Reinsurance News
2020 UK pension buy-in/outs to be second largest ever: LCP
21st April 2020
Pension, insurance and investment consultancy firm, Lane Clark & Peacock LLP (LCP) is predicting total buy-in and buy-out volumes for 2020 by DB pension plans in the UK to hit £25 billion, the second largest total on record. This comes on the back of record-breaking transaction volumes for 2019, where there ... Read the full article
Stephen Catlin chairs UK pandemic steering group, Pool Re collaborates
21st April 2020
Leaders from across the UK insurance industry have come together to form a new steering group, which will work in collaboration with Pool Re, in an effort to strengthen its response to future pandemics. The primary objective of the group, which met for the first time on Friday April 17th, is ... Read the full article
German insurers to see limited impact from equity market declines: MSK
21st April 2020
Property and casualty re/insurers in Germany are only expected to see a limited impact from the downturn in equity markets as a result of the ongoing COVID-19 coronavirus pandemic, reports actuarial consultancy firm, Meyerthole Siems Kohlruss (MSK). The reason for such a limited impact is down to the fact that stock ... Read the full article
GC climate report questions “culture of reliance” on state aid
20th April 2020
A report by re/insurance broker Guy Carpenter has questioned the “culture of reliance” on state assistance for disaster relief, which has emerged as governments increasingly bear the costs of climate change. Guy Carpenter noted that climate change is exacerbating the challenges faced by governments, with natural catastrophes becoming more frequent and ... Read the full article
Truist grows Q1 income, reserves $893mn for COVID-19
20th April 2020
Truist Financial Corp. grew its income by 31.6% to $986 million during the first quarter of 2020, despite merger-related and restructuring charges as well as "discretionary actions" related to the coronavirus (COVID-19) pandemic. The company also added $893 million to its reserves during the quarter to address expected future losses related ... Read the full article
Piiq Risk adds WTW’s Neil Maynard as Senior Partner
20th April 2020
Piiq Risk Partners, the recently branded global aerospace brokerage of BGC Insurance Group, has appointed Neil Maynard as Senior Partner. Maynard will join the business next year and will be based in London, reporting to Marcel Chad, President. He brings extensive broking expertise, having spent more than 25 years at Willis Towers ... Read the full article
UK gov considering reinsurance backstop scheme: reports
20th April 2020
The UK Government is in talks about implementing a trade credit reinsurance backstop scheme for the duration of the coronavirus (COVID-19) pandemic, according to reports from Sky News. Insurers are reportedly discussing a new scheme with the Treasury and the Department for Business, Energy and Industrial Strategy that would prevent the ... Read the full article
Cooper Gay confirms acquisition of Meteo Protect brand & tech
20th April 2020
Cooper Gay France, the European brokerage and wholesale managing general agency (MGA), has acquired the brand and technology of parametric and weather index insurance specialist and Lloyd's of London coverholder, Meteo Protect. The agreement provides Cooper Gay, which is part of the BGC Partners broking group, with stronger capabilities in the ... Read the full article
Uncertainty for re/insurers as experts imply Olympics go-ahead requires vaccine
20th April 2020
As insurers and reinsurers prepare to manage the economic fallout from the one-year delay to the Tokyo Olympics, experts have suggested that the games will only go ahead in 2021 if there's a vaccine for the COVID-19 coronavirus. It was announced on March 24th that for the very first time, the ... Read the full article
Brit Global Specialty adds Shana Stodolski as Assistant VP, Cyber
20th April 2020
Specialty re/insurer Brit has announced the appointment of Shana Stodolski as Assistant Vice President, Cyber, for Brit Global Specialty USA (BGSU). Stodolski will be based in Glastonbury, CT and reports to Jeff Norton, Senior Vice President, Cyber Liability. She will be responsible for supporting the continued growth and underwriting of Cyber for ... Read the full article
Q1 results to see lighter catastrophe load, auto frequency benefits: MS
20th April 2020
Analysts at Morgan Stanley have lowered catastrophe loss estimates for both U.S. primary insurers and reinsurers ahead of Q1 2020 results season, driven in part by lower-than-expected U.S. spring storm activity. Unsurprisingly, the focus of first-quarter 2020 results is expected to be the ongoing COVID-19 coronavirus pandemic, but a reduction in ... Read the full article
AM Best forecasts hit to insurer capital from equity exposures
20th April 2020
AM Best has predicted that re/insurers could see their capital and surplus hit as a result of sharp equity market declines caused by the coronavirus (COVID-19) pandemic. The rating agency added that surplus losses could exceed those experience in the 2008 to 2009 financial crisis. Analysts observed that the 20% decline in ... Read the full article
Denis Kessler cautions against pandemic insurance scheme
20th April 2020
SCOR CEO Denis Kessler has cautioned against the introduction of a pandemic insurance scheme to mutualise operating losses for businesses, while acknowledging that the crisis could “change the course of history.” Speaking in an interview with Le Point, Kessler questioned the advisability and feasibility of relying on systems that mutualise business ... Read the full article
QBE commits AUD 2.6mn to global COVID-19 response effort
20th April 2020
QBE Insurance Group Limited has announced AUD 2.6 million (approx. USD 1.7mn) in direct funding to support the global response to the COVID-19 coronavirus pandemic. The insurer states that these funds will be disbursed via the QBE Foundation's existing global charity and not-for-profit partners, designed to help agencies experiencing greater demand ... Read the full article
Swiss Re cancels share buyback programme, adds three to Board
20th April 2020
Global reinsurance giant Swiss Re has confirmed that its authorised new public share buyback programme of up to CHF 1 million (USD 1.03mn) will not be launched due to current financial market volatility being driven by the COVID-19 coronavirus pandemic. Following commentary from analysts that the Switzerland-based reinsurer's share buyback programme ... Read the full article
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