Reinsurance News
Global recession twice as deep as 2008, shorter lived: Swiss Re’s Haegeli
9th April 2020
Swiss Re’s chief economist Jérôme Jean Haegeli believes the global recession facing us in the wake of the coronavirus pandemic could be one of the deepest, but also one of the shortest. Analysis conducted by the reinsurer projects an atypical recession which will be twice as deep and more than twice ... Read the full article
Despite headwinds, A.M. Best holds stable outlook on US health insurance
9th April 2020
Ratings agency A.M. Best has maintained its stable outlook on the U.S. health insurance market despite the impacts of the ongoing COVID-19 coronavirus pandemic. A.M. Best has held its stable outlook on the sector in light of positive market trends that were evident through year-end 2019 and into the first-quarter of ... Read the full article
COVID-19 to weaken US P&C insurers’ premiums, investments: Moody’s
9th April 2020
For US property and casualty insurers, Moody's analysts expect the economic shock from coronavirus to cause a decline in premiums, higher claim costs in certain business lines, lower claim frequencies in others, more volatile investment results, and a deterioration in capital. For claim costs, the coronavirus is expected to have mixed ... Read the full article
Starr’s Aviation unit extends deadlines for policyholders amid COVID-19
9th April 2020
Starr Aviation, a division of Starr Technical Risks Agency, Inc. and within Starr Insurance Companies, is set to make accommodations under its general aviation policies to extend some training and medical-certification deadlines for insured pilots. The move comes in response to the social distancing measures that have been implemented across the ... Read the full article
Premium renewal trends positive across Q1: IVANS
9th April 2020
Premium renewal rates continued to increase during the first quarter of 2020 for almost all major commercial lines products, according to the IVANs Index, a division of Applied Systems. The IVANS Index is released on a monthly basis as a data-driven report of current conditions and trends for premium rate renewal ... Read the full article
D L Dale & Others, Syndicate 2525 adds Harcus as head of Intl casualty
9th April 2020
Specialist employers' and third party liability Lloyd's insurer D L Dale & Others, Syndicate 2525, has announced the appointment of Charles Harcus as head of international casualty. Harcus joins from Apollo Syndicate where he has served as head of international casualty since 2014. Prior to this, he was portfolio manager, international casualty, ... Read the full article
Investment declines a primary concern for survey respondents
9th April 2020
As the coronavirus pandemic continues to drive uncertainty throughout the global re/insurance industry and beyond, Reinsurance News has decided to collaborate with its ILS-focused sister-site Artemis on a survey designed to take the pulse of the market. We’ve analysed the data from responses received so far and already there are ... Read the full article
ACORD to release new standards for data exchange
9th April 2020
ACORD, the international standards-setting body for the insurance sector, has announced the release of Version 1.0 of its new digital standards for insurance data exchange. Developed in partnership with various industry organisations, the standards aim to enable omnichannel information exchange across any technology interfaces. ACORD explained that they will support data transfer ... Read the full article
A.M. Best turns negative on US private mortgage insurance market
9th April 2020
Ratings agency A.M. Best has revised its outlook on the U.S. private mortgage insurance market to negative from stable, as a result of the widespread uncertainty being caused by the ongoing COVID-19 coronavirus pandemic. According to A.M. Best, the viability of the primary and secondary markets for mortgages in the U.S. ... Read the full article
Lloyd’s appoints country managers for Benelux regions
9th April 2020
Lloyd’s Insurance Company S.A. has announced several senior appointments to countries in the Benelux regions, including the Netherlands, Belgium, and Luxembourg. Firstly, Iwan Ropcke has been appointed as the interim LIC Country Manager for the Netherlands and Belgium, with effect from 1 January 2020. Most recently, Ropcke served as Business Strategy & ... Read the full article
Improved profit expectations declining for P/C insurers, says Fitch
9th April 2020
Fitch Ratings has said that the meaningful performance disruption facing U.S. property/casualty (P/C) insurers in 2020 has dampened its expectations for additional profit improvement in the year. After consecutive years of consistent underwriting profitability, the P/C insurance sector in the U.S. started 2020 with record levels of capital and some positive ... Read the full article
Swiss Re names Ian Haycock as Chief Data Officer
9th April 2020
Swiss Re has announced the appointment of Ian Haycock to the newly created role of Chief Data Officer, effective May 1, 2020. Together with Youngran Kim, who started as the Group Chief Technology Officer this month, Ian will help to further develop Swiss Re's digital strategy. Haycock has more than 32 years' ... Read the full article
Crawford & Company withdraws 2020 profit guidance off COVID-19
9th April 2020
Crawford & Company, an independent provider of claims management and outsourcing solutions to carriers, brokers and corporates, has announced a business update in response to COVID-19 and its ongoing impact on the global economy. In light of the pandemic, Crawford & Company has withdrawn its 2020 guidance provided on the Company’s ... Read the full article
EXOR boss rallies shareholders as COVID-19 looms over big deals
9th April 2020
The boss of Agnelli family owned holding company EXOR expects the spirit and resolve of his companies to ensure they emerge stronger when the coronavirus pandemic passes. “These have been challenging days and weeks for us all and we know the ripples from this crisis will likely continue for some time,” John ... Read the full article
Protecdiv adds Jose Montemayor to its board
9th April 2020
US reinsurance broker Protecdiv has announced the appointment of Jose Montemayor to its board. Montemayor has more than twenty-five years’ experience in all aspects of insurance regulation, operations, and mergers and acquisitions. He spent six years as the Commissioner of Insurance for the State of Texas and currently sits on a number ... Read the full article
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