Reinsurance News
AM Best revises Nat Re outlook to stable on improved underwriting results
2nd June 2020
A trend of sustained improvement in underwriting performance has seen A.M. Best revise the outlook to stable from negative of National Reinsurance Corporation of the Philippines (Nat Re). As well as the revised outlook, the ratings agency has also affirmed Nat Re's Financial Strength Rating of B++ (Good) and the Long-Term ... Read the full article
Marc Lipman named President of Lloyd’s Canada
1st June 2020
Insurance and reinsurance marketplace Lloyd’s of London has announced the appointment of Marc Lipman as President of its Canadian arm and as Attorney-in-Fact (AIF) for Lloyd’s Underwriters. He assumes the role of AIF from Lisa Duval, who stepped in last year on an interim basis and now returns to Lloyd’s International ... Read the full article
PCS designates MN riots a catastrophe, warns of loss potential
1st June 2020
Property Claim Services (PCS), a Verisk Analytics business, has officially designated the riots in Minneapolis, Minnesota (MN) as a catastrophe, and warned of the potential for large industry losses as unrest threatens to engulf other states. Peaceful protests began in Minneapolis last week after the police killing of unarmed African American ... Read the full article
InsuResilience Solutions Fund to support MiCRO’s Colombia expansion
1st June 2020
The InsuResilience Solutions Fund is set to support the efforts of the Microinsurance Catastrophe Risk Organisation (MiCRO) and SBS Seguros Colombia S.A to strengthen Colombia's resilience to natural catastrophes. MiCRO, a socially oriented commercial enterprise focused in Latin America, provides innovative, technology-based solutions designed to help families and micro-entrepreneurs recover from ... Read the full article
Tokio Marine HCC completes GCube acquisition
1st June 2020
Tokio Marine HCC has completed its previously announced acquisition of GCube, creating a new 'centre of excellence' for renewable energy insurance. The acquisition of specialist renewable energy insurer, GCube by Tokio Marine HCC was announced in early March. The deal combines GCube's extensive track record supporting renewables developers and asset ... Read the full article
Lloyd’s to trial virtual underwriting room in COVID-19 response
1st June 2020
As part of its response to the COVID-19 pandemic, insurance and reinsurance marketplace Lloyd’s of London is planning to explore options for a “virtual” underwriting room. The idea is to add online elements that allow brokers and underwriters to connect in a similar way to the physical 1 Lime Street location ... Read the full article
Insurers welcome FCA update on pandemic BI claims
1st June 2020
Zurich Insurance Group and RSA are among those to welcome the update from the Financial Conduct Authority (FCA) as the UK regulator seeks to obtain legal clarity on business interruption claims related to the COVID-19 pandemic. After consulting with 56 insurers over the past month, the FCA announced today that ... Read the full article
US riots could be a relatively meaningful man-made loss for insurers
1st June 2020
As nation-wide rioting continues in the US following the death of unarmed George Floyd in police custody in Minneapolis, comparisons with previous civil disorders in the country suggests it could be a relatively meaningful man-made loss for the re/insurance industry. The death of George Floyd last Monday resulted in peaceful protests ... Read the full article
R&Q sees 2019 profits surge nearly 400% to £39mn
1st June 2020
Non-life legacy insurance investor Randall & Quilter saw its profits surge 399% to £38.9 million in 2019. At £40.1 million, R&Q’s pre-tax profit was a group record and almost three times the equivalent result in 2018. The company says this was the result of continued growth in both its Program Management and ... Read the full article
AM Best downgrades credit ratings of IRB Brasil Re
1st June 2020
Global financial services ratings agency A.M. Best has downgraded the credit ratings of IRB Brasil Resseguros SA (IRB Brasil Re) and maintained the under review with negative implications status on these ratings. Specifically, A.M. Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer ... Read the full article
UK regulator identifies disputable BI policy wordings
1st June 2020
As part of its effort to seek legal clarity on business interruption (BI) claims related to the COVID-19 pandemic, the Financial Conduct Authority (FCA) has identified a sample of policy wordings that are representative of the key arguable issues. The UK regulator announced on May 1st that it would seek ... Read the full article
UIH Insurance subsidiaries complete 2020-2021 reinsurance programs
1st June 2020
The insurance subsidiaries of Universal Holdings have completed their 2020-2021 reinsurance programs, effective June 1, 2020. “We are pleased to announce the completion and outcome of the 2020-2021 reinsurance programs for both of our insurance companies,” said Jon W. Springer, President and Chief Risk Officer of the Company. “We are in unprecedented ... Read the full article
Pandemic Re Steering Group establishes Project Committee & working groups
1st June 2020
The Pandemic Re Steering Committee, launched to propose an industry response to both the UK Government and the country for future pandemics, has established a Project Committee and six working groups. The newly formed Project Committee will be led by Michael Dawson of Nuclear Insurance as Chair, who will also be ... Read the full article
COVID-19 to worsen the impact of catastrophe claims: GlobalData
1st June 2020
Re/insurers facing high COVID-19 based payouts will be hit harder by catastrophe claims towards the end of the year, according to data and analytics specialist GlobalData. Analysts predict that companies with large pandemic losses will face a heavier financial burden from catastrophes as the COVID-19 crisis ramps up pressure. “With the hurricane ... Read the full article
India looking at natural catastrophe risk pool: reports
1st June 2020
The Indian Government is reportedly looking into a pool-like structure that would offer natural catastrophe insurance coverage for perils such as floods, earthquakes, cyclones and landslides. A pool style scheme has been the topics of discussions for several years in India now, but plans have yet to be realised due to ... Read the full article
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