Reinsurance News
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
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
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