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Ample capital levels moderated price increases at Jan 1: Guy Carpenter

5th January 2021

With reinsurers eager to deploy capacity in various sectors and capital levels high at the important January 1st, 2021 reinsurance renewals, price increases were more moderate than initial expectations, according to Guy Carpenter, the reinsurance broking arm of Marsh. On the back of a prolonged soft market state, the lower for ... Read the full article

Focus on exclusions drove late Jan 1 renewals: James Vickers, Willis Re

4th January 2021

Although renewal negotiations started off early, challenges around exclusionary language as reinsurers continued to respond to the pandemic, resulted in a late January 1st, 2021 renewals, according to James Vickers, Chair, Willis Re International. In an interview with Reinsurance News around the launch of reinsurance broker Willis Re’s latest 1st View ... Read the full article

Insurers must demonstrate value after COVID: Dun & Bradstreet

31st December 2020

Once the COVID-19 crisis is in the rearview mirror for most businesses, it will be up to insurers to prove that they are more than an additional cost in a challenging economy. This is according to James Harrison, UKI Head of Insurance at data and analytics provider Dun & Bradstreet, who ... Read the full article

Insurers looking to improve margins in hardening market: Mactavish

24th December 2020

Research conducted by commercial insurance placement and disputes firm, Mactavish, reveals that many commercial policyholders have faced drastic premium increases this year, as insurers look to improve margins in a hardening market, where some have risen up to 800%. Analysts from the firm also highlight the increase in cyber crime, which ... Read the full article

Lockton adds Dan Urias to expand its Southern California business

24th December 2020

Global re/insurance broker Lockton has added Dan Urias as vice president, Producer to help expand its business in southern California. Urias will be providing risk management solutions to businesses aimed at tackling issues such as increased litigation aimed at company directors and officers as well as cyber exposures brought on by ... Read the full article

Beazley reports increase in ransomware severity, cost

24th December 2020

Specialist insurer Beazley has reported an increase in the severity and cost of ransomware attacks this year compared to 2019. Consequently, Beazley considers ransomware the biggest cyber threat currently facing organisations. According to the latest Beazley Breach Insights report, the total cost of ransom payments doubled year-on-year through the first six months of ... Read the full article

EC confirms “in-depth investigation” of Aon / WTW merger

21st December 2020

The European Commission (EC) has now confirmed that it has opened what it calls an "in-depth investigation" of insurance and reinsurance broker Aon's proposed acquisition of rival Willis Towers Watson (WTW). The European Commission (EC) said it will carefully investigate the proposed acquisition and merger to establish whether the combination of ... Read the full article

KBW says 1/1 looks satisfactory, not spectacular

18th December 2020

After conducting a virtual tour of Bermuda, analysts at Keefe, Bruyette & Woods are expecting a satisfactory, albeit unspectacular 1/1 renewal. Although all of the executives KBW analysts met still expect property reinsurance rate increases during the pending renewals, current rate increase have been described as ambitions and are seen as ... Read the full article

MNK Re adds Bragg, Zarate to international property team

17th December 2020

Specialty Lloyd’s broker MNK Re has added Adam Bragg and Andrea Zarate to its international property team. Bragg will serve as managing director of its international facultative property division and joins from Gallagher Specialty, where he was the head of their Latin American property team. Zarate joins from Lucy A. Raymond and will ... Read the full article

BHSI promotes Jill Salmon to Head of US Professional Lines

16th December 2020

Berkshire Hathaway Specialty Insurance (BHSI) has promoted Jill Salmon to Head of Professional Lines for the US. In her new role, she will oversee the company’s Lawyers, Architects & Engineers, Miscellaneous E&O and Cyber Liability insurance portfolios. With nearly 25 years of industry experience, primary focusing in professional lines, Salmon joined BHSI ... Read the full article

PRA lays out UK re/insurance priorities for 2021

16th December 2020

The Prudential Regulation Authority (PRA) has set out its priorities for the UK re/insurance sector in 2021, which include a focus on financial resilience, credit risk, the impact of COVID-19, the Brexit transition period, and climate change. The UK regulator noted that re/insurers have thus far proved largely resilient to the ... Read the full article

BMS adds David Overton as director within LatAm FL division

14th December 2020

Specialist re/insurance broker BMS Group has added David Overton as a Director within its Latin America & Caribbean’s Financial Lines division. Effective immediately, Overton will be based in Miami and reports to Daniel Court, Director. Overton brings over 21 years’ experience placing and underwriting complex risks and has worked as a broker ... Read the full article

Embroker launches online service for brokers

14th December 2020

Insurance brokerage Embroker has launched Embroker Access, a new online service that allows retail and wholesale brokers to offer its digital insurance products. The company also announced that its instant management liability package, previously only offered to technology companies, is now available to all private businesses. Matt Miller, Founder & CEO of ... Read the full article

Arch Insurance renames Syndicate 1955 as part of Barbican integration

9th December 2020

Arch Insurance International, a division of Arch Capital Group Ltd., has changed the name of Barbican Syndicate 1955 to Arch Syndicate 1955, effective January 1st, 2021. The rebranding is part of the ongoing integration of Barbican Insurance into Arch, and follows the launch of Arch Managing Agency Ltd to ... Read the full article

Global reinsurance outlook remains stable: AM Best

7th December 2020

Rating agency AM Best has maintained a stable outlook on the global reinsurance industry for 2021, as positive pricing momentum and tighter terms and conditions continue to offset negative factors. Analysts currently believe that market hardening will continue for at least two more years, which should help to balance against uncertain ... Read the full article