Reinsurance News
Coronavirus to spark global recession in 2020: S&P Global
17th March 2020
As the coronavirus pandemic continues to accelerate, economists at S&P Global are expecting a global recession this year. Since the company’s last update on March 3, coronavirus’ economic effect has worsened sharply. Economic data remains scarce, but the long-awaited initial figures from China for January and February appear much worse than feared. S&P ... Read the full article
Industry players welcome IFRS 17 effective date deferral
17th March 2020
The International Accounting Standards Board (IASB) has voted to defer the effective date of IFRS 17 insurance contracts to January 1st, 2023. The effective date was originally set at January 1st, 2021 before an amendment in 2019 saw the effective date move by one-year to the start of January 2022. Now, in ... Read the full article
IGI completes Tiberius business combination
17th March 2020
International General Insurance Holdings (IGI), the specialist commercial re/insurer, has completed its business combination with Tiberius. The combination has been approved by Tiberius stockholders, having already been given the go ahead by former IGI shareholders, who exchanged 100% of the outstanding shares of the former IGI for common shares of IGI ... Read the full article
Alliant appoints Sean White to employee benefits team
17th March 2020
US specialty insurance broker Alliant has announced the appointment of Sean White to its employee benefits team. As first vice president, White will provide a range of strategic benefits solutions to Alliant’s client base throughout the Northwest. Prior to joining Alliant, White was principal with a national insurance and employee benefits consulting ... Read the full article
Solvency at risk if insurers pay for excluded virus claims: APCIA
17th March 2020
David A. Sampson, President and CEO of the American Property Casualty Insurance Association (APCIA), has warned that industry solvency could be at risk if insurers are forced to pay COVID-19 claims that are not covered by current contracts. He noted that standard event cancellation insurance policies do not include communicable disease ... Read the full article
Gallagher acquires P&C broker McConnell, Manit & Trout
17th March 2020
International insurance brokerage firm, Arthur J. Gallagher & Co has acquired full-service property and casualty broker McConnell, Manit & Trout. MMT focuses on servicing building materials, energy, waste, construction and transportation industries and has clients across the US. Rick McConnell, Mike Manit, Doug Trout and their associates are expected to continue operating ... Read the full article
Many UK firms lack adequate insurance regardless of Government orders: ABI
17th March 2020
The Association of British Insurers (ABI) has suggested that many businesses in the UK are unlikely to be able to call on their insurance cover for standard business interruption (BI) as a result of the COVID-19 outbreak, irrespective of the Government ordering closures. When addressing the nation yesterday, UK Prime Minister ... Read the full article
Kemper adds Erich Sternberg as president of L&H division
17th March 2020
Specialist insurer Kemper has appointed Erich Sternberg as president of its life and health division. Sternberg was most recently president and Chief executive officer of Starmount Life Insurance Company and Starmount Managed Dental of California, subsidiaries of Unum Group. He will be based in Chicago and report to Joseph P. Lacher, Jr., ... Read the full article
WTW appoints Finbow global head of FINEX Financial Institutions
17th March 2020
Global re/insurance broker Willis Towers Watson has appointed Susan Finbow as global head of FINEX (Financial, Executive and Professional Risks) Financial Institutions. Finbow most recently served at Marsh Canada, where she spent nearly 24 years in total and held the role of Financial Institutions Industry Practice Leader for the last 13 ... Read the full article
Fitch turns negative on US life due to virus concerns
17th March 2020
Fitch Ratings has revised its rating outlook for the US life insurance industry from stable to negative, due to increased concerns about the coronavirus outbreak and its potential impacts on the credit quality of life insurers. Analysts explained that the outlook revision reflected greater uncertainties about disruptions in the financial markets, ... Read the full article
Aspen wraps up “transitional” 2019 with $48mn operating loss
17th March 2020
Bermuda domiciled re/insurer Aspen fell to a $48.4 million operating loss in 2019, as the company navigated what it describes as a “transitional year.” Losses, which also included a net loss of $241.7 million, were driven by costs relating to the acquisition of the company by certain investment funds managed by ... Read the full article
Kevin Chidwick to succeed Scott Kirk as Aspen CFO
17th March 2020
Bermuda-based insurer and reinsurer, Aspen Insurance Holdings Limited, has appointed Kevin Chidwick, previously of Openwork Limited and Admiral Group, as Group Chief Financial Officer (CFO), effective May 1st, 2020. Chidwick succeeds Scott Kirk who is set to leave the company at the end of April 2020 to pursue opportunities outside of ... Read the full article
AM Best downgrades Qatar General Insurance & Reinsurance Company
17th March 2020
Global financial services ratings agency A.M. Best has downgraded the credit ratings of Qatar General Insurance & Reinsurance Company QPSC, citing material deterioration in the company's risk-adjusted capitalisation. A.M. Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A-(Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to ... Read the full article
PERILS adds Australian motor to coverage
17th March 2020
Catastrophe loss data aggregator PERILS is to extend its line of business reporting to include Australian motor for personal and commercial lines. PERILS will make available market-wide motor sums insured exposed to earthquake, flood, tropical cyclones, extratropical cyclones, hailstorms and bushfires in Australia via its database. These are the same perils currently ... Read the full article
CLARA analytics adds three to executive team
17th March 2020
CLARA analytics, a provider of artificial intelligence technology in the commercial insurance space, has announced the addition of Dustin Oxborrow, Brian Sullivan, and Chris Koverman to its executive team. Oxborrow has been named as Senior Vice President of Sales, joining the company from Cloud Academy (acquired by QA Limited), where he ... Read the full article
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