Reinsurance News
W. R. Berkley makes senior exec appointments
8th April 2020
W. R. Berkley Corporation has announced the appointment of Robert Standen as Executive Vice President with oversight responsibility for certain operating units. At the same time, the company said that Scott Holbrook will succeed Standen as President of Key Risk Insurance, a Berkley Company. Standen joined Key Risk Insurance in 2003 as ... Read the full article
UK insurers suspend dividends due to COVID-19
8th April 2020
UK insurers RSA, Aviva and Direct Line have today announced that they will suspend their final dividend payment of 2019 due to the challenges presented by the coronavirus (COVID-19) pandemic. The news comes after Hiscox decided earlier today to suspend dividends and withdraw all its financial guidance and targets for ... Read the full article
McGriff, Seibels & Williams expands, renames exec risk insurance group
8th April 2020
Insurance broker McGriff, Seibels & Williams has renamed and expanded its executive risk insurance group. Executive Risk Advisors, formally named McGriff Financial Services Division, represents more than 50 Fortune 1000 companies and 125 public companies across a wide range of industries. The name change comes at a time of expansion for the ... Read the full article
Fitch to review all rated re/insurers for COVID-19 exposure
8th April 2020
Fitch Ratings plans to review the international ratings of all of the insurance firms in its coverage over the next four to five weeks as a result of the risks and uncertainties related to the global COVID-19 coronavirus pandemic. Originally, Fitch announced its coronavirus-related reviews in a number of commentaries published ... Read the full article
Guy Carpenter adds Vijaya Singh as global marketing, comms head
8th April 2020
Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, has announced the appointment of Vijaya Singh as global head of marketing and communications. Singh joins from global executive search and leadership advisory firm Russell Reynolds Associates, having served as global head of external marketing and public relations. Prior to her ... Read the full article
Peak Re targets enhanced ILS capabilities with Lutece acquisition
8th April 2020
Hong Kong domiciled reinsurer Peak Re has strengthened its insurance-linked securities (ILS) capabilities with the acquisition of Bermuda-based ILS asset manager, Lutece Holdings Ltd. and its subsidiary Lutece Investment Management Ltd. Peak Re has entered into definitive agreements to acquire 100% of the capital of Lutece Holdings and its subsidiary, with ... Read the full article
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
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