Reinsurance News
Ageas to acquire 25% of Taiping Reinsurance’s enlarged share capital
28th August 2020
Personal and Commercial insurer, Ageas, has announced that it has finalised an agreement with China Taiping Insurance Holdings (CTIH) in order to subscribe to a capital increase of its wholly owned subsidiary, Taiping Reinsurance Co (TPRe). The result of this transaction will reinforce Ageas strategic partnership with CTIH, and sees Ageas ... Read the full article
Ping An profits down in H1, but P&C growth stable
28th August 2020
Ping An Insurance (Group) Company of China, Ltd. has reported a 28.2% decrease in net profit over the first half of 2020, partially offset by continued stable growth in its property and casualty (P&C) segment. Net profit came to RMB 75.97 billion (USD 9.07 billion) for the six-month period, while operating ... Read the full article
Reinsurance broker Ed hires from Paragon
28th August 2020
Reinsurance, wholesale and speciality broker, Ed, has announced the appointment of John Head as a broker and producer, effective immediately. Head will support the growth of the professional and executive risk portfolio, a key area of focus and development for the global reinsurance broker, and further strengthen the firm’s cyber offering. He ... Read the full article
Hurricane Laura cost to reach well into billions, take time to calculate: Aon
28th August 2020
While the ultimate financial impact of Hurricane Laura is expected easily reach into the billions of dollars, its large footprint of damage will require a lengthy period of damage assessment, according to Aon's latest catastrophe report. Laura, currently sweeping through Arkansas as a tropical depression, officially became the fourth hurricane of the ... Read the full article
Japanese life insurance sets example for managing low rates: Fitch Ratings
28th August 2020
With insurers in Japan having long been affected by ultra-low interest rates, Fitch Ratings sees its life insurance market as an opportunity for insight into the potential environment insurers worldwide will be operating in since the emergence of COVID-19. The Bank of Japan decreased interest rates significantly in response to the economic ... Read the full article
StarStone U.S. appoints Alison Oliphant to lead new E&S property unit
28th August 2020
Alison Oliphant, formerly of Velocity Risk Underwriters, a division of Nephila Capital, has joined StarStone U.S. as President of the company's newly-created excess & surplus (E&S) property division. In early June, it was revealed that StarStone's parent, Enstar, had agreed a $610 million recapitalisation of StarStone U.S. in a push ... Read the full article
Chedid Re partners with Hellenic Sun Insurance Brokers in Pakistan
28th August 2020
Lloyd's broker Chedid Re has signed a strategic partnership with Hellenic Sun Insurance Brokers (HSB) that sees it become HSB's new co-broking partners in Pakistan. The partnership is considered an opportunity for Chedid Re to expand into the region, and will see the company provide insurance and reinsurance support and expertise ... Read the full article
Hurricane Laura losses manageable on current data: analysts
27th August 2020
Despite Hurricane Laura having become one of the 10 largest storms ever to hit the continental US, analysts from Berenberg and KBW have noted that insured losses will likely remain manageable, unless losses far exceed current expectations. While still too early to provide a concrete outlook, Berenberg notes how the extent to ... Read the full article
Hurricane Laura to further stress insurers’ 2020 Earnings : AM Best
27th August 2020
AM Best has underlined Hurricane Laura's potential to stress balance sheets already weakened by COVID-19 and damage insurers' 2020 earnings. Though analysts from the ratings agency believe reinsurance may help mitigate these losses, potential future challenges to future risk management strategies are expected to remain, as loss affected areas see ... Read the full article
Marsh Commercial to provide risk & insurance services to Pall-Ex Group
27th August 2020
UK insurance broker and risk advisor, Marsh Commercial, part of Marsh, has announced that it is to provide insurance and risk management services to Pall-Ex Group. Pall-Ex Group is a global palletised freight distribution network comprised of SME haulage companies, and members of its pallet delivery network. This announcement follows the establishment ... Read the full article
Jay Orlandi takes General Counsel role at Pacific Life
27th August 2020
US life insurer Pacific Life has announced the appointment of Jay Orlandi as its next General Counsel, effective November 2. Orlandi joins Pacific Life from Transamerica, where he served as Executive Vice President and Chief Operating Officer (COO). At Transamerica, he was responsible for all business support functions, including legal, communications, human ... Read the full article
Australia’s natural disaster payouts reach $3.85bn: ICA
27th August 2020
According to data from the Insurance Council of Australia (ICA), re/insurers have already paid out AU $3.85 billion (US $2.79 billion) to customers affected by last summer’s bushfires, floods and hailstorms. ICA CEO Rob Whelan said the industry was well ahead of its normal natural disaster response, with more than 83% ... Read the full article
DARAG appoints new CEO, CFO for German risk carrier
27th August 2020
Leading legacy acquirer DARAG has announced the appointment of Alex Roth as Chief Executive Officer and Peter Klingspor as Chief Financial Officer of its German risk carrier DARAG Deutsche Versicherungs- und Rückversicherungs-AG. While Roth's appointment was effective 1 July, Klingspor joins on 1 September, both will be based in Hamburg. Roth, who first ... Read the full article
SCOR appoints Olivier Gay as SVP for Canadian reinsurance business
27th August 2020
Global reinsurer SCOR has announced the appointment of Olivier Gay as Senior Vice President for SCOR Canada Reinsurance Company. Gay, who has held roles of increasing responsibility since first joining the company in 2010, most recently served as Deputy Chief Financial Officer with SCOR in Singapore for the Asia Pacific region. Prior ... Read the full article
Two Sigma-backed ISC announces new construction partnership
27th August 2020
Integrated Specialty Coverages (ISC), a general agent backed by investment manager Two Sigma, has entered into a new partnership with Accident Fund Group to provide additional capacity to its general liability programs for construction contractors. ISC will enter the partnership via its subsidiary, Safebuilt Insurance Services, LLC (SIS Insure), which is ... Read the full article
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