Reinsurance News
Accelerant’s new Malta insurance subsidiary gets rated
27th March 2020
Accelerant Insurance Limited (Accelerant EU) (Malta), a wholly owned subsidiary of Accelerant Intermediate Holdings (Accelerant) (Cayman Islands), has been assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" by A.M. Best. Accelerant is the non-operating holding company of the Accelerant group, and A.M. Best ... Read the full article
Ageas partners with tech firm on AI car damage assessments
27th March 2020
Brussels-headquartered multinational insurer Ageas is using an artificial intelligence (AI) solution developed by technology company Tractable to create car damage assessments and repair estimates. The AI-powered technology is able to support some of the complex tasks usually carried out by human assessors, such as identifying which parts of a vehicle have ... Read the full article
Japanese fundamentals stable despite share plunge: AM Best
27th March 2020
AM Best believes that the credit fundamentals of most re/insurers have not changed dramatically despite the coronavirus (COVID-19) outbreak and the Russia-Saudi Arabia oil dispute causing share prices to plunge by 30-40%. While these and other factors continue to present major challenges for the sector, analysts believe that most market players ... Read the full article
Munich Re-backed Sepio Systems hits $15mn in funding
27th March 2020
Global reinsurer Munich Re has acted as lead investor for Sepio Systems, a leader in Rogue Device Mitigation. Following the recent Series A round, Sepio secured an additional $4 million from Munich Re Ventures and Hanaco Ventures, which brings the total investment in the company to $15 million. Alongside the investment, Sepio ... Read the full article
KBRA underlines potential for “material earnings event” over COVID-19
26th March 2020
Underwriting losses from the coronavirus pandemic, in particular on the P&C side, could become a material earnings event for certain industrial and commercial line insurers, according to analysts at Kroll Bond Rating Agency. While insurers’ coronavirus-related disclosures have provided some reassurance given the current extreme circumstances, KBRA believes the crisis is ... Read the full article
FWD Philippines opts for digital solution from Pacific Life Re
26th March 2020
Pacific Life Re has announced a new partnership with FWD Philippines, which will see FWD adopt a digital solution from Pacific Life Re’s insurtech subsidiary, UnderwriteMe. The solutions was built on the Underwriting Rules Engine and is designed to enable a much shorter application process, while minimising the review time needed ... Read the full article
Chaucer appoints Ana Blanco as class underwriter
26th March 2020
Specialty international re/insurance group Chaucer has appointed Ana Blanco as class underwriter to support the company's development of its international general liability account. Blanco will work closely with Thomas Beasley and Rob Neil, who joined Chaucer at the end of 2019. She is an experienced underwriter with almost a decade of market ... Read the full article
MarketScout adds Bobbie Perrigo as a professional liability broker
26th March 2020
US electronic insurance exchange and specialty MGA MarketScout has appointed Bobbie Perrigo to the role of professional liability broker. Perrigo will be based in the corporate office headquarters in Texas and assume all of the current professional liability business in place and implement new processes for the division. She joins the professional ... Read the full article
US health insurers face coronavirus risks on multiple fronts: AM Best
26th March 2020
With coronavirus (COVID-19) spreading rapidly through the US, analysts at AM Best have warned that the outbreak could compound health insurers in the country in a number of ways. According the rating agency, health insurers face major risks not just from claims, but also from economic and operational disruptions. From a claims ... Read the full article
Tremor to launch weekly online ILW auctions
26th March 2020
Programmatic insurance and reinsurance risk transfer marketplace Tremor is set to open weekly online Industry Loss Warranty (ILW) auctions in an effort to ensure the market continues operating during the unfolding coronavirus pandemic. Auctions begin on April 2 and will leverage catastrophe loss estimates for the US, Canada, Japan, and the ... Read the full article
BMS Group subsidiary acquires specialist broker Jurado Mata
26th March 2020
Independent specialist re/insurance broker BMS Group has announced the acquisition of Jurado Mata by its Spanish subsidiary, BMS Iberia. Jurado Mata was founded in 1990 and provides a range of affinity, commercial and personal lines solutions to a number of clients across Spain. Juan Mata, Chief Executive Officer of Jurado Mata, will ... Read the full article
Willis Re adds Dan Melanson as SVP, health practice leader
26th March 2020
Willis Re, the reinsurance business of Willis Towers Watson, has appointed Dan Melanson as senior vice president and Health Practice leader. Melanson will serve on the Life, Accident and Health senior management team and be responsible for creating and executing strategies to grow the Willis Re LAH business. He begins immediately and ... Read the full article
Kinsale promotes Jamie Secor to lead Commercial Property division
26th March 2020
Kinsale Insurance Company has announced the promotion of Jamie Secor to Division Manager for Commercial Property. Secor has held several underwriting positions of increasing responsibility within Kinsale since 2010. She has also held positions with CapSpecialty, James River Insurance Company, and Virginia Farm Bureau. “Jamie has played an important role in the growth ... Read the full article
COVID-19 business interruption legal action expands
26th March 2020
US states Massachusetts and Ohio have joined New Jersey in pushing for legal action to eliminate ‘virus’ exclusions on existing business interruption insurance policies. Legislation is aiming to provide more financial support for smaller businesses affected by the ongoing coronavirus (COVID-19) outbreak, which has now reached almost 70,000 cases in the ... Read the full article
Analysts forecast “very little” COVID-19 impact on property cat reinsurance
26th March 2020
Analysts at JMP Securities have said they expect to see “very little impact, good or bad” on property catastrophe reinsurance lines due to the coronavirus (COVID-19) outbreak and the resulting recession. Looking at property and casualty (P&C) lines more generally, JMP Securities believes COVID-19 and its accompanying economic volatility will be ... Read the full article
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