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Insurers could face elevated hurricane activity; less manageable rate rises: KBRA

20th May 2020

With the official start of the 2020 Atlantic Hurricane season fast approaching, analysts at Kroll Bond Rating Agency (KBRA) have warned that some regional insurers could face additional headwinds as early forecasts point to a continuation of above-average activity. Despite the 2020 season officially commencing on June 1st, the formation ... Read the full article

Florida renewal rate increases of at least 20%: KBW

20th May 2020

After conducting virtual field research in Florida, analysts at Keefe, Bruyette & Woods are expecting reinsurance pricing in the state to increase at least 20%. One CEO reported hearing about 30-50% rate increases in the marketplace, with particularly vulnerable companies given only 24 hours to decide whether to accept 75%-plus rate ... Read the full article

Allianz names Catharina Richter as Head of Cyber Center of Competence

20th May 2020

Allianz Group has announced the appointment of Catharina Richter as Global Head of its Cyber Center of Competence (CoC), effective June 1st. Established in 2018, the Allianz Cyber CoC is embedded into Allianz Global Corporate & Specialty (AGCS) and focuses on coordination and alignment of cyber exposures and insurance in the ... Read the full article

Ascent Underwriting adds Moir as senior underwriter within W&I

20th May 2020

Cyber and specialty lines MGA Ascent Underwriting has announced the appointment of Richard Moir as senior underwriter, warranty and indemnity (W&I), effective immediately. Reporting to Alex Smith, head of W&I, Moir will support the development of the specialist niche line. He joins from CMS Cameron McKenna Nabarro Olswang LLP, where he served ... Read the full article

COVID-19 reinsurance impact of $82bn could turn pricing: analysts

20th May 2020

Analysts at Morgan Stanley have estimated that a scenario including a projected COVID-19 reinsurance impact of $82 billion could lead to a turn in reinsurance pricing. Responding to the recent Lloyd’s of London pandemic estimate, which put the total cost to the re/insurance industry at $203 billion, Morgan Stanley tried ... Read the full article

London Market growth driven by P&C segment: LMG

20th May 2020

The P&C segment accounted for more than half of all premium written in the London Market in 2018, while P&C business dominated in terms of premium income flows into the capital, with a compound annual growth rate of 8.1% between 2015 and 2018. In a new report released today by the ... Read the full article

EC3 expands intl. financial, professional lines division with Collier hire

20th May 2020

Lloyd's-headquartered commercial lines broker EC3 Brokers, has expanded its international financial and professional lines division with the appointment of John Collier as divisional director. Collier joined on 1 April and will report to James Murphy, head of broking at EC3 Brokers. He brings over 28 years’ experience placing professional indemnity insurance, directors ... Read the full article

Lockton Re names Martin Stephenson Chairman of Marine & Energy

20th May 2020

Global reinsurance broker Lockton Re has announced the appointment of Martin Stephenson as Chairman of Marine & Energy, effective July 2020. In his new role, Stephenson will report to Keith Harrison, International Chief Executive Officer (CEO) at Lockton Re, and will work closely with Jerry Ridge, Head of Marine & Energy ... Read the full article

Parhelion Underwriting gets grant for African geothermal fund

20th May 2020

Parhelion Underwriting Limited, the UK-based energy and climate risk insurance and advisory group, has been awarded a $1 million grant to progress its investment fund for de-risking geothermal projects in east Africa. The P4G (the Partnering for Green Growth and Global Goals 2030 Initiative) scale-up grant and partnership from the national ... Read the full article

Pre-COVID-19 structural factors to influence reinsurance renewals: Flandro, Hyperion X

19th May 2020

While the COVID-19 pandemic will undoubtedly have an influence on upcoming renewals for insurers and reinsurers, for the latter, the broad structural factors that have been in place prior to the outbreak cannot be ignored, according to David Flandro, Managing Director at Hyperion X. In a recent video interview with our ... Read the full article

Palomar completes June reinsurance renewal

19th May 2020

Specialty property insurer Palomar Holdings has announced the successful completion of its June 1, 2020 reinsurance programs. The company procured $200 million of incremental limit for California earthquakes, $300 million of incremental limit for all earthquake zones, and $80 million of incremental windstorm limit. Reinsurance coverage now exhausts at $1.4 billion for ... Read the full article

Demand for pandemic cover rising, but capacity limited: Third Point Re CEO

19th May 2020

There’s been a notable rise in demand for pandemic re/insurance and a subsequent hike in rates, however, there’s currently limited capacity in the marketplace for pandemic cover, according to Dan Malloy, Chief Executive Officer (CEO) of Third Point Re. These are unprecedented times for the industry, and it will undoubtedly be ... Read the full article

Chubb names CUO for North America small & middle market division

19th May 2020

Global insurer Chubb has appointed Michelle McLaughlin as Chief Underwriting Officer of its North America retail commercial property and casualty insurance division that serves middle market and small businesses. In this capacity, she will guide the business lines' underwriting strategies and authority, as well as general underwriting management. McLaughlin previously served as ... Read the full article

Beazley successful in $300 million capital raise

19th May 2020

Specialist insurer and reinsurer Beazley has announced the successful completion of its previously announced $300 million (£247 million) equity placement. Beazley said yesterday that it is raising capital in the form of an equity placement in order to support growth and take advantage of rising rates being seen across its ... Read the full article

Lloyd’s COVID-19 loss estimate may be conservative: Argenta

19th May 2020

Analysts at managing agency Argenta Group have argued that Lloyd’s has been conservative in its estimates of the insurance losses it will face due to the COVID-19 pandemic. The insurance and reinsurance marketplace previously said that it will pay customers between $3 billion and $4.3 billion in claims, out of ... Read the full article

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