Reinsurance News
Aviva in £350m bulk annuity deal with Co-operative Pension Scheme
14th May 2020
UK insurer Aviva has completed a £350 million bulk purchase annuity buy-in transaction with the Trustee of the Co-operative Pension Scheme. The deal was completed using a pre-agreed ‘umbrella contract’ designed to support a quick and efficient process and is the second deal of this type between the two parties. Aviva will ... Read the full article
A.M. Best maintains stable outlook on Italy’s non-life insurance sector
14th May 2020
Global financial services ratings agency, A.M. Best, is maintaining its stable outlook for the Italian non-life insurance market, citing limited exposure to catastrophe losses and strong underwriting profitability. Overall, A.M. Best expects that price increases will keep pace with claims inflation, suggesting that solid underwriting profitability will be maintained across the ... Read the full article
Pacific Life Re adds Andrew Doran to lead Asia office
14th May 2020
Life reinsurer Pacific Life Re has announced the appointment of Andrew Doran as head of underwriting and claims for its Asia office. Based in Singapore, Doran reports to the managing director of Asian and Australian offices Andrew Gill. He will lead the underwriting and claims team in Asia and ensure the delivery ... Read the full article
Lloyd’s forecasts $107bn Covid-19 industry loss for 2020
14th May 2020
The Lloyd's insurance and reinsurance marketplace says that it will pay customers between $3 billion and $4.3 billion in claims due to Covid-19, but the industry was a whole is forecast to suffer $107 billion of losses in 2020 alone. The industry loss forecast or estimate from Lloyd's of London is ... Read the full article
Industry consensus on COVID-19 loss range is $30-100bn: Willis Re
13th May 2020
The early consensus among analysts is that COVID-19 industry losses will be somewhere in the range of $30 billion to $100 billion, according to Willis Re, the reinsurance broking arm of Willis Towers Watson (WTW). This rough consensus is broadly consistent with estimates released by WTW earlier this month, which put ... Read the full article
Burns & Wilcox adds Linda Koos to Michigan Leadership team
13th May 2020
Wholesale insurance broker and underwriting manager Burns & Wilcox has announced the addition of Linda Koos to its Michigan leadership team. Koos joins Burns & Wilcox as Vice President & Managing Director, based out of the company’s headquarters in Detroit/Farmington Hills. She will be responsible for overseeing the operations of both the ... Read the full article
EC3 Brokers launches specialty division, announces leadership
13th May 2020
EC3 Brokers, the Lloyd's-headquartered commercial lines broker, has announced the launch of its specialty division and appointed Jonathon Lane as its head. Lane is joined by Dominic Toogood and Gary Moore, with all three reporting to James Murphy, head of broking at EC3 Brokers. Lane began his career in insurance in 2003 ... Read the full article
Pandemic risk coverage should reflect existing federal programs, say actuaries
13th May 2020
Coverage for business interruption (BI) risks due to pandemics should be designed to reflect existing federal insurance programs such as Terrorism Risk Insurance Program and the National Flood Insurance Program, according to the American Academy of Actuaries. The Academy wrote to the US House Committee in a recent letter explaining that ... Read the full article
Speculation returns that Covéa could bid again for SCOR
13th May 2020
Following French insurer Covéa's decision to pull out of its previously-agreed deal to purchase PartnerRe from Exor, speculation around a potential renewed bid for SCOR has resurfaced. As we reported earlier today, the acquisition of reinsurer PartnerRe by Covéa has been cancelled, after owner EXOR declined to renegotiate the price ... Read the full article
RGAX partners with insurtech Socotra to develop life products
13th May 2020
RGAX, a subsidiary of Reinsurance Group of America, Incorporated (RGA), has partnered with insurtech firm Socotra to help develop new life insurance products. Using Socotra as its policy administration system, RGAX will look to develop new products for its subsidiary, Greenhouse Life Insurance (Greenhouse Life). RGAX first partnered with Socotra in 2017 ... Read the full article
L&G agrees to UK & US pension risk transfer deals with IHS Markit
13th May 2020
UK insurer Legal & General Group plc (L&G) has announced two pension risk transfer (PRT) transactions with IHS Markit, London–based global information provider. The deals include a UK transaction for £37.8 million ($46.7 million), covering around 150 members, and a US transaction for $97.2 million (£78.4 million), covering around 1,200 members. The ... Read the full article
Premium renewal rates up across most lines in April: IVANS
13th May 2020
The April results of the IVANS Index, a division of Applied Systems, show that nearly all lines of business experienced an increase in average premium renewal rate year-over-year. All lines saw an uptick compared with the same period last year, with the exception of Workers’ Compensation, which saw a decrease in ... Read the full article
Ed names Brett Hatton as Divisional Director, Downstream Energy
13th May 2020
Global reinsurance brokerage Ed has bolstered its downstream energy team with the addition of Brett Hatton as Divisional Director, Downstream Energy, effective September 2020. In his new role, Hatton will be based in London and will report to Jon Parker, who leads the broker's downstream energy team. Hatton joins the firm from ... Read the full article
Markel sees increased reinsurance pricing & demand for the foreseeable future: Co-CEO Whitt
13th May 2020
With insurers facing diminishing levels of capital amid the economic fallout from the ongoing COVID-19 coronavirus pandemic, executives at Markel Corporation are anticipating heightened demand for reinsurance protection and increased pricing for the foreseeable future. Unsurprisingly, first-quarter 2020 results announcements from insurers and reinsurers have largely focused on the current crisis. So ... Read the full article
Athene adds Doug Niemann as EVP, Chief Risk Officer
13th May 2020
Retirement services firm Athene Holding has added Doug Niemann as Executive Vice President and Chief Risk Officer. Niemann was formerly Senior Managing Director of Investment Management and Chief Investment Risk Officer for Guardian Life Insurance Company. Effective May 18, Niemann’s appointment sees him replace John Rhodes following his decision to step down ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
