Reinsurance News
Reinsurers to absorb large share of COVID losses: Fitch
27th August 2020
Analysts at Fitch Ratings believe that reinsurers are set to absorb a large share of the losses stemming from the COVID-19 pandemic. Fitch reported a 10.4 point increase in the overall combined ratio of the reinsurance sector over the first half of 2020, which rose to an underwriting loss at 101.8% ... Read the full article
Aon & WTW obtain shareholder approval ahead of combination
27th August 2020
The respective shareholders of global insurance and reinsurance brokers, Aon and Willis Towers Watson (WTW), have voted FOR all proposals surrounding the combination of the two companies. The shareholders of both brokers confirmed their approval of the proposed combination at their respective extraordinary general meetings and at the special meeting of ... Read the full article
Hurricane Laura makes Cat 4 landfall; NHC warns of “unsurvivable” storm surge
27th August 2020
Just before 1am local time, Hurricane Laura made landfall near Cameron, Louisiana, as an extremely dangerous Category 4 storm, packing sustained winds of 150 mph with the potential to impact more than 1 million homes. Hurricane Laura continued to strengthen throughout yesterday, almost reaching Category 5 hurricane status before making landfall ... Read the full article
Maghreb region’s solid insurance sector growth to continue, says A.M. Best
27th August 2020
AM Best has released a new report, “The Maghreb – One Region, Three Unique Insurance Markets,” which examines the long-term prospects of the three insurance markets of the region. Despite the countries being so close whilst having many commonalities, the insurance markets of Morocco, Algeria and Tunisia couldn’t be more different ... Read the full article
COVID-19 claims far lower than loss estimates so far: Berenberg
26th August 2020
According to analysts at Berenberg, COVID-19 insurance claims to date only add up to around half of industry loss estimates, meaning the pandemic may be more comparable to a very large natural catastrophe event rather than an extraordinarily large one. Berenberg previously estimated that insured losses due to COVID-19 claims would ... Read the full article
Hurricane Laura continues to strengthen, storm surge threat significant
26th August 2020
Hurricane Laura has intensified further securing major Category 3 hurricane status, raising concerns for the offshore energy market as the storm continues to head for the Gulf Coast, with forecasters warning of a major landfall. As at 16:00 BST, Wed 26th August, data from the National Hurricane Center (NHC) shows that ... Read the full article
Branch launches insurance exchange in Ohio
26th August 2020
Insurance start-up, Branch Insurance, formerly operating as an MGA, has launched the Branch Insurance Exchange in Ohio to further reduce the cost for its members. According to Branch, the startup boasts the quickest way to bundle home and auto insurance, requiring only a name and address to get a price quote ... Read the full article
Freddie Mac increases CRT bond issuance to $1.1bn
26th August 2020
The Federal Home Loan Mortgage Corporation (Freddie Mac) has decided to increases the planned size of its latest Structured Agency Credit Risk (STACR) offering due to investor demand. Freddie Mac has upsized the STACR 2020-DNA4 offering to nearly $1.1 billion, making it the third STACR offering to be increased since March. STACR, ... Read the full article
Marsh’s Torrent highlights need for public-private sectors to join together on cat flood risk
26th August 2020
Marsh subsidiary and direct servicing agent of the National Flood Insurance Program (NFIP) Torrent Technologies has highlighted the need for public and private sectors to take collaborative action now in order to mitigate catastrophic flood risk. According to the report, 40% of the US population live in coastal counties today putting ... Read the full article
Conifer adds ex Swiss Re exec to Board
26th August 2020
Former Swiss Re executive Timothy M. Lamothe has been added to the Board of Directors of Conifer Holdings, a Michigan-based insurance holding company. Lamothe, who served as Senior Vice President for Swiss Re from 2001 to 2019, will initially serve on Conifer’s Nominating and Corporate Governance Committee. Lamothe has more than 38 ... Read the full article
AXIS partners with AllDigital Specialty on small business management liability
26th August 2020
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited, has formed a new partnership with AllDigital Specialty, a new managing general agent (MGA). The partnership will aim to develop and launch a new insurance platform designed to address the service void in the US small private company management ... Read the full article
L&G in £275m buy-in transaction with Hitachi Pension Scheme
26th August 2020
Legal & General (L&G) has agreed a £275 million buy-in transaction with the Trustee of the Hitachi UK Pension Scheme. This is L&G’s first deal with the scheme, and covers the scheme’s remaining uninsured deferred members and retirees since the it underwent its first buy-in transaction with Scottish Widows in 2018. By ... Read the full article
Lockton hires new chief people officer
26th August 2020
Insurance and reinsurance broker, Lockton, has announced the hiring of Kelly Conway as their new chief people officer. Conway will lead Lockton's people strategy, focusing on continuing to attract, develop, and retain talent to support the broker’s growth. In addition to taking responsibility for central HR functions, she will partner across the ... Read the full article
AXA & Bharti to combine their Indian non-life operations into ICICI Lombard
26th August 2020
AXA and Bharti have announced an agreement to combine their non-life insurance operations in India, Bharti AXA General Insurance Company Limited, into ICICI Lombard General Insurance Company Limited. Following the transaction, the combined entity will be ranked number three amongst non-life insurers in India, with an increased market share of ca ... Read the full article
Fidelis enters Contingency and Fine Art & Specie markets with new hires
26th August 2020
Fidelis Underwriting Limited has announced its entry into the Contingency and Fine Art & Specie markets with the addition of two new underwriters. To drive the company's entry into the two markets, Fidelis has appointed Emily Clapham as a Contingency underwriter and Stacey Munton as a Fine Art & Specie underwriter. The ... Read the full article
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