Reinsurance News
Parhelion Underwriting gets grant for African geothermal fund
20th May 2020
Parhelion Underwriting Limited, the UK-based energy and climate risk insurance and advisory group, has been awarded a $1 million grant to progress its investment fund for de-risking geothermal projects in east Africa. The P4G (the Partnering for Green Growth and Global Goals 2030 Initiative) scale-up grant and partnership from the national ... Read the full article
Pre-COVID-19 structural factors to influence reinsurance renewals: Flandro, Hyperion X
19th May 2020
While the COVID-19 pandemic will undoubtedly have an influence on upcoming renewals for insurers and reinsurers, for the latter, the broad structural factors that have been in place prior to the outbreak cannot be ignored, according to David Flandro, Managing Director at Hyperion X. In a recent video interview with our ... Read the full article
Palomar completes June reinsurance renewal
19th May 2020
Specialty property insurer Palomar Holdings has announced the successful completion of its June 1, 2020 reinsurance programs. The company procured $200 million of incremental limit for California earthquakes, $300 million of incremental limit for all earthquake zones, and $80 million of incremental windstorm limit. Reinsurance coverage now exhausts at $1.4 billion for ... Read the full article
Demand for pandemic cover rising, but capacity limited: Third Point Re CEO
19th May 2020
There’s been a notable rise in demand for pandemic re/insurance and a subsequent hike in rates, however, there’s currently limited capacity in the marketplace for pandemic cover, according to Dan Malloy, Chief Executive Officer (CEO) of Third Point Re. These are unprecedented times for the industry, and it will undoubtedly be ... Read the full article
Chubb names CUO for North America small & middle market division
19th May 2020
Global insurer Chubb has appointed Michelle McLaughlin as Chief Underwriting Officer of its North America retail commercial property and casualty insurance division that serves middle market and small businesses. In this capacity, she will guide the business lines' underwriting strategies and authority, as well as general underwriting management. McLaughlin previously served as ... Read the full article
Beazley successful in $300 million capital raise
19th May 2020
Specialist insurer and reinsurer Beazley has announced the successful completion of its previously announced $300 million (£247 million) equity placement. Beazley said yesterday that it is raising capital in the form of an equity placement in order to support growth and take advantage of rising rates being seen across its ... Read the full article
Lloyd’s COVID-19 loss estimate may be conservative: Argenta
19th May 2020
Analysts at managing agency Argenta Group have argued that Lloyd’s has been conservative in its estimates of the insurance losses it will face due to the COVID-19 pandemic. The insurance and reinsurance marketplace previously said that it will pay customers between $3 billion and $4.3 billion in claims, out of ... Read the full article
COVID-19 turns S&P negative on global reinsurance
19th May 2020
With rising property and casualty reinsurance claims and failing investment returns, S&P Global Ratings expects the coronavirus pandemic to turn 2020 into a tough year for global reinsurers. As a consequence, S&P believes the sector's ability to earn its cost of capital in 2020 has visibly reduced, to almost negligible. Including assumptions ... Read the full article
Call for Watford to be sold as reinsurer falls “horribly short of expectations”
19th May 2020
In a recent letter, the principal of investment firm Capital Returns Management, Ronald Bobman, has called for Bermuda-based reinsurer Watford Holdings Ltd to consider selling itself, potentially to a runoff specialist. A letter that was sent on Friday highlighting unprofitable underwriting returns and poor investment results at the company, called for ... Read the full article
BGC Insurance increases revenue 43% to $45mn
19th May 2020
BGC Insurance Group, a division of global brokerage and financial technology firm BGC Partners Inc., has posted a 42.8% increase in revenue during the first quarter of 2020. Revenues totalled $44.8 million in the last quarter, compared to $31.4 million for the same period in the previous year. BGC Insurance, whose subsidiaries ... Read the full article
NN Life transfers €13.5bn of longevity risk to Canada Life, Munich Re & Swiss Re
19th May 2020
A subsidiary of NN Group, NN Life, has completed three longevity reinsurance transactions with reinsurers Canada Life, Munich Re, and Swiss Re, transferring the full longevity risk associated with €13.5 billion (USD 14.8 billion) of pension liabilities in the Netherlands. The arrangements cover the risks associated with the policies of more ... Read the full article
Aon appoints General Manager for Data & Analytics Services
19th May 2020
Re/insurance broker Aon has promoted Steve Petrevski to the position of Senior Vice President (SVP) and General Manager of Data & Analytic Services. In this role, Petrevski will be responsible for developing Aon’s Data & Analytic Services platform, reporting to John Bruno, CEO of Data & Analytic Services and COO of ... Read the full article
RKH, Descartes complete first parametric weather trade on AkinovA
19th May 2020
RKH Reinsurance Brokers and Descartes Underwriting has completed the first parametric wind trade on AkinovA, a broker-centric electronic marketplace. This is the first weather transaction to be completed on the platform and opens up a new, yet tested, channel for similar deals. The twelve-month parametric wind instrument was purchased by a European ... Read the full article
Aviva names George Culmer as Chairman
19th May 2020
UK insurer Aviva has announced the appointment of George Culmer as Non-Executive Chairman with effect from May 27, 2020, following the Aviva annual general meeting. He will succeed Adrian Montague, who is set to retire from the Board on May 31. Culmer is currently Aviva’s Senior Independent Non-Executive Director, having assumed this ... Read the full article
London Market’s dominance remains, but share of global reinsurance is fading
19th May 2020
The London Market's share of the global commercial re/insurance market remained steady between 2010 and 2018, although its share of global reinsurance did decline by 1.7 percentage points during the period, according to analysis by the London Market Group (LMG) and McKinsey. In a new report released today, titled London Matters ... Read the full article
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