Reinsurance News
PG&E gets approval for $11bn settlement with Cali wildfire re/insurers
22nd June 2020
PG&E Corporation and Pacific Gas and Electric Company (PG&E) has received approval from California’s bankruptcy court for its $11 billion settlement to resolve all insurance subrogation claims arising from the 2017 Northern California wildfires and the 2018 Camp Fire. PG&E first announced the settlement in September 2019 as part of ... Read the full article
Allianz (AGCS) SE reorganises Board roles
22nd June 2020
Allianz Global Corporate & Specialty SE, the industrial insurer of the Allianz Group, has announced a realignment of its Board of Management, focusing on responsibilities for regions and markets as well as for Underwriting and Claims functions. Effective from July 1, the number of Chief Regions & Markets Officers (CRMO) on ... Read the full article
J.B. Boda adds Vinod Krishnan as Executive Director in Singapore
22nd June 2020
J.B. Boda Group, an insurance and reinsurance broker based in India, has appointed Vinod Krishnan as an Executive Director in Singapore. Krishnan had a decade of experience in direct insurance before joining the reinsurance broker Aon, where he led the Region in Asia from Singapore. After an 18-year stint at Aon Re, ... Read the full article
John Forney to join GeoVera Insurance as CEO
19th June 2020
Specialty residential property insurer GeoVera Insurance Holdings has appointed John Forney as its Chief Executive Officer and member of the board, effective July 1. Forney joins from United Insurance having recently served as the company’s CEO. He replaces Kevin Nish, who has served as GeoVera's President and CEO since November 2005 ... Read the full article
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
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