Reinsurance News
Fitch Revises MSI outlook to negative, affirms at IFS ‘A+’
11th May 2020
Fitch Ratings has revised the outlook on Mitsui Sumitomo Insurance Company's Insurer Financial Strength (IFS) Rating and Issuer Default Rating (IDR) to negative from stable. Fitch has affirmed MSI's IFS Rating at 'A+' (Strong) and its IDR at 'A'. Fitch has also affirmed the rating on MSI's US dollar subordinated debt ... Read the full article
Canadian government mandates reinsurance product for private credit insurers
11th May 2020
Members of the Receivables Insurance Association of Canada (RIAC) have collaborated on a new reinsurance product that provides additional credit capacity to private credit insurers in Canada amid the COVID-19 pandemic. RIAC members Export Development Canada (EDC), Euler Hermes, Atradius, Coface Canada, and The Guarantee Company of North America have partnered ... Read the full article
White Mountains reports $132 million Q1 loss
11th May 2020
White Mountains Insurance Group, Ltd. has reported a loss of $132 million for the first-quarter of 2020, driven by net realised and unrealised investment losses. At a loss of $132 million, White Mountains' overall result in Q1 2020 declined from income of $284 million in the same period in the previous ... Read the full article
HSCM Bermuda backs AIG’s Syndicate 2019 at Lloyd’s
11th May 2020
Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has announced that it has provided capital support for Lloyd’s newly launched Syndicate 2019. The investment manager, which conducts its insurance and reinsurance business as HSCM Bermuda, says the move represents an opportunity to access the ... Read the full article
Athene reports Q1 loss, sees COVID-19 mark-to-market impacts as transitory
11th May 2020
Athene Holding Ltd. has reported a net loss of $1.1 billion for the first-quarter of 2020, primarily as a result of a decline in the fair value of reinsurance assets due to COVID-19-induced widening credit spreads. A net loss of $1.1 billion compares with net income of $708 million recorded in ... Read the full article
Aon expands intellectual property offering with new MGA
11th May 2020
Global insurance and reinsurance broker Aon has announced the launch of a new underwriting platform featuring the world's largest capacity for intellectual property (IP) liability risks. Aon says that its latest offering is designed to meet the changing needs of clients' IP exposures, especially in the current distressed economic environment that ... Read the full article
UK reinsurance backstop to be finalised within days: reports
11th May 2020
A UK government scheme to provide a reinsurance backstop for trade credit insurers during the pandemic is expected to be finalised “within days,” according to reports from Sky News. Ministers began discussing a possible new scheme with insurers last month to prevent the widespread withdrawal of cover across sectors such ... Read the full article
Liberty Specialty reshuffles claims team
11th May 2020
Liberty Specialty Markets, part of Liberty Mutual Insurance Group, has promoted Gavin Coley to London Head of Specialty Claims, reporting to Mike Gillett, Chief Claims Officer, LSM. Kevin Miller has joined as the Energy, Property and Construction Technical Claims Lead reporting into Gavin Coley. Both roles are based in London and ... Read the full article
Investment challenges push down HCI’s Q1 net income to $0.5 million
11th May 2020
HCI Group has reported that its first-quarter 2020 net income declined to $0.5 million as the company experienced $4.8 million of net unrealised losses on equity securities, $2.2 million of net realised losses on investment sales, and $3 million of reductions in the estimated value of limited partnership investments. The company ... Read the full article
Suncorp “well advanced” in cat reinsurance renewal
11th May 2020
Australian insurer Suncorp has said that it remains “on track” to complete the placement of its reinsurance renewal program by June 30th, following major bushfire and hail losses earlier in the year. The company reports that it is “well advanced” with the placement of its main catastrophe program and is ... Read the full article
Tokio Marine HCC adds Khoury to VP role
11th May 2020
Tokio Marine HCC – Cyber & Professional Lines Group has appointed Desiree Khoury as Vice President of Marketing & Business Development effective May 1, 2020. She reports to David Lloyd, the group’s Chief Operating Officer, and is based in Encino, California. “We are very excited to welcome Desiree back to the Tokio ... Read the full article
At times of distress, the stability of the insurance industry is vital: IAIS
11th May 2020
The International Association of Insurance Supervisors (IAIS) has highlighted the essential role of insurers at this time of distress, providing protection against "heightened uncertainties created by the pandemic." As the implementation of lockdown and social distancing measures accelerated and intensified across much of the world, it became clear that the COVID-19 ... Read the full article
Aon names Matt Wolfe as President of Reinsurance Solutions in Canada
11th May 2020
Re/insurance broker Aon has announced the appointment of Matt Wolfe as the new president of Reinsurance Solutions in Canada. “In his new role, Matt will lead the Canadian Reinsurance solutions team and bring unmatched analytics and insights to clients across the country”, said David Sloan, CEO, Reinsurance Solutions in Canada. “He will ... Read the full article
Xceedance partners with Xemplar on mobile insurtech
11th May 2020
Re/insurance service provider Xceedance has partnered with software solutions firm Xemplar to bring mobile-based insurtech solutions to the property and casualty (P&C) re/insurance markets. With Xemplar’s mobile platforms and smartphone-based telematics for personal and commercial lines insurers, Xceedance will augment its technology capabilities for insurers looking to launch and service user-based ... Read the full article
Cyber market to face COVID-19 challenges: Fitch
11th May 2020
Economic fallout caused by the coronavirus (COVID-19) pandemic will likely test recent premium revenue trends and claims experience in the US cyber insurance market, according to Fitch Ratings. Analysts noted that cyber insurance continues to be a small but profitable market, representing a modest portion of premium risk for individual p/c ... Read the full article
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