Reinsurance News
PERILS estimates Australia’s January hailstorm loss at AU $670mn
4th March 2020
Catastrophe loss data aggregator PERILS has released its first industry loss estimate for the January 2020 hailstorms that impacted south-eastern Australia, putting losses at AU $670 million (US $443 million). This figure compares with the latest estimate of AU $805 million (US $527 million) from the Insurance Council of Australia ... Read the full article
Economic rebound in Latin America could spur re/insurance markets: AM Best
4th March 2020
Analysts at AM Best expect economic and political risks to subside in Latin America over 2020, which should help the re/insurance markets in these countries to better realise their growth potential. The rating agency noted that the Latin America region is coming off two years of low growth and headwinds due ... Read the full article
KCC submits flood model for certification in Florida
4th March 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has submitted its flood reference model to be certified by the Florida Commission on Hurricane Loss Projection Methodology. The firm claims that its flood model is the first to be submitted under the state of Florida’s flood model standards The KCC Flood Reference Model ... Read the full article
Pool Re completes record £2.4bn retro program
4th March 2020
UK government-backed terrorism reinsurer Pool Re has completed placement of a £2.4 billion retrocession program, its largest to date. Led by Munich Re, the £2.4 billion cover represents a £100 million expansion from its 2018 placement and includes £75 million provided by Pool Re’s terrorism catastrophe bond launched last year. The ... Read the full article
Marsh opens Cyber Catalyst 2020 evaluation program
4th March 2020
Re/insurance broker Marsh has announced the 2020 opening of its Cyber Catalyst program, which aims to evaluate and designate products and services that can be effective against major cyber threats. In the inaugural 2019 program, more than 150 products and services were submitted for evaluation, with 17 ultimately receiving a Cyber ... Read the full article
CAC Specialty adds Marsh’s John Kim as environmental exec
4th March 2020
Specialty insurance broker and investment banking platform CAC Specialty has announced the appointment of John Kim as senior vice president within its environmental practice group. Kim brings over 25 years’ experience and most recently served as a managing director at Marsh. He began his career as an industrial hygienist and environmental scientist, ... Read the full article
Allied World names Wes Dupont as COO
4th March 2020
Global insurer and reinsurer Allied World Assurance Company Holdings has announced the appointment of Wes Dupont as Chief Operating Officer (COO) of Allied World Group. As the Chief Operating Officer, he will have oversight of the day-to-day administrative and operational functions across the company. Following the appointment, Dupont will also continue to ... Read the full article
Reserve risk heightened by deteriorating workers’ comp tailwind, say analysts
4th March 2020
Analysts at Morgan Stanley have warned that despite workers' compensation (W/C) business currently accounting for around 60% of total favourable reserve development, this tailwind won't last long and adds to reserve risk over the coming months. In 2018, W/C favourable reserve development accounted for 60% of total industry development, which, while ... Read the full article
AIG’s Blackboard secures approval in Virginia
4th March 2020
AIG subsidiary Blackboard Insurance has received approval to operate its commercial insurance package in Virginia, expanding the list of approved states and territories to 47. Blackboard was formed in 2017 when AIG opted to rebrand a newly purchased US technology-focused firm. The Blackboard vision is to reimagine commercial insurance through digital technology, ... Read the full article
AJ Gallagher acquires NY-based insurance broker, CMS
4th March 2020
International insurance brokerage firm, Arthur J. Gallagher & Co. (AJG), has announced that it has acquired CMS, LLC, a New York-based full-service wholesale insurance broker. The terms of the transaction have not been disclosed but it has reported that Scott Charney, Rich Verdi, Michael Raab and their associates will remain in ... Read the full article
Covéa to acquire PartnerRe from EXOR for $9bn
4th March 2020
EXOR, the Agnelli family owned holding company, has reached an agreement with French insurance group Covéa over the sale of PartnerRe. The pair have entered into a Memorandum of Understanding (MoU) under which Covéa has agreed to acquire PartnerRe for a total cash consideration of $9 billion, plus a cash dividend ... Read the full article
Xceedance unveils life re/insurance practice, new Liechtenstein office
4th March 2020
Re/insurance service provider Xceedance has announced the launch of its life insurance and reinsurance practice, headquartered in its newly established office in Liechtenstein. Xceedance's new Liechtenstein office has been established to serve life insurance and reinsurance markets and will be jointly led by Markus Brugger and Mark Lucas. The new practice will ... Read the full article
Hallmark Financial exits Binding Primary Auto business
4th March 2020
Specialty property and casualty insurance company Hallmark Financial Services, Inc. has announced its exit from Binding Primary Auto business due to mounting claims severity from prior accident years. Despite several years of implementing proactive rate actions and policy changes, the company has decided to place its in-force policies into run-off. Additionally, Hallmark ... Read the full article
Tornadoes cause major damage in Nashville & central TN
3rd March 2020
Two tornadoes have caused widespread damage across central Tennessee, including in the state capital of Nashville, destroying at least 40 buildings and leaving 19 people dead. Parts of Nashville were left in darkness as the tornadoes arrived overnight on March 2-3, leaving about 44,000 people without power. Strong winds also blew down ... Read the full article
MMC appoints FEMA’s Dr. Kaniewski as MD, Public Sector
3rd March 2020
The former Deputy Administrator for Resilience at the Federal Emergency Management Agency (FEMA), Daniel Kaniewski, has joined Marsh & McLennan Advantage as Managing Director, Public Sector. The Marsh & McLennan Advantage group combines the expertise from across the global re/insurance broker's four businesses in order to deliver innovative solutions to clients. In ... Read the full article
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