Reinsurance News
TransRe hires Stephanie Russell to lead Canadian branch
23rd April 2020
Transatlantic Reinsurance Company (TransRe), the wholly owned reinsurance subsidiary of Alleghany Corporation, has announced that Stephanie Russell has been appointed Chief Agent for its Canadian operations, effective April 13, 2020. Russell joined TransRe Toronto from Aviva Canada in 2015 to lead the local actuarial department, and was promoted to Appointed Actuary ... Read the full article
WTW announces leadership changes in Singapore & South Asia
23rd April 2020
Global re/insurance brokerage Willis Towers Watson (WTW) has appointed Leng Leng Ng as Country Leader for Singapore as Vivek Nath transitions to lead the company's Corporate Risk and Broking (CRB) operation in South and Southeast Asia. Ng takes on the responsibilities in addition to her role as Head of CRB in ... Read the full article
Hyperion X upgrades digital platforms to support remote working
23rd April 2020
Hyperion X, the data and analytics specialist unit of the Hyperion Insurance Group, has launched an upgrade to its digital platforms to support higher demand for remote working. The firm reported that it has experienced record demand across multiple areas of trading as the market undergoes rapid change in the midst ... Read the full article
Bold Penguin partners with Markel Specialty to expand commercial offerings
23rd April 2020
Commercial insurance platform provider Bold Penguin is expanding commercial offerings on its exchange to include excess and surplus (E&S) coverage, after partnering with Markel Specialty. Bold Penguin operates a digital exchange platform designed to help small-medium businesses, their brokers, and major carriers connect as fast as possible. The company believes adding E&S ... Read the full article
Covid-19 claims manageable, but reinsurers face formidable challenges: Willis Re
23rd April 2020
Willis Re, the reinsurance broking arm of Willis Towers Watson (WTW), has said that while reinsurance claims from the global COVID-19 pandemic are likely to be manageable, the industry is facing some formidable challenges. In a recently published COVID-19 Impact report, reinsurance broker Willis Re says that so far, reinsurers have ... Read the full article
COVID-19 heightens risk for cargo shippers, transportation firms: Allianz
23rd April 2020
A report by global insurer Allianz has underlined the impact coronavirus-related lockdown measures could have on cargo shippers and transportation companies, as supply chains continue to face prolonged disruption. Allianz notes how the growing number of locked down and unmanned facilities means not only a greater risk of theft and fire ... Read the full article
Sompo International announces agricultural insurance partnership
23rd April 2020
Specialty property and casualty re/insurer Sompo International Holdings’ global agricultural platform has entered into a partnership to offer crop insurance solutions to the agricultural sector in Portugal. The partnership between AgriSompo and Portuguese Managing General Agent ATLAS Segurmina will result in the offering of a variety of traditional crop insurance products ... Read the full article
Liberty Mutual names Pete D’Orsi Chief Data & Analytics Officer, GRS
23rd April 2020
The commercial and specialty insurance and reinsurance division of Liberty Mutual Insurance, Global Risk Solutions (GRS), has appointed Pete D'Orsi to the newly created position of Chief Data and Analytics Officer. In his new role, D'Orsi will report to GRS Chief Underwriting Officer (CUO), James Slaughter. He will partner with primary, ... Read the full article
Willis Towers Watson names Cyrille de Montgolfier as Head of France
23rd April 2020
Re/insurance broker Willis Towers Watson has announced the appointment of Cyrille de Montgolfier as the new leader of its French business, Gras Savoye Willis Towers Watson. De Montgolfier takes up the position of Head of France on 27 April and will be based in Paris. He has over three decades of insurance ... Read the full article
Lower cat losses to lift US P&C profits: AM Best
23rd April 2020
AM Best expects the financial performance of the US property and casualty (P&C) industry to show improvement for 2019, with results benefiting from a lower level of catastrophe losses and an improving rate environment in key lines, particularly short-tail property lines. The rating agency expects the 2019 combined ratio to improve ... Read the full article
COVID-19 disruption sees whiplash reform delayed to 2021
22nd April 2020
The UK’s Ministry of Justice has confirmed its decision to delay the implementation of the Whiplash Reform Programme until April 2021, citing unprecedented disruption caused by the ongoing coronavirus pandemic. Under the Programme, small claims track limit for road traffic accident related personal injury claims will be increased to £5,000; while ... Read the full article
COVID-19 stress pushes RLI to net loss in Q1
22nd April 2020
US property and casualty (P&C) insurer RLI has posted a net loss of $61.3 million for the first quarter of 2020, driven by “stress in the capital markets” owing to the coronavirus (COVID-19) pandemic. This loss compares to net earnings of $53.4 million in the fourth quarter of 2019, and net ... Read the full article
KBW forecasts improvements for some virus-hit lines
22nd April 2020
Analysts at KBW have said that their near-term outlook favours re/insurers focused on lines for which underwriting prospects are improved by the coronavirus (COVID-19) pandemic and global responses to it. In contrast, they added that re/insurers exposed to lines with virus-related loss exposure will probably see initial pressure. For example, KBW expects ... Read the full article
RIMS presses Congress over pandemic risk insurance backstop
22nd April 2020
The risk management society (RIMS) has called for the establishment of a pandemic risk insurance program in the U.S. to accelerate economic recovery to the ongoing COVID-19 pandemic. As the virus continues to spread the volatile and uncertain financial market environment and subsequent recessionary risks have intensified on a global basis. Currently, ... Read the full article
WR Berkley posts $65mn COVID-19 hit for Q1
22nd April 2020
Re/insurance holding company W. R. Berkley’s first quarter results have included a $65 million preliminary provision for COVID-19 related claims activity. The company said it is continually monitoring the rapidly evolving legal and regulatory environment and the potential impact it will have on the re/insurance industry. Q1 also saw net premiums written ... Read the full article
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