Reinsurance News
Asian Reinsurance Corp reelects Funa as Chairman
16th June 2021
Insurance Commissioner Dennis B. Funa has been reelected as the chairman of the management board of Asian Reinsurance Corporation. He will serve a fresh new two-year term of office from 2021 until 2023 following his reelection on June 10, the Insurance Commission said in a statement. “I am deeply honored to have ... Read the full article
Moody’s turns stable on global life sector
16th June 2021
Moody’s Investors Service has changed its outlook for the global life insurance sector to stable from negative, based on expectations for near-term growth prospects and a more favourable operating environment. The outlook revision follows a change to stable outlook for US life insurers and Japanese life insurers. Despite sustained low interest rates, ... Read the full article
AJ Gallagher takes remaining shares in Hesse units
16th June 2021
Global insurance broker Arthur J. Gallagher has acquired the remaining shares of Zurich, Switzerland-based Hesse & Partner AG and Hesse Consulting GmbH from founder, Guido Hesse. Gallagher entered a partnership with Hesse and Partner three years ago when it acquired a majority interest of the business. Founded in 1997, Hesse and Partner ... Read the full article
Howden names Aon’s Luigi Sturani as CEO, Europe
16th June 2021
Howden has continued its expansion and investment in Europe with the appointments of Luigi Sturani as Chief Executive Officer (CEO), Europe and Enrico Nanni as Chief Commercial Officer, Europe, effective June 2nd, 2021. In his newly created role, Sturani will lead a diverse regional management team, supported by Louise Cable-Alexander, CEO, ... Read the full article
Climate is single biggest opportunity for re/insurers: John Neal
16th June 2021
Lloyd’s CEO John Neal has described climate change as “the largest single underwriting and investment opportunity” that most re/insurers will see in their careers. Speaking on a panel at S&P’s virtual 37th Annual Insurance Conference last week, Neal said the re/insurance industry needs to “look at climate positively.” Neal was joined by ... Read the full article
Lockton Re appoints Jonty Davies to lead new Bermuda office as CEO
16th June 2021
Lockton Re, the reinsurance arm of the global brokerage, has announced the appointment of Jonathan (Jonty) Davies as Chief Executive Officer (CEO) of its newly launched Bermuda office. The launch of Lockton Re (Bermuda) Limited forms part of the broker's growing global platform. Davies joins the company from Aon Reinsurance Solutions where ... Read the full article
AM Best notes growing interest in GCC captives
16th June 2021
Analysts at AM Best have noted growing interest in the creation of captive insurance companies in the Gulf Cooperation Council (GCC) region, due partly to the hardening trend of international commercial insurance rates. The rating agency observed that the use of captive re/insurance in GCC countries has been limited to date, ... Read the full article
Global macroeconomic resilience cut by 18% by COVID-19: Swiss Re
15th June 2021
COVID-19’s emergence in 2020 caused macroeconomic resilience to fall by 18%, according to a Swiss Re Institute report. While global economic growth is expected to recover strongly this year after the pandemic-induced recession in 2020, the resulting macroeconomic resilience will fall short of levels seen pre-COVID-19. Meanwhile, the global insurance protection gap reached ... Read the full article
TransRe and Gen Re break off underwriting partnership
15th June 2021
Transatlantic Reinsurance Company (TransRe) and General Reinsurance Corporation (Gen Re) have decided not to renew their underwriting partnership for North American property and casualty (P&C) business that has been in place since July 2016. The reinsurers announced yesterday that they would not extend the 5-year agreement, under which TransRe has acted ... Read the full article
“Exciting time” for Global Atlantic as clients seek post-pandemic optimization: Manu Sareen
15th June 2021
It is an “exciting time” in the life and annuity market as the challenges posed by the COVID-19 pandemic and prolonged low interest environment have created new opportunities for reinsurance players such as Global Atlantic. This is according to Manu Sareen, President for Institutional Markets at Global Atlantic and CEO of ... Read the full article
CCRIF Caribbean members renew parametric insurance coverage
15th June 2021
Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) has announced that all member governments in the Caribbean have renewed their parametric insurance coverage ahead of the upcoming 2021 Atlantic Hurricane Season. This is the second year in a row that members have ceded over US$1 billion in risk to ... Read the full article
AEGIS London to offer active assailant parametric cover
15th June 2021
Lloyd’s insurer AEGIS London has announced the launch of a new parametric insurance product that is designed to protect small businesses against economic losses following a shooting or malicious incident within 250m of their premises. The product is targeted initially at SME businesses in the Dallas area for portfolios of up ... Read the full article
Greenlight Re hires Heejae Cho as Head of Innovation Underwriting
15th June 2021
Specialist property and casualty reinsurer Greenlight Capital Re has appointed Heejae Cho as Head of Innovation Underwriting. Cho brings over 18 years of senior underwriting and actuarial experience to Greenlight Re, previously working at ACE, XL and Arch. She will be responsible for managing the underwriting activities within the growing Greenlight Re ... Read the full article
Insurtech Root places June property cat program with Tremor Panorama
15th June 2021
Root, Inc., the parent company of the Root Insurance family of carriers, has successfully placed its June property catastrophe program with Tremor Technologies' next generation trading platform, Panorama™. Insurtech Root leverages industry-leading, mobile-first technology in order to bring fairness and a best-in-class experience to drivers. The company focuses on driving behaviour rather ... Read the full article
Colombian protests could trigger higher LatAm reinsurance rates: Fitch
15th June 2021
Analysts at Fitch Ratings have warned that Colombian insurers may face an impact to their loss ratios and overall financial performance due to social protests over the last month that have caused damage to property. Fitch expects a moderate deterioration in profitability but does not expect these events to lead to ... Read the full article