Reinsurance News
Lloyd’s Chairman wants more access to Indian market
22nd January 2020
Bruce Carnegie-Brown, Chairman at insurance and reinsurance marketplace Lloyd’s of London, has said that he wants more syndicates to be able to access the Indian market, according to reports from CNBC. The Lloyd’s Chairman criticised the Indian government for its delay in opening up the country’s re/insurance sector to overseas companies, ... Read the full article
Improved capital position prompts Covea ratings upgrade
22nd January 2020
S&P Global Ratings has upgraded its ratings for France-based insurer Covea Group, citing further improvements in the company’s capital adequacy and its leading competitive position within the regional P&C market. The rating agency raised Covea’s long-term insurer financial strength and issuer credit ratings from ‘A+’ to ‘AA-‘ and kept the group’s ... Read the full article
Report warns of potential “tipping point” for shipping insurance costs in 2020
22nd January 2020
2020 might well be the tipping point for shipping industry insurance costs, while market trends suggest that Clubs need to increase premiums, according to the latest report by international P&I insurance broker, P.L. Ferrari, a wholly owned subsidiary of re/insurance broker Lockton. Over the last two years, global shipping industry insurance ... Read the full article
Casualty/specialty a more compelling pricing story at 1/1, says S&P
21st January 2020
Analysts at S&P Global Ratings have said that sentiment was both stronger and more broad-based in casualty/specialty lines than in the property arena at the January 1st reinsurance renewals. In U.S. non-proportional business, rate increases were substantial and ceding commissions on this business were down by as much as 3% in ... Read the full article
Hyperion posts 11% organic growth in 2019
21st January 2020
Hyperion Insurance Group Limited has reported revenue of £725 million (USD 943 million) for the year ended 30th September, 2019, and 11% organic growth. The company has noted that it closed the financial year with strong performances across all business segments, which helped it record an 11% jump in revenue when ... Read the full article
Zurich’s Greco calls for effective price on carbon, at Davos 2020
21st January 2020
Mario Greco, the Chief Executive Officer (CEO) of Zurich Insurance Group, has called for tax changes designed to ensure carbon is effectively priced across the world. Addressing an audience at the World Economic Forum's (WEF) annual meeting held in Davos, Switzerland, Greco discussed the impacts of digital disruption and the changing ... Read the full article
Willis Re appoints Cameron Green to lead intl casualty practice
21st January 2020
Willis Re, the reinsurance arm of global brokerage Willis Towers Watson, has appointed Cameron Green to lead its international casualty reinsurance practice and serve as chair of its Australian business. Green, who has been Willis Re’s Chief Executive Officer in Australia since 2013, will be responsible for the casualty practice segment’s ... Read the full article
Arch appoints Chief Strategy & Innovation Officer
21st January 2020
Bermuda based insurer and reinsurer, Arch Capital Group Ltd., has announced the promotion of Jay Rajendra to Chief Strategy and Innovation Officer. Rajendra has been with the firm since August 2016, previously serving as Arch Capital Group's Chief Analytics Officer. Prior to Arch, he worked at XL Catlin from 2012 to 2016 ... Read the full article
AXIS to report modest Q4 income amid catastrophes and Irma creep
21st January 2020
Bermuda domiciled insurer and reinsurer, AXIS Capital Holdings Limited, expects to report modest operating income for the fourth-quarter of 2019, driven in part by pre-tax catastrophe losses of $140 million. The firm's Q4 2019 results were impacted by a pre-tax loss for catastrophes and other weather-related events of $140 million, net ... Read the full article
Allianz aims to double net zero asset commitments, says CEO at Davos
21st January 2020
Oliver Bäte, the Chief Executive Officer (CEO) of global insurer and reinsurer Allianz, has said that through meetings with various investors at the World Economic Forum (WEF) in Davos, the firm is looking to get a doubling of the commitments made under the Net-Zero Asset Owner Alliance. The Net-Zero Asset Owner ... Read the full article
Everest Re hires Artur Klinger from NewRe to head up Continental Europe
21st January 2020
Global reinsurance and insurance firm Everest Re has announced the high profile hiring of Artur Klinger to the role of Head of Continental Europe, succeeding the retiring Stephan Knipper. Artur Klinger is set to join the Everest Reinsurance Division in mid-to-late 2020, taking on the role of Managing Director of Continental ... Read the full article
Apollo Syndicate Management names Chris Moore as Head of ibott
21st January 2020
Apollo Syndicate Management, the independent specialist insurer and reinsurer, has announced the appointment of Chris Moore as Head of ibott and Deputy Active Underwriter of ibott’s special purpose arrangement (SPA) 1971 at Lloyd’s. Effective immediately, Moore will report to Matt Newman, Group Head of Casualty at Apollo. The ibott (insuring businesses of ... Read the full article
Ultimate Risk Solutions & msg global enter strategic alliance
21st January 2020
Ultimate Risk Solutions, LLC (URS), a developer of financial risk modelling software technologies, has entered into a strategic alliance with msg global solutions, a managed services provider focused on SAP solutions. Under the new alliance, msg global's deep industry knowledge and development capabilities is to be combined with URS' advanced risk ... Read the full article
Hiscox comments on new cyber parametric transaction
21st January 2020
Specialist re/insurer Hiscox has released a statement commenting on its recent cyber parametric risk transfer deal, which was completed with help from Guy Carpenter and PCS. Announced earlier this month, the trade was transacted electronically on the AkinovA marketplace, with full regulatory oversight from the Bermuda Monetary Authority (BMA). The product ... Read the full article
India’s slowing economy to weigh on re/insurers, says Moody’s
21st January 2020
While Moody’s Investors Service expects India’s slowing economy to hurt insurance premium growth over the next few years, a low 3.7% penetration rate alongside supportive measures put in place by regulators will help counterbalance the deterioration. Analysts note that GDP growth slowed to 6.8% in fiscal 2018 and could slow further ... Read the full article
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