Reinsurance News
Re/insurers cannot be the mechanism for a COVID-19 bailout: CII
20th March 2020
Matt Connell, Director of Policy and Engagement for the Chartered Insurance Institute (CII) , has stressed that it is unsustainable to expect insurance and reinsurance companies to be the “mechanism for a Covid-19 bail out.” Responding to expectations recently set out by the Financial Conduct Authority (FCA), Connell acknowledged that where ... Read the full article
AXA UK, Ireland names Roland Moquet CFO
20th March 2020
AXA UK and Ireland has announced the appointment of Roland Moquet as Chief Financial Officer. Moquet succeeds Amelie Breitburd and joins from AXA Italy, having served as CFO. Since joining AXA from the French Treasury in 2005, he has held various positions, including CFO of AXA Tianping in Shanghai. Additionally, Amber Wilkinson, currently ... Read the full article
European insurers’ coronavirus BI claims will likely be limited, Moody’s
20th March 2020
Moody’s is expecting insurers in the UK, France and Germany to face only moderate business interruption claims as a result of the coronavirus outbreak, as pandemic-related claims are excluded from most business interruption policies in all three countries. This follows a statement from the Association of British Insurers which explained that ... Read the full article
Zurich warns of heightened cyber risk during pandemic
20th March 2020
Zurich Insurance has warned that a surge in remote work during the coronavirus (COVID-19) pandemic will result in heightened cyber security risks. With businesses around the world increasingly urging employees to work from home to help slow the spread of the virus, analysts believe that the security standards of some organisations ... Read the full article
Gen Re partners with medical malpractice insurer NJ PURE
20th March 2020
General Reinsurance Corporation (Gen Re), the global reinsurance subsidiary of Berkshire Hathaway, has entered into a partnership reinsurance contract with NJ PURE, a medical malpractice insurer based in New Jersey. The agreement is expected to minimise the exposures of NJ PURE, while allowing it to strengthen its position in the industry ... Read the full article
Insurtech firm Sapiens partners with HazardHub
20th March 2020
Sapiens International Corporation, a global provider of software solutions for the re/insurance industry, has entered into a partnership with HazardHub, a third-generation provider of property-level hazard risk databases. As part of the agreement, HazardHub’s sets of risk data will be integrated into the Sapiens CoreSuite for Property & Casualty . This is ... Read the full article
Palomar details Salt Lake City quake exposure
20th March 2020
Specialty property insurer Palomar Holdings has outlined its exposure to the magnitude 5.7 earthquake that struck Magna, Utah and the greater Salt Lake City metropolitan area on March 18th. The quake was the fifth largest in Utah recorded history and the largest to hit the state since 1992. It was quickly ... Read the full article
Swiss Re has $250mn exposure to Tokyo Olympics cancellation: CFO Dacey
20th March 2020
Global reinsurance giant Swiss Re has a specific exposure of USD 250 million to the cancellation of the 2020 Tokyo Olympics, and also potential exposure in other lines as a result of the COVID-19 outbreak. Scheduled to commence on the 24th of July 2020, the ability for the Tokyo Olympics to ... Read the full article
Marsh appoints Fiona Park to multinational practice leader role
20th March 2020
Global insurance broker Marsh has appointed Fiona Park as its multinational practice leader for Scotland within its UK corporate division. Based in Glasgow, Park will lead a team which brings together expertise across Marsh’s Corporate offices in Aberdeen, Edinburgh, and Glasgow, and the business’s global network. She reports to Allan McPherson, regional ... Read the full article
FCA asks insurers to stretch policy T&Cs for coronavirus
20th March 2020
UK regulator the Financial Conduct Authority (FCA) has said that it expects insurers to stretch the terms & conditions of policies to help the population adapt to the socioeconomic impact of coronavirus (COVID-19). The FCA is in the process of making the re/insurance industry aware that customer behaviour is set to ... Read the full article
Coronavirus prompts Fitch to revise European life to negative
20th March 2020
Fitch Ratings has revised its rating outlooks for the life insurance sectors in France, Germany, the Netherlands, and the UK to Negative from Stable; the Italian life insurance sector remains negative. This revision is due to increased risks stemming from the coronavirus pandemic and related impact on the credit quality of ... Read the full article
Beazley bolsters global claims team with internal appointments
20th March 2020
Specialist insurer Beazley has bolstered its global claims team with a series of internal appointments. Beth Diamond has been promoted to group head of claims while Steven Chang has assumed the role of global head of complex claims. Chang was previously global claims team leader for healthcare and joined Beazley in 2006. He ... Read the full article
CAC Specialty, Fortress equipped to provide financing amid COVID-19
20th March 2020
Specialty insurance broker and investment banking platform CAC Specialty says it is equipped to provide financing for CAC clients facing liquidity pressure due to the direct and indirect impact from COVID-19, thanks to a previously-announced partnership with Fortress. The partnership with Fortress, which previously provided financing for the formation of CAC ... Read the full article
Important IFRS 17 issues remain unaddressed, says Insurance Europe
20th March 2020
Insurance Europe, the European insurance and reinsurance federation, has welcomed the decision of the International Accounting Standards Board (IASB) to defer the effective date of International Financial Reporting Standard (IFRS) 17, but argues that important issues remain unaddressed. The implementation of IFRS 17 was originally set for January 1st 2021, ... Read the full article
Two Sigma-backed ISC acquires Access Partners
20th March 2020
Integrated Specialty Coverages (ISC), a General Agent backed by investment manager Two Sigma, has announced plans to acquire Access Partners Insurance Services, a multi-line wholesale broker. ISC is a technology-focused General Agency that builds end-to-end insurance products using artificial intelligence (AI) and data analytics. It is backed by affiliates of Sightway Capital, ... Read the full article
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