Reinsurance News
Cedent needs were met at June 1 renewals despite challenges, says GC
25th June 2020
Despite the challenges, cedent needs were met at the June 1st reinsurance renewals as the market continued to function well, a trend analysts at Guy Carpenter (GC) expect to persist through the July 1st renewals and into next year. In a recent industry note, Guy Carpenter, the reinsurance broking arm of ... Read the full article
Trust Re to cease underwriting from Labuan & Morocco
25th June 2020
Bahrain domiciled reinsurer Trust Re has announced that it plans to cease underwriting activities from its Labuan and Morocco branch offices, instead centralising all operations to its head office. The move comes as part of a new strategic plan that will also see the company stop underwriting both Facultative Aviation and ... Read the full article
Brad Perilman joins Worldwide Facilities as Head of M&A
25th June 2020
Worldwide Facilities, a US wholesale insurance broker, managing general agent and program underwriter, has announced that Brad Perilman has joined the company as Senior Executive Vice President, Mergers & Acquisitions. As part of the executive management team, Perilman will lead Worldwide Facilities' M&A activities. His responsibilities will include transaction sourcing, strategic and ... Read the full article
CCRIF SPC pays $200k to Belize for Cyclones Amanda & Cristobal
25th June 2020
Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) has made a payout of US $203,136 to the Government of Belize under its excess rainfall (XSR) parametric insurance policy following Tropical Storms Amanda and Cristobal. Amanda was a tropical cyclone that originated in the Pacific Ocean and brought rains that ... Read the full article
Global Indemnity reveals plan to redomicile to the U.S.
25th June 2020
Global Indemnity Limited, a specialist provider of property and casualty insurance, has revealed that its Board of Directors have approved a plan to redomesticate the firm and its Bermuda arm, Global Indemnity Reinsurance, Ltd., to the U.S. At the same time, the Board also approved the filing of a preliminary proxy ... Read the full article
Ransomware attacks up 25% in Q1, says Beazley
25th June 2020
Specialist insurer Beazley has reported a 25% spike in ransomware attacks in the first quarter of 2020 versus the fourth quarter of 2019. This figure is based on incidents reported to in-house breach response team Beazley Breach Response (BBR) Services. While nearly all industries reported incidents, the manufacturing sector was the hardest ... Read the full article
Herman Kerremans named CEO of Howden’s new Belgian start-up
25th June 2020
International independent insurance brokerage, Howden Broking Group, has announced that it has been granted its licence to operate in Belgium. The new Belgian start-up is to be led by industry veteran Herman Kerremans and, with an established team, will provide best-in-class specialty solutions to clients across the Benelux region, strengthening the ... Read the full article
Totus Re warns UK Gov against narrow focus on pandemic risk
25th June 2020
Totus Re, an open collective to help plan coverage for catastrophic pan-economic events, has warned the UK Government against taking a single peril view to societal risk following the COVID-19 pandemic. In a new statement, Totus Re expressed support for the UK’s Pandemic Re steering group, but said that current plans ... Read the full article
Lemonade looks to raise up to $286 million in IPO
25th June 2020
InsurTech start-up Lemonade has commenced the previously announced initial public offering (IPO) of its common stock, which could raise up to $286 million. The company, which is backed by Japanese conglomerate SoftBank, announced in early June that it had filed a registration statement with the US Securities and Exchange Commission ... Read the full article
Arch Capital raising $1bn with senior debt issuance
25th June 2020
Bermuda-based re/insurer Arch Capital Group has priced $1 billion of 3.635% senior notes as it looks to raise funds for general corporate purposes. This move effectively sees Arch join a number of other companies looking to capitalise on a firming re/insurance marketplace. For Arch, raising capital could be considered important following ... Read the full article
GIC Re’s combined ratio slips to 114% in 2019
25th June 2020
India’s national reinsurance company, General Insurance Corporation of India (GIC Re), has reported that its combined ratio deteriorated to 114% during the financial year 2019. Underwriting losses over the year were up threefold from Rs 2,211 crore ($409 million) to Rs 6,367 crore ($1.18 billion), causing the combined ratio to move ... Read the full article
Bichard named Global Insurance Leader for PwC as O’Hearn departs
25th June 2020
PwC has announced the appointment of Jim Bichard as its new Global Insurance Leader, effective July 1st 2020, succeeding Stephen O'Hearn who is retiring after 38 years with the company. Bichard has worked in the insurance segment throughout his 23 years with PwC, most recently serving as the leader of its ... Read the full article
Willis Re Securities closes €100m cat bond for Achmea Reinsurance
25th June 2020
Willis Re Securities in collaboration with Willis Re, the reinsurance division of Willis Towers Watson has structured and placed €100 million of insurance-linked securities (ILS) for Achmea Reinsurance Company. Achmea Reinsurance is the reinsurance arm of Achmea B.V., the leading Dutch insurance group with a cooperative background. Windmill II Re DAC, settled ... Read the full article
Generali to become a major shareholder of Cattolica via strategic partnership
25th June 2020
Generali Group has committed to becoming a major shareholder of Cattolica Group through a reserved share capital increase for €300 million, as the pair announce the launch of a new strategic partnership. The Board of Directors of both companies recently approved the launch of a strategic partnership between the pair, which ... Read the full article
UK Gov to review Solvency II ahead of Brexit transition deadline
25th June 2020
The United Kingdom’s HM Treasury has announced that it plans to review Solvency II rules for insurers and reinsurers ahead of the Brexit transition end on 31 December 2020. The government said that the review would ensure that Solvency II is “properly tailored” to take account of the structural features of ... 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.
