Reinsurance News
AIR updates Multiple Peril Crop Insurance Model for China
23rd September 2020
Catastrophe risk modelling firm AIR Worldwide (AIR) has announced that it released an updated Multiple Peril Crop Insurance (MPCI) Model for China. The product has been updated in order to support probabilistic assessments for five newly modelled crop lines of business and a newly modelled sub-peril. This update also includes a ... Read the full article
Value remains as reinsurance market evolves: Aon
22nd September 2020
Re/insurance broker Aon continues to see value in the global reinsurance industry, even as markets evolve in the wake of the COVID-19 pandemic. Reinsurance remains an accretive form of capital for insurers in managing volatility and Aon notes that risk transfer over the last six months has demonstrated the value reinsurance ... Read the full article
Lockton announces alliance with Birwood Services Group
22nd September 2020
Insurance broker Lockton has announced a strategic alliance with Birwood Services Group, a Detroit-based minority business enterprise (MBE) insurance brokerage. The new alliance with Birwood will provide end-to-end solutions, including risk management, benefits and human capital consulting, and business succession planning. It will also assist companies in implementing corporate social responsibility goals ... Read the full article
Industry will “rise to the challenge” of new FCA measures, says WTW
22nd September 2020
Re/insurance broker Willis Towers Watson (WTW) has said it is confident the industry will “rise to the challenge” of the new measures proposed by the Financial Conduct Authority (FCA), which aim to tackle unfair insurance prices for renewing customers. The main proposal put forward by the UK regulator will require ... Read the full article
PartnerRe bolsters retrocession team with three new hires
22nd September 2020
Bermuda-based reinsurer PartnerRe has appointed Nicholas Hughes as head of retrocession, as well as two additional new hires within its retrocession team. Based in PartnerRe’s Bermuda office, Hughes will continue to report to Greg Haft, CEO global catastrophe. He most recently served as head of global catastrophe at PartnerRe, having joined the company ... Read the full article
Reinsurer earnings recover after Q1 volatility: DBRS Morningstar
22nd September 2020
The half-year results of property and casualty (P&C) reinsurers show that most firms have recovered from the effects of the financial market volatility that followed global lockdown measures in Q1, according to analysts at DBRS Morningstar. DBRS’ review of H1 results shows that most large reinsurers reported positive net earnings for ... Read the full article
Berkley Offshore Underwriting Managers launches ocean cargo line
22nd September 2020
Berkley Offshore Underwriting Managers, a subsidiary of W. R. Berkley Corporation, has announced the launch of an ocean cargo product line within its marine division. This new product will focus on providing coverage for cargo in transit, cargo stock throughput, and project cargo as offerings to US domiciled companies. Mark Bernas has ... Read the full article
Severe weather cost re/insurers $5bn in August: Jefferies
22nd September 2020
Financial services company Jefferies has released a catastrophe loss model update, which estimates that severe weather cost insurers $5 billion in the month of August 2020. This is the same amount as Hurricane Laura, suggesting that weather has been an issue long before the hurricane. Year-to-date, Jefferies expects that catastrophe losses now ... Read the full article
Riskbook selects r10 as global implementation, integration partner
22nd September 2020
Reinsurance placement technology provider Riskbook is entering into a strategic partnership with r10 Consulting. Moving forward, r10 will be the preferred global implementation and integration partner for the Riskbook platform. The collaboration will see r10 support Riskbook and its clients in implementing the product suite from proof of concept stage through to enterprise-wide utilisation. Riskbook ... Read the full article
FCA proposes measures to tackle unfair insurance pricing
22nd September 2020
UK regulator the Financial Conduct Authority (FCA) has proposed a set of measures designed to tackle unfair pricing practices for customers renewing their retail home and motor insurance policies. The proposals follow on from the FCA’s October 2019 report, which found that 6 million policyholders paid high prices in 2018, ... Read the full article
Insurtech FloodFlash launches expanded parametric product
22nd September 2020
Insurtech FloodFlash has launched the newest iteration of its commercial parametric flood insurance, FloodFlash+. FloodFlash+ sees policies underwritten by a panel of insurers and reinsurers and allows clients to select multiple sensors for a single site, cover multiple properties in a portfolio under a single policy, or include third party data from river ... Read the full article
CAC Specialty makes senior appointments to Natural Resources Practice
22nd September 2020
Insurance broker, CAC Specialty (CAC) has announced the appointments of Lisa Harris as Executive Vice President of Client Service and Gary King as Executive Chairman for its newly formed Natural Resources Practice. The Natural Resources Practice will warehouse CAC’s key resources focused on serving clients in the energy, mining, power, and ... Read the full article
Beazley doubles COVID-19 claims cost to $340mn
22nd September 2020
Specialty insurer Beazley has increased its estimated cost of COVID-19 claims from $170 million to $340 million. The claims are from Beazley's first party business and almost exclusively driven by further event cancellation losses. Given the recent surge in COVID-19 cases Beazley was forced to abandon its initial $170 million estimate, which ... Read the full article
Arch combines Lloyd’s units under one brand
22nd September 2020
Arch Insurance International, a subsidiary of Bermudian re/insurer Arch Capital Group, Ltd., has combined its Lloyd’s managing agency units into a single business, called Arch Managing Agency Limited. The new brand brings together Arch Underwriting and Barbican Managing Agency Ltd. into a single operation. It will manage Syndicate 2012, Syndicate 1955, Arcus ... Read the full article
This is the market we’ve been waiting for: Hamilton Re’s David Brown
22nd September 2020
With rates now on a trajectory towards hard market territory, Hamilton Re Chairman and interim CEO David Brown says the company is seeing opportunity across specialty insurance and reinsurance business. Speaking in an interview with Reinsurance News, Brown said he was confident about Hamilton Re’s prospects following its takeover of Pembroke ... Read the full article
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