Reinsurance News

Willis Re

Global reinsurance capital up 7% to $658bn in 2020: Willis Re

12th April 2021

Strong investment market appreciation helped global reinsurance industry capital grow 7% to $658 billion at year-end 2020, according a new report from Willis Re. While new capital raised by both incumbents and new entrants added to the final total, Willis Re says capital returns to shareholders exceeded those new investments. Willis Re's ... Read the full article

Willis Re views industry capital levels as resilient

9th April 2021

A new report from Willis Re has examined the capitalization of re/insurers in the US and European markets, concluding that both have proved resilient to the challenges of the pandemic. In the US, Willis Re found that P&C companies continued to show very strong risk-adjusted capitalization scores despite the increase in ... Read the full article

Good progress made at “disciplined” April renewals: Willis Re’s Vickers

7th April 2021

Willis Re’s James Vickers believes that reinsurers made “good progress” at an April renewal period that saw underwriting discipline and a continuation of the rate increases seen at 1/1. Vickers, who is Chair of Willis Re International, recently spoke to Reinsurance News alongside the release of Willis Re’s 1st View ... Read the full article

Market pricing remains firm at 4/1 despite ample capacity: Willis Re

1st April 2021

Broker Willis Re has reported that market pricing has remained firm in virtually all classes and territories at the April 1 reinsurance renewals, despite there being no shortage of capacity. According to Willis Re’s 1st View report on the April renewal period, conditions very much continued in line with what was ... Read the full article

Willis Re pegs 2020 insured loss from global nat cats at $78bn

30th March 2021

Overall insured loss estimates from global natural catastrophes in 2020 totalled $78 billion, significantly higher than the $53 billion in 2019, according to a Willis Re report. In the US, there were 22 events in 2020 that exceeded $1 billion, breaking the record of 16 in 2007, and the 2020 Atlantic ... Read the full article

Re/insurers achieve premium growth despite COVID challenges: Willis Re

25th March 2021

A new report from broker Willis Re shows that, globally, re/insurers achieved mild premium growth over 2020 due to rate increases for reinsurance and commercial lines of business. Most lines of business in the US market reversed Q2 declines in premiums and US premiums over the year actually outpaced GDP growth, ... Read the full article

Willis Re launches cat risk model for hail events in South Africa

11th March 2021

Willis Re, the reinsurance broking arm of Willis Towers Watson, has launched a new Hail Catastrophe Risk Model which quantifies the risk from damaging hail events across South Africa. The model has been developed in collaboration with Willis Research Network partners at NASA’s Langley Research Centre and the Karlsruhe Institute of ... Read the full article

Willis Re hires Michel Büker as Head of Lloyd’s Capital

16th February 2021

Willis Re, the reinsurance broking arm of Willis Towers Watson, has appointed Michel Büker in a dual role as Head of Lloyd’s Capital and Head of Production, Customised Solutions, EMEA at Willis Re Specialty. Effective 8th February, 2021, he will be responsible for extending Willis Re’s relationships with the Lloyd’s sector ... Read the full article

COVID spurred digital push in re/insurance: Willis Re’s Andrew Johnston

5th February 2021

With 2020 closing as the biggest year to date in insurtech funding, Willis Re’s Andrew Johnston has said that the COVID-19 pandemic pushed the re/insurance industry to digitize in a way that “no other imperative or initiative” could have. Johnston, who serves as Global Head of Insurtech at Willis Re, the ... Read the full article

Insured nat cat losses above-average in 2020 at $78bn, says Willis Re

2nd February 2021

The insurance and reinsurance industry loss from major natural catastrophe events in 2020 totalled approximately $78 billion, which is some 17% higher than the ten-year average of $66.5 billion, according to analysis by Willis Re, the reinsurance arm of global brokerage Willis Towers Watson (WTW). While the insured loss estimate is ... Read the full article

Aon / WTW unveil new Executive Committee for combined entity

27th January 2021

Ahead of the proposed combination of global insurance and reinsurance brokerages, Aon and Willis Towers Watson (WTW), the companies have announced the new leadership team, led by Greg Case as Chief Executive Officer (CEO). It was confirmed in March of 2020 that the pair had reached an agreement to combine ... Read the full article

Willis Re sale deemed necessary for Aon-WTW merger

22nd January 2021

73% of industry participants we approached feel regulators will require Willis Towers Watson to sell its reinsurance subsidiary Willis Re if the much publicised mega-merger with Aon is to go ahead. The two broking giants confirmed that a business combination was being pursued back in March 2020. It's believed such a ... Read the full article

Overall cat bond offerings at 1/1 continued to attract significant capital: GC

11th January 2021

Guy Carpenter analysts have reported that overall catastrophe bond offerings during the recent Janurary renewals continued to attract significant capital, while syndicated sidecar and collateralised reinsurance strategies experienced limited new inflows of capital. January 1 allocations were said to have been complicated by Covid-driven year-end loss reserve “buffering” and a high ... Read the full article

Analysts see potential for more notable rate rises at upcoming reinsurance renewals

8th January 2021

While risk-adjusted pricing gains in the mid-single-digits at the Jan 1st, 2021 reinsurance renewals fell below expectations, analysts at Morgan Stanley feel it's likely that "more pronounced" rate rises will come to fruition at the April and mid-year renewals. As the COVID-19 pandemic compounded losses for reinsurers in 2020, the industry's ... Read the full article

COVID-19 a catalyst for US property rates at 1/1: Willis Re

6th January 2021

Willis Re has reported that COVID-19 was a catalyst for further rate increases at the January 1 reinsurance renewals for US property re/insurers, building on pricing momentum already gained through 2019. Terms and conditions also tightened, however placements were completed at rates lower than anticipated as capital raises, start-up reinsurers and ... Read the full article