments being hit by cyberattacks harder, more often: Deloitte
21st May 2020
Research from Deloitte has found governments are being held hostage by cyber attacks more frequently, with criminals expanding their attack base and asking for more money. Governments in 2019 reported 163 ransomware attacks and paid over $1.8 million in ransoms, with tens of millions of dollars spent on recovery costs. This ... Read the full article
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