Reinsurance News
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
R&Q announces Loss Portfolio Transfer with Repwest Insurance
24th April 2020
Non-life insurance, reinsurance legacy and run-off acquisition specialist Randall & Quilter has entered into a Loss Portfolio Transfer Reinsurance Contract and a Transfer Agreement with Repwest Insurance Company. Repwest is based in Arizona and is a wholly owned subsidiary company of AMERCO, the parent company of U-Haul. This transaction assists Repwest towards ... Read the full article
AM Best downgrades Kenya Re outlook
24th April 2020
AM Best has revised its Long-Term Issuer Credit Rating (Long-Term ICR) outlook to negative from stable for Kenya Reinsurance Corporation Limited (Kenya Re). The rating agency explained that the negative outlook on the Long-Term ICR reflects Kenya Re’s poor technical performance in recent years It noted that this performance has been demonstrated ... Read the full article
Chubb appoints Markwick-Day to CUO role within overseas general energy division
24th April 2020
Global re/insurer Chubb has announced the appointment of Melanie Markwick-Day as upstream energy senior underwriting officer for its overseas general energy division. Markwick-Day previously worked for Lloyd’s syndicates Ascot and Neon as upstream energy class underwriter. She is based in London and reports to Andrew Brown, Chief Underwriting Officer, global energy. Her remit ... Read the full article
AXIS Insurance adds Head of Strategy and Innovation role for Cyber & Tech
24th April 2020
AXIS Insurance, a division of Bermuda-based AXIS Capital Holdings Limited, has hired former Lockton Senior Vice President (SVP), Max Perkins, as Head of Strategy and Innovation for the firm's Global Cyber and Technology unit, effective immediately. In this newly created role, Perkins will be based in the U.S. and reports to ... Read the full article
COVID-19 could be biggest ever industry loss, warns Lloyd’s CEO
24th April 2020
John Neal, Chief Executive Officer (CEO) of Lloyd’s of London, has said that the coronavirus (COVID-19) pandemic could be the most expensive event in history for the re/insurance industry. Speaking to the Financial Times, Neal said that the crisis will likely dwarf other major disasters such as Hurricane Katrina in 2005 ... Read the full article
Watford posts $256mn Q1 investment loss off COVID-19
24th April 2020
Bermuda domiciled re/insurance company Watford Holdings is expecting to shoulder a $256 million net investment loss in the first quarter due to coronavirus-related market volatility. Watford says the loss predominantly consists of unrealised mark-to-market losses to its non-investment grade fixed-income portfolio. The impact of unrealised mark-to-market losses on net income is estimated ... Read the full article
Global reinsurer capital up 7% in 2019: Aon
24th April 2020
Global reinsurer capital rose by 7% to $625 billion in 2019, according to Aon’s Reinsurance Aggregate (ARA) report, which tracked the financial performance of 23 leading reinsurance carriers over the year. The ARA underwrites roughly half of all global non-life reinsurance premiums and a large majority of life premiums. The report’s calculation ... Read the full article
Everest Re sees $150m of Q1 COVID-19 claims, mostly from reinsurance
24th April 2020
Bermuda domiciled reinsurer Everest Re Group, Ltd. has announced estimated pre-tax net first party losses of $150 million in Q1 for claims related to the COVID-19 coronavirus pandemic. The reinsurer says that the majority of the losses are expected to come from its reinsurance operation. Overall, Everest Re expects its first-quarter ... Read the full article
Cat reinsurers broadly optimistic about mid-year renewal pricing: KBW
24th April 2020
Catastrophe reinsurers attending the AIFA 2020 conference remain broadly optimistic about mid-year renewal pricing, with some estimated increases approaching 50% for the Japan-focused 4/1 renewals, according to analysts at Keefe, Bruyette & Woods. In addition, roughly 20% increases are expected for the Florida-focused 6/1 renewals, with the delta reflecting Japan’s significant ... Read the full article
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