Reinsurance News
COVID-19 rate cuts worsening “often-forgotten” casualty lines catastrophe: JMP
18th September 2020
Analysts at JMP Securities have underlined how risk-free rates have stabilised following emergency COVID-19 rate cuts by the US Federal Reserve, elongating and worsening an "often-forgotten" casualty lines catastrophe. Analysts believe the Fed's recent emergency rate cuts and ensuing interest rate volatility has investors re-examining their expectations for the future direction ... Read the full article
Hive Aero adds Andrew Webster, David Adcock to new Aviation team
18th September 2020
London-based managing general agent Hive Aero has added Andrew Webster as Class Underwriter and David Adcock as Head of Aviation Claims. Effective October 1, Webster and Adcock will be based in London and report to Chief Operating Officer, Bruce Carman. Webster will be responsible for the Aviation Hull and Liabilities (All Risks) ... Read the full article
Carbon Underwriting adds Gary Clark as property underwriter
18th September 2020
Specialist independent managing general underwriter Carbon has announced the appointment of Gary Clark as property underwriter. Clark brings over a decade’s experience and most recently served as an underwriter at Antares Managing Agency. Commenting on his appointment, Clark said, “I’m immensely excited to join Carbon’s dynamic and forward-thinking team. "My focus has always been on ... Read the full article
FCA’s test case ruling irrelevant to current US BI litigation: FAIR
18th September 2020
The U.K. High Court has issued a ruling concerning the UK Financial Conduct Authority’s (FCA) test case on pandemic-related business interruption claims against 21 representative policies issued by 8 insurers. Although the ruling has provided UK insurers and policyholders with more clarity, the FAIR campaign does not believe that the verdict will ... Read the full article
Fitch removes Lloyd’s from Rating Watch Negative as underwriting improves
18th September 2020
Fitch Ratings has removed Lloyd's of London's, Lloyd's Insurance Company (China) Ltd.'s, and Lloyd's Insurance Company S.A.'s Insurer Financial Strength (IFS) Ratings from Rating Watch Negative (RWN). At the same time, Fitch has affirmed Lloyd's and its two operating subsidiaries' IFS Ratings at 'AA-' (very strong), while the outlook is stable. At ... Read the full article
Neptune Flood announces expansion of insurance products
18th September 2020
Neptune Flood Incorporated, an insurtech firm focused on the flood market, has announced the expansion of its insurance products to now include all NFIP product types. Neptune President & CEO, Trevor Burgess commented: "Building off of the successful launch of our commercial flood insurance product this summer we are excited to ... Read the full article
Progressive recovers $80mn from reinsurance in August
18th September 2020
Property and auto-focused insurance group Progressive recovered a total of $80 million from its reinsurance during August. $70 million was recovered after its 2020 cat losses and associated allocated loss adjustment expenses (ALAE) in its property business exceeded the $375 million annual retention threshold. An additional $10 million was recovered because the Property ... Read the full article
Aon adds Camilo Ruiz to facultative reinsurance team in Colombia
18th September 2020
Re/insurance broker Aon has announced that Camilo Ruiz has joined its Reinsurance Solutions Facultative business in Colombia. Ruiz joins Aon from Carpenter Marsh Fac, where he was Fac Senior Vice President since 2018. During his 27-year broking career, he has also held Senior Vice President positions at Willis Re and JLT Re. Based ... Read the full article
Remote working triggers rise in phishing attacks over Q2: Beazley
18th September 2020
The growing reliance on remote working due to the COVID-19 pandemic has triggered a rise in phishing and social engineering scams over Q2, according to specialist re/insurer Beazley. These kinds of email attacks had been on the decline from Q4 2019 to Q1 2020, but the arrival of the global pandemic ... Read the full article
Hurricane Sally losses will largely fall to NFIP: AM Best
18th September 2020
Analysts at AM Best do not expect Hurricane Sally to constitute a major insurance industry loss due to its large flood component, which will mainly be covered by the US National Flood Insurance Program (NFIP). Hurricane Sally made landfall on the US Gulf Coast early on Wednesday morning, dropping massive amounts ... Read the full article
FEMA commences 2021 NFIP reinsurance renewal process
18th September 2020
The Federal Emergency Management Agency (FEMA) has returned to the traditional market and begun its procurement of reinsurance for the National Flood Insurance Program (NFIP), to be effective on or about January 1st, 2021. After testing the market with a limited placement in 2016, FEMA's NFIP has been leveraging reinsurance protection, ... Read the full article
Allstate pegs August cat losses at $985mn
18th September 2020
US primary insurer Allstate has estimated its catastrophe losses for the month of August at $985 million, pre-tax. Losses during the period consisted of 11 events at an estimated cost of $969 million, pre-tax, plus unfavorable prior period reserve reestimates. Estimated catastrophe losses for the month include a $430 million impact of ... Read the full article
Hannover Re notes challenging, but improving conditions in Europe
18th September 2020
In a recent webinar, Hannover Re explored how the market conditions in Europe are currently challenging but are still expect to improve in 2021. The reinsurer has predicted that, in Germany in 2021 there will be a lower growth rate in the primary insurance market in comparison to prior years. The result ... Read the full article
Convex names Paskin & Butt as CEO’s of core underwriting subsidiaries
18th September 2020
International speciality insurer and reinsurer, Convex Group Limited, has announced the appointment of Matt Paskin as Chief Executive Officer (CEO) of Convex Re Limited (Bermuda) and Theo Butt as CEO of Convex Insurance UK Limited (London). Both of these roles were previously held by Convex Co-Founder and Group Deputy CEO, Paul ... Read the full article
DUAL Asset enters DUAL strategic partnership with Accredited Insurance
18th September 2020
DUAL Asset, part of Hyperion Insurance Group's underwriting arm DUAL, has announced a long-term partnership with specialist program manager Accredited Insurance (Europe), for its UK legal indemnity insurance business. The deal will see Accredited's UK Branch join DUAL Asset’s online comparison sites. DUAL Asset’s online quote and buy portal provides a range ... Read the full article
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