Reinsurance News
TWIA insurers to pay $90m for Harvey, wider loss estimate raised to $1.7bn
11th December 2019
The Texas Windstorm Insurance Association’s board of directors have voted for its member insurance companies to pay $90 million between them based on losses from hurricane Harvey while raising its ultimate loss estimate from $1.61 billion to $1.7 billion. This $90 million figure is in addition to the $282 million already ... Read the full article
QOMPLX & Pro MGA Solutions partner to support parametric product launch
11th December 2019
Analytics and insurance software provider QOMPLX has expanded its strategic relationship with Pro MGA Solutions in the UK, in support of the launch of its new multi-peril parametric insurance product. QOMPLX recently announced the launch of its parametric offering, WonderCover, which was developed in partnership with international specialty re/insurance group ... Read the full article
L&G Retirement America hits $1bn premium market in 2019
11th December 2019
Legal & General Retirement America (LGRA), part of the US arm of the multinational financial services and insurance firm, has exceeded $1 billion in deals transacted in 2019. Since its formation in 2015, LGRA has written over $3.5 billion in total US volume, comprising $450 million in 2015, $448 million in ... Read the full article
Mark Watson set for $2.5m Argo payout
11th December 2019
Mark Watson, the former Chief Executive of specialty reinsurer Argo, is set to receive a $2.5 million compensation package upon his departure from the company. Watson’s ‘retirement’ from Argo followed news that the re/insurer had been subpoenaed by The US Securities and Exchange Commission over compensation practices for its executives. Before ... Read the full article
AIG’s Peter Zaffino sees a more disciplined P&C market in 2020
11th December 2019
Peter Zaffino, the Global Chief Operating Officer (COO) and Chief Executive Officer (CEO) of General Insurance at AIG, expects property and casualty (P&C) market dynamics to drive heightened discipline across the space in 2020. Zaffino, alongside AIG President and CEO Brian Duperreault and Mark Lyons, Chief Financial Officer (CFO), recently discussed ... Read the full article
US commercial insurance prices accelerate in Q3: Willis Towers Watson
11th December 2019
Data from Willis Towers Watson's (WTW) latest Commercial Lines Insurance Pricing Survey shows that the majority of business lines indicated significant price increases in the third-quarter of 2019. Overall, U.S. commercial insurance prices accelerated in the quarter, with carriers reporting an aggregate price change of more than 4%. Insurance and reinsurance broker ... Read the full article
Former Lloyd’s CEO Inga Beale joins Clyde & Co board
11th December 2019
Insurance law firm Clyde & Co has strengthened it board with the addition of Inga Beale, the former Chief Executive Officer (CEO) of insurance and reinsurance marketplace Lloyd’s of London. Beale served as CEO of Lloyd’s between 2014 and 2018, during which time she initiated a large-scale digital and cultural transformation ... Read the full article
NAIC grants Bermuda, Japan, Switzerland elevated jurisdiction status
11th December 2019
Bermuda, Japan and Switzerland have all been granted Reciprocal Jurisdiction status by The National Association of Insurance Commissioners (NAIC). Reciprocal Jurisdiction is an elevated status introduced by the NAIC this year and is only attainable by first gaining the pre-requisite Qualified Jurisdiction status and recognising the US state regulatory system for ... Read the full article
Kovrr recruits Marco Lo Giudice from Tokio Millenium Re
11th December 2019
Israel-headquartered cyber risk modeller Kovrr has expanded its team with the addition of Marco Lo Giudice, who arrives from Tokio Millenium Re. He will be responsible for spearheading Kovrr’s efforts as it further grows its modelling and portfolio accumulation management capabilities. Lo Giudice has worked in the catastrophe modelling and exposure management ... Read the full article
Stable Japan life outlook underpinned by strong underwriting: Moody’s
11th December 2019
Moody’s has assigned a stable outlook for Japan’s life insurers in 2020, as core profits and capital stay strong despite low interest rates. Analysts explained that the life sector is supported by strong and stable underwriting margins that will continue over the next 12-18 months. Capital is also expected to be supported ... Read the full article
Brown & Brown eyes Canadian broker market with Special Risk acquisition
11th December 2019
Insurance brokerage firm Brown & Brown, Inc. has announced an agreement to acquire the assets of Canada domiciled MGA, Special Risk. Brown & Brown says that the acquisition of Special Risk is an important step towards its establishment of a presence in the Canadian insurance brokerage sector. Following the completion of the ... Read the full article
TWIA projects higher reinsurance costs for 2020 renewal
11th December 2019
The Texas Windstorm Insurance Association (TWIA) has said that it expects its reinsurance costs to amount to $93.1 million in 2020, while the aggregate amount of cover purchased is expected to decline by more than 10%. Reinsurance costs of $93.1 million in 2020 for TWIA's catastrophe reinsurance programme is based on ... Read the full article
PIB acquires CMR Insurance Services, Sue Smith Ltd
11th December 2019
PIB Group, an acquisition vehicle backed by US private equity firm Carlyle, has purchased CMR Insurance Services and Sue Smith Ltd. CMR provides clients with insurance protection against bad debts for UK and export sales through managed credit insurance policies, as well as claims and debt collection services. The team of twelve ... Read the full article
QOMPLX, Chaucer launch multi-peril parametric product for SMEs
11th December 2019
Analytics and insurance software provider QOMPLX has partnered with international specialty re/insurance group Chaucer on a multi-peril parametric insurance product aimed at small to medium-sized enterprises. WonderCover will first be made available in the UK and offer protection triggered by specific instances of cyber, IT interruption, and terrorism. This parametric product allows ... Read the full article
Monument Re buys Irish life insurer from Cattolica Assicurazioni
11th December 2019
Bermudian reinsurer Monument Re has announced the acquisition of Cattolica Life DAC from Cattolica Assicurazioni. Cattolica Life is a life insurer domiciled in Ireland which ceased new activity since 2017. Monument Re noted that the transaction will have no impact on clients and policyholders. The company further stipulated that change of control of ... Read the full article
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