Reinsurance News
Coronavirus risk highest for mortality-focused US life insurers: Fitch
3rd February 2020
Life insurers with high exposure to mortality risk could face the most potential credit risk if the spread of the coronavirus in the US continues to accelerate, according to Fitch Ratings. However, the impact on life insurers would vary based on product mix, use of reinsurance and potential geographic concentrations, Fitch ... Read the full article
Willis Towers Watson’s Angel Hoover appointed Head of Benelux
3rd February 2020
Global insurance and reinsurance broker Willis Towers Watson has named Angel Hoover as Head of Benelux, and Joris Wonders as Head of Talent and Rewards for Western Europe. Based in Amstelveen in the Netherlands, Hoover takes responsibility for implementing the firm's strategic vision and driving client satisfaction across the region. Her ... Read the full article
Gallagher partners with FloodFlash on parametric policy
3rd February 2020
Re/insurance broker Gallagher has announced a new partnership with insurtech start-up FloodFlash, which will enable it to provide a parametric flood insurance policy to its UK clients. The parametric policy means claims will be settled based on a pre-defined trigger point, rather than through the traditional assessment of the cost of ... Read the full article
Aon hires Emma Carpenter as global super yacht leader
3rd February 2020
Re/insurance brokerage Aon has announced the appointment of Emma Carpenter as global super yacht leader. Taking up her position in London in early March, Carpenter will drive the development of Aon’s super yacht insurance broking business globally. She joins the company from Willis Towers Watson, where she has served as a super ... Read the full article
Chubb targets non physical damage BI with new terrorism solution
3rd February 2020
Insurer and reinsurer Chubb has launched a new Non Damage Terrorism Solutions policy offering designed to bridge gaps in traditional terrorism business interruption policies. The new product is a single policy offering protection against non damage business interruption, plus employee and customer care assistance as a result of a terrorism loss. Chubb ... Read the full article
Ed hires Kellie Christian as Professional & Executive Risk broker in Jersey
3rd February 2020
Ed Group, the global reinsurance, wholesale and specialty lines broker, has announced the hiring of Kellie Christian in Jersey, who joins the firm as a Divisional Director in its Professional & Executive Risk team. Christian will will be based in Jersey for Ed and report directly to Nick Bachmann, Divisional Director, ... Read the full article
Global Risk Partners gets majority investment from Searchlight Capital Partners
3rd February 2020
Private equity and opportunity investor Searchlight Capital Partners has taken a majority stake in independent insurance intermediary Global Risk Partners. The founding partners of Global Risk Partners (GRP), Peter Cullum CBE and David Margrett, as well as founding investor Penta Capital are set to retain minority stakes in the firm. Ares Management ... Read the full article
AmWINS appoints Matthew Crane as CEO of THB Group
3rd February 2020
Specialty insurer AmWINS has announced the appointment of Matthew Crane as Chief Executive Officer (CEO) of THB Group, its specialist international re/insurance broking and risk management firm. Crane, who will also take up the role of President of the International division of AmWINS, succeeds outgoing CEO Frank Murphy. Murphy has served as ... Read the full article
QIC results hit by typhoon losses and Ogden change
3rd February 2020
Qatar Insurance Company (QIC) has maintained a stable net profit of $184 million over 2019, but its underwriting performance suffered due to major catastrophe losses and changes to the Ogden discount rate, which caused the company’s combined ratio to slip to 103.3%. Net profit compared with $182 million in the previous ... Read the full article
BMS hires senior financial lines broker Kennell-Webb in Australia
3rd February 2020
BMS has continued to expand its footprint in the Australian insurance and reinsurance market, announcing the addition of senior financial lines broker Kirsty Kennell-Webb. Specialist insurance and reinsurance broker BMS said that Kennell-Webb will be based in its Sydney office once here current contractual obligations are fulfilled. Kennell-Webb has more than 12 ... Read the full article
Reinsurance a powerful enabler in mitigating climate change: Swiss Re’s Berger
3rd February 2020
The re/insurance industry is proving to be a powerful enabler in mitigating the effects of climate change, and has been spurred on by the shortcomings of government action, according to Andreas Berger, CEO of Swiss Re Corporate Solutions. Berger noted that the industry has been accelerating its investment in low-carbon initiatives ... Read the full article
AM Best’s post-Brexit arrangements will apply irrespective of EU trade deal
3rd February 2020
A.M. Best has said that measures it has implemented to prepare for a post-Brexit environment will apply irrespective of the UK's ability to reach a trade with the European Union (EU) by December 2020. Like many other global organisations within the UK financial services sector, ratings agency A.M. Best has taken ... Read the full article
Crypto exchange Bittrex secures $300m cold storage cover
3rd February 2020
US blockchain technology and cryptocurrency exchange Bittrex has obtained digital asset insurance of up to $300 million for its cold storage system. Bittrex worked closely with Marsh in placing cover with Arch Syndicate 2012, which provides protection from external theft and internal collusion. The company was approved for the coverage after successfully ... Read the full article
Reinsurers face highest risks from coronavirus, says A.M. Best
31st January 2020
Analysts at AM Best believe that reinsurers could face higher levels of risk related to the ongoing Coronavirus outbreak than their primary life & health counterparts. The rating agency noted that reinsurers typically have higher exposures to mortality and morbidity risks, and may have as much as 40% or more of ... Read the full article
Essent secures $496mn of mortgage reinsurance from capital markets
31st January 2020
Bermuda domiciled mortgage insurer Essent Group Ltd. has announced that its subsidiary, Essent Guaranty, Inc., has secured a further $495.9 million of fully collateralised excess of loss reinsurance coverage from the capital markets. The coverage was obtained through Radnor Re 2020-1 Ltd, a newly formed Bermuda special purpose insurer, and relates ... Read the full article
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