Reinsurance News
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
PERILS pegs insured loss from Febuary’s UK floods at £297mn
3rd April 2020
Catastrophe insurance data provider PERILS has estimated the insured loss from the UK floods in February 2020 at £297 million. The February 2020 Floods were the result of record-breaking rainfall on saturated grounds which led to extensive river flooding. Heavy rainfall was mainly associated with the three named storms of Ciara, Dennis ... Read the full article
Athora completes VIVAT acquisition & sale of non-life segment to NN Group
3rd April 2020
European life insurance and reinsurance group, Athora Holding, Ltd., has announced the completion of its previously announced acquisition of VIVAT N.V. from Anbang Group Holdings Co Limited, while NN Group has taken control of VIVAT Schadeverzekeringen N.V., VIVAT's non-life operation. The transaction was announced back in June of 2019 and ... Read the full article
Marsh & McLennan Agency acquires Assurance Holdings
3rd April 2020
Marsh & McLennan Agency, the US middle market subsidiary of global insurance broker Marsh, has announced the acquisition of Illinois-based Assurance Holdings. Assurance was founded in 1961 and is a full-service brokerage providing business insurance, employee benefits, private client insurance and retirement services to companies and individuals across the country. The company ... Read the full article
Dale Underwriting adds Jim Ramage to board
3rd April 2020
Jim Ramage, previously of Guy Carpenter and JLT Re, has been appointed as an independent non-executive director to the Board of Dale Partners Limited, the holding company of Dale Underwriting. Ramage's appointment is effective April 1st, 2020 and he brings more than 50 years of London market experience to the role. During ... Read the full article
AM Best revises Aspen outlook to negative
2nd April 2020
AM Best has revised its outlook to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Aspen Insurance UK, Aspen Bermuda, Aspen American Insurance Company and Aspen Specialty Insurance Company. The ratings agency also revised its outlooks to negative ... Read the full article
Fitch puts Lloyd’s on Rating Watch Negative amid COVID-19 risks
2nd April 2020
Uncertainty and heightened risk to Lloyd's of London's earnings and underwriting performance as a result of COVID-19 claims, has pushed Fitch Ratings to place the marketplace and its operating entities on Rating Watch Negative (RWN). Fitch states that it has placed Lloyd's of London's, Lloyd's Insurance Company S.A. and Lloyd's Insurance ... Read the full article
Munich Re Specialty names Ironshore’s Hui Yun Boo as Head of Asia
2nd April 2020
Munich Re Specialty Group, a division of global reinsurer Munich Re, has announced the appointment of Hui Yun Boo as Head of Asia, effective April 3rd, 2020. In her new role, Hui Yun will be based in Singapore and will be responsible for leading the reinsurer's Syndicate offices throughout the Asia ... Read the full article
Post-coronavirus re/insurers may fail to earn cost-of-capital: Hyperion X
2nd April 2020
Once the current Covid-19 coronavirus pandemic crisis is largely behind us and economies begin to recover, Hyperion X, the data and analytics specialist unit of the Hyperion Insurance Group, sees a risk that most re/insurers may fail to earn their cost-of-capital over an extended period. Looking at the potential recovery ... Read the full article
COVID-19 BI legislation an “existential threat” to insurers, warns Stonybrook
2nd April 2020
Proposed business interruption legislation designed to force P&C insurers to retroactively cover unfunded claims driven by the COVID-19 pandemic, poses an existential threat to the insurance industry, warns re/insurance-focused merchant banking group, Stonybrook Capital. First introduced in New Jersey, bills aimed at forcing insurance companies of certain businesses to cover business ... Read the full article
L&G completes £261mn of pension risk transfer deals in March
2nd April 2020
UK insurer Legal & General Group plc (L&G) has revealed that its Pension Risk Transfer (PRT) division completed eight transactions over the past month, securing a combined £261 million of pensioners' benefits during uncertain times. The eight transactions cover UK and U.S. pension schemes and varied in size from as low ... Read the full article
CAC Specialty adds Edward Krayer as SVP in M&A solutions team
2nd April 2020
Specialty insurance broker and investment banking platform CAC Specialty has appointed Edward Krayer as senior vice president in its M&A Solutions team. Krayer joins with over 14 years’ experience in the industry and has served as vice president at Aon, senior vice president at JLT, and, most recently, director at Willis ... Read the full article
BMS inks Preferred Partner agreement with Portuguese broker Tagus
2nd April 2020
Independant specialist re/insurance broker BMS Group has concluded a Preferred Partner agreement with Tagus Specialty, a new wholesale and specialty broker. A plan has been developed that will see BMS teams in London and Madrid work closely with Tagus. Tagus will also receive support from BMS on the distribution of specialty reinsurance ... Read the full article
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