Reinsurance News
Title insurers sufficiently capitalised to weather COVID-19: Fitch
19th June 2020
Although revenues in the US title insurance space will inevitably suffer due to the COVID-19 pandemic and its resulting fallout, capitalisation levels will likely be adequate to weather to storm. This is according to analysts at Fitch Ratings, which recently analysed the impact of the coronavirus crisis on the title insurance ... Read the full article
AXA partners with Western Union on inclusive insurance
19th June 2020
Global insurer AXA has announced a new collaboration with The Western Union Company, which specialises in cross-border, cross-currency money movement and payments, to provide inclusive insurance products to Western Union’s customers. By linking insurance to money transfer services, the partnership will help to better cover migrant workers and their families at ... Read the full article
Insurtech growth to remain unaltered by COVID-19: Aon COO
19th June 2020
While investment in insurtech has seemingly been slowed by the ongoing COVID-19 pandemic, the macro growth trend in this space will likely remain unaltered by the crisis. This is according to John G. Bruno, Chief Operating Officer (COO) at Aon plc and Chief Executive Officer (CEO) for Data & Analytic Services, ... Read the full article
Probitas 1492 announces plans to launch a new managing agency
19th June 2020
Probitas 1492, an underwriting Syndicate at Lloyd's of London, has announced plans to establish a new managing agent, Probitas Managing Agency Limited (PMAL) to assume the management of Syndicate 1492 from Capita Managing Agency Limited. Lloyd's has granted Probitas 1492 'in principle' approval to establish the new managing agent, PMAL, which, ... Read the full article
Mike Morrissey Retires As IIS President & CEO
19th June 2020
The International Insurance Society and The Institutes have announced that Mike Morrissey will retire as President and Chief Executive Officer, after more than eleven years in the position. After fifteen years as an active corporate member of the IIS, Mike was chosen to become its fifth CEO in early 2009. Under his ... Read the full article
Reliance on investments leaves re/insurers vulnerable: GlobalData
19th June 2020
Strong reliance on investments throughout the insurance and reinsurance industry makes the sector particularly vulnerable to the COVID-19 pandemic and its accompanying economic turbulence, according to data and analytics company GlobalData. The firm noted that re/insurers’ balance sheets are increasingly under pressure due to the combination of volatility in financial markets, ... Read the full article
Willis Re hires Kirsten van Exel from AEGON
19th June 2020
Willis Re, the reinsurance broking arm of Willis Towers Watson (WTW), has announced that Kirsten van Exel will join its Dutch team as an Executive Director. Most recently, van Exel was a senior ILS underwriter at AEGON, prior to which she was a senior reinsurance actuary at NN Re. In her new ... Read the full article
DAC Beachcroft adds team of public sector liability specialists
19th June 2020
International law firm DAC Beachcroft has announced the appointment of a four-strong team of public sector liability specialists, including partner John Palmer, from DWF in London. Palmer will join DACB in September, while David Weir, a legal director who is joining DACB as a partner, started at the firm this month, ... Read the full article
John Forney to depart United Insurance, Daniel Peed succeeds
19th June 2020
Property and casualty insurance holding company United Insurance has added Daniel Peed as chairman of the board of directors and Chief Executive Officer. Effective July 1, Peed will succeed John Forney, who is due to step down as President and CEO on June 30 to pursue other opportunities. Peed was most recently ... Read the full article
Horace Mann appoints Paul Haley as Chief Risk Officer
19th June 2020
Horace Mann Educators Corporation has appointed Paul Haley as its new Chief Risk Officer. Haley has led risk assessments for the company’s business development efforts since 2018. He has 35 years’ experience in the life insurance sector, holding senior actuarial positions at Genworth Financial, Colonial Life and Prudential Financial before joining Horace ... Read the full article
KBRA revises Watford Holdings’ ratings outlook to Negative
19th June 2020
Kroll Bond Rating Agency (KBRA) has affirmed the A insurance financial strength ratings (IFRS) of the operating subsidiaries of Watford Holdings Ltd., and revised the outlook for all the ratings to Negative. This revision follows a recent letter in which investment firm Capital Returns Management called for Watford to consider ... Read the full article
AXIS Re welcomes two new underwriters to team
19th June 2020
AXIS Re, the reinsurance business segment of AXIS Capital, has announced the addition of two new underwriters. Joachim Johansson joins as a Casualty Underwriter for its Europe, the Middle East and Africa Latin American team. He joins from Zurich, where he served as an MGA Actuary, and brings close to 20 years ... Read the full article
Remote working to limit demand for connected home insurance: Globaldata
19th June 2020
COVID-19 will limit the uptake of connected home insurance policies, despite the pandemic making consumers embrace technology, according to data and analytics company GlobalData. Analysts at the firm suggested that demand for connected home technology will become less necessary as people spend more significant amounts of time at home. “GlobalData’s 2019 UK ... Read the full article
Thierry Léger succeeds Edi Schmid as Swiss Re’s Group CUO
19th June 2020
Global reinsurance giant Swiss Re has announced that Thierry Léger has been appointed to succeed Edi Schmid as Group Chief Underwriting Officer (CUO), effective September 1st, 2020. Schmid has been the Group CUO and member of the Group Executive Committee since July 2017, and has decided to step down from the ... Read the full article
Pandemic backstops impactful, but structure up for debate: survey results
18th June 2020
The results of the second COVID-19 survey by Reinsurance News show that the market broadly recognises the need for government supported backstop reinsurance schemes for future pandemics. Asked about their view on this issue, 41.7% of respondents to the survey said backstop schemes are definitely helpful, ... Read the full article
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