Reinsurance News
Bushfire losses to rise but remain manageable, says Moody’s
9th January 2020
Moody's Investors Service has warned of a dent to profits from the ongoing bushfires ravaging parts of Australia, but says that the strong fundamentals of the region's property and casualty (P&C) insurers suggests that losses will be manageable. As of January 7th, 2020 the Insurance Council of Australia (ICA) had ... Read the full article
Gossmann & Cie. to purchase SOVAG following legacy transfer
9th January 2020
Gossmann & Cie. has announced that it plans to purchase German re/insurer Schwarzmeer- und Ostseeversicherungs-AG (SOVAG) via its holding company Minerva Capital GmbH. The transaction follows the completion of the transfer of SOVAG’s legacy portfolio to DARAG in December 2019. Gossmann & Cie. expects the acquisition to accelerate its portfolio refinement ... Read the full article
Coverys European Holdings announces its first acquisition
9th January 2020
Coverys European Holdings Limited (CEH), a division of Coverys which invests in specialty managing general agencies (MGAs) across continental Europe and the UK, has announced the completion of its first acquisition. For its first acquisition, CEH has purchased a Lloyd's of London Coverholder and Broker, TPA, and MGA business providing liability ... Read the full article
Markel hires QBE’s Anirudh Singh as CUO for India
9th January 2020
Specialist insurer Markel International has announced the appointment of Anirudh Singh as India Chief Underwriting Officer (CUO), effective from December 24, 2019. Singh has 16 years’ re/insurance industry experience, and joins Markel from QBE General Insurance, where he most recently served as Chief Risk Officer. In this role, he was also responsible ... Read the full article
Beazley & RenRe collaborate on capital markets-backed cyber reinsurance
9th January 2020
Specialist insurer Beazley has secured additional catastrophe cover for cyber events through the launch of a new reinsurance product in collaboration with Bermuda-based reinsurer, RenaissanceRe (RenRe), and which is backed by the capital markets. An announcement on the deal reveals that the vast majority of the security behind the deal will ... Read the full article
RenRe’s Mishambi & Hamilton’s Carreiro assume ABIR leadership roles
9th January 2020
Two new leadership appointments have been announced by the Association of Bermuda Insurers & Reinsurers (ABIR), including the addition of RenaissanceRe's (RenRe) Edward Mishambi as Chair of the association's Policy Committee. The Policy Committee reviews insurance regulation in both Bermuda and abroad, international regulatory standards, public policy in Bermuda, U.S. natural ... Read the full article
Chaucer gets regulatory nod to write US excess and surplus lines
9th January 2020
Chaucer, the international specialty re/insurance group, has received regulatory confirmation to write excess and surplus lines business across the US. The National Association of Insurance Commissioners (NAIC) confirmed that Chaucer is now authorised to write this business through its Ireland domiciled subsidiary, Chaucer Insurance Company DAC. Chaucer has also been added to ... Read the full article
AkinovA completes cyber parametric trade with Hiscox & GC
9th January 2020
AkinovA, the electronic marketplace for the transfer and trading of re/insurance risk, has completed its first cyber parametric instrument trade. Hiscox developed, structured and provided capital for this transaction, with Guy Carpenter (GC) acting as broker and PCS as the reporting agent. The deal was carried out electronically with regulatory oversight from ... Read the full article
European insurers managing investment landscape better than reinsurers: DB
9th January 2020
The impact of lower investment returns on European players is proving far more manageable for large cap composite insurers than it is for the reinsurers, according to Deutsche Bank. In the lower for longer interest rate environment, investment returns have come under pressure and naturally, explains Deutsche Bank, property and casualty ... Read the full article
Chartered Insurance Institute challenges UK data reforms
9th January 2020
Industry body the Chartered Insurance Institute has warned that the data reforms recently proposed by UK regulators may not be capable of preventing future consumer detriment. The reforms put forward by the Financial Conduct Authority (FCA) and the Bank of England aim to facilitate a more data-driven approach to regulation. Utilising tools ... Read the full article
Sompo International hires Head of Commercial Management Liability & Financial Institutions
9th January 2020
Sompo International, the Bermuda-based P&C re/insurer, has announced the appointment of Ray Santiago as Executive Vice President and leader of the company’s US Commercial Management Liability (CML) and Financial Institutions (FI) teams. In this role, Santiago will have management oversight for Sompo International’s US CML and FI teams. These teams will continue ... Read the full article
Reserve deterioration a potential inflection point in 2020: GC’s Whitmore
8th January 2020
Ongoing challenges associated with reserve deterioration in the re/insurance industry represent a potential inflection point that demands close attention moving into 2020, according to Charles Whitmore, managing director at Guy Carpenter. Speaking at a lecture in Lloyd’s Old Library building, Whitmore described the issue as something spreading - accelerating, even - ... Read the full article
Generali finalises purchase of Apollo units in Portugal
8th January 2020
Italian re/insurer Generali has finalised its acquisition of Seguradoras Unidas and the service company AdvanceCare from Apollo Global Management, Inc. in Portugal. The transaction, first announced in July 2019, sees Generali acquire 100% of Seguradoras Unidas for €510 million and AdvanceCare for €90 million. The companies were bought from Calm Eagle ... Read the full article
David Carter appointed CUO & EVP, Sompo GRS
8th January 2020
Bermudian insurer and reinsurer, Sompo International Holdings Ltd. has announced the appointment of David Carter as Chief Underwriting Officer (CUO) and Executive Vice President (EVP) of Sompo Global Risk Solutions (GRS). In his new role, Carter will report to Michael Chang, Chief Executive Officer (CEO) of Sompo GRS, and will become ... Read the full article
Aon completes purchase of SME insurtech platform CoverWallet
8th January 2020
Global re/insurance brokerage Aon has completed its previously announced acquisition of CoverWallet, a digital insurance platform for small and medium-sized businesses. Aon believes the acquisition will expand its position in the commercial insurance market for smaller businesses, and allow it to develop improved digital client solutions. CoverWallet joins the portfolio of ... Read the full article
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