Reinsurance News
Orchid adds Michael Garamoni as CFO
6th April 2020
Independant MGU Orchid Underwriters Agency has appointed Michael Garamoni as Chief Financial Officer. Garamoni has spent the past 13 years in finance, reporting and planning, which included roles as Vice President of Global Finance for Ryan Specialty Group, LLC., and at Pricewaterhouse Coopers, LLP. “Michael’s experience in financial operations and technology systems ... Read the full article
Allstate announces $600mn payback scheme for customers amid COVID-19
6th April 2020
U.S. insurer The Allstate Corporation (Allstate) has announced the establishment of a Shelter-in-Place Payback scheme designed to assist its personal auto insurance customers during the ongoing COVID-19 pandemic. Customers that insure their vehicle with Allstate, Esurance, and Encompass will receive 15% of their monthly premium in April and May, which amounts ... Read the full article
Marsh appoints Rahr as Global Leader, Multinational Client Service
6th April 2020
Global insurance broker Marsh has appointed David Rahr as Global Leader, Multinational Client Service. Based in Chicago, Rahr will report to Flavio Piccolomini, President, Marsh International, and Martin South, President, US and Canada. Rahr succeeds Justin Walsleben, who has retired from the firm. He will oversee Marsh’s Multinational Client Service team and most ... Read the full article
AXA’s Buberl proposes pandemic risk pooling scheme
6th April 2020
Thomas Buberl, Chief Executive Officer (CEO) of AXA, has said that the company is “ready to take the initiative” to work with governments to develop a risk pooling scheme for pandemics. Speaking in an interview with Le Journal du Dimanche, Buberl said that the industry needs to think about creating a ... Read the full article
Aqueous Underwriting moves to help restaurants hit by COVID-19
6th April 2020
Technology-focused MGA Aqueous Underwriting has launched a series of measures designed to help the food, hospitality and leisure sectors in the face of the unfolding coronavirus pandemic. These measures include free liability insurance add-ons for businesses now offering takeaway services, and three-month policies for businesses uncertain about their future. Aqueous will also ... Read the full article
Scott Kreuzer appointed senior MD, Americas at Aspen Re
6th April 2020
Bermuda-based re/insurer Aspen has appointed Scott Kreuzer to the role of Senior Managing Director, Americas, at Aspen Re. In this new role, Kreuzer will lead the team at Aspen Re America and work closely with Aspen Re’s leadership team, continuing to develop the Group’s North America reinsurance property, casualty and specialty ... Read the full article
Markel adds marine underwriters in Hong Kong & India
6th April 2020
Specialist insurer Markel International has announced the appointment of two marine underwriters, Danielle Yu and Nitin Marathe, to its Hong Kong and India offices, respectively. Marathe joined Markel India on 24 February, 2020, bringing more than 20 years of experience in aviation and marine in India, specialising in marine hull and ... Read the full article
Financial stability vital amid COVID-19 challenges, says GFIA
6th April 2020
The Global Federation of Insurance Associations (GFIA) has said that the continued financial stability of the re/insurance industry is vital as the coronavirus (COVID-19) pandemic progresses. Without stability, the GFIA argued that insurers may not be able to continue to respond to the crisis or to honour their obligations to customers ... Read the full article
Falvey expands capacity via Nationwide partnership
6th April 2020
Falvey Cargo Underwriting and Falvey Shippers Insurance have expanded capacity by partnering with Nationwide Mutual Insurance Company (Nationwide). The partnership will allow Falvey to continue to increase its capacity while providing flexible cargo solutions. All new accounts underwritten April 1, 2020 forward, will be quoted including Falvey's Nationwide facility. In addition, Nationwide will ... Read the full article
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
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