Reinsurance News
SCOR selectively grows reinsurance book at mid-year renewals
24th July 2020
Global insurer and reinsurer SCOR's gross reinsurance premiums grew 1.3% from €708 million to €717 million at the mid-year renewals, as the company took advantage of continued market hardening. The re/insurer notes "strong price growth momentum," reporting overall 8.2% price increases across its renewal book at the mid-year, with improvements materialising ... Read the full article
Travelers provides updates on renewed catastrophe reinsurance treaties
24th July 2020
P&C insurer Travelers has provided an update on the catastrophe reinsurance treaties it renewed on July 1. The Northeast Property Catastrophe Excess-of-Loss Reinsurance Treaty provides up to $600 million part of $850 million of coverage, subject to a $2.25 billion retention for losses arising from a single occurrence, subject to one ... Read the full article
Everest Re names Karmilowicz as President & CEO of its Insurance Division
24th July 2020
Bermuda domiciled insurer and reinsurer, Everest Re Group, Ltd., has appointed Michael Karmilowicz as President and Chief Executive Officer (CEO) of the Everest Insurance Division, effective immediately. Karmilowicz has been with Everest Insurance since 2015, most recently serving as Executive Vice President and President of North America P&C. He brings almost three ... Read the full article
IRB Brasil Re gets favourable court decision in public civil action
24th July 2020
The São Paulo Court of Justice has ruled in favour of Brazilian reinsurer IRB Brasil Re in the public citizen suit filed against the company. It was decided that IRB proved “its economic capacity to face indemnities granted to shareholders” and, consequently, is no longer required to offer a guarantee in ... Read the full article
CoreLogic’s Q2 organic revenue up 5% as firm sees $15mn COVID-19 impact
24th July 2020
Risk modelling firm CoreLogic has announced a 4% increase in reported revenues to $477 million in the second-quarter of 2020, and organic revenue growth of roughly 5%, up over 2% from the previous quarter. CoreLogic states that revenues were actually up by 15% once normalised for $28 million of second-quarter 2019 ... Read the full article
SSP joins Willis Towers Watson’s Radar Live program
24th July 2020
Broker Willis Towers Watson (WTW) has announced it will partner with insurance software provider SSP to optimise real-time pricing and time to market for insurance companies. SSP will join WTW’s global Radar Live collaborator program, improving its ability to derive insights from various data sources and to deploy machine learning models ... Read the full article
Tysers adds Deloitte’s Clive Buesnel as CEO
24th July 2020
Tysers, the specialty London-based wholesale broker, has named Clive Buesnel, previously of Deloitte, as its new Chief Executive Officer (CEO), subject to regulatory approval. He has spent the large majority of his career in operational and strategic positions in the UK and global insurance markets, most recently serving as a Senior ... Read the full article
RT Specialty announces Scott Smith’s intent to retire
24th July 2020
RT Specialty, the wholesale brokerage unit of Ryan Specialty Group, has announced Scott Smith's intention to retire from the company. He currently serves as President, Northeast Region and Managing Director. Smith joined RT Specialty with the acquisition of his company, S. H. Smith & Company, in September, 2013. He and his team ... Read the full article
Gossmann & Cie. granted license for PCC in Malta
24th July 2020
Gossmann & Cie., a liability management company, has received a license from the Maltese regulator (MFSA) to operate its risk carrier, a protected cell company (PCC) based in Malta. Gossmann & Cie. Insurance PCC Ltd. is authorised under the Insurance Business Act (Cap 403) to carry on business of insurance in ... Read the full article
IAG enhances reinsurance use; CEO notes “immensely challenging” six months
24th July 2020
Australian insurer IAG has further strengthened its overall reinsurance position with the purchase of a new aggregate catastrophe reinsurance cover and a stop-loss protection for retained natural perils. The company has provided an update on its results for the fiscal year ended June 30th, 2020 and also offered some insights into ... Read the full article
COVID-19 losses still top concern for P&C re/insurers: JP Morgan
24th July 2020
With industry losses forecast to ultimately reach $100 billion, JP Morgan reports that exposure to the COVID-19 pandemic remains top of the mind for property and casualty (P&C) re/insurers. Overall, analysts expect small cap underwriters and brokers to be better insulated from virus headwinds versus their larger counterparts due to their ... Read the full article
Lockton Re adds Graham Barden as Chairman of Aviation & Aerospace
24th July 2020
Lockton Re, the reinsurance business of insurance broker Lockton, has added Graham Barden to its London office as Chairman of Aviation & Aerospace. Barden was most recently part of the Aviation team at Guy Carpenter, having joined as part of the MMC acquisition of JLT in 2019. Before that he was Managing ... Read the full article
Everest Re pegs Q2 COVID-19 losses at $160mn
24th July 2020
Bermuda-based reinsurer Everest Re Group, Ltd. has reported losses related to the COVID-19 pandemic of $160 million in the second-quarter of 2020, taking the firm's total hit from the ongoing crisis to $310 million. The reinsurer states that of its total Q2 2020 pandemic hit, $130 million is allocated to its ... Read the full article
AGCS appoints Grant Maxwell to lead Alternative Risk Transfer
24th July 2020
Allianz Global Corporate & Specialty (AGCS) has appointed Grant Maxwell as Global Head of Alternative Risk Transfer. Maxwell reports reporting directly to AGCS SE Board Member and Chief Underwriting Officer Corporate Tony Buckle. He currently leads the global Alternative Risk Transfer (ART) team on an interim basis. AGCS’ ART line of business provides structured ... Read the full article
Legal & General America adds Dawn Boitnott as CUO
24th July 2020
Life insurer Legal & General America has appointed Dawn Boitnott as Chief Underwriter & Underwriting Transformation Officer. Boitnott will be leading LGA's strategic underwriting by managing its guidelines and policy, including managing the evaluation of emerging underwriting tools and data. She reports to Troy Thompson, senior vice president and chief actuary. Boitnott comes ... Read the full article
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