Reinsurance News
New Jersey’s COVID-19 legislation could be negative for insurers: Analysts
16th March 2020
Despite business interruption (BI) claims from the ongoing coronavirus being explicitly excluded by ISO's "virus" exclusion, new legislation being discussed today in the State of New Jersey seeks to eliminate this, which, analysts feel would be negative for all commercial insurers. Specifically, the New Jersey Legislature is set to propose a ... Read the full article
Fitch downgrades Prudential’s Jackson off IPO pursuit
16th March 2020
Fitch Ratings has downgraded the Insurer Financial Strength ratings of Jackson National Life Insurance Co. and Jackson National Life Insurance Co. of New York to 'A+' from 'AA-'. At the same time, Fitch downgraded its ratings on Jackson's Long-Term Issuer Default Rating to 'A' from 'A+'. The Rating Outlook is Negative. This ... Read the full article
Canopius set to acquire Bermudian reinsurer MultiStrat
16th March 2020
Bermuda-based specialty reinsurance group MultiStrat is set to be acquired by global specialty re/insurer Canopius. Canopius’ chairman and Chief Executive Officer, Michael Watson, has welcomed MultiStrat CEO Bob Forness and his team to the group, stating, “With a strong track record in the Casualty ILS market MultiStrat is recognised for innovation ... Read the full article
IRB Brasil Re names incoming Chairman interim CEO
16th March 2020
Brazilian reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) has revealed that its Board of Directors unanimously resolved to elect the reinsurer's Chairman, Antonio Cassio dos Santos, as interim Chief Executive Officer (CEO) of the company. Earlier this month, Antonio Cassio dos Santos was appointed Chairman of the company's Board by ... Read the full article
Everest Re promotes Mango to Group Chief Risk Officer and Chief Actuary
16th March 2020
Bermuda-based insurer and reinsurer Everest Re Group, Ltd. has promoted Don Mango to Everest Group Chief Risk Officer (CRO) and Chief Actuary, effective March 30th, 2020. In his new role, Mango will report to Everest Re Group's President and Chief Executive Officer (CEO), Juan Andrade. As Group CRO and Chief Actuary, Mango ... Read the full article
AEGIS London reports 7% rise in profit for its managed syndicate in 2019
16th March 2020
AEGIS London, a Lloyd's of London managing agency, has announced that its managed syndicate recorded a 7% rise in profit in 2019 to £31.1 million, compared with £29.1 million a year earlier. The year-on-year increase in profit reported by AEGIS was achieved in spite of foreign exchange losses of £5 million. The ... Read the full article
Talanx posts record €923mn net income for 2019 despite large losses
16th March 2020
Talanx, the parent company of Hannover Re, generated a record net income of €923 million during 2019 despite higher-than expected large losses. Total large losses amounted to €1.3 billion, due above all to events in non-life reinsurance. €363 million of this figure was attributable to primary insurance, while reinsurance accounted for the ... Read the full article
Arthur J. Gallagher adds Christopher Miskel to Board
16th March 2020
International insurance brokerage firm, Arthur J. Gallagher & Co. has announced the appointment of Christopher Miskel to its Board of Directors. Miskel currently serves as President and Chief Executive Officer of Versiti, Inc., a nonprofit holding company for affiliated blood centers across the upper Midwest of the US. Previously, he served in ... Read the full article
Liberty Mutual Re names Dan Carroll as Senior Underwriter, Aviation Treaty
16th March 2020
Liberty Mutual Re, the reinsurance arm of Liberty Mutual Insurance, has announced the appointment of Dan Carroll as Senior Underwriter, Aviation Treaty Reinsurance. Based in London, Carroll reports to Hans Towler, Head of Aviation, and takes up his new role effective immediately. In this role, Carroll takes responsibility for underwriting as well ... Read the full article
EC3 Brokers sets up international financial & professional lines division
16th March 2020
EC3 Brokers, the Lloyd's of London headquartered commercial lines broker, has announced the establishment of its international financial and professional lines division with the appointment of David Purdy as divisional director. In this role, Purdy will be responsible for growing the business while servicing clients in both the wholesale and retail ... Read the full article
Latest mortality projections model to drive uptick in liabilities: Aon
16th March 2020
Insurance and reinsurance broker Aon expects to see a slight increase in liabilities from the use of the latest model from the Continuous Mortality Investigation (CMI) when compared with the 2018 version of the model. CMI_2019, the newly released March 2020 update of the CMI's projection model, incorporates deaths in the ... Read the full article
Kenya Re considering launch of retakaful subsidiary in Egypt, reports
16th March 2020
State-controlled Kenya Reinsurance Corporation is looking to establish a Shariah-compliant subsidiary in Egypt after raising $52.5 million through issuance of bonus shares, according to reports from news site All Africa. Retakaful is the Islamic alternative to reinsurance and operates on Sharia principles. Kenya Re's new capital base meets the revised Egyptian insurance ... Read the full article
Large reinsurers to retake market share as rates harden: KBRA
13th March 2020
Analysts at Kroll Bond Rating Agency (KBRA) anticipate that large capacity reinsurers are set to begin retaking market share as pricing conditions harden. Despite top-line growth, KBRA sees these players as overcapitalised and ready to reclaim business they may have given away during the soft market. Going forward, the firm expects to ... Read the full article
AXA XL affiliate provides cover for innovative medical isotope facility
13th March 2020
AXA XL affiliate and provider of solutions for breakthrough technology projects New Energy Risk (NER) has provided a performance insurance program to SHINE Medical Technologies, a development-stage company working to become the world's leading producer of medical isotopes. The cover is for a new production facility set up by SHINE to ... Read the full article
LMA introduces Coronavirus contingency clause
13th March 2020
The Lloyd’s Market Association (LMA) has published policy language designed to prevent customers being left without cover in the event of a Coronavirus-related market shutdown. Drawn up by the LMA on behalf of its members, the clause ensures continuity of coverage for Lloyd’s re/insureds should, for more than one day during ... Read the full article
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