Reinsurance News
European re/insurers prepared to manage pandemic risk: AM Best
9th March 2020
Against the backdrop of the coronavirus outbreak, AM Best has said that it considers European insurers and reinsurers to be well positioned to manage their potential exposure to pandemic risk. The rating agency noted that COVID-19 has the potential to challenge European re/insurers on both the asset and liability side of ... Read the full article
BMS Group adds duo to Private Equity, M&A and Tax division
9th March 2020
Independent specialist re/insurance broker BMS Group has announced the appointment of Sophie Wallace and Dean Andrews as Divisional Directors in the recently established Private Equity, M&A and Tax division. Andrews has also been appointed Head of Tax Liability Insurance, effective immediately. Both Wallace and Andrews will report to Tan Pawar, who will ... Read the full article
Risk Strategies completes recapitalisation transaction
9th March 2020
US insurance broker and risk management firm Risk Strategies has completed a recapitalisation transaction which includes a new equity investment from funds managed by Kelso & Company. The investment represents an extension of the partnership between Risk Strategies and Kelso which began with Kelso’s original investment in 2015. The transaction is expected ... Read the full article
Insurtech Relay secures $3mn funding, launches placement platform
9th March 2020
After two years of development and testing with large participants, Toronto-headquartered insurtech Relay has released its first fully-fledged online Software-as-a-Service solution. The firm, which has also just recently secured $3 million in its latest funding round, says the platform is able to secure and track complex risk placements quickly and easily. The ... Read the full article
ABI pegs storm Ciara, Dennis payouts at £360mn
9th March 2020
The Association of British Insurers is expecting total payouts for UK storms Ciara and Dennis to exceed £360 million. The ABI says insurers made initial emergency payments of over £7.7 million to help flooded homeowners and businesses in the immediate aftermath of the flooding and wind damage. With repairs to many properties ... Read the full article
Aon confirms combination with Willis Towers Watson
9th March 2020
Global insurance and reinsurance broker Aon has confirmed that it will combine with rival broker Willis Towers Watson, following weeks of speculation about a potential deal. The companies today announced a definitive agreement to combine in an all-stock transaction with an implied combined equity value of approximately $80 billion. "This combination will ... Read the full article
AM Best places IRB Brasil Re under review with negative implications
9th March 2020
Ratings agency AM Best has placed under review with negative implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of IRB-Brasil Resseguros S.A. (IRB Brazil Re). The decision comes after President José Carlos Cardoso and CFO Fernando Passos submitted their resignations to the ... Read the full article
PERILS settles on industry loss of €782mn for Cyclone Dragi-Eberhard
9th March 2020
Catastrophe loss data aggregator PERILS has settled on a figure of €782 million (US $889 million) as its fourth and final estimate for the insurance market loss resulting from Extratropical Cyclone Dragi-Eberhard in March 2019. Dragi-Eberhard affected the British Isles, and Western and Central Europe on 9 and 10 March and ... Read the full article
Sompo GRS launches replacement value protection insurance
9th March 2020
Bermuda-based P&C re/insurer Sompo International has announced that its Global Risk Solutions division has entered a strategic partnership with Fisher Harris Shapiro to offer specialised protection against covered property perils to US commercial real estate and financial institutions. Sompo GRS Replacement Value Protection helps protect lenders/owners in commercial real estate financings ... Read the full article
Premium renewal rates stay on upward trend in February: IVANS
9th March 2020
The February results of the IVANS Index, a division of Applied Systems, show that nearly all lines of business experienced an increase in average premium renewal rate year-over-year. Compared with the previous month, Commercial Auto and Commercial Property lines saw the greatest average rate increases, while Umbrella had the most significant ... Read the full article
CyberCube secures more funding, adds Board observers
9th March 2020
Cyber risk analytics firm CyberCube has secured additional funding from venture capitalist MTech Capital and individuals from Stone Point Capital. These additional investments bring the cumulative amount raised in CyberCube’s previously announced Series B funding round to $40 million. In connection with this investment, CyberCube is appointing additional observers to its ... Read the full article
Beazley opens cyber product to brokers of SMEs via online platform
9th March 2020
Specialist insurer Beazley has announced that its cyber product, Beazley Breach Response (BBR), will be available to brokers of small and medium-sized business through the myBeazley platform in the US. Beazley says this will reduce the time required to obtain a bindable BBR quote by allowing brokers to access accounts, update ... Read the full article
AXA Singapore appoints Julien Callard MD, retail and health
9th March 2020
AXA Insurance Singapore, part of AXA Group, has appointed Julien Callard as managing director, retail and health. Effective immediately, Callard will lead the Retail and Health strategic business unit, with responsibility for driving growth of AXA’s retail business and health business as well as the respective distribution functions. This includes developing a ... Read the full article
AM Best warns of growing claims as coronavirus spreads in US
6th March 2020
Rating agency AM Best has warned of a potential rise in claims for US health insurers due to the growing number of coronavirus cases and deaths being reported across the country. More than 100,000 cases of coronavirus have now been confirmed globally, and an estimated 3,412 people are thought to have ... Read the full article
Who’s exposed to Tennessee tornado damage?
6th March 2020
Financial analysis firm Demotech has compiled a list of re/insurers who are likely to face the most exposure from the recent outbreak of tornadoes that impacted Tennessee on March 3rd. The tornadoes, which caused major damage in the state capital of Nashville, caused at least two dozen deaths and are expected ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
