Reinsurance News
COVID-19 to boost demand for W&I coverage: Lockton
4th June 2020
Analysts at re/insurance broker Lockton believe that Warranty & Indemnity (W&I) insurance is likely to become more sought after in the coming months as a result of the COVID-19 pandemic. The firm noted that take up of W&I insurance in mergers and acquisitions (M&A) deals has already increased from 6% to ... Read the full article
A.M. Best upgrades credit ratings of Fidelis
4th June 2020
Fidelis Insurance Holdings Limited and its subsidiaries have had their credit ratings upgraded by international financial services ratings agency, A.M. Best. Specifically, the ratings agency has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to "a" from "a-" of ... Read the full article
TWIA secures $2.1bn of reinsurance & cat bonds after raising 2020 target
4th June 2020
The Texas Windstorm Insurance Association (TWIA) has completed the renewal of its 2020 reinsurance program, securing $4.2 billion in total aggregate funding, effective June 1st, 2020 to May 31st, 2021. The $4.2 billion in total aggregate funding includes $1.1 billion of traditional reinsurance coverage for a one-year term, and $1 billion ... Read the full article
QBE NA adds Woosley as SVP, Broker Management & Sales Operations
4th June 2020
QBE North America has announced the appointment of Thaddeus Woosley as Senior Vice President, Broker Management & Sales Operations. Before joining QBE in February 2020, Woosley worked at Aon for 15 years in a variety of leadership roles of increasing responsibility. Most recently at Aon, he served as Vice President – Global ... Read the full article
BMS names Wiltshire & Titcomb as Directors of specialty re/insurance unit
4th June 2020
BMS Group, the independent specialist insurance and reinsurance broker, has named Norman Wiltshire and Nick Titcomb as Directors of its specialty re/insurance unit, BMS Strategic Risk Solutions (SRS). Following his retirement from brokerage Aon, Wiltshire will join the company to work closely with Hannah Watkins, Managing Director of BMS SRS, in ... Read the full article
All CCRIF Caribbean members renew parametric insurance coverage
4th June 2020
The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has announced that all member governments in the Caribbean have renewed their parametric insurance coverage ahead of the 2020 Atlantic hurricane season, increasing the size of the pool by 8% to more than $1 billion. Acting as a risk ... Read the full article
R&Q wraps up Loss Portfolio Transfer with HIIG
4th June 2020
Non-life legacy insurance investor Randall & Quilter has announced the completion of its loss portfolio transfer from Houston International Insurance Group (HIIG). The transfer provides reinsurance protection and limited adverse development cover for around $95 million of net reserves of three companies in HIIG – Houston Specialty Insurance Company, Imperium Insurance ... Read the full article
Trade credit reinsurance scheme launched in UK
4th June 2020
Trade credit insurance coverage is set to be maintained across the UK market in light of the ongoing COVID-19 pandemic, with up to £10 billion in government backing through the Trade Credit Reinsurance scheme. It was reported towards the end of April that the UK government was considering the implementation ... Read the full article
Insurers’ BI decision a ‘significant turnaround’: GlobalData’s Carey-Evans
4th June 2020
Ben Carey-Evans, an insurance analyst at data and analytics firm GlobalData, says the recent Financial Conduct Authority announcement that multiple insurers are to back down on the coronavirus policy dispute and pay company owners with business interruption policies, represents a "significant turnaround for the industry." The UK regulator announced on May ... Read the full article
Carey Olsen adds Sheba Raza to London office
4th June 2020
Offshore law firm Carey Olsen has added Bermuda law capabilities to its London office with the appointment of experienced corporate lawyer Sheba Raza. Raza joins from Conyers and is the first Bermuda-qualified lawyer to be based in Carey Olsen's London office and marks the continuing expansion of Bermuda law services made ... Read the full article
Pandemic to drive significant mortgage reinsurance losses: AM Best
4th June 2020
Analysts at AM Best believe that the COVID-19 pandemic will drive “significant” losses for US mortgage reinsurance business, even as the eventual impact still remains unclear. The rating agency predicts that delinquencies will increase dramatically in the second quarter of 2020 due to forbearance and job losses. While forbearance, loan modifications, and ... Read the full article
COVID-19 triggers shift in largest airport exposures
3rd June 2020
New data from risk management company Russell Group shows that the top 10 airports by exposure have changed as a result of COVID-19 restrictions. Airports such as Heathrow, Paris CDG and Los Angeles have dropped out of the rankings due to a $50 billion increase in the value of grounded aircraft ... Read the full article
Zurich bolsters global A&H with three key hires
3rd June 2020
Global insurer Zurich has added three new senior members to its Commercial Insurance Accident and Health (A&H) underwriting group. Chris Howard joins as Head of A&H in the US, Nicole Yates as Head of A&H in Australia, and Stephane Baj as Head of A&H in the UK and Multinational A&H. These new ... Read the full article
InsurTech Hippo adds Spinnaker to family of companies
3rd June 2020
Hippo, the California-headquartered, homeowners focused InsurTech, has entered into a definitive agreement, pending regulatory approval, to acquire Spinnaker Insurance Company. Founded in 2015, Hippo looks to transform home insurance and ownership by providing a more efficient and affordable service to U.S. homeowners. Since 2017, Hippo Insurance Services has partnered with Spinnaker as ... Read the full article
AGCS adds WTW’s Kang as Head of Cyber, North America
3rd June 2020
Allianz Global Corporate & Specialty has announced the appointment of Thomas Kang as Head of Cyber in North America. Effective June 15, he will based in New York and report to Paul Schiavone, North America Regional Head of Financial Lines, North America and Regional Head of Corporate Long Tail Lines and ... Read the full article
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