Reinsurance News
Travelers’ reinsurance program absorbed $101mn of Q4 cat losses
27th January 2020
US primary insurer Travelers has disclosed that it recovered $101 million of catastrophe losses from its aggregate reinsurance treaty during the fourth quarter of 2019. The company recorded a total of $186 million of pre-tax catastrophe losses in the quarter, but only incurred an $85 million loss after factoring in its ... Read the full article
Arch promotes Prashant Nema to Chief Information Officer
27th January 2020
Bermuda-based insurer and reinsurer, Arch Capital Group Ltd., has announced the promotion of Prashant Nema to Group Chief Information Officer (CIO). Most recently, Nema served as Senior Vice President (SVP), Divisional CIO for Insurance and U.S. Mortgage Insurance at Arch, and has been with the firm since October of 2015. Prior to ... Read the full article
Climate change adaptation must happen at scale: Swiss Re’s Scotti at Davos
27th January 2020
The potential impacts of climate change and required adaptation has been on the re/insurance industry’s radar, but what needs to happen, is adaptation at scale, according to Veronica Scotti, Chairperson Public Sector Solutions, Swiss Re. Speaking on a panel last week at the annual World Economic Forum (WEF) in Davos, Swiss ... Read the full article
Bermuda re/insurers set for improved pricing trends in 2020: Fitch
27th January 2020
Bermuda re/insurers are likely to see continued price firming in 2020, with surplus growth and modest gains in underwriting profits driven by organic growth opportunities and solid capital levels, according to Fitch Ratings. The rating agency noted that the market’s financial performance has recently been supported by higher unrealised investment gains ... Read the full article
Allianz promotes Margo Young to Chief Compliance Officer
27th January 2020
Global insurer Allianz has promoted Margo Young to the role of Chief Compliance Officer, replacing the recently-retired Ann Alexander. Young has been with Allianz’ compliance team since 2003 and most recently served as deputy to Alexander. In her role as deputy CCO she supported the transfer of Allianz’s home and personal motor ... Read the full article
Drop in cat-related insured losses dent Crawford’s Q4 results
27th January 2020
Crawford & Company, a provider of claims management solutions, saw lower overall claims volume, due in part by a significant drop in global catastrophe-related insured losses, result in lower than expected revenues for fourth quarter 2019. Harsha V. Agadi, president and Chief Executive Officer of the firm, also highlighted the effect ... Read the full article
Climate a factor in catastrophes & virus outbreaks: AXA CEO Buberl, at Davos
27th January 2020
For the insurance and reinsurance industry climate change is a common factor that is seen to affect the rate of catastrophe losses and also the incidence of virus outbreaks, AXA Group CEO Thomas Buberl explained. While trends remain uncertain, when it comes to the impact of climate change on the occurrence ... Read the full article
CyberCube CEO calls for public-private collaboration on cyber standards
27th January 2020
Pascal Millaire, Chief Executive Officer (CEO) of cyber risk analytics firm CyberCube, has argued that re/insurers must work closely with governments to help enforce minimum security standards as the world continues to grow its cyber vulnerabilities. Speaking alongside the World Economic Forum annual meeting in Davos, Millaire said that the re/insurance ... Read the full article
Fidelis names John Symms Head of Outwards Reinsurance
27th January 2020
Fidelis Insurance, the privately owned Bermuda-based holding company, has announced the appointment of John Symms as Head of Outwards Reinsurance. Going forward, Symms will coordinate all aspects of Fidelis’s engagement with reinsurers across all segments of the business. In this role, he will work closely with Phil Vandoninck, Chief Executive Officer (CEO) ... Read the full article
R&Q completes acquisition of Montana captive, Vigneron Insurance
27th January 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the acquisition of Vigneron Insurance Company, Inc. (VICI), a Montana-based captive insurer. R&Q has acquired VICI from a wholly owned private investment holding company with diverse holdings in a range of industries, real estate, marketable securities and other investments. The Montana captive insurer ... Read the full article
Social inflation adding pressure on loss costs for insurers: Analysts
27th January 2020
Analysts at Credit Suisse have highlighted litigation financing as a driver of social inflation, stating that the impact from litigation finance is adding more than USD 3.8 billion of additional costs into the US Court system each year. Social inflationary factors such as the #MeToo movement, opioid-related lawsuits, the erosion of ... Read the full article
Swiss Re’s Wiest confirmed in Reinsurance COO role
27th January 2020
Following the recent appointment of Kaspar Mueller as Swiss Re’s President of Reinsurance for Latin America, it is understood that Robert Wiest has since taken up his former role as Chief Operations Officer of Reinsurance. Wiest was formerly head of Global Business Solutions in group operations and has served with Swiss ... Read the full article
LIIBA agenda spotlights Lloyd’s reforms & Brexit planning
27th January 2020
The London and International Insurance Brokers’ Association (LIIBA) has announced the publication of its agenda for 2020, which emphasises further participation in the Future at Lloyd’s program and efforts to support Brexit planning. Specific initiatives for the year include working with HM Treasury to explore options for a regulatory approach more ... Read the full article
Climate non-profit Icebreaker One launches with industry backing
27th January 2020
Global non-profit Icebreaker One has launched with £1 million in funding and support from a consortium of re/insurers and other financial institutions, with the aim of developing an open standard for data sharing to stimulate climate-friendly product innovation in 2020. Also launched during the World Economic Forum meeting in Davos, the ... Read the full article
Wildfire is a canary in the coal mine for re/insurers: WeatherPredict’s Tillman
24th January 2020
The uptick in devastating wildfire losses over the last few years should come as a warning to re/insurers still sceptical about the potential impacts of climate change, says Craig Tillman, President of RenaissanceRe-owned risk intelligence and research affiliate WeatherPredict Consulting. Speaking as part of a lecture in the Old Library at ... Read the full article
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