Reinsurance News
Allianz sets up bancassurance venture in Spain with BBVA
28th April 2020
Allianz has announced that it plans to set up a bancassurance joint venture in Spain with Banco Bilbao Vizcaya Argentaria (BBVA) that will allow it to distribute its property and casualty insurance products through BBVA’s network. The French insurer will acquire 50% plus 1 share in the joint venture for €277 ... Read the full article
Marsh expands renewable energy capabilities with key hires
28th April 2020
Global insurance broker Marsh has announced a series of key leadership appointments within Marsh JLT Specialty's Renewable Energy team. Oliver Holme joins as UK and US Offshore Wind Leader, a newly-created role, and reports to Hamish Roberts, Power Leader and Amy Barnes, Energy & Power Leader, US and Canada. Holme most recently ... Read the full article
Cincinnati Financial reports $1.23bn Q1 net loss as investments struggle
28th April 2020
Cincinnati Financial Corporation has reported a net loss of $1.226 billion for the first-quarter of 2020, as the impact of the COVID-19 coronavirus pandemic saw the company recognise a more than $1.3 billion reduction in the fair value of equity securities still held. In Q1 2020, Cincinnati Financial's investment result suffered ... Read the full article
Crawford & Company details CEO, President transition plan
28th April 2020
Crawford & Company, an independent provider of claims management and outsourcing solutions to carriers, brokers and corporates, has announced a Chief Executive Officer and President transition plan. After serving as Crawford & Company’s CEO & President for the last five years, Harsha V. Agadi, will be returning back to the board ... Read the full article
Universal reports 15.7% rise in direct premiums for Q1
28th April 2020
Universal Insurance Holdings has reported a 15.7% increase in direct premiums written for the first quarter, totalling $334.6 million, against the prior year quarter. Total revenue decreased 0.6% for the quarter, driven primarily by higher reinsurance costs and unrealised losses on investments, partially offset by higher organic premium pricing and volume ... Read the full article
Arch promotes Croome and Biggas at Syndicate 12
28th April 2020
Arch Insurance International, a division of Arch Capital Group Ltd., has announced the promotion of both James Croome and Marie Biggas at Arch Syndicate 2012. Croome has been promoted to Active Underwriter and Biggas to Deputy Active Underwriter and, both new roles are in addition to their existing underwriting management roles ... Read the full article
COVID-19 to weigh heaviest on life and health carriers: GlobalData
28th April 2020
Analysts at data and analytics firm GlobalData believe that the COVID-19 pandemic will put more strain on the life and health insurance sectors in the US than their property and casualty counterparts. GlobalData said this disparity is partly due to the nature of the healthcare system in the country. Life and health ... Read the full article
Ascot names Everest’s Jonathan Zaffino as Group President
28th April 2020
Ascot Group, a global provider of specialty insurance and reinsurance solutions, has announced the appointment of Everest Insurance's Jonathan Zaffino as Group President. Zaffino will be based in the company's New York office and joins the firm after completing his contractual obligations with Everest Re. It was announced yesterday that Zaffino, ... Read the full article
Cyber risk requires unique modelling approach: CyberCube report
28th April 2020
According to a new report from cyber analytics provider CyberCube, the evolution of natural catastrophe modelling since Hurricane Andrew in 1992 can act as a template for cyber modellers, but only up to a point. The company believes cyber’s lack of historical data and rapidly evolving nature means modellers need to ... Read the full article
AXIS Capital reports $235mn of COVID-19 losses in Q1
27th April 2020
AXIS Capital Holdings Limited has estimated that its Q1 results will include $235 million of claims related to the coronavirus (COVID-19) pandemic. In total, AXIS Capital announced a net claims provision of $300 million, pre-tax, with weather related events making up the other $65 million. The company said its claims provision for ... Read the full article
Berkshire (BHSI) expands Global Property Underwriting Officer team
27th April 2020
The insurance arm of Warren Buffett's global insurance and reinsurance company, Berkshire Hathaway Specialty Insurance Company (BHSI), has expanded its Global Property Underwriting Officer team with the addition of Alessandro Cerase. Cerase will focus on General Property, Energy and Construction within the team. At the same time, he will also retain his ... Read the full article
Everest Insurance President & CEO Zaffino resigns
27th April 2020
Everest Re Group has announced the resignation of Jonathan Zaffino, President and Chief Executive Officer of the Everest Insurance Division. Zaffino departs to pursue another opportunity and will remain on garden leave until mid-June “Since joining Everest just over five years ago, Jon and the Insurance leadership team have built Everest Insurance® into ... Read the full article
Aon execs agree to 50% pay cut amid COVID-19, CEO reacts
27th April 2020
Global re/insurance brokerage Aon has announced a series of salary reductions agreed to by its named executive officers, in response to the ongoing coronavirus pandemic. Each of the Company’s NEOs, Gregory Case, Chief Executive Officer, Christa Davies, Chief Financial Officer, Eric Andersen, President, and John Bruno, Chief Operating Officer, as well ... Read the full article
Fitch maintains PartnerRe on Positive Watch after COVID-19 review
27th April 2020
Fitch Ratings has maintained PartnerRe’s ratings on Rating Watch Positive, including its 'A-' Issuer Default Rating and the 'A+' (Strong) Insurer Financial Strength rating of the company's principal reinsurance operating subsidiary. Fitch’s ratings are based on its current assessment on the impact of the coronavirus pandemic, including its economic impact, under ... Read the full article
Nasdaq upgrades cat risk modelling service for reinsurers
27th April 2020
Nasdaq has announced the launch of its upgraded catastrophe risk modelling service for the reinsurance industry. The cloud-based solution enables insurers, reinsurers and brokers to access a range of risk models from a number of providers through a single service. It is currently focused on natural catastrophes with models for earthquakes, hurricanes, ... Read the full article
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