Reinsurance News
COVID-19 will make challenging Lloyd’s conditions more difficult: AmWINS
8th April 2020
Analysts at AmWINS have suggested that the coronavirus (COVID-19) pandemic has and will continue to make already-challenging market conditions at Lloyd’s of London even more difficult. The firm acknowledged that Lloyd’s and its syndicates had extensively tested their systems in preparation for a crisis, and said that the transition to remote ... Read the full article
Absence of large US hurricanes drive down 2019 losses: Swiss Re’s Sigma
8th April 2020
Data from Swiss Re’s latest Sigma report shows that an absence of large and costly hurricanes in the US saw global economic losses from natural and man-made disasters sink to $146 billion in 2019, down from $176 billion in 2018 and below the 10-year annual average of $212 billion. Of the ... Read the full article
Victor appoints Matteo Bonfà as Country Leader of Victor Italia
8th April 2020
Managing general underwriter (MGU) Victor Insurance Holdings has announced the appointment of Matteo Bonfà as Country Manager, Victor Italia, effective immediately. With a 20-year career in the insurance industry, Bonfà has extensive underwriting expertise, particularly in the medical malpractice sector. This includes positions first as an underwriter at Lloyd's of London, then ... Read the full article
Hiscox withdraws all financial targets for 2020, citing COVID-19
8th April 2020
Bermuda headquartered insurance and reinsurance firm Hiscox has withdrawn all its financial guidance and targets for 2020, citing the COVID-19 coronavirus pandemic. Hiscox also said this morning that it will not pay dividends in the currently challenging and uncertain environment. The company will not present a resolution to approve its 2019 final ... Read the full article
Organized 1/4 renewals a prudent approach in light of COVID-19: Willis Re’s Kent
7th April 2020
The majority of protection buyers started their April 1st reinsurance renewal negotiations well in advance, which, in light of the challenges driven by the COVID-19 pandemic proved to be a prescient approach, according to James Kent, global Chief Executive Officer (CEO) of Willis Re. As noted by reinsurance brokerage Willis ... Read the full article
FERMA president calls for insurer, broker co-operation amid COVID-19 pandemic
7th April 2020
Federation of European Risk Management Associations (FERMA) President Dirk Wegener has called on insurers and brokers to work together to ensure companies survive the ongoing coronavirus pandemic. Wegener noted that for some companies this cooperation could be a question of survival. FERMA believes that insurers should grant flexibility to business customers, as ... Read the full article
Aviation risk shifts as fleets remain grounded: Gallagher
7th April 2020
The lack of air travel caused by the coronavirus (COVID-19) may have completely changed the risk profile of aviation underwriting books, with data from Gallagher showing that more than $164 billion of aircraft insurable value is currently parked on the ground. With so much value sitting stationary and unused, it suggests ... Read the full article
Michael Carr to lead AXIS Insurance’s U.S. E&S Property unit
7th April 2020
AXIS Insurance, a division of Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited, has appointed Michael Carr as Head of U.S. Excess & Surplus (E&S) Property, based in the firm's Alpharetta, Georgia, office. In his new role, Carr takes responsibility for the development and execution of the company's E&S Property underwriting ... Read the full article
Dutch satellite firm VanderSat announces significant funding
7th April 2020
Dutch company VanderSat has raised several million euros to help further develop their patented satellite technology leveraged by global re/insurance firms AXA and Swiss Re. VanderSat operates internationally and can accurately measure the location and amount of water in the soil, anywhere in the world. Accurate and reliable data is used not ... Read the full article
Coronavirus to weigh on reinsurer profits & capital: Moody’s
7th April 2020
Analysts at Moody’s are expecting the coronavirus (COVID-19) pandemic to create unprecedented disruption in the global economy and to weigh heavily on reinsurers’ capital and profitability in the coming months. Although global reinsurers entered the year with solid capital levels, investment volatility, losses from pandemic exposure and specialty P&C lines, as ... Read the full article
Forced BI claims a concern, cancellation lines to suffer from COVID-19: Survey results
7th April 2020
As the COVID-19 coronavirus pandemic continues to unfold, Reinsurance News has collaborated with ILS focused sister-site Artemis to take the pulse of the global reinsurance market at this unprecedented and challenging time. The COVID-19 Market Survey includes responses from ... Read the full article
BMS Group adds Larry Broadnax as SVP, property fac leader
7th April 2020
Specialist re/insurance broker BMS Group has appointed Larry Broadnax as senior vice president, property facultative leader. Effective April 15, Broadnax will be based in Atlanta and report to Pete Chandler, president & Chief Executive Officer of BMS’s US reinsurance arm. He joins with over 40 years’ insurance experience, specializing in property facultative ... Read the full article
COVID-19 a significant test of life/health insurers ERM practices: A.M. Best
7th April 2020
Improved enterprise risk management (ERM) measures implemented by life / health (L&H) insurers in the aftermath of the 2008 financial crisis are expected to be put to the test by the global COVID-19 pandemic, according to A.M. Best. The ratings agency notes that the large majority, if not all life insurance ... Read the full article
SCOR names Emmanuel Joffre as Chief Human Resources Officer
7th April 2020
SCOR has announced the appointment of Emmanuel Joffre as Chief Human Resources Officer with immediate effect, reporting to Group Chief Operating Officer, Romain Launay. Based in Paris after a transition period in New York, he will be responsible for all aspects of the Group’s human resources. Joffre previously served as SCOR’s Head ... Read the full article
SSL Endeavour names Mike Reynolds CEO, David Lawrence Deputy Chair
7th April 2020
SSL Endeavour, the specialist independent Lloyd’s broker and delegated authority expert, has named Mike Reynolds, previously Chief Executive Officer (CEO) of JLT Re, as Group CEO, subject to FCA approval. At the same time, current Group CEO of SSL Endeavour, David Lawrence, has been appointed Group Deputy Chairman. Both appointments are ... Read the full article
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