Reinsurance News
Reinsurer returns still insufficient relative to risk: Moody’s
9th September 2020
Despite reinsurance pricing having built much upward momentum over the course of the year, analysts at Moody’s remain adamant that the sector’s returns are still insufficient relative to risk. Speaking at a briefing alongside the release of Moody’s Global Reinsurance Outlook report, Vice President James Eck maintained that “much more rate ... Read the full article
W. R. Berkley makes two senior appointments
9th September 2020
Re/insurance holding company, W.R Berkley has announced the appointments of David R. Lockhart as president of Carolina Casualty, a Berkley Company, along with Jason R. Lewis, who is to be the new president of Gemini Transportation Underwriters, a Berkley Company. Lockhard will be succeeding David A. Dunn, who will continue to ... Read the full article
US commercial insurance prices up almost 10% in Q2: WTW
9th September 2020
US commercial insurance prices increased by almost 10% during the second quarter of 2020, according to a new survey by re/insurance broker Willis Towers Watson (WTW). WTW’s Commercial Lines Insurance Pricing Survey (CLIPS) found that rates had increased substantially during Q2, when compared with the same period in 2019. Excess/umbrella and directors’ ... Read the full article
Zurich promotes Signorelli to group CUO, moves group claims to commercial insurance
9th September 2020
Global insurer Zurich has appointed Sierra Signorelli to an expanded role as group Chief Underwriting Officer, and is moving the Ian Thompson-led group claims team to commercial insurance. Effective October 1, Both Signorelli and Thompson will report to James Shea, CEO of Commercial Insurance. Signorelli will in her new role oversee the underwriting ... Read the full article
Expect “low double-digit” price rises at Jan 1 reinsurance renewals, says Fitch
9th September 2020
On the back of consecutive years of rate increases at the mid-year across most lines of property and casualty (P&C) reinsurance business, Fitch Ratings expects to see low double-digit price rises at the important January 1st, 2021 renewals. Positive rate momentum in the reinsurance industry continued at the April and June/July ... Read the full article
Reinsurance capital declined just 3% over H1: Willis Re
9th September 2020
Willis Re, the reinsurance broking arm of Willis Towers Watson (WTW), has reported that total capital dedicated to the global reinsurance industry was $587 billion at June 30th, 2020, reflecting a decline of just 3% when compared with year-end 2019. The latest Reinsurance Market Report from Willis Re found that industry ... Read the full article
CCR’s premium income spikes; CCR Re’s combined ratio hits 105.2% in H1
9th September 2020
CCR Group, the state-backed French re/insurer, has reported net income of €28 million for the first-half of 2020, while premium income jumped 15%, year-on-year, to €1.068 billion. The insurer and reinsurer attributes the rise in premium income to the State-backed intercompany credit insurance scheme for SMEs launched as from April through ... Read the full article
Arch Capital eyeing $500m acquisition of Watford Holdings: reports
9th September 2020
A consortium led by Bermuda-based re/insurer Arch Capital Group has put forward a $500 million offer to buy Watford Holdings, according to reports from Reuters. After pre-warning of sizeable investment losses as a result of COVID-19-induced financial market volatility, Watford this year announced a first quarter loss of almost $267 million. As ... Read the full article
R&Q names Aon’s Rastiello as CEO of U.S. E&S program management business
9th September 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) has named Patrick J. Rastiello as the President and Chief Executive Officer (CEO) of Accredited Specialty Insurance Company, its recently launched U.S. E&S Program Management operation. In mid-August, the legacy specialist announced plans for its accelerated, Q4 2020 entry into the U.S. E&S ... Read the full article
COVID pressure could drive a capital event for top reinsurers: S&P
9th September 2020
With insured losses and investment volatility from the COVID-19 pandemic having already eroded much of the industry’s earnings buffers for 2020, analysts at S&P have warned that it may only take an average catastrophe year to drive a capital event for many top reinsurers. Specifically, S&P believes that if 2020 cat ... Read the full article
SCOR very positive on hardening P&C market as it absorbs COVID-19 impacts
9th September 2020
Global reinsurer SCOR sees current P&C market conditions as very positive and is anticipating growth with solid pricing dynamics, as the company absorbs the impacts of the COVID-19 pandemic. The French reinsurance company is the latest to note an expectation of continued rate hardening across the reinsurance sector, exacerbated by the ... Read the full article
Guy Carpenter launches Indonesia Flood Model
9th September 2020
Global risk management and reinsurance brokerage, Guy Carpenter, has announced the launch of its new Indonesia Flood Model (IFM). The IFM will be able to provide its users with countrywide coverage and will enable insurers to assess their flood exposure. The data used is based on a 10,000-year stochastic catalogue simulating ... Read the full article
Chedid Capital takes over Ascoma broking operations in Africa
9th September 2020
Chedid Capital, an insurance and financial services provider that operates across the GCC and Middle east North Africa (MENA) regions, has announced that it plans to acquire the African business of international insurance broker, Ascoma Group. The company has come to an agreement with Ascoma’s owner, the Husson family, to transfer ... Read the full article
Re/insurers looking for “less risky” insurtech investments: Willis Re’s Andrew Johnston
8th September 2020
Re/insurers are looking for insurtech investment opportunities that represent less of a ‘risk’, in that they have a proven track record and are more likely to be successful. In a recent conversation between Reinsurance News and Dr Andrew Johnston, global head of insurtech at Willis Re, it was explained how it ... Read the full article
B.P. Marsh investments half in H1 off COVID-19 disruption
8th September 2020
B.P. Marsh, a specialist venture capital provider to early stage financial services businesses, completed 22 new investments in the first half of 2020, a significant drop from the 49 completed in the prior year period. The company attributes this drop to the challenges posed by COVID-19 but says it remains well ... Read the full article
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