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Australian BI verdict to drive uncertainty for insurers: AM Best

30th November 2020

AM Best has warned that pandemic business interruption (BI) coverage will continue to represent a significant source of uncertainty for Australian commercial insurers following the verdict of legal test case in the country. The New South Wales Court of Appeal sided unanimously against the arguments made by insurers in its ruling. The ... Read the full article

It’s on the market to fix coverage & contract interpretation issues: Kitson, Convex Re

27th November 2020

The pandemic has shone a light on the broadening of terms and conditions (T&Cs) and increased ambiguity of policy wordings that occurred throughout the soft market, and with litigation expected to persist, it's on the re/insurance market to fix the issue, said Heather Kitson, Deputy Chief Executive Officer (CEO) at ... Read the full article

Tokio Marine set to launch new Canadian P&C firm

27th November 2020

Tokyo-based multinational insurance holding company Tokio Marine Holdings has applied to open a new property and casualty insurer in Canada. Tokio Marine Canada is expected to be incorporated in the second half of 2021 and should be operational by the first half of 2022. It will be launched backed by CAD75 million. This announcement ... Read the full article

MAPFRE Salud ARS launches in the Dominican Republic

27th November 2020

Insurer MAPFRE has announced that following its 51% acquisition of health insurer, ARS Palic, earlier this year, the Dominic Republic domiciled insurer has now rebranded as MAPFRE Salud ARS. The acquisition was announced in February this year, and aims to strengthen MAPFRE’s position in the country whilst leaving the León ... Read the full article

R&Q Re acquires Bermuda captive

27th November 2020

R&Q Re, a subsidiary of non-life global specialty insurer Randall & Quilter, has announced the acquisition of a Bermuda-domiciled captive. The transaction is subject to customary closing conditions and regulatory approval. R&Q Re is a Class 3A reinsurer and R&Q’s primary legacy vehicle in Bermuda. It had statuary capital of $100m ... Read the full article

Lloyd’s, KPMG highlight importance of reputational risk awareness

27th November 2020

Lloyd’s of London has partnered with KPMG on a report examining the ways in which reputational risk landscape has changed over the last decade. The report says risk profiles of businesses continue to evolve faster than ever and that corporate brand and reputation accounts for 25.3% of the market capitalisation of ... Read the full article

Munich Re’s MEAG acquires 16,000 hectares of US timberland

27th November 2020

On behalf of Munich Re, MEAG has acquired approximately 16,000 hectares of timberland for a low triple-digit million US dollar figure in Southwestern Oregon. These timberlands are mainly situated in the Coast Range and have a dense population of Douglas fir, a highly productive tree species. Because of a series of low ... Read the full article

Hannover Re-parent Talanx, Deutsche Bank agree distribution partnership

27th November 2020

Talanx, the parent of reinsurance giant Hannover Re, has agreed a long-term distribution partnership with Deutsche Bank. Starting 2023, retail clients of DB and its subsidiaries Postbank and BHW Bausparkasse will be able to insure their consumer and mortgage loans exclusively with the Talanx. This deal follows DB’s a long-term sales cooperation ... Read the full article

Arch Insurance adds Hull & War Senior Underwriter Jason Page

27th November 2020

Arch Insurance International has announced the appointment of Jason Page as Senior Underwriter, Hull & War, with immediate effect. Page joins with over 30 years' experience from Markel, having most recently served as Head of Hull & War. He will be responsible for underwriting activities across the portfolio, focusing on opportunities to expand ... Read the full article

COVID-19 impacts UK manufacturers supply chain for Brexit: Lockton

27th November 2020

Insurance broker Lockton has released a report exploring how the COVID-19 pandemic has impacted the preparations for 500 different UK manufacturers. In its survey, 46% had said that their supply chain plans have been negatively affected by the pandemic, with a further 25% stating they have not made the appropriate arrangements, ... Read the full article

Swiss Re CorSo names Manuela Baroncini as Global Head E&C

27th November 2020

Swiss Re Corporate Solutions, the commercial insurance arm of reinsurer Swiss Re, has announced the appointment of Manuela Baroncini as Global Head Engineering & Construction (E&C), effective March 1st, 2021. In her new role, she will be based in London and will report to Martin Hegelbach, Head Property & Specialty. Baroncini takes ... Read the full article

MS Amlin hires Head of Risk Engineering

27th November 2020

Lloyd's of London insurer and reinsurer, MS Amlin has announced that Pierre Edouard de la Roncière has joined its European business as Head of Risk Engineering. de la Roncière will be bringing a range of experience in industrial risk management, loss adjusting and claims analysis across various industrial sectors. He will be ... Read the full article

Fitch maintains stable outlook on German non-life for 2021

27th November 2020

Fitch Ratings has held its stable outlook on the German non-life insurance market for 2021, noting an expectation for underwriting discipline to be maintained and for insurers to achieve further premium growth in commercial lines. The ratings agency forecasts premiums to grow 3% in 2020 and 2% in 2021, driven by ... Read the full article

We must future-proof Lloyd’s, says CEO John Neal

26th November 2020

As efforts to improve Lloyd's of London's operating performance start to take hold, it's imperative that the specialist insurance and reinsurance marketplace delivers sustainable, long-term profitability, according to its Chief Executive Officer (CEO), John Neal. Addressing the media earlier today, Neal discussed the three-year journey the market's been on to improve ... Read the full article

Intact wraps up $3.2 billion capital raise ahead of RSA acquisition

26th November 2020

Canadian property and casualty insurer Intact has taken a step closer to securing its joint-acquisition of RSA with the successful completion of a previously-announced $3.2 billion capital raise. The $3.2 billion was raised via a private placement of 23.8 million subscription receipts to Caisse de dépôt et placement du Québec, ... Read the full article

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