Reinsurance News
Fitch revises London market outlook to negative amid COVID-19 issues
24th March 2020
Fitch Ratings has revised its sector outlook for the underlying fundamentals of the London market insurance space to negative from stable, driven by growing concerns around the impacts and disruption caused by the COVID-19 outbreak. Fitch notes that the ongoing virus outbreak threatens the credit quality of London market insurers. While ... Read the full article
Insurers advised on Coronavirus claims surge preparation
24th March 2020
The Society of Claims Professionals has called on insurers to prepare for surge events as the coronavirus pandemic continues to evolve. The Society published a guide detailing how insurers should establish a “Surge Group” to be adequately prepared for surge events and maintain service. The guide details six activities which must be ... Read the full article
Marine sector faces huge exposure to economic slowdown: analysts
24th March 2020
Analysis by Russell Group has shown that the marine re/insurance sector could face huge exposure to a slowdown in the Chinese economy, induced by the coronavirus (COVID-19) outbreak. The firm found that just six global shipping companies, representing roughly 35% of industry, had a collective $114 billion exposure to this kind ... Read the full article
Forced COVID-19 payments could impact insurer stability: Sampson, APCIA
23rd March 2020
David Sampson, President and Chief Executive Officer (CEO) of the American Property Casualty Insurance Association (APCIA), has said that the industry recognises the unprecedented disruption being caused by the COVID-19 outbreak, but has warned against impacting the stability of the insurance sector in the U.S. through forced covers. According to Sampson, ... Read the full article
Coface North America appoints Ruben Nizard to Economist role
23rd March 2020
Coface North America has announced the appointment of Ruben Nizard as Economist for the North American Region, including the US and Canada. In this role, Nizard will be responsible for providing analysis of the North American economy, including analysis of the impacts caused by current trends and global economic influences. Coface explained ... Read the full article
US insurance industry M&A deals total $11.43bn in Q4: GlobalData
23rd March 2020
Insurance industry merger and acquisition deals announced in the fourth quarter of 2019 totalled $11.43 billion in the US, according to GlobalData’s deals database. This value represents a 174.03% increase over the previous quarter and a rise of 355.3% when compared with the last four-quarter average of $2.51 billion. The US held ... Read the full article
Allianz ART adds AXIS Re’s Kiernan to lead North America reinsurance
23rd March 2020
Former Chief Underwriting Officer and president of AXIS Re in Bermuda, Peter Kiernan, has joined Allianz Global Corporate & Specialty as head of reinsurance North America for its Alternative Risk Transfer division. Kiernan brings over 13 years’ experience to the role and will remain working out of Bermuda. His departure from AXIS ... Read the full article
Coronavirus BI loans available to UK brokers, but not re/insurers
23rd March 2020
Government-owned development bank, the British Business Bank, has revealed that the recently announced Coronavirus Business Interruption Loan Scheme (CBILS) will be made available to UK brokers, but not to insurers or reinsurers. CBILS is a new scheme announced last week by Chancellor Rishi Sunak to help support businesses whose operations have ... Read the full article
Hallmark risks Nasdaq delisting following compliance notice
23rd March 2020
Specialty property and casualty insurer Hallmark Financial Services has received notice from Nasdaq that the company is no longer in compliance with listing rules. The notice comes as a result of Hallmark failing to file its Form 10-K for 2019 in a timely manner. Under Nasdaq rules, the company has 60 calendar ... Read the full article
Could market decline force M&A price renegotiations? (Covea-PartnerRe, Aon-WTW)
23rd March 2020
With pressures from the coronavirus (COVID-19) outbreak causing a surge in market volatility and significant decreases in share prices, there could be a question mark over some of the larger merger and acquisition (M&A) deals announced recently. For example, PartnerRe shares were valued at US $27.20 per share on the New ... Read the full article
AmTrust names Daniel Pacicco as CFO
23rd March 2020
AmTrust Financial Services, Inc. has announced the appointment of Daniel Pacicco as Executive Vice President and Chief Financial Officer, effective March 18th. He will succeed Adam Karkowsky, who was promoted to AmTrust President back in December 2019. Pacicco joins AmTrust from Assurant, where he has served as Senior Vice President, Chief ... Read the full article
Pen Underwriting extends equine partnership with Markel
23rd March 2020
Multi-territory managing general agent Pen Underwriting is to further consolidate its presence in the equestrian market with the renewal of an existing capacity deal with Markel International. The agreement between the two firms builds on a partnership stretching back to 2017 and will see Markel continuing providing expertise and capacity for ... Read the full article
Sompo Intl appoints Donelan to lead reinsurance business as CEO
23rd March 2020
Bermuda-based P&C re/insurer Sompo International has appointed Christopher Donelan to serve as Chief Executive Officer of the company’s reinsurance business. Donelan, who currently serves as deputy CEO of SI Reinsurance, will report to Christopher Gallagher, CEO of SI’s Commercial P&C business. Stephen Young, the current CEO of Reinsurance at SI has resigned ... Read the full article
Aon’s Richard Dudley named LIIBA chair
23rd March 2020
The London and International Insurance Brokers’ Association (LIIBA) has announced that Richard Dudley, Chief Executive Officer of Aon’s UK Global Broking Centre, is to serve as its new chair. Dudley succeeds Roy White, who served a two-year term and will continue in the short term as deputy chair. His other deputies have ... Read the full article
Japan, Korea insurers face ongoing risks from COVID-19: Moody’s
23rd March 2020
Despite low numbers of infections and low claims, Moody’s analysts believe insurers in Japan and Korea should expect to face business disruption and financial risk from the coronavirus outbreak, with further downside risk should infections rise significantly. Analysts say direct claims related to the coronavirus outbreak will come from two main ... Read the full article
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