Reinsurance News
COVID-19 resilience sees AM Best assign stable outlook on Taiwanese non-life
8th September 2020
AM Best has assigned a stable outlook to the Taiwan non-life insurance market and underlined how the country has, relative to its peers, remained resilient to the challenges of the COVID-19 pandemic. In the first half of 2020, AM Best says total non-life insurance direct premium written (DPW) grew by 6.4% year ... Read the full article
R&Q to provide adverse development cover for RenRe’s Syndicate 1458
8th September 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) said this morning that it has entered into an agreement with RenaissanceRe Syndicate Management Limited (RSML) that will see it reinsuring Casualty reserves from the 2009 to 2017 years of account for RenRe's Lloyd’s Syndicate 1458. This arrangement had been out for tender to ... Read the full article
FWD Singapore enhances underwriting engine
8th September 2020
Singapore based insurer, FWD Singapore (FWD) has widened the use of UnderwriteMe’s proprietary underwriting rules engine. This has been put in place to support instant underwriting of applications for its recently launched financial advisory distribution channel, through the FWD SMART platform. FWD’s expansion into the FA distribution channel comes amidst the COVID-19 ... Read the full article
“Undisputed” re/insurance market hardening to persist: Jeworrek, Munich Re
7th September 2020
Re/insurance market hardening, in relation to price increases and renewed discussions around terms and conditions (T&Cs), is expected for "probably the next two years, or even a bit longer," according to Torsten Jeworrek, Chief Executive Officer (CEO) of Reinsurance at Munich Re. With the annual, September meeting of the reinsurance industry ... Read the full article
Specialty MGA Fiducia adds trio to support underwriting
7th September 2020
Specialty managing general agent (MGA) Fiducia has announced the appointment of Scot Dowson as underwriter, while also adding Claire Kilbane and Ben Warburton to support its growing underwriting teams. Scot was previously Regional Manager at NMU. He joined the company in 2001 becoming a cargo underwriter before taking the Regional Manager ... Read the full article
Underwriting income for US P&C fell by 5.5% in H1, says AM Best
7th September 2020
Underwriting income for the U.S. property and casualty (P&C) industry fell by 5.5% in the first half of 2020 when compared with the first half of 2019, on increases in underwriting expenses and policyholder dividends, mostly related to the impacts of the ongoing COVID-19 pandemic, reports A.M. Best. In a new ... Read the full article
CMS adds David McKie as a partner in re/insurance group
7th September 2020
International law firm CMS has appointed marine insurance and shipping lawyer David McKie as a partner in its insurance and reinsurance group. Based in the firm’s London office, McKie joins from Kennedys, where he was a partner. He brings nearly 25 years of experience handling UK and international property and liability insurance ... Read the full article
Latin America recession to delay regional insurance growth: S&P
7th September 2020
Rating agency, S&P Global Ratings has commented on Latin America’s 2020 recession, claiming its likely weak recovery will pressure regional insurers' operating conditions. They expect a contraction in gross written premiums (GWP) in 2020 and moderate growth in 2021, whilst also expecting net profits to reach the 2019 levels only in ... Read the full article
CoreLogic sets record date for shareholder meeting after pressure from Senator & Cannae
7th September 2020
Property information and analytics provider CoreLogic has set September 18th as the record date for its special meeting of stockholders to be held, following pressure from investors Senator Investment Group LP and Cannae Holdings Inc. The meeting, set for November 17th, will consider and vote on the replacement of up to ... Read the full article
Munich Re updates loss estimates for 2020 events
7th September 2020
Reinsurer Munich Re has released updated loss estimates for some of the major loss events of the year, including for the major hurricanes this summer, the coronavirus pandemic, and the Beirut explosion. The company is anticipating a low triple-digit-million euro amount in claims expenditure for the damage caused by hurricanes Hanna, ... Read the full article
ICA to launch test case for pandemic BI exclusions
7th September 2020
The Insurance Council of Australia (ICA) are due to launch a test case in order to examine the application of certain infectious diseases exclusions in business interruption policies. The case will be heard by the NSW Court of Appeal where the hearing is due to start on Friday October 2. ICA CEO ... Read the full article
Marco Capital adds Alan Barlow as Chief Claims Officer
7th September 2020
Newly formed P&C Run-off group Marco Capital Holdings has announced the appointment of Alan Barlow as its Chief Claims Officer. Based in London and Malta, Barlow brings more than 35 years' experience to the role and joins from non-life run-off insurer DARAG. Barlow was previously global head of reinsurance claims & ... Read the full article
European insurers expecting COVID-19 to accelerate digital innovation: analysts
7th September 2020
A new survey conducted by tech research and advisory firm, Information Services Group, has found that over 90% of European insurers are expecting COVID-19 to accelerate digital innovations in the industry. 86% of the continent's insurance executives surveyed by ISG expect customer behaviour to change significantly due to the COVID-19 crisis. Over 95% fully or ... Read the full article
Hiscox combines crisis related expertise into new division
7th September 2020
Global insurer and reinsurer Hiscox has announced the launch of a new Crisis Management unit within its London Market business, a move designed to bring together the firm's crisis related expertise to meet the evolving needs of clients. The new Crisis Management division will include kidnap and ransom (K&R), Security Incident ... Read the full article
THB adds Paul Baker as associate director for North America special risks
7th September 2020
Specialist re/insurance broker THB has appointed Paul Baker as associate director for its London-based North America special risks division. Baker joins from Tysers with 35 years' experience specialising in North American property/catastrophe and transportation risks, both on a facultative basis and in the form of binding authorities. “Like many in the Lloyd’s ... Read the full article
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