Reinsurance News
Fusion Specialty adds Damian Lynch as Managing Partner
15th April 2020
Fusion Specialty MGA Solutions and its Authorised Representative, Fusion Specialty Insurance, has appointed Damian Lynch as Managing Partner, Fusion Financial Lines MGA. Lynch has also been appointed as a Partner in Fusion’s M&A Insurance MGA. In his new role as head of Fusion FL, Lynch will focus on providing financial lines expertise, ... Read the full article
UK government to review lack of flood insurance cover
15th April 2020
The UK government has announced that it will conduct a review to identify why many of the people affected by flooding in November 2019 did not have sufficient insurance coverage in place. The review will look at evidence relating to insurance cover for those affected in Doncaster following the floods last ... Read the full article
THB adds Bob Reichenfeld as executive director for Europe
15th April 2020
Specialist re/insurance broker THB has appointed Bob Reichenfeld as executive director for THB Europe. Reichenfeld will be based in Amstelveen, a Municipality in the Netherlands, and will lead THB’s treaty offering, working alongside the facultative team to service the growing client base. He will report to Ricardo Borges, managing director of THB ... Read the full article
Lloyd’s adds country managers for Mexico, Colombia
15th April 2020
Lloyd’s has announced the appointment of Yelhis Hernandez as country manager for Mexico and Sebastian Gomez as country manager for Colombia as the company looks to bolster its market in Latin America. Based in Mexico City, Hernandez has been conducting the role since September 2019 with a focus on improving Lloyd’s ... Read the full article
RKH Specialty adds Paul O’Neill as CEO for Asia Pacific
15th April 2020
Specialty lines broker RKH Specialty has announced the appointment of Paul O’Neill as Chief Executive Officer for Asia Pacific. Although O’Neill will join on 1 May 2020, he will assume the role once local regulatory formalities are finalised. He was previously the Chief Underwriting Officer of Specialty at Allianz Global Corporate & ... Read the full article
Fairfax warns of $1.4bn Q1 loss, as COVID-19 hits investments
15th April 2020
Fairfax Financial Holdings Limited has released preliminary financial information ahead of its results for the first quarter of 2020, which shows that the company expects to incur a net loss of $1.4 billion, largely due to the impact of the COVID-19 pandemic on investment markets. Chair and Chief Executive Officer Prem ... Read the full article
Most BI policies have no obligation to pay out on COVID-19: FCA
15th April 2020
In a letter to insurance and reinsurance company Chief Executive Officers (CEOs), the UK's Financial Conduct Authority (FCA) has said that most policies have no obligation to pay out in relation to the COVID-19 coronavirus pandemic. The comments come from the FCA's interim CEO, Christopher Woolard, and focus solely on conduct ... Read the full article
UK insurers brace for legal action over COVID-19 claims
15th April 2020
Insurance companies in the UK are set to face legal action from small businesses after turning down business interruption claims related to the coronavirus (COVID-19) pandemic, according to reports from the Guardian. Businesses have argued that legitimate BI claims have been refused by major insurers in the wake of the crisis. Many ... Read the full article
Swiss Re Corporate Solutions appoints Delavy to senior distribution role
15th April 2020
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re Group, has appointed Claudine Delavy as Head Distribution Management, Europe, Middle East & Africa. Delavy will be responsible for advancing the company’s distribution strategy, representing all Swiss Re Corporate Solutions’ products and solutions to commercial insurance brokers, and ... Read the full article
Liberty Specialty Markets expands marine team
15th April 2020
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has promoted Rachel Watkinson to Head of Underwriting, Marine Transportation and Logistics. At the same time, Alex Becker has joined the division and will lead the Hull account as Underwriting Manager for Marine Hull, reporting to Watkinson. In her new role, Watkinson ... Read the full article
Insurers in California told to refund premiums amid coronavirus outbreak
14th April 2020
Ricardo Lara, the Insurance Commissioner of California, has told insurers to refund certain premiums to customers and businesses impacted by the ongoing COVID-19 coronavirus pandemic. In a bulletin to all property and casualty insurers and workers compensation insurers, Insurance Commissioner Lara underlined the unprecedented challenge for the region's residents and businesses ... Read the full article
Markel International adds Bo Yu as Claims Lead for Asia
14th April 2020
Specialist insurer Markel International has announced the appointment of Bo Yu as Claims Lead for Asia. Bo joins with close to ten years’ experience and will be the first point of contact for all claims arising through Markel’s offices in Singapore, Hong Kong, India and Labuan. He will work closely with the ... Read the full article
Bermuda’s re/insurers show “operational resilience” amid COVID-19 crisis: ABIR
14th April 2020
Despite the challenges and impacts of the COVID-19 coronavirus pandemic, Bermudian insurers and reinsurers continue to meet the needs of clients and have shown "operational resilience" during the crisis, reports the Association of Bermuda Insurers & Reinsurers (ABIR). With social distancing measures in place across much of the world, the ABI ... Read the full article
1347 PIH warns of Q1 net loss as value of FedNat investment declines
14th April 2020
1347 Property Insurance Holdings, Inc. (1347 PIH) has announced that it expects to report a net loss of $8.6 million for the first-quarter of 2020, primarily driven by non-cash losses related to the change in fair value of its investment in FedNat Holding Company. FedNat completed the acquisition of 1347 ... Read the full article
Mark Watson proposes government reinsurance backstop for pandemic
14th April 2020
Attempts to stimulate the US economy amid the coronavirus (COVID-19) pandemic will not work without the introduction of a government reinsurance backstop for pandemic, according to Mark Watson, founder and principal of Aquila Capital Partners and former CEO of Argo Group. Writing as part of an article in Morning Consult, Watson ... Read the full article
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