Reinsurance News
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
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
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