Reinsurance News
Australia’s summer nat cat claims hit AU$5bn
28th May 2020
The Insurance Council of Australia has pegged the cost of claims from four natural catastrophes declared over the 2019-20 summer at over AU$5.19 billion. More than 15,000 claims totalling AU$270 million were lodged in the last four weeks. “Thousands of new claims and property loss assessments have pushed total claims to more ... Read the full article
Analysts call for more collaboration between re/insurers and academia
28th May 2020
Research collaboration organisation Lighthill Risk Network Ltd (Lighthill) has called on the global re/insurance sector to support a coordinated effort to establish and improve links with academia. By working more closely with academics and researchers, Lighthill believes the re/insurance industry can deepen its understanding of systemic risks facing societies. As part of ... Read the full article
FHCF will not renew its private market reinsurance in 2020
28th May 2020
It's been announced that the Florida Hurricane Catastrophe Fund (FHCF) will not be renewing its expiring $920 million private market reinsurance placement for 2020. The 2019-2020 private reinsurance placement, which was led by reinsurers Swiss Re and RenaissanceRe, is scheduled to expire ahead of the 2020 Atlantic hurricane season. However, in ... Read the full article
Catalina adds Hemphill as non-exec chair, Foulger as senior non-exec director
28th May 2020
Catalina Holdings has announced the appointment of Bruce Hemphill as non-executive chairman of its Board, while Caroline Foulger joins as senior independent non-executive director. Hemphill was previously appointed as a non-executive director to Catalina’s Board in 2019 and brings significant financial services expertise and experience. He is the former Chief Executive Officer ... Read the full article
COVID-19 stress tests positive, but risks still remain: AM Best
28th May 2020
Rating agency AM Best has announced the results of its capital adequacy stress tests as it moves into the second phase of its response to the COVID-19 pandemic. Outside of the life sectors in Canada and the US, the tests have been generally positive, with most rated re/insurers taking only manageable ... Read the full article
International law firm Kennedys joins BILTIR association
28th May 2020
Global law firm Kennedys, which has a strategic focus on the insurance sector, has joined the Bermuda International Long Term Insurers and Reinsurers (BILTIR) association. The addition of Kennedys means that 62 companies have now joined the association, which represents Bermuda's insurance, reinsurance, and servicing firms who provide life and annuity ... Read the full article
Hurricanes and pandemics are “not a good mix”, warns KCC
27th May 2020
On balance, both losses and loss adjustment expenses from hurricanes will increase as a result of the challenges and disruption being caused by the COVID-19 pandemic, says Karen Clark & Company (KCC) in a new report. Numerous forecasters have said that it's likely the 2020 Atlantic hurricane season will see ... Read the full article
Swiss Re Corporate Solutions launches parametric hail insurance solution
27th May 2020
Swiss Re Corporate Solutions (SRCS), the commercial insurance arm of reinsurer Swiss Re, has announced the launch of a new parametric hail insurance solution, HAIL. The new parametric hail cover provides companies in the U.S. with insurance protection against the financial impact of a significant hail event. This includes things like physical ... Read the full article
PartnerRe makes key changes to non-life structure, leadership
27th May 2020
Bermuda-based reinsurer PartnerRe has announced an adjustment to the responsibilities of executive leadership within Specialty Lines and has created the role of Chief Executive Officer for Global Cat. Effective June 1, Greg Haft will assume the role of CEO Global Cat. This newly created position will see him bring together the company’s ... Read the full article
Nexus bolsters FL division with appointment of Bruce Simmons
27th May 2020
Specialty Managing General Agent (MGA) Nexus has announced the appointment of Bruce Simmons to its US operations as Vice President – Management and Professional Liability. Simmons joins Nexus' Financial Lines division from Zon Re, where he served as Chief Underwriting Officer. Before that, he worked at companies including Gen Re, Allied World ... Read the full article
AM Best turns negative on Colombian insurance
27th May 2020
AM Best has revised its market segment outlook to negative from stable on Colombia’s insurance industry due to the COVID-19 pandemic. The rating agency argued that the resulting economic damage from the pandemic will put considerable strain on the country’s insurers. While economic conditions in Colombia have improved over the past few ... Read the full article
Covid-19 Insurance & Reinsurance Market Survey – Take 2
27th May 2020
With first-quarter 2020 results providing some insight into the re/insurance market implications of the ongoing Covid-19 pandemic, we've launched a second survey as a follow-up to gauge the evolving opinions and sentiments of the global re/insurance community. The survey has been created alongside our insurance-linked securities (ILS) focused sister ... Read the full article
AAIS, Berkley Re launch family-focused cyber protection solution
27th May 2020
The American Association of Insurance Services and Berkley Re Solutions have partnered on a family-focused cyber protection solution. Family Cyber Protection Solution is designed to deal with threats such as online extortion, social engineering, cyber bullying, identity theft, system compromise, internet cleanup and breach costs. The companies say this policy can help families ... Read the full article
GuideOne National joins the Whitespace Platform
27th May 2020
GuideOne National, a specialty insurance subsidiary of GuideOne Mutual Insurance Company, has taken steps to strengthen its London market connections by joining the Whitespace Platform. The Whitespace Platform provides brokers and underwriters with the ability to digitally offer, negotiate, place, and bind insurance and reinsurance contracts with each other. By joining the ... Read the full article
Global reinsurance sector will fail to earn its cost of capital on COVID-19: Fitch
27th May 2020
The wide-reaching and uncertain impacts of the ongoing COVID-19 pandemic means that the global reinsurance sector will fail to earn its cost of capital in 2020, according to Fitch Ratings. After completing a sector ratings review, Fitch has warned that the financial performance of reinsurers will be hit by mortality claims ... Read the full article
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