Reinsurance News
BMS Group hires new Branch Manager for San Francisco
4th September 2020
Reinsurance broker, BMS Group has announced the appointment of Conrad Lagasca as its new Branch Manager in the San Francisco office. His position will take place effective immediately. Lagasca will be reporting to Jonah Pfeffer, BMS’s Chief Casualty Officer within its US reinsurance sector. He will be supporting and managing BMS’s specialty ... Read the full article
Arch MI secures $449mn of mortgage reinsurance from capital markets
4th September 2020
Arch Mortgage Insurance Company, a subsidiary of Arch Capital Group, has secured over $449 million of indemnity reinsurance from special purpose reinsurer Bellemeade Re 2020-2 Ltd. The Mortgage Insurance-Linked Note (MILN) transaction, which covers a portfolio of MI policies linked to 117,562 loans issued in the first five months of 2020, is Arch's ... Read the full article
RMS puts Hurricane Laura’s onshore insured loss at up to $13bn
4th September 2020
Catastrophe risk modeller RMS has estimated that total onshore US insured losses from Hurricane Laura will be between $9.0 billion and $13.0 billion. This includes wind and storm surge losses of between $8.5 billion and $12 billion, inland flood losses of $100 million to $400 million, and NFIP losses of $400 ... Read the full article
APAC penetration gap an opportunity for reinsurance growth: Fitch
4th September 2020
Analysts at Fitch Ratings have argued that the low insurance penetration rate across Asia Pacific (APAC), particularly in emerging countries, represents a major opportunity for reinsurance growth. Fitch anticipates that re/insurers will be focused on the adequacy of their existing protections after significant catastrophe losses in 2019 and H1 2020 and ... Read the full article
Fergus Re hires two senior roles: report
4th September 2020
Bermuda-based reinsurer, Fergus Reinsurance Limited, has announced the appointment of two reinsurance professionals to its underwriting and management team, reports The Royal Gazette. Chris Powell has joined the company as Chief Underwriting Officer (CUO) whilst Elspeth Gray has been made Director of Business Development in a move to increase the growth ... Read the full article
Stephan Knipper takes Non-Exec Director role at MS Amlin AG
4th September 2020
MS Amlin AG (MS AAG), MS Amlin’s reinsurance company operations, has announced that Stephan Knipper has joined the MS AAG Supervisory Board as a Non-Executive Director. Taking up his new position on September 1st, Knipper will be based in Switzerland. He brings more than 30 years of industry experience to MS Amlin. Knipper ... Read the full article
Kin partners with Snapsheet on end-to-end claims management
4th September 2020
Digital claims management company, Snapsheet, has announced a new partnership with InsurTech firm, Kin Insurance. After a successful $35 million Series B funding round, Kin agreed to partner with Snapsheet to enable an automated digital experience, omnichannel engagement, and end-to-end claims management from electronic first notice of loss (FNOL) through settlement. Using ... Read the full article
ACORD study shows that less than a third of insurers are truly digitised
4th September 2020
Standards-setting body, ACORD has released its 2020 Insurance Digital Maturity Study of the world’s top 130 insurance carriers, revealing that less than 30% have “truly digitised the value chain”. Throughout 2020, insurers have realised the importance of having to evolve and modernise their systems. This is due to the rapidly evolving ... Read the full article
2020 a critical year for reinsurers: AM Best
3rd September 2020
AM Best analysts have described why, in terms of both challenges and opportunities, 2020 is a critical year for reinsurers. Current hardening pricing conditions are said to be creating a window of opportunity for reinsurers, with property catastrophe, specialty lines, and some US casualty lines showing much-needed improvement in pricing and ... Read the full article
Ed appoints Michael Lock to senior role
3rd September 2020
Re/insurance broker, Ed has announced the appointment of Michael Lock as the divisional director of its risk team. His position will take place effective immediately. Lock is a chartered accountant and has over 10 years of transactions experience. He has spent the past five years investing either directly for private equity ... Read the full article
CoreLogic adds Pat Dodd as Chief Operating & Growth Officer
3rd September 2020
Catastrophe risk modeller CoreLogic has announced the appointment of Pat Dodd to the newly-created position of Chief Operating and Growth Officer. Dodd will oversee the firm's enterprise sales, marketing and customer experience operations and will also lead the development and implementation of CoreLogic’s commercial and go-to-market strategies. Dodd brings over 30 years' experience and ... Read the full article
Munich Re concludes reinsurance deal with Softlogic Life
3rd September 2020
Munich Re has concluded a $15 million reinsurance transaction with Softlogic Life Insurance PLC, a life insurer based in Sri Lanka. The deal, which Softlogic Life views as an innovative step for the South Asian Life and Health Reinsurance arena, was competed in March 2020. The company also announced deals with Development ... Read the full article
Brown & Brown acquires VAS Group
3rd September 2020
Insurance brokerage Brown & Brown, Inc. has announced that it has entered into an agreement to acquire VAS Inc. and its affiliated companies. VAS is made up of Vehicle Administrative Services, LP, SafeRide Motor Club, Inc. and other related affiliates, and is owned by Bill Breindel. The transaction is expected to be ... Read the full article
AXIS Insurance & Simply Business target home-based U.S. businesses
3rd September 2020
AXIS Insurance, the specialty insurance arm of AXIS Capital Holdings, has selected digital insurance agency, Simply Business, Inc., as the first distributer to work on a new insurance solution for entrepreneurs. The new product, AXIS Home Based Business insurance, is for U.S. small business owners who operate from their homes, and ... Read the full article
H1 results underscore stable outlook for brokers: Fitch
3rd September 2020
With most re/insurance brokers having now reported their results for the first half of the year, analysts at Fitch ratings are confident that the industry will maintain its stable rating and sector outlook, despite the challenges caused by the coronavirus pandemic. The rating agency noted that risks from the ongoing recession ... Read the full article
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