Reinsurance News
UK trade credit package a boost for insurers, says GlobalData
22nd April 2020
Data and analytics firm GlobalData has said that the UK re/insurance industry could be boosted if the government decides to implement a trade credit reinsurance backstop scheme for the duration of the coronavirus (COVID-19) pandemic. Sources said earlier this week that insurers are discussing a new scheme with the Treasury ... Read the full article
AFL hires Pilar Villanueva as Head of LatAm desk
22nd April 2020
Independent Lloyd’s broker AFL Insurance Brokers Ltd (AFL) has announced the appointment of Pilar Villanueva as Head of LatAm desk. Based in London, she will work with AFL’s product line experts to ensure international capabilities are delivered to the region as AFL continues to build out its expertise in Latin America. Villanueva ... Read the full article
Financial market volatility hits Chubb in Q1, COVID-19 impact limited so far
22nd April 2020
Chubb's Q1 net income fell by more than 75% year-on-year to $252 million as a result of financial market volatility in the credit, equity and foreign exchange markets, with the firm's book value per share decreasing by 5.5% in the quarter. The insurer and reinsurer highlights the mark-to-market impact from financial ... Read the full article
Fitch revises Markel’s rating outlook to negative
22nd April 2020
The ratings for Markel Corporation's core property and casualty insurance subsidiaries have been affirmed by Fitch Ratings, although the Rating Outlook has been revised to Negative from Stable. Specifically, Fitch has affirmed the 'A+' (Strong) Insurer Financial Strength (IFS) ratings for Markel Corporation's principal P/C insurance subsidiaries, and the firm's senior ... Read the full article
Calls for pandemic insurance program similar to 9/11 terrorism coverage
22nd April 2020
The National Retail Federation is calling on US Congress to pass legislation establishing a federal program that would help businesses obtain insurance coverage for pandemics modeled on a program for terrorism insurance established following the 9/11 terrorist attacks. The new measure would require that insurers offer policies that cover pandemics but ... Read the full article
IRB Brasil Re Board members resign amid “serious impacts” of COVID-19 crisis
22nd April 2020
Rio de Janeiro headquartered reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) has announced that certain members of its Board of Directors have resigned amid the impacts of the COVID-19 coronavirus pandemic. On April 20th, 2020 the reinsurer received the resignations of Vinicius Jose Almeida Albernaz and Alexsandro Broedel Lopes from ... Read the full article
Paul Jardine takes Non-Exec Chairman role at Chaucer
22nd April 2020
Specialty international re/insurance group Chaucer has announced the appointment of Paul Jardine as Non-Executive Chairman. Jardine was formerly Executive Vice President and Chief Experience Officer at XL Catlin and has extensive experience in the Lloyds and London markets. He previously served as Director & Chief Actuary at Equitas, prior to which he ... Read the full article
Beazley’s Q1 Covid-19 losses hit $170m, premiums jump 13%
22nd April 2020
Beazley, the specialist Lloyd's focused insurer and reinsurer, has estimated that the total claims from the ongoing COVID-19 pandemic on its first-party business stands at USD 170 million, net of reinsurance, the majority of which is across its marine, property and reinsurance divisions. The specialist re/insurer has released its trading statement ... Read the full article
Hiscox forecasts up to $175mn in COVID-19 payouts
22nd April 2020
Specialist re/insurer Hiscox is expecting to pay up to $150 million in net claims, should disruption caused by restrictions on travel and mass gatherings continues for a six month period from March. In the event that these coronavirus-related restrictions are extended beyond six months, Hiscox expects that these claims could increase ... Read the full article
SCOR achieves 6.6% pricing increase at April renewals
22nd April 2020
SCOR Global P&C has reported a 6.6% overall increase in pricing at the April 1 renewals, which saw the reinsurer restructure some of its catastrophe business in Japan. The company grew gross premiums up for renewal by 5.7% at constant exchange rates to €504 million, and generated a 5.4% growth in ... Read the full article
Australia’s insurance industry poised for slowdown: GlobalData
22nd April 2020
Data and analytics company GlobalData says Australia’s insurance industry is poised for decelerated growth over the next five years due to the challenging business environment and coronavirus outbreak. As a result, the country’s insurance industry is projected to decline by 1.3% from US$80.5 billion in 2019 to US$77.5 billion in 2020. An ... Read the full article
TigerRisk eyes accelerated growth with strategic investment from Flexpoint Ford
22nd April 2020
Insurance and reinsurance brokerage TigerRisk Partners, LLC has secured a strategic investment from private equity firm Flexpoint Ford LLC, enabling the company to accelerate its current growth trajectory through access to additional capital and expertise. Flexpoint Ford is a private equity firm that specialises in the financial services and healthcare sectors, ... Read the full article
Aon secures Lloyd’s accreditation for reinsurer trading portal
22nd April 2020
Global re/insurance broker Aon has received accreditation from Lloyd’s for its reinsurer trading portal, ABConnect Placements. The Lloyd’s Franchise Board provided ‘conditional recognition’ of the platform following the recent deployment of Aon’s binding function, so valid contracts can be written as ePlacements. Gaining approval from Lloyd’s as part of the electronic placing ... Read the full article
Hannover Re withdraws 2020 profit guidance on COVID-19 pandemic
22nd April 2020
Global reinsurance giant Hannover Re has withdrawn its profit guidance for 2020 in light of the ongoing COVID-19 coronavirus pandemic and related uncertainty surrounding claims and the capital market landscape. The German reinsurer states that its first-quarter 2020 results were not significantly impacted by the global spread of the coronavirus as ... Read the full article
M&A wave to drive opportunities for equity market investors: Twelve Capital
22nd April 2020
A wave of restructuring and consolidation efforts in the re/insurance industry is expected to provide attractive opportunities for equity market investors, according to Twelve Capital. Twelve Capital – an independent investment manager specialising in insurance investments – noted that the global re/insurance industry appears to be increasingly exploring M&A options as ... Read the full article
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