Reinsurance News
Pick re/insurance software the right way and keep your job
27th April 2020
Choosing the right insurance or reinsurance software platforms and tools can be a challenge in itself, but it's vital to approach this in the right way, Dmitry Mnushkin, President of Treefrog Consulting writes. Part 1 in a 3-part series of articles dealing with how people can help their companies survive during ... Read the full article
Brit adds Tracy Wade as VP of BGSU unit
27th April 2020
Specialty re/insurer Brit has announced the appointment of Tracy Wade as Vice President, Programs, for Brit Global Specialty USA (BGSU). Wade will be based in Georgia and report to Tim Chesson, Senior Vice President, Programs. She will be responsible for developing BGSU’s Specialty Program offering and identifying future opportunities for growth, working ... Read the full article
AM Best affirms credit ratings of Hamilton subsidiaries
27th April 2020
AM Best has affirmed the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Hamilton Re and Hamilton Insurance Designated Activity Company, each a subsidiary of Hamilton Insurance Group. The outlook of these Credit Ratings remains stable. AM Best says its ratings reflect Hamilton’s balance sheet ... Read the full article
ABI members to pay out £1.2bn+ for COVID-19 claims
27th April 2020
Initial estimates from the Association of British Insurers (ABI) indicate that its members expect to pay out over £1.2 billion in claims to support businesses and individuals affected by COVID-19. This estimate includes payments for business interruption, travel insurance, weddings policies and cancelled school trips, but does not include claims made ... Read the full article
Pre-coronavirus reinsurance capital up 15%: Willis Re
27th April 2020
Strong investment market performance saw total capital dedicated to the global reinsurance industry hit $605 billion in 2019, a 15% year-on-year growth. According to a new report by Willis Re, year-to-date 2020 will have seen much of this expansion unwind due to the steep sell-off in equity and corporate bond markets ... Read the full article
COVID-19 will be the biggest event in insurance history: Chubb CEO
27th April 2020
Chubb CEO Evan Greenberg has said that the coronavirus (COVID-19) pandemic is likely to become the “largest event in insurance history” once all the costs are added up. Speaking as part of an earnings call alongside the release of Chubb’s Q1 results, Greenberg assured investors that the pandemic would be ... Read the full article
Ian Carson re-appointed Chair of Australian Reinsurance Pool Corporation
27th April 2020
The Morrison Government has announced the re-appointment of Ian Carson as Chair of the Australian Reinsurance Pool Corporation (ARPC) for a further three-year period, commencing July 1, 2020. Carson has served as Chair of the ARPC since July 2017 and has extensive board membership experience. He previously served on the boards of ... Read the full article
COVID-19 to trigger major world economy contraction: MAPFRE
24th April 2020
The economic research division of re/insurer MAPFRE has sharply revised its forecasts for the world economy and expects an unprecedented impact on activity due to COVID-19. However its report does underline the uncertainty of the situation and says it is impossible to anticipate the results of economic and social policy decisions. The ... Read the full article
Pacific Life Re bolsters leadership team in Korea
24th April 2020
Life reinsurer Pacific Life Re has announced several new appointments to its operation in Korea. Phil Hay has joined Pacific Life Re as the new Head of Korea in Seoul reporting to Andrew Gill, the Managing Director, Asia and Australia. Hay, who has over 25 years’ experience in the life insurance industry, ... Read the full article
Everest Insurance makes changes to Commercial Casualty leadership team
24th April 2020
Everest Insurance, a division of Everest Re Group, Ltd., has announced a number of promotions within its Commercial Casualty leadership team, with four U.S. domiciled underwriters becoming regional leaders. Frank Engle, who joined Everest Insurance in 2018 in the Atlanta office, has been appointed Vice President & Regional Leader for the ... Read the full article
B.P. Marsh investee firm XPT acquires 100% of Texas-based LP Risk
24th April 2020
B.P. Marsh & Partners Plc has announced that investee firm, XPT Group LLC, has acquired 100% of LP Risk, Inc, the Houston, Texas-based managing general agency (MGA) and surplus lines brokerage. As well as its headquarters in Houston, LP Risk has additional offices in Dallas and San Antonio (Texas). The MGA ... Read the full article
UBS estimates COVID-19 insured losses at up to $60bn
24th April 2020
UBS, the Swiss multinational investment bank and financial services company, has estimated that insured losses resulting from the coronavirus (COVID-19) pandemic could be between $30 billion and $60 billion, according to reports from Reuters. The bank raised its estimates up from a previous range of $20 billion to $40 billion, due ... Read the full article
COVID-19 shows need for more public risk management: Denis Kessler
24th April 2020
SCOR CEO Denis Kessler has said that the coronavirus (COVID-19) pandemic has raised new questions about the role of the state and highlighted the need for more public risk management. Speaking in an interview with l’Opinion, Kessler said that after the crisis has cooled down, states will have to concentrate all ... Read the full article
IRB Brasil Re withdraws profit guidance due to COVID-19
24th April 2020
Rio de Janeiro headquartered reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) has decided to withdraw its profit guidance for 2020, due to the coronavirus (COVID-19) pandemic. The company said the move reflected the “current market conditions and the uncertainties of the magnitude of the impacts resulting from the coronavirus in ... Read the full article
Intelligent insurance ecosystem launched by EIS and PwC
24th April 2020
EIS Group, an insurance software company, has collaborated with PwC to launch an intelligent digital insurance ecosystem designed to enable insurers taking a greenfield approach to get closer to their customers and better understand their needs. As the world becomes ever more interconnected through advanced technology and heightened levels of digitisation, ... Read the full article
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