Reinsurance News
COVID-19 disruption could promote sustainable habits: Swiss Re
19th May 2020
The unprecedented disruptions to business operations and personal lifestyles caused by the COVID-19 pandemic could help people to develop more climate-conscious habits, according to Alison McLean, Head of Behavioural Research at Swiss Re. McLean noted that the pandemic has already resulted in extraordinary changes to behaviour, as 80-90% of people in ... Read the full article
EMEA insurer outlooks clouded by economic volatility: S&P
19th May 2020
S&P Global Ratings has maintained its stable outlooks on most rated insurers based in the EMEA region, but has warned that COVID-19 induced economic volatility may test balance sheet strength over the coming months. The rating agency anticipates that EMEA insurers' solid capital positions and broad diversification will continue to protect ... Read the full article
Pandemic an opportunity to build better economies: WEF
19th May 2020
A new report by the World Economic Forum (WEF), in partnership with Marsh & McLennan (MMC) and Zurich Insurance Group, has argued that world leaders, businesses and policy makers have a unique opportunity to build better economies as they begin to recover from the COVID-19 pandemic. As part of the report, ... Read the full article
Beazley to raise $300m to support growth, capitalise on rates
18th May 2020
Specialist insurance and reinsurance group Beazley is raising capital in the form of a roughly $300 million equity placement, as it looks to support growth and to capitalise on rising rates being seen across its book. Beazley is the latest to look to a fresh capital raise to not just shore ... Read the full article
BMS inks Preferred Partner agreement with Chilean broker Insurex Re
18th May 2020
Independant specialist re/insurance broker BMS Group has concluded its Preferred Partner agreement with Insurex Re. A long-term business plan has been agreed with the independent Chilean reinsurance broker and existing trading partner that will see the two target facultative and treaty reinsurance placements, spanning property cat, financial lines, surety and construction. In ... Read the full article
Dominic Addesso named Non-Exec Chairman of BMS Intermediaries
18th May 2020
Specialist insurance and reinsurance broker BMS Group has announced the appointments of Dominic Addesso as Non-Executive Chairman and LoriAnn Lowery-Biggers as an independent Non-Executive Director of BMS Intermediaries Inc., the Group's US reinsurance intermediary unit. At the same time, both Addesso and Lowery-Biggers also join as independent Non-Executive Directors of the ... Read the full article
The majority of rated re/insurers can withstand pandemic shocks, says A.M. Best
18th May 2020
Global financial services ratings agency, A.M. Best, has said that initial stress testing shows that the majority of its rated insurers can withstand potential shocks to their balance sheets as a result of the ongoing COVID-19 pandemic. The ratings agency announced in March that it was in the process of ... Read the full article
FedNat CEO sees reinsurance rate increases as “extremely manageable”
18th May 2020
Mike Braun, the Chief Executive Officer (CEO) of FedNat Holding Company (FedNat), has said that while the firm expects reinsurance pricing to increase, movements are anticipated to be "extremely manageable" for the insurer. Speaking during the company's first-quarter 2020 earnings call, CEO Braun discussed FedNat's 2020-2021 reinsurance renewal amid an expectation ... Read the full article
Ethos Specialty launches U.S. real estate liability program
18th May 2020
Ethos Specialty has announced the launch of a new commercial general liability program for U.S. real estate owners and managers. The new Real Estate program targets apartments, condos, coops and commercial properties, and leverages advanced third party data analytics via multiple APIs, which are sensitive to the individual locations rather than ... Read the full article
Reinsurance broker Ed launches TradEd in Bermuda
18th May 2020
Global reinsurance brokerage Ed has announced that its TradEd platform is now available to both carriers and clients in Bermuda. The TradEd electronic trading platform is used in-house by BGC insurance companies across the world, designed to enable a seamless placement of risk for all parties involved. An announcement on the external ... Read the full article
AXA partners on medical support for Accor hotels
18th May 2020
Global insurer AXA has partnered with French multinational hospitality company Accor to provide medical support to guests across 5000 Accor hotels. From July 2020, the partnership will enable Accor guests to access medical solutions from AXA Partners, an AXA subsidiary specialising in assistance services, travel insurance and credit protection. Accor guests will ... Read the full article
MS Amlin adds Johan Slabbert and Martin Hudson as non-exec directors
18th May 2020
Lloyd's of London insurer and reinsurer, MS Amlin Underwriting Limited (MS AUL), has announced the addition of Johan Slabbert and Martin Hudson as Non-Executive Directors. Subject to regulatory approvals, Slabbert will also take on the role of Chairman of the MS AUL Board, succeeding Gilles Bonvarlet, who is set to transition ... Read the full article
FCA invites market participation to help resolve COVID-19 BI disputes
18th May 2020
The UK’s Financial Conduct Authority has begun seeking input from insurers and brokers to help address and understand ongoing contractual issues surrounding coronavirus-related business interruption cover. The regulator said earlier this month that it was seeking a court declaration to help resolve the wide-ranging issue. As was noted at the time, ... Read the full article
Berkshire (BHSI) launches Defense Base Act insurance via Dubai team
18th May 2020
Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance arm of Warren Buffett's global re/insurance business, is providing Defense Base Act (DBA) insurance on a global basis through a dedicated underwriting and claims team in Dubai. DBA insurance provides disability, medical and death benefits to covered employees, whether the injury or death ... Read the full article
S&P revises PartnerRe outlook to stable from positive as Covéa deal collapses
18th May 2020
S&P Global Ratings has revised its outlook on Bermuda-based reinsurer PartnerRe to Stable from Positive following the collapse of its acquisition by French insurer Covéa. It was revealed last week that the $9 billion deal had been called off after owner EXOR declined to renegotiate the price in the context ... Read the full article
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