Reinsurance News
UK must take flood risk more seriously, says Flood Re CEO
28th September 2020
Flood Re Chief Executive Officer (CEO) Andy Bord has said that the UK “must take flood-risk more seriously,” and stressed the urgency of building a more flood resilient country. In a recent interview with Reinsurance News, Bord discussed how Flood Re is working with the government to address the challenges facing ... Read the full article
SMEs more likely to purchase cyber cover since pandemic: GlobalData
28th September 2020
Data and analytics company GlobalData has recommended that insurers should increasingly focus on larger small and medium-sized enterprises (SMEs) following the COVID-19 outbreak. Analysts found that 8.5% of SMEs said they were more likely to purchase cyber insurance since the start of the pandemic, and among medium-sized SMEs this figure rose ... Read the full article
Insurance companies maintain premium in 2019: AM Best
28th September 2020
A new AM Best report claims that despite a highly competitive P&C industry and pressures on operating performance, rated U.S. mutual insurance companies have reported a continued improvement in underwriting performance in 2019, resulting in a growth surplus. The report states that net premiums written (NPW) for AM Best-rated mutuals grew ... Read the full article
GlobalData praises Ping An’s proactive COVID-19 response
28th September 2020
Analysts at GlobalData have highlighted Ping An as one of few established insurers to have provided a strong proactive response to the COVID-19 pandemic for its customers. According to GlobalData’s thematic insurance scorecard, the chinese insurer was ranked considerably better than its nearest competitors in the COVID-19 response. The company's score was ... Read the full article
Senator & Cannae attack CoreLogic in letter to shareholders
25th September 2020
Investors Senator Investment Group LP and Cannae Holdings Inc. have attacked the performance and conduct of catastrophe risk modeller CoreLogic in a letter to shareholders ahead of a meeting to decide on the future of the firm’s Board. Senator & Cannae hope to convince shareholders to replace nine members of ... Read the full article
Allianz announces key changes to board
25th September 2020
Global insurer Allianz has announced a series of key changes to its board of directors, including the addition of Allianz Technology SE Chief Executive Officer (CEO), Barbara Karuth-Zelle. She has been appointed to the board of Allianz in charge of Operations and IT. Effective 1 January 2021, she succeeds Christof Mascher, who ... Read the full article
Morgan Stanley expects reinsurer earnings quality to improve
25th September 2020
Analysts at Morgan Stanley have said they expect to see the reinsurance industry’s earnings quality improve alongside continued pricing increases. Based on its conversation with reinsurers around the virtual Monte Carlo event this year, the firm said that rate momentum will likely continue throughout 2021 and potentially beyond. And while margin expansion ... Read the full article
CAC Specialty bolsters M&A Solutions Group with HAUSER trio
25th September 2020
Insurance broker CAC Specialty has added Cameron Martin, Katie Flynn, and Erica Kasperkowiak to its M&A Solutions Group. Martin joins as a Senior Vice President and previously led HAUSER’s Private Equity Risk Advisory Practice. Flynn was most recently responsible for Portfolio Management at HAUSER and also joins as a Senior Vice President. Kasperkowiak ... Read the full article
Reinsurers must go “back to basics”: Willis Re’s James Vickers
25th September 2020
James Vickers, Chair of Willis Re International, has said that reinsurers must respond to the myriad challenges in the current market by going “back to basics” and focusing on combined ratios. Speaking in an interview with Reinsurance News, Vickers discussed the findings of a recent Willis Re report, which concluded ... Read the full article
Active Re announces key changes to global underwriting team
25th September 2020
Active Re, a provider of credit-related reinsurance solutions to financial institutions in Latin America, has announced a series of key announcements within its global underwriting team. Martin Bages, who holds 25 years’ experience, will coordinate cooperative relationships with clients in charge of facultative business in Latin America and Treaty business globally. Robert ... Read the full article
WR Berkley appoints Timothy Nelligan president of Continental Western Group
25th September 2020
Re/insurance holding company WR Berkley has announced the appointment of Timothy Nelligan as president of Continental Western Group, a Berkley Company (CWG). Nelligan joins with nearly 30 years' experience in the property casualty insurance industry and was previously a division director at The Hartford. “We are excited to welcome Tim to Berkley," said ... Read the full article
AM Best lifts Spinnaker from review following Hippo acquisition
25th September 2020
AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Spinnaker Insurance Company. The outlook assigned to these Credit Ratings (ratings) is stable. Spinnaker was previously put under review after it was announced ... Read the full article
Willis Tower Watson reshuffles global aviation department
25th September 2020
Re/insurance broker, Willis Towers Watson has announced a number of appointments across its global aviation team in a bid to provide better renewals for clients. Despite aviation being a challenging environment at present, Willis Towers Watson has reshuffled its aviation team with 45 appointments across all levels over the past 18 ... Read the full article
COVID-19 disruption sees Helios post underwriting loss for H1
25th September 2020
Helios Underwriting has announced a £108,000 operating loss for the first half of 2020, with the COVID-19 pandemic causing a reduction in underwriting profits. The company says cumulative rate increases since 1 January 2018 are 28%. Losses of £5 million have been reserved for COVID-19 by the supported syndicates, of which 85% ... Read the full article
AXA XL launches IoT solution to monitor building health
25th September 2020
AXA XL, the property & casualty and specialty risk division of AXA, is accelerating the scaling of its new Digital Risk Engineer proposition designed to allow a company to monitor the “health” of its buildings and assets. Digital Risk Engineer will be available globally and uses Internet of Things (IoT) devices installed ... Read the full article
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