Reinsurance News
Swiss Re Institute highlights economic impact from COVID-19 lockdowns
21st April 2020
Analysis conducted by the Swiss Re Institute suggests that coronavirus-related shutdown measures are driving a 20-25% reduction in economic activity among most advanced markets. The different sector compositions of countries will be a main factor in determining the size of the impact, with emerging markets likely to be impacted more given ... Read the full article
Omniscience launches first life insurance underwriting automation suite
21st April 2020
Palo Alto-based firm Omniscience has announced a new software suite designed to automate life insurance underwriting decision-making. By using new underlying technology from Omniscience, this suite is designed to accelerate life insurance decisions 1000 times or more and integrate requirements impacting the whole company in every result. Omniscience notes how the issues ... Read the full article
Florida Southern Insurance joins the Patriot platform
21st April 2020
Patriot Growth Insurance Services, LLC has announced the addition of Florida Southern Insurance, LLC (FSI) to the Patriot platform, significantly expanding Patriot's existing property and casualty (P/C) insurance capabilities. FSI is a Florida-based full-service independent agency that provides a range of P/C insurance solutions, including auto, homeowners, business, flood and boat ... Read the full article
Coverys adds Robert Forster as Director of Underwriting
21st April 2020
Coverys Managing Agency has announced the appointment of Robert Forster as director of underwriting. Forster’s appointment is effective June and he succeeds Phil Sloan, who is due to retire from the position. He brings over three decades of specialist underwriting experience to Coverys and most recently served as Chief Underwriting Officer and ... Read the full article
Pennsylvania classifies COVID-19 as natural disaster
21st April 2020
In a move that could have significant implications for re/insurers, Pennsylvania has classified the coronavirus (COVID-19) pandemic as a natural catastrophe as part of its decision to uphold the state's business closure order. The Pennsylvania Supreme Court reasoned that the pandemic can be considered a natural disaster because of its serious ... Read the full article
AXA XL announces new leadership team, operating model
21st April 2020
AXA XL, the property & casualty and specialty risk division of AXA, has announced a new leadership team and proposed changes to the operating model of its insurance business. Following a strategic review, a proposal has been put forward which would see the creation of a single global insurance underwriting function ... Read the full article
Obsidian Insurance adds Dan Larkin as CUO
21st April 2020
Obsidian Insurance Holdings has added Dan Larkin to its senior management team as Chief Underwriting Officer. Obsidian was recently formed in partnership with industry executives and Genstar Capital. Larkin joins with over 25 years' experience in the insurance industry and most recently served with Allianz as Northeast Zone Midcorp Program Director. Prior to ... Read the full article
Travelers’ Q1 underwriting result dented by higher cat losses & COVID-19
21st April 2020
The Travelers Companies, Inc. has reported a year-on-year decline in net income to USD 600 million for the first-quarter of 2020, as elevated catastrophe losses and charges related to the ongoing COVID-19 coronavirus pandemic dented the insurer's underwriting performance in the period. Net income fell by almost USD 200 million when ... Read the full article
Ralph van Helden joins Everest Insurance from Lloyd’s
21st April 2020
Everest Insurance, a division of Bermuda-based Everest Re Group, Ltd., has appointed Ralph van Helden as the Business Development Director for Everest Global Markets, which includes Everest Insurance (Ireland), DAC (EIID), and Lloyd's of London Syndicate 2786. He takes responsibility for developing and deepening regional relationships with Everest Insurance's broker partners, ... Read the full article
Reinsurers grow premiums & profits in 2019 but underwriting dips: Aon
21st April 2020
Analysis in Aon's Reinsurance Aggregate (ARA) report, which tracks the financial performance of 23 leading reinsurance carriers through 2019, reveals an increase in premiums and pre-tax profit when compared with the prior year. The ARA underwrites roughly half of all global non-life reinsurance premiums and a large majority of life premiums. Insurance ... Read the full article
Beazley gets regulatory nod for Labuan service company
21st April 2020
Specialist insurer Beazley has received authorisation by the Labuan financial regulator to open a new service company in the region. Beazley Labuan Limited has been established to help build a presence in the Malaysian market and underwrite various classes of business on a reinsurance basis on behalf of Beazley’s Lloyd’s syndicates. The ... Read the full article
COVID-19 hits Tryg’s Q1 performance
21st April 2020
Scandinavian insurer Tryg has seen its first quarter performance hit by the global coronavirus pandemic, estimating a negative impact of DKK 40 million ($6 million) driven by travel insurance claims. Travel insurance losses totalled $17 million ($37 million before reinsurance) partly offset by lower frequencies in other lines of business (including, ... Read the full article
Charles Taylor announces Board & leadership changes, CEO Marock to depart
21st April 2020
Charles Taylor, a provider of services and technology solutions to the insurance sector, has announced numerous changes to its Board and Executive Committee, including the departure of Group Chief Executive Officer (CEO), David Marock. At the same time, Edward Creasy has been appointed Executive Chairman for the Group from his previous ... Read the full article
COVID-19 to put pressure on reinsurers’ capital buffers: S&P
21st April 2020
S&P Global Ratings has conducted a series of investment assets stress tests for North American reinsurers, which show that the COVID-19 pandemic will put pressure on already-thin capital buffers. The rating agency felt that the majority of its rated North American reinsurers will be able to maintain capital adequacy, even for ... Read the full article
Swiss Re CorSo appoints Matthias Grass as CFO
21st April 2020
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance arm of reinsurance giant Swiss Re, has revealed that Matthias Grass is to succeed Martin Mueller as Chief Financial Officer (CFO), effective July 1st, 2020. In his new role, Grass takes responsibility for the oversight of Swiss Re CorSo's Finance function, ... Read the full article
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