Reinsurance News
Swiss Re gets A3(hyb) rating for $250mn guaranteed subordinated notes
29th June 2020
Moody’s Investors Service has assigned an A3(hyb) rating to the SGD 350 million (USD 250 million) guaranteed subordinated fixed rate reset notes to be issued by Swiss Re Finance (UK) Plc (SRF) and guaranteed by Swiss Re Ltd. The notes, due 2035 and callable from 2025, form part of Swiss Re’s ... Read the full article
COVID-19 will drive “significant changes” to BI policy wordings: market survey
26th June 2020
67.6% of respondents to our comprehensive re/insurance market survey believe the COVID-19 pandemic will result in 'significant changes' to business interruption policy wordings. This new COVID-19 market survey was undertaken in collaboration with our ILS-focused sister-site Artemis, and was a follow-up to our April survey. We received responses from ... Read the full article
Obsidian Insurance appoints Stacy Armstrong as Chief Client Officer
26th June 2020
Obsidian Insurance Holdings has announced the appointment of Stacy Armstrong as Chief Client Officer. Armstrong joins with over 25 years' experience in the re/insurance space. Her new role will include responsibility for managing client and reinsurer relationships. Armstrong most recently served as Executive Vice President, Underwriting, M&A, TPA Management at Cranmore, an advisory and ... Read the full article
IRB Brasil investigation uncovers irregularities
26th June 2020
An internal investigation into Brazilian reinsurer IRB Brasil Re has uncovered irregularities in the payment of bonuses and the amount of shares offered in its February and March 2020 repurchase program. It was carried out alongside an independent investigation by KPMG Assessores Ltda. and Felsberg Advogados following a sudden drop in ... Read the full article
R&Q acquires Vermont-based captive
26th June 2020
Non-life legacy insurance investor Randall & Quilter has announced the acquisition of a captive insurer domiciled in Vermont. The company, which is now in run-off, wrote workers’ compensation, general and auto liability coverage to its parent and affiliates. The acquisition, which has already been approved by the Vermont Department of Insurance, is ... Read the full article
Power sector facing workforce & supply chain challenges: WTW
26th June 2020
Pressures on workforce availability and maintaining supply chains arising from COVID-19 are proving challenging to the power sector, according to re/insurance broker Willis Towers Watson (WTW). In a new report, WTW highlighted key risks such as reduced electrical demands, moratoriums on construction projects, availability of personnel and travel restrictions which are ... Read the full article
InsuResilience Solutions Fund signs grant agreement with MiCRO, SBS Seguros Colombia
26th June 2020
The InsuResilience Solutions Fund, represented by the Frankfurt School of Finance and Management, has signed a grant agreement to help strengthen Colombia’s resilience to natural catastrophes. Under the condition that the applicants commit a meaningful own contribution of 50% of the requested funding, ISF provides grants of up to €2.5 million. The ... Read the full article
Jonathan May takes International CFO role at Lloyd’s
26th June 2020
Insurance and reinsurance marketplace Lloyd’s of London has announced the promotion of Jonathan May to the role of International Chief Financial Officer (CFO). As International CFO, May will now be responsible for finance across Lloyd’s international network. May previously served as CFO for the APAC region, having joined Lloyd’s London office in ... Read the full article
RKH expands aviation team with 14 senior hires
26th June 2020
Specialty lines broker RKH Specialty has added 14 senior aviation experts in London and Colombia, as the company looks to build the largest independent logistics team. New hires in London include Alex Robinson as Divisional Director; Chris Vince as Divisional Director; Marcio Rosset as Divisional Director; David Clewley as Associate Director; ... Read the full article
Guernsey re/insurers sign up to UN sustainability framework
26th June 2020
The Guernsey International Insurance Association (GIIA) has signed up to a United Nations climate program to support the development of sustainable finance. GIIA is now a supporting institution of the United Nations’ Principles for Sustainable Insurance (PSI) Initiative. PSI serves as a global framework for the insurance industry to address environmental, social ... Read the full article
Atrium Underwriters adds Chris Stooke as Non-Exec Chairman
26th June 2020
Atrium Underwriters, the managing agent for Lloyd’s Syndicate 609, has announced the appointment of Chris Stooke as Non-Executive Chairman. Effective January 2021, Stooke will replace Steve Cook, who is set to retire at the end of this year. Stooke will work closely with the company's Chief Executive Officer Richard Harries and its ... Read the full article
Lloyd’s to reopen underwriting room in September
26th June 2020
Insurance and reinsurance marketplace Lloyd’s of London has announced that it plans to reopen its London headquarters and underwriting room on September 1, with new safety measures in place. The Lloyd’s underwriting floor at 1 Lime Street has been closed since March 19 due to the ongoing COVID-19 crisis in the ... Read the full article
Marsh announces Sport, Entertainment & Media group in the UK & Ireland
26th June 2020
Global insurance and reinsurance broker Marsh has established a dedicated Sport, Entertainment & Media (SEM) industry group in the UK & Ireland, led by global events specialist, Richard Tolley. The new group brings together more than 60 client management, technical, placement and risk management specialists from across Marsh to support the ... Read the full article
UK personal lines insurance to decline in 2020 off COVID-19, says GlobalData
26th June 2020
The personal lines market in the UK will contract in 2020 as a result of COVID-19 impacting a range of different lines of business, says data and analytics company GlobalData. Travel insurance is expected to be the worst affected personal lines product in the UK. In a new report, GlobalData says gross written ... Read the full article
Chinese regulator extends preferential treatment for Hong Kong
26th June 2020
The China Banking and Insurance Regulatory Commission (CBIRC) has announced it will extend the preferential treatment afforded to Hong Kong under its solvency system for another year. The decision means mainland insurers who cede business to local reinsurers can continue to enjoy lower capital requirements until 30 June 2021. According to the ... Read the full article
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