Reinsurance News
Beazley names Bethany Greenwood as Head of Cyber & Exec Risk
16th April 2020
Specialist insurer Beazley has announced the appointment of Bethany Greenwood as Global Head of Cyber & Executive Risk (CyEx) from July 2020. Greenwood, who will also become part of Beazley’s executive committee, joined the company last September to lead the London market and US-based executive risk team. In this role she was ... Read the full article
Tokio Marine HCC adds adds Nick Pastor as SVP, Chief Actuary
16th April 2020
Tokio Marine HCC, a member of Tokio Marine Group, has appointed Nick Pastor as senior vice president and Chief Actuary. He reports to Tom Weist, Tokio Marine HCC’s Co-Chief Financial Officer. Pastor brings more than 25 years of actuarial experience to the role and most recently served as Deputy Chief Actuary at ... Read the full article
COVID-19 premium adjustments not expected to hit long-term profits: Fitch
16th April 2020
Fitch Ratings does not expect recent premium adjustments announced by property/casualty insurers in response to the impacts of the COVID-19 pandemic to affect long-term market profits or individual company ratings. Driven by unanticipated declines in risk exposures and claims incidence following the economic impact caused by the ongoing coronavirus pandemic, some ... Read the full article
Liberty Specialty Markets appoints Casualty Manager for Continental Europe
16th April 2020
Liberty Specialty Markets, a division of Liberty Mutual Insurance Group, has announced the appointment of Katja Bobrowski to the newly created position of Casualty Manager, Continental Europe. Based in Cologne, Bobrowski will report to Head of Liberty Specialty Markets Central Region, Kadidja Sinz. In her new role, she takes responsibility for developing ... Read the full article
Hiscox sees Covid-19-related business interruption exposure as limited
16th April 2020
Insurer and reinsurer Hiscox expects its exposure to any business interruption losses from the COVID-19 pandemic to be limited, while its Retail segment makes use of significant levels of reinsurance protection. The re/insurer has released a statement explaining that its core policy wordings do not provide coverage for BI as a ... Read the full article
American Financial Group lowers investment forecast due to COVID-19
16th April 2020
American Financial Group, Inc. (AFG) has revised its earnings guidance for 2020 due to the impacts of the coronavirus (COVID-19) pandemic on the financial markets. The company noted that, since providing its 2020 guidance, COVID-19 has had widespread financial and economic impacts, including a significant decrease in both equity and credit ... Read the full article
AM Best maintains negative outlook on UK non-life
16th April 2020
Rating agency AM Best has opted to maintain its negative outlook on the UK non-life insurance market, due to factors such as lower premiums following the COVID-19 pandemic, strong competitive pressures on underwriting performance, and Brexit-related uncertainty. Analysts noted that the underwriting margins of UK non-life insurers are likely to be ... Read the full article
Berkshire (BHSI) expands offering for UK financial firms
16th April 2020
The insurance arm of Warren Buffett's global insurance and reinsurance company, Berkshire Hathaway Specialty Insurance Company (BHSI), has introduced two new policies for UK financial institutions. Namely, these are Professional First Financial Institutions Civil Liability Insurance, and Executive First Financial Institutions D&O Liability Insurance. Both policies offer broad coverage for liability exposures ... Read the full article
Chartered Insurance Institute extends president, chair term amid COVID-19
16th April 2020
The Chartered Insurance Institute (CII) has decided to extend the term of the current serving President and Chair of the Board amid disruption caused by the coronavirus pandemic. Nick Turner, Sales and Agency Director at NFU mutual, was appointed as President in 2019. The CII usually appoints a new president and chair ... Read the full article
WTW adds Matt Scott as climate, resilience senior director
16th April 2020
Global re/insurance broker Willis Towers Watson has appointed Matt Scott as a senior director within its Climate and Resilience Hub. Scott brings more than 20 years’ experience to the role, having most recently played an integral role in the Bank of England’s climate team under Governor Mark Carney from 2014. In his ... Read the full article
Howden adds Greek broker MATRIX to group
16th April 2020
Howden Broking Group has announced the addition of MATRIX Insurance and Reinsurance Brokers to the group. MATRIX was founded in 2003 and became a broker at Lloyd’s in 2012. It is the leading re/insurance broker in large Corporate and Industrial Risks in Greece and Cyprus. This announcement follows a strategic partnership between ... Read the full article
Arch sees Q1 COVID-19 losses at up to $145m across P/C & mortgage
16th April 2020
Bermuda-based insurer and reinsurer, Arch Capital Group Ltd., has announced estimated pre-tax losses of up to $95 million across its property casualty insurance and reinsurance segments, and losses of up to $50 million in its mortgage segment, as a result of the impacts of the COVID-19 pandemic. Arch has underlined the ... Read the full article
London market re/insurers not immune to impacts of COVID-19: Peel Hunt
16th April 2020
London market insurers and reinsurers are certainly not immune to the economic fallout from the COVID-19 outbreak, with exposures to pandemic and the subsequent recession risks seen across the property, marine, casualty, and contingency classes, according to Peel Hunt. In recent industry notes, analysts at Peel Hunt have explored the potential ... Read the full article
Energy & power industry should prepare for turmoil, warns Marsh JLT Specialty
16th April 2020
Amid widespread uncertainty surrounding the potential impacts of the COVID-19 pandemic on the energy and power insurance sector, Marsh JLT Specialty has said that the industry should be prepared for a period of turmoil. Currently, the potential hit to the insurance and reinsurance industry from the impacts of the ongoing coronavirus ... Read the full article
Erosion of insurance contract rights bad for the economy: Priebe, Guy Carpenter
16th April 2020
Any erosion of insurance contract rights, through the honouring of claims where coverage was never intended, or refusal of claims that should have been covered, would be bad for the economy as a whole, Guy Carpenter's Chairman David Priebe explained to us. In a wide-ranging interview, Priebe said that it remains ... Read the full article
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