Reinsurance News
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
Fidelis makes senior appointments within pricing team
23rd September 2020
Fidelis Insurance has announced the promotions of David Woods to Head of Property Pricing, and John-Paul O'Hare to Head of Specialty Pricing. Woods has been with the insurer for four years working as their pricing actuary. Previously he worked at RSA where he was an actuarial analyst for over five years. ... Read the full article
Everest Insurance bolsters underwriting leadership with three exec hires
23rd September 2020
Everest Insurance, a division of Bermuda-based insurer and reinsurer Everest Re Group, has announced three new executive appointments within its underwriting leadership team. Mike Harnett has been named Chief Underwriting Officer in North America. He joined Everest in 2017 as deputy CUO after 13 years with ACE. Harnett will report to Everest Insurance COO ... Read the full article
Cowbell Cyber launches new Prime 250 program
23rd September 2020
AI-powered cyber insurer, Cowbell CyberAI has announced the availability of Prime 250, a new insurance program with coverage designed to address a broad variety of cyber risks. With a rise in the number of cyberattacks, Cowbell notes that there has been an increase in demand from businesses that need protection from ... Read the full article
Swiss Re takes pride in pushing the boundaries of insurability: CEO Mumenthaler
23rd September 2020
Christian Mumenthaler, the Chief Executive Officer (CEO) of reinsurance giant Swiss Re, is proud of the company's efforts to make the world more resilient amid a "super frustrating" and expanding global protection gap (disparity between economic and insured losses post-event). Mumenthaler recently spoke with our sister publication ... Read the full article
FCA proposals could harm UK insurers’ profitability: S&P
23rd September 2020
New measures proposed yesterday by the Financial Conduct Authority (FCA), which aim to tackle unfair insurance prices for renewing customers, could harm the profitability of UK insurers, according to analysts at S&P Global Ratings. The main proposal put forward by the UK regulator will require insurers to offer a renewal ... Read the full article
United Insurance estimates Q3 cat losses at $135mn
23rd September 2020
Property and casualty insurance holding company United Insurance Holdings Corp. (UPC Insurance) has announced its estimated catastrophe losses for the third quarter of 2020. Currently, UPC Insurance estimates that it incurred catastrophe losses of approximately $135 million in Q3 before income taxes, or about $107 million after tax. This figure is net ... Read the full article
Hurricane Sally to trigger FedNat’s reinsurance cover
23rd September 2020
Florida based primary insurer FedNat expects its payouts for hurricane Sally to exceed its single-event aggregate reinsurance retention of $25 million. Sally made landfall near Gulf Shores, Alabama, on September 16 as a Category 2 hurricane impacting both Alabama and the Florida Panhandle. The storm quickly diminished after landfall as it crept northeast ... Read the full article
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