Reinsurance News
China Re’s overseas P&C reinsurance segment boosted by Chaucer in 2019
6th April 2020
China Reinsurance Corporation (China Re) has reported premium growth and a rise in net profit for 2019, driven in part by the strong performance of its P&C Reinsurance segment and the inclusion of Chaucer business. At RMB144,973 million, China Re's gross written premiums (GWP) increased by 18.6% year-on-year. At the same ... Read the full article
Chubb says no layoffs during COVID-19, makes pandemic relief commitment
6th April 2020
Global insurer and reinsurer Chubb has announced that it will not layoff any of its employees during the ongoing COVID-19 (coronavirus) pandemic. At the same time, the re/insurer has revealed a commitment of $10 million to pandemic relief efforts globally. As countries around the world continue efforts to stop the spread of ... Read the full article
A.M. Best maintains stable outlook for global reinsurance
6th April 2020
Positive rate momentum across a broad range of non-life classes of business, combined with a stable market landscape in the global life segment, has led A.M. Best to maintain its stable outlook for the global reinsurance sector. In a new report, the ratings agency notes that while the operating and competitive ... Read the full article
The Hanover appoints Dennis Kerrigan as exec VP, general counsel
6th April 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has appointed Dennis Kerrigan as executive vice president and general counsel. Kerrigan’s appointment will see him oversee The Hanover's legal, regulatory and government affairs, as well as compliance, state filings, securities, and corporate governance matters. He brings decades of corporate counsel, insurance and ... Read the full article
AIG’s Blackboard expands underwriting team
6th April 2020
AIG subsidiary Blackboard Insurance has announced a series of appointments and expanded capabilities to include coverage in Washington State. Blackboard is strengthening its underwriting team with the addition of Bobby Steinsdoerfer as Head of Industry Segments, Trey Martino as East Coast Underwriting Leader and Peter Buccola as West Coast Underwriting Leader. With ... Read the full article
Berkshire’s COVID-19 exposure potentially greater but manageable: Analysts
3rd April 2020
Analysts at Morgan Stanley have said that although Berkshire Hathaway could be exposed to losses from the impacts of the global COVID-19 pandemic in a number of business lines, losses should be manageable for Warren Buffett's property and casualty (P&C) reinsurance operation. As events around the world continue to be either ... Read the full article
Coronavirus + broker M&A distribution disruption raises threat to carriers: Hyperion X
3rd April 2020
While the immediate impacts and losses from the Covid-19 coronavirus pandemic are top of mind in threatening the businesses of insurance and reinsurance carriers right now, the fact it coincides with the biggest disruption to the distribution chain ever seen adds more pressure, Hyperion X said. Hyperion X, the data and ... Read the full article
Floridian insurers maintain ratings through varied forms of adaptation: Demotech
3rd April 2020
Despite myriad challenges facing Demotech rated carriers in the State of Florida, insurers have evolved to maintain Financial Strength Ratings (FSRs) of A or better, and have also expressed their commitment to Florida's residential property insurance marketplace. Described by Demotech as the most complicated, dynamic insurance marketplace in the U.S., the ... Read the full article
Greenlight Re concludes existing business plan is “the best course of action”
3rd April 2020
Investment-oriented reinsurer Greenlight Capital Re has announced that following its strategic review of transaction alternatives, it has decided that the best course of action is to continue its existing business plan. At this time, the Board, following a recommendation made by a special committee composed of independent directors, has determined the ... Read the full article
Reinsurer appetite for catastrophe risk generally stable, says Moody’s
3rd April 2020
Disclosures of January 1st, 2020 modelled probable maximum loss (PML) figures reveals that reinsurance companies looked to take advantage of improved pricing and deployed greater levels of capital to property catastrophe risks, according to Moody's Investors Service. After heavy catastrophe loss years in both 2017 and 2018 on the back of ... Read the full article
EIOPA asks re/insurers to suspend dividends & buybacks on COVID-19 uncertainty
3rd April 2020
The European Insurance and Occupational Pensions Authority (EIOPA), part of the European System of Financial Supervision, has urged all re/insurers to temporarily suspend all discretionary dividend distributions and share buybacks in light of the spreading coronavirus outbreak. The EIOPA has stressed the importance of ensuring continued access to and continuity of ... Read the full article
Lloyd’s report identifies insurance opportunities in renewable energy
3rd April 2020
A new report by insurance and reinsurance marketplace Lloyd’s of London has identified growing opportunities for re/insurers to innovate products and support the renewable technologies industry. In 2018, China, the US, Europe and India invested more than £230 billion in new renewable energy, while total investment in the power sector has ... Read the full article
Demotech affirms financial stability of title insurance industry
3rd April 2020
Financial analysis firm Demotech has concluded that US title underwriters are financially healthy and possess the means to address time gaps in coverage associated with the closing or limited hours of county recorder offices. Few businesses are operating at full capacity as a result of precautionary efforts to mitigate the spread ... Read the full article
Global reinsurers resilient in face of COVID-19: AM Best
3rd April 2020
Despite mounting uncertainties around the coronavirus pandemic, AM Best believes reinsurers globally are well capitalised and remain resilient thanks to a long history of innovative and prudent risk management. AM Best expects any covered losses to be manageable and believes relevant policy exclusions will hold up. Adverse impacts from the pandemic may ... Read the full article
Horace Mann appoints Mark Desrochers to lead P&C
3rd April 2020
Horace Mann Educators Corporation, an insurance and retirement solutions company for US educators and school employees, has appointed senior vice president and chief corporate actuary Mark Desrochers to lead the company’s Property and Casualty business on an acting basis. William Caldwell has resigned from his role as executive Vice President, P&C ... Read the full article
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