Reinsurance News
COVID-19 event cancellation revisions not expected across the board: analysts
24th September 2020
Analysts at Morgan Stanley do not expect other re/insurers to follow Beazley in significantly increasing revisions in COVID-19 event cancellation loss estimates. It's understood the impact of events cancelled in the third and fourth quarter will likely be more modest than in the first half of 2020. Beazley has increased its estimated ... Read the full article
Insurers refusing to pay out after BI court ruling, say policyholders
24th September 2020
A group of policyholders have written to the Financial Conduct Authority (FCA) to report that some insurers are still refusing to pay out on business interruption (BI) claims, even after the UK High Court’s ruling last week. The court sided with policyholders in a landmark judgement that obligated UK re/insurers ... Read the full article
CAC Specialty adds Matt Movafaghi to Tax Insurance Practice
24th September 2020
Specialty insurance broker and investment banking platform CAC Specialty has announced the appointment of Matt Movafaghi as Senior Vice President within its Tax Insurance Practice. Most recently, Movafaghi was Senior Tax Counsel for Chevron Corporation, the US multinational energy firm. In this role, he was responsible for implementing tax planning strategies and ... Read the full article
Willis Re unveils new Indonesia Flood model
24th September 2020
Willis Re, the reinsurance arm of global brokerage Willis Towers Watson (WTW), has launched a new fully probabilistic Indonesia Flood model, developed in collaboration with the Willis Research Network (WRN) and the National University of Singapore (NUS) Tropical Marine Science Institute (TMSI). Willis Re's new Indonesia Flood model provides a comprehensive ... Read the full article
Munich Re, Alphabet-backed insurtech Next secures $250mn in funding
24th September 2020
Next Insurance, the digital insurtech firm backed by Munich Re, has raised $250 million in a Series D financing round led by Alphabet's independent growth fund, CapitalG. Alphabet is the parent company of Google and several former Google subsidiaries. CapitalG Partner Sumiran Das will join the Next Insurance Board of Directors. Next Insurance ... Read the full article
BMS adds Jason Stone to lead Canadian Private Equity, M&A team
24th September 2020
Independent specialist re/insurance broker BMS Group has appointed Jason Stone as Managing Director, BMS Canada Private Equity, M&A division. Effective immediately, Stone will report to Brian Gomes, President & CEO of BMS Canada, and will be based in Toronto. He will lead the Canadian Private Equity and M&A team and focus on ... Read the full article
Swiss Re finds major economies at risk from biodiversity decline
24th September 2020
A new report from Swiss Re Institute claims that one fifth of countries worldwide are at risk from ecosystem collapse and biodiversity declines, which threaten some of the major global economies. The reinsurer says that more than half of global GDP, equal to $41.7 trillion, is dependent ... Read the full article
AVIVA elects new Chairman for International Underwriting Association
24th September 2020
London-headquartered insurer, Aviva has announced the election of Patrick Tiernana as the new Chairman of the International Underwriting Association. Tiernan has been a member of the IUA Board since 2017 and accepted his new role as Chairman at the association’s annual general meeting on Wednesday 23 September. He takes over from Malcolm ... Read the full article
R&Q in Loss Portfolio Transfer & Insurance Business Transfer with Allianz
24th September 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) has transacted a Loss Portfolio Transfer (LPT) with Allianz SE, Germany, with the close assistance of Black Forest Reinsurance Consulting (BFRC). With this reinsurance transaction, the reinsurance is being provided by Accredited Insurance (Europe) limited, R&Q's rated carrier based in Malta. The transaction provides Allianz ... Read the full article
Munich Re strengthens capital base with green bond issuance
24th September 2020
Global reinsurer Munich Re has issued a subordinated green bond for the first time in its history, with the volume issued totalling €1.25 billion (USD 1.46 billion). The German reinsurance company says that the bond proceeds will be invested in renewable energies and the like, while the issuance also bolsters the ... Read the full article
RAA appoints Markel’s Jed Rhoads as Chair
24th September 2020
The Reinsurance Association of America (RAA) has announced that Jed Rhoads, President and Chief Underwriting Officer (CUO) at Markel Global Reinsurance, has been appointed as the new Chair of the RAA Board of Directors. Rhoads has worked for Markel for over 18 years, whilst holding the position of President and CUO ... Read the full article
COVID-19 accelerating demand for digital capabilities: insurtech report
24th September 2020
According to a new insurtech report from Capgemini and Efma, the COVID-19 pandemic has increased customer engagement and expectations when it comes to digital insurance, meaning re/insurers must accelerate their efforts to build digital capabilities. The World InsurTech Report 2020 (WITR) also noted that the boundaries between insurance, insurtechs, big tech ... Read the full article
ABIR members contribute $830mn to Bermuda economy in 2019
24th September 2020
The Association of Bermuda Insurers and Reinsurers (ABIR) has announced the results of its 15th annual ABIR Bermuda Economic Substance Survey. The survey showed that ABIR members contributed over $830 million to the Bermuda economy, up $15 million from calendar year 2018. ABIR members invested more than $131 million on local ... Read the full article
IGI ready to take advantage of market dislocation: President Waleed Jabsheh
23rd September 2020
According to IGI President Waleed Jabsheh, the company has been largely insulated from the worst effects of the pandemic and is ready to take capitalise on the market opportunities COVID-19 has presented. Speaking in an interview with Reinsurance News, Jabsheh noted that IGI has little exposure to the areas that have ... Read the full article
Beazley expands US executive risk team
23rd September 2020
Specialist insurer Beazley has expanded its underwriting and claims presence in the US with a series of new hires within the executive risk team. Elizabeth Cassarino joins Beazley’s Boston team as an underwriter. She most recently served as an executive risk underwriter at Chubb. Before that, she spent six years at Ace ... Read the full article
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