Reinsurance News
Lloyd’s announces Coronavirus stress test measures
12th March 2020
In the face of rising uncertainty surrounding Coronavirus’ impact on the re/insurance industry, Lloyd’s has announced a series of actions designed to test market resilience. On Friday 13 March, Lloyd’s will close the underwriting room at 1 Lime Street in London and invoke its Emergency Trading Protocol for 24 hours in ... Read the full article
Lebanese insurers face mounting uncertainty: AM Best
12th March 2020
Recent civil unrest and a ballooning public debt have increased the level of economic uncertainty in Lebanon, negatively impacting the credit quality of the country’s insurance market, says AM Best. In a new report the ratings agency notes how, in contrast with the wider Middle East and North Africa region, the ... Read the full article
QBE North America appoints Dan Moore COO
12th March 2020
The North American division of global insurer QBE has appointed Dan Moore as Chief Operating Officer. Effective immediately, Moore will lead claims, technology and operations and oversee communications and branding. He reports to QBE North America Chief Executive Officer Todd Jones and will serve as a member of the company’s executive committee. Moore ... Read the full article
Swiss Re partners with Microsoft on digital risk center
12th March 2020
Swiss Re has partnered with tech giant Microsoft on the launch of a Digital Market Center to help the re/insurance industry develop large-scale tools to predict and manage risks, and respond with new products. The Digital Market Center will draw on Microsoft’s Azure cloud technologies, as well as its internet of ... Read the full article
Coronavirus attacks show UK cyber vulnerabilities: GlobalData
12th March 2020
Data and analytics company GlobalData has reported that small to medium enterprises (SMEs) in the UK remain underinsured and vulnerable to cyber attacks. The comments come amid a surge of coronavirus-related cyber attacks, which UK police estimate to have caused £800,000 of total losses from 21 separate cases in February alone. The ... Read the full article
IUA forms underwriting group for commercial crime business
12th March 2020
The International Underwriting Association (IUA) has established a new London Market underwriting group for companies writing commercial crime business. The Commercial Crime Underwriting Group will initially focus on dealing with cyber risks by either affirmation or exclusion, the implications of capital withdrawal from the sector, and the promotion of education and ... Read the full article
Aon / WTW merger a response to tech disruption, analysts
11th March 2020
Analysts at Peel Hunt have underlined the role technology-driven market disruption is playing in Aon’s decision to make a $30 billion-rated move on Willis Towers Watson. With Lloyd’s investing heavily in ongoing modernisation efforts aimed at lowering brokerage costs, Peel Hunt says the deal could be seen as an antidote ... Read the full article
Gallagher promotes Moon to senior sales director role
11th March 2020
Global re/insurance broker Gallagher has promoted Kathryn Moon to the role of sales director for northern England, the Midlands, Scotland and Northern Ireland. Moon’s new role will see her take responsibility for defining and implementing Gallagher’s business development agenda for the region. She has been with the company since 2013 and has ... Read the full article
Greenlight Re’s strategic review ongoing amid underwriting challenges
11th March 2020
David Einhorn, the Chairman of investment-oriented reinsurer Greenlight Re, said during the company’s recent earnings call that its strategic review is ongoing after initial actions failed to have the desired impact. In the summer of 2019, ratings agency A.M. Best turned negative on Greenlight Re over concerns around its consistently ... Read the full article
National Flood Services targets flood insurance modernisation with Trident
11th March 2020
National Flood Services, a U.S. domiciled provider of flood insurance solutions, has launched a new holistic, data-driven platform designed to transform access to flood protection, called Trident. The new solution aims to modernise every aspect of the flood insurance experience for all parties along the chain, from policyholders to back-office operations ... Read the full article
Coronavirus to trigger global recession in 2020, warns Swiss Re
11th March 2020
Swiss Re Institute has said it is expecting to see a global recession in 2020 as the coronavirus outbreak continues to cause major disruption around the world, putting pressure on already weak economic resilience. Analysts noted that the recession will likely be mild in a historical context, although economic growth will ... Read the full article
Prudential is planning for a minority IPO of its US arm, Jackson
11th March 2020
UK insurer Prudential has announced that it is preparing for a minority Initial Public Offering (IPO) of its U.S. business, Jackson National Life (Jackson), following recent proposals from the company's second largest shareholder, Third Point. Towards the end of February, founder of U.S. hedge fund Third Point and activist investor, Daniel ... Read the full article
Skuld makes changes to London management team
11th March 2020
Marine insurer Skuld has announced some changes to its London management team, including the relocation of Chief Business Development Officer, Gregory Thomas to Norway from London. Thomas' relocation is effective July 1st and from the Oslo headquarters, he will continue to drive the developments of Skuld's global commercial business. At the same ... Read the full article
Analysts assess potential Covid-19 impact on reinsurance market
11th March 2020
While the eventual impact of Covid-19 (more commonly known as Coronavirus) on the global insurance market remains unclear, analysts at international law firm Bryan Cave Leighton Paisner believe there’s potential for the issue to cause insurers to maximise their reinsurance recovery. Analysts say such a development has the potential to grip ... Read the full article
US P&C underwriting income improves to $4.1bn: AM Best
11th March 2020
The U.S. property/casualty (P/C) industry improved its net underwriting income in 2019 to $4.1 billion, according to data from AM Best. The rating agency found that net underwriting income was up $4.9 billion compared with the loss of $800 million reported in 2018. It attributed the increase to a 4.7% growth in ... Read the full article
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