Reinsurance News
Swiss Re cancels share buyback programme, adds three to Board
20th April 2020
Global reinsurance giant Swiss Re has confirmed that its authorised new public share buyback programme of up to CHF 1 million (USD 1.03mn) will not be launched due to current financial market volatility being driven by the COVID-19 coronavirus pandemic. Following commentary from analysts that the Switzerland-based reinsurer's share buyback programme ... Read the full article
Minimal/moderate industry impact from COVID-19: David Flandro
20th April 2020
Speaking on a recent call to Morgan Stanley, David Flandro stated a belief that, in the absence of government intervention, COVID-19 will have a minimal/moderate impact on losses for the re/insurance industry. Flandro, Managing Director of Analytics at Hyperion X, noted how there is no evidence the impact from the pandemic ... Read the full article
COVID-19 to compound South Korea’s life insurance woes: GlobalData
20th April 2020
South Korea’s life insurance market is set to decline by 1.2% in 2020, as the ongoing coronavirus pandemic compounding pre-existing pressure from stagnating sales, according to GlobalData analysis. Deblina Mitra, an insurance analyst at GlobalData, explained that lockdown restrictions due to coronavirus will further prevent new sales through insurance agents and, ... Read the full article
CyberCube accounts for new threat trends in risk model update
20th April 2020
Cyber risk analytics firm CyberCube has released an updated version of its cyber risk modelling platform, Portfolio Manager, that accounts for new trends in cyber threats. Since the model was first launched in 2018, CyberCube notes that there has been an increase in the reliance on the cloud across most industries, ... Read the full article
Covid-19 shows sensitivity of re/insurers to equity market volatility: Willis Re
17th April 2020
The global reinsurance capital base is expected to take a hit of approximately 5% from the financial impacts of the Covid-19 coronavirus pandemic, reports Willis Re, the reinsurance arm of global brokerage Willis Towers Watson (WTW). The reinsurance broker's Strategic and Financial Analytics teams' 5% estimate is a marked improvement on ... Read the full article
Increased litigation levels to emerge from COVID-19: Analysts
17th April 2020
Analysts at Morgan Stanley have predicted that increased litigation levels will emerge from the coronavirus (COVID-19) pandemic and its accompanying economic downturn. Jonathan Molot, Co-founder and Chief Investment Officer of Burford Capital, confirmed to Morgan Stanley that his firm is currently seeing significant growth in the potential demand for litigation financing ... Read the full article
World Bank’s pandemic bonds & swaps to pay out almost $196m on COVID-19
17th April 2020
The pandemic catastrophe bonds and pandemic risk-linked swaps issued by the World Bank have now been triggered by the COVID-19 coronavirus outbreak and will pay out USD 195.84 million, as first reported by our sister publication Artemis. Issued in July 2017 to provide financial backing and insurance protection to the ... Read the full article
Cost of severe US weather outbreak could surpass $1bn: Aon
17th April 2020
A number of southern and eastern US states were hit with a prolific severe weather outbreak between April 10 and 14, according to the latest catastrophe report from Aon. At least 41 people were killed and hundreds more injured by an outbreak which prompted a minimum of 121 confirmed tornado touchdowns ... Read the full article
The Woodlands Insurance to acquire Gulfstream’s Texas homeowner book
17th April 2020
The Woodlands Insurance Company (TWICO) has completed a renewal rights agreement with Gulfstream Property & Casualty Insurance Company to acquire the company's book of homeowner business in Texas. Under the transaction, approximately $4 million of in-force gross written premium will be transferred to TWICO, which will start offering renewal terms for ... Read the full article
South Carolina & Pennsylvania join push for COVID-19 legislation
17th April 2020
South Carolina and Pennsylvania have joined several other US states in pushing for legislation that would require insurers to retroactively cover business interruption losses related to the coronavirus (COVID-19) pandemic. At the same time, New York has expanded the scope of its previously proposed legislation, while New Jersey has ordered insurers ... Read the full article
PartnerRe expects long-term commitment from Covéa, says CEO Clarke
17th April 2020
Emmanuel Clarke, Chief Executive Officer (CEO) of Bermudian reinsurer PartnerRe, has said that the recently announced acquisition by Covéa is “a very good strategic fit” for the company. Speaking in an interview with Reinsurance News, Clarke explained that PartnerRe views Covéa as “a long-term committed owner” with a long-term strategic interest ... Read the full article
Pacific Life names Chief Marketing Officer of Retirement Solutions Division
17th April 2020
US life insurer Pacific Life has announced the appointment of Kevin Kennedy as Senior Vice President, Sales and Chief Marketing Officer of the company’s Retirement Solutions Division. Kennedy joins Pacific Life from AXA Equitable Holdings (EQH), where he served as Managing Director and head of the company's largest business unit, individual ... Read the full article
Public-private partnerships needed to tackle pandemic risks, says FERMA
17th April 2020
The Federation of European Risk Management Associations (FERMA) has underlined the importance of public - private partnerships in addressing global pandemic risks. In a recent letter, FERMA has called on the European Commission's coordinating response team to take steps to mitigate the impact of future pandemics in light of the ongoing ... Read the full article
Chris Flint named President of Farmers New World Life Insurance Company
17th April 2020
US primary insurer Farmers Insurance has announced the appointment of Chris Flint as President of Farmers New World Life Insurance Company. Flint will join the company and take up his new position on April 20, 2020. He will report directly to Steve McAnena, President of Distribution, Life and Financial Services, and will ... Read the full article
COVID-19 to deter M&A activity in 2020: Conning
17th April 2020
With mergers and acquisitions (M&A) in the P&C market already slowing through 2019, the COVID-19 pandemic is likely to deter further activity through 2020, according to analysts at Conning. Conning noted that M&A activity involving acquisitions of property and casualty insurers last year was down approximately 6% compared to 2019. And with ... Read the full article
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