Reinsurance News
Ryan Specialty Group appoints Mark Katz EVP, general counsel
13th March 2020
Ryan Specialty Group has announced the appointment of Mark Katz as executive vice president, general counsel. Katz joined RSG in February 2019 as senior vice president and counsel, insurance services and has been responsible for leading a team focused on supporting the insurance operations of Ryan Specialty Group and its subsidiaries. He ... Read the full article
US commercial insurance prices accelerate 6% in Q4: WTW
13th March 2020
US commercial insurance prices accelerated during the fourth quarter of 2019, according to re/insurance broker Willis Towers Watson (WTW), as the aggregate price change reported by carriers exceeded 6%. The result continues a trend of acceleration that has been observed over recent quarters, the firm found as part of its Commercial ... Read the full article
Insurance Council of Australia declares COVID-19 a catastrophe
13th March 2020
The Insurance Council of Australia (ICA) has officially declared the coronavirus (COVID-19) outbreak to be an ‘insurance catastrophe,’ following its designation as a pandemic by the World Health Organisation. The ICA noted that the extent of claims and losses related to the COVID-19 spread remain unknown at this point, but said ... Read the full article
R&Q to assume occupational disease liabilities from UK P&I Club
13th March 2020
An agreement has been reached between Randall & Quilter Investment Holdings Ltd. (R&Q) and UK P&I Club, under which the former is set to assume the latter's occupational disease liabilities, subject to approval by the High Court in London. UK P&I Club is to transfer its occupational disease liabilities, which total ... Read the full article
Bank rate cut to increase pressure on UK re/insurers: Moody’s
13th March 2020
Analysts at Moody’s Investors Service view the Bank of England’s (BoE) decision to cut its base rate to 0.25% as a credit negative for UK insurers. The cut, which is designed to offset the economic shock of the coronavirus (COVID-19) outbreak, is expected to increase pressure on the UK insurance sector’s ... Read the full article
Generali profits rise 16% with growth across all segments
13th March 2020
Italian re/insurer Generali has increased its net profit by 15.7% to €2.67 billion in 2019, thanks to the positive performance of all of its business segments. This included a 3.3% increase in the operating result of the property and casualty (P&C) segment, which stood at €2.06 billion for the year, versus ... Read the full article
Swiss Re appoints Hadi Riachi CEO of India branch
13th March 2020
Global reinsurance giant Swiss Re has announced the appointment of Hadi Riachi as Chief Executive Officer (CEO) of its India branch, effective April 1st, 2020. Riachi's appointment remains subject to regulatory approvals and sees him takeover from G. Satish Raju, who is to pursue other opportunities outside of Swiss Re. In his ... Read the full article
2020 Budget is positive for UK insurers, but challenges persist: A.M. Best
13th March 2020
Overall, the recently announced UK 2020 Budget is generally positive for UK insurers but the sector is still faced with challenges, reports financial services ratings agency, A.M. Best. Following the announcement of the 2020 Budget by the UK Chancellor of the Exchequer earlier this week, A.M. Best has offered some thoughts ... Read the full article
IGI Bermuda provisionally approved to write U.S. E&S business from April
13th March 2020
International General Insurance Holdings Limited (IGI) announced yesterday that its Bermuda subsidiary has been granted provisional approval to enter the U.S. excess and surplus (E&S) lines market, effective April 1st, 2020. The provisional approval by the National Association of Insurance Commissioners (NAIC) enables International General Insurance Company Ltd. (IGI Bermuda) to ... Read the full article
HDI Global SE adds Allianz’ Oliver Davies to London office
13th March 2020
Primary commercial specialist HDI Global SE has appointed Oliver Davies as distribution and strategic initiatives manager for London. Effective March 16, Davies will be responsible for the development and oversight of HDI’s key account and broker relationships in London and the South. He reports to director of distribution Stephanie Ogden. Davies joins ... Read the full article
Fitch puts Aon on negative watch, citing WTW merger concerns
12th March 2020
Rating agency Fitch has decided to place the ratings of re/insurance broker Aon on negative watch due to complexities surrounding its recently announced merger deal with Willis Towers Watson (WTW). Analysts said Aon’s ‘BBB+’ Issuer Default Rating (IDR) could be negatively affected by the significant deal size of its combination ... Read the full article
Quantemplate adds new hires to sales and solutions teams
12th March 2020
Quantemplate, a provider of cloud-based automated data solutions for the re/insurance industry, has announced the appointments of Simon Fagg, Rick de Jager, and Shannon Perry. The new hires have joined both the sales and solutions teams respectively and will be responsible for continuing the growth and expansion of the company across ... Read the full article
EC3 Brokers launches US property wholesale unit
12th March 2020
EC3 Brokers has launched its London-based U.S. property wholesale division, and named Matthew Jeffery as Managing Director and David and Daniel Jeffery as Divisional Directors. All three joined EC3 Brokers at the end of 2019 and in their new roles, will report to James Murphy, Head of Broking at EC3 Brokers. Combined, ... Read the full article
Hannover Re puts P&C coronavirus exposure at €200mn
12th March 2020
German reinsurer Hannover Re has estimated that its maximum exposure to coronavirus losses on the property and casualty (P&C) side of its business is around €200 million. Speaking alongside the release of the company’s 2019 results, executives explained that Hannover Re could see costs related to business interruption and cancellation ... Read the full article
Swiss Re employees advised to work from home
12th March 2020
Global reinsurer Swiss Re has confirmed a series of measures designed to counter the spread of Coronavirus between its employees. Staff in Beijing, Hong Kong, Shanghai, Singapore, Tokyo, Seoul have been advised to work from home. Employees in the UK are also strongly advised to work from home. Additionally, In line with local ... Read the full article
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