Reinsurance News
Non-life run off deals steady in Q2 despite COVID-19 challenges
20th August 2020
Executed deals have remained relatively steady in Q2 2020 despite the potential challenges presented by completing deals during the COVID-19 pandemic, with 12 deals publicly announced, according to PwC. With a number of smaller value deals, the overall total estimated liabilities transacting dropped from $2.1 billion in Q1 2020 to $1.3 ... Read the full article
Japanese non-life insurers to see claim costs rise as containment eased: Fitch
20th August 2020
A reduction in traffic amid the COVID-19 pandemic benefitted the performance of Japanese non-life insurers in Q1, but this trend isn't expected to last, according to analysis by Fitch Ratings. Fitch's outlook on the Japanese non-life insurance sector remains negative amid widespread uncertainty on the total COVID-19 claims count and the ... Read the full article
IRB Brasil Re raises $380m via share issuance
19th August 2020
Brazilian reinsurer IRB Brasil Re has successfully raised $380 million via an issuance of 300,083,857 common shares, in an effort to bolster liquidity margins and improve its cash position. After being installed in March 2020, IRB's new board had identified several indications that suggested that the fiscal year's opening balances in 2020 ... Read the full article
Prudential closes final pension de-risking transaction with Boise Cascade
19th August 2020
Prudential Retirement, a business unit of Prudential Financial, Inc., has completed the firm’s fourth and final pension de-risking transaction with Boise, Idaho-based wood products manufacturer and building materials distributor Boise Cascade Company. Prior to this final transaction, Boise Cascade had transferred US pension plan assets to Prudential in three phases of ... Read the full article
Arceo adds Thomas Gamble as EVP, Global Chief Distribution Officer
19th August 2020
Risk analytics provider for the cyber re/insurance market Arceo has appointed Thomas Gamble as Executive Vice President, Global Chief Distribution Officer. Gamble was previously a National Brokerage Leader for Arch Insurance Group, and previously built and led the carrier's D&O practice. He also served as President of the Global Mergers & Acquisitions ... Read the full article
QBE to grow reinsurance business selectively, says CEO
19th August 2020
Patrick Regan, Group CEO and Executive Director of Australian re/insurer QBE, has said that the company is increasingly seeing opportunities to “selectively” write more reinsurance business. Speaking shortly after the release of QBE’s results for the first half of 2020, Regan noted that the company has kept “a very tight watch” ... Read the full article
Nexus unites trade credit broking under Xenia brand
19th August 2020
Xenia Broking Group, the independent broking arm of the Nexus Group, has formally united under a single trading name and brand - Xenia. Nexus acquired Credit Risk Solutions (CRS) in October 2017 and Credit and Business Finance (CBF) in April 2019. Xenia is among the largest specialist trade credit and surety ... Read the full article
Carbon Underwriting announces new Claims Manager
19th August 2020
Independent managing general underwriter, Carbon Underwriting Limited (Carbon), has announced the appointment of Gary Bradshaw as Claims Manager. Bradshaw joins Carbon with more than 25 years of senior claims management experience in the London Market and brings with him a wealth of knowledge and understanding of high-quality specialty claims handling backed ... Read the full article
Ardonagh Group plans takeover of Thames Underwriting
19th August 2020
The Ardonagh Group has announced that it plans to acquire Thames Underwriting, a specialist MGA that provides insurance solutions to brokers across the Construction, Leisure and Commercial sectors. Following the takeover, Thames will join Ardonagh’s suite of MGA brands and will operate within Geo Specialty Group Holdings Limited. Thames is headquartered in ... Read the full article
L&G completes £530m pension risk transfer for Siemens Benefits Scheme
19th August 2020
Legal & General today announced that it has completed a £530 million buy-in for the Siemens Benefits Scheme, a pension fund of the international company. The arrangement with the scheme will ensure benefits of more than 2,000 UK retirees will be secured. This buy-in marks the Scheme’s first Pension Risk Transfer transaction ... Read the full article
Aon sets up Capital Partners team to source ILS capacity
19th August 2020
Re/insurance broker Aon has announced the formation of a new team in its Reinsurance Solutions business that will provide additional sources of ILS capacity to clients. The Capital Partners team will initially bring third-party property catastrophe capacity to clients in London, Bermuda, Europe and Asia, before expanding into other business lines ... Read the full article
COVID-19 compounds losses, uncertainty for Lloyd’s syndicates in 2019
19th August 2020
A recent forecast update for all syndicates supported by third party capital at re/insurance marketplace Lloyd’s of London shows that the 2019 year of account felt the lion's share of COVID-19 losses and caused a variety of outcomes and uncertainties. According to managing agency Argenta Group, Hiscox and Tokio Marine Kiln are ... Read the full article
R&Q announces acquisition of Inceptum Insurance
19th August 2020
Randall & Quilter Investment Holdings Ltd. has revealed that its wholly subsidiary, Randall & Quilter II Holdings Limited, has reached an agreement to acquire the entire issued share capital of Inceptum Insurance Company Limited. Incorporated in England & Wales in 1998, Inceptum is now part of the Vibe Group of companies. The ... Read the full article
Brokers may face a Covid-19 BI wordings E&O storm from two sides
19th August 2020
Brokers face a risk of coming under fire from two sides as the litigation and complaints over pandemic related business interruption from Covid-19 spread, with the potential for intermediaries to find themselves in the middle of an E&O storm. With carriers stating that pandemic related business interruption was never envisaged to ... Read the full article
Willis Research Network & Metabiota partner on pandemic risk
19th August 2020
The Willis Research Network (WRN), a research division of the insurance and reinsurance broking group at Willis Towers Watson (WTW), has partnered with Metabiota, a risk analytics organisation that specialises in infectious diseases modelling and builing resilience to pandemics. The partnership aims to leverage Metabiota’s epidemiological data analytics capabilities to improve ... Read the full article
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