Reinsurance News
Northern England flooding could drive up to £120m in claims: PwC
13th November 2019
Extreme weather in northern England which over recent weeks has caused widespread damage and flooding could see claims payouts of between £80 million and £120 million, according to PwC. Over 500 properties have been flooded and 1,200 households evacuated as certain parts of the region was hit with a month’s worth ... Read the full article
Willis Towers Watson sees “biggest upward price shift in years”
13th November 2019
Global insurance and reinsurance brokerage, Willis Towers Watson (WTW) expects 19 lines of business to see price increases in 2020 in what the firm describes as the "biggest upward price shift in years." The broker has released its 2020 Insurance Marketplace Realities report, which concludes that North American commercial insurance buyers ... Read the full article
Swiss Re Corporate Solutions names Head of Customer Experience
13th November 2019
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re Group, has appointed Loredana Mazzoleni Neglén to the role of Head Customer Experience & Global Sales Steering, effective 1 February 2020. In this newly created role, Mazzoleni Neglén will be responsible for helping SRCS to better address customer ... Read the full article
Everest Insurance adds four to financial lines team
13th November 2019
Everest Insurance, a division of global reinsurer Everest Re Group, has added four new members to its financial lines team. Tim Golden joins as an underwriting manager on the Cyber team and will be based out of the firm’s New York office. He will be reporting to Ayesha West, vice president of ... Read the full article
USI Insurance Services acquires Oregon-based insurance agency
13th November 2019
Insurance brokerage and risk management firm, USI Insurance Services, has acquired Oregon-based insurance agency Alfred J. Davis Company. Alfred J. Davis Company was founded in 1947 and provides commercial insurance solutions and personal risk products to both individuals and businesses in Oregon for more than 70 years. Following the completion of the ... Read the full article
SSL Endeavour to launch Miami MGA, names senior leadership
13th November 2019
SSL Endeavour, the specialist independent Lloyd’s broker and delegated authority expert, is set to establish a Miami-based managing general agent focused on building construction, energy and power generation business throughout Latin America. Due to launch on 1 January 2020, the MGA will exist under a yet-to-be-confirmed brand name. SSL Endeavour says it ... Read the full article
Praedicat to develop named peril casualty product from Lloyd’s Lab
13th November 2019
Praedicat, a risk analytics and modelling company for casualty re/insurers and industrial firms, has announced that it plans to develop a new named peril casualty product in the Lloyd’s Lab. Lloyd’s Lab, the innovation accelerator launched by the Lloyd’s market last year, selected Praedicat as part of the third cohort ... Read the full article
PIC completes £750mn pension buy-in with Scottish & Southern Energy
13th November 2019
Pension Insurance Corporation plc (PIC), the specialist insurer of defined benefit pension funds, has completed a third pension risk transfer transaction for a pension scheme sponsored by UK energy company Scottish & Southern Energy (SSE). The deal saw PIC convert a pensioner longevity swap held by the Scottish Hydro Electric Pension ... Read the full article
Argo outlook revised to negative by S&P
13th November 2019
Specialty reinsurer Argo has had its outlook revised from stable to negative by S&P Global Ratings amid ongoing governance-related issues. S&P says the recent retirement of Chief Executive Officer Mark Watson could suggest potential shortcomings in the company’s governance framework, including the effectiveness of board oversight. President of Argo Group US ... Read the full article
China and emerging Asia to drive premium growth, says Swiss Re
13th November 2019
Global non-life and life insurance market growth is expected to stay on trend at around 3% in 2020 and 2021, driven by emerging Asia and particularly China, according to reinsurance giant Swiss Re. The global reinsurer’s latest Sigma report underlines an anticipation of continued premium growth in spite of an expectation ... Read the full article
Maiden posts $58.3m Q3 net loss
13th November 2019
Maiden Holdings has reported a $58.3 million net loss for the third quarter, an improvement from the $308.8 million hit in the prior year quarter. Maiden says this improvement was driven in part by a reduced underwriting loss from lower adverse prior year loss development incurred, primarily within AmTrust Reinsurance segment, ... Read the full article
Insurance claims at $50mn as bushfire threat continues: ICA
13th November 2019
Insured losses from the bushfires currently burning through New South Wales (NSW) and Queensland are currently estimated to be around AU $50 million (US $34 million), according to the Insurance Council of Australia (ICA). The ICA reported that insurers had received 450 bushfire related claims from the regions so far, with ... Read the full article
Re/insurers risk irrelevance through ‘business as usual’ mindset: John Neal
13th November 2019
Re/insurance companies risk becoming irrelevant in the eyes of their customers if they decide to carry on with a ‘business as usual’ approach, despite the many challenges that face the industry today. This is according to John Neal, Chief Executive Officer (CEO) of insurance and reinsurance marketplace Lloyd’s of London, who ... Read the full article
QOMPLX adds John Ferrari, William Solms to senior roles
13th November 2019
QOMPLX, an intelligent decision platform provider startup formerly known as Fractal, has appointed John Ferrari to the role of Chief Administrative Officer and William Solms as President and general manager of the company's new government solutions division. Ferrari, who joins following a 32-year career in the US Army, will be responsible ... Read the full article
Fundamentals must change before price adequacy can return: PwC’s Wightman
12th November 2019
The re/insurance industry has broadly enjoyed a hardening rate environment in 2019, but a return to price adequacy will require some fundamental changes in terms of the way companies model and respond to catastrophe losses. This is according to Arthur Wightman, PwC Bermuda Territory and Insurance Leader, who spoke to Reinsurance ... Read the full article
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