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Darag completes transfer of Zurich’s Eur180mn German A&E PI portfolio

News

Legacy

Darag completes transfer of Zurich’s Eur180mn German A&E PI portfolio

Run-off specialist Darag has completed the legal transfer of Zurich Insurance plc’s German architects and engineers (A&E) professional indemnity portfolio to its German risk carrier, Darag Deutsche Versicherungs- und Rückversicherungs-AG.

Wed 1 Jul 2020

News

Helvetia lands Swiss Re Corp Solutions former space head to lead satellite launch

St Gallen-headquartered Helvetia is continuing its expansion into the international specialty markets with the hiring of the former head of Swiss Re Corporate Solutions’ space arm to lead its own entry into the satellite insurance market.

Wed 1 Jul 2020

Oneglobal adds former JLT Fac CEO Macdonald-Smith to lead D&F build-out

News

D&F

Oneglobal adds former JLT Fac CEO Macdonald-Smith to lead D&F build-out

JC Flowers-owned Oneglobal Broking – the newly rebranded SSL Endeavour – has named the former CEO of JLT Fac Vanessa Macdonald-Smith as executive director, responsible for direct and facultative (D&F).

Wed 1 Jul 2020

News

COVID-19

Covid-19 is further catalyst for retro hardening: Willis Re

The Covid-19 fallout has proved to be a further catalyst for all round market hardening in the non-marine retro market, driving uncertainty over losses, ILS capacity constraints and increased ILW purchasing, according to Willis Re.

Wed 1 Jul 2020

News

US treaty market leads reinsurers’ drive for rate adequacy: Willis Re

There was hardening across US property and casualty reinsurance lines at the mid-year renewals with the region leading the way as reinsurers pushed for rate against a backdrop of Covid-19 uncertainty, according to Willis Re.

Wed 1 Jul 2020

News

Suncorp adds A$400mn agg XoL to cat programme amid operating overhaul

Suncorp has completed the renewal of its catastrophe reinsurance programme ahead of the start of its upcoming financial year with the Australian insurance giant adding a new A$400mn ($270.7mn) aggregate excess of loss (AXoL) cover.

Wed 1 Jul 2020

AGCS looks to AIG and Argo in regional overhaul; unveils major transformation program

News

People Moves

AGCS looks to AIG and Argo in regional overhaul; unveils major transformation program

Allianz Global Corporate & Specialty (AGCS) has named AIG’s EMEA head of multinational Nuno Antunes and Argo Global’s head of Europe and Middle East Alfredo Alonso to lead the Ibero/LatAm region and Regional Unit London (RUL) respectively as part of a major overhaul of the large commercial insurer’s operations.

Wed 1 Jul 2020

Hiscox the biggest European P&C faller in H1

Analysis

COVID-19

Hiscox the biggest European P&C faller in H1

Shares in London-listed Hiscox shed almost 45 percent of their value in the first six months of the year, the largest decline among European carriers covered by this publication.

Wed 1 Jul 2020

News

Legacy

Fleming Re adds legacy workers comp deal

Bermudian legacy reinsurer Fleming Re has completed the novation of the workers compensation deductible layer of US crops specialist Duarte Nursery.

Wed 1 Jul 2020

Foreign exchange shifts fuel IRB Brasil Re’s written premium growth in Q1

News

Results

Foreign exchange shifts fuel IRB Brasil Re’s written premium growth in Q1

Beleaguered reinsurer IRB Brasil Re saw its written premium increase by 13.2 percent during the first quarter of the year to BRL2bn ($365mn), with growth in its “abroad” operations offsetting a decline in its homeland.

Wed 1 Jul 2020

Ransomware losses tipped to drive more cyber writers away

News

COVID-19

Ransomware losses tipped to drive more cyber writers away

Cyber underwriters have suggested that some players may leave the market, with losses piling up, but they reject the notion that sublimits should be introduced for ransomware.

Wed 1 Jul 2020

FCCI names new CEO as replacement for fired Johnson

News

Commercial insurance

FCCI names new CEO as replacement for fired Johnson

FCCI Insurance Group’s long-serving Christina Welch has been named as the replacement for former president and CEO Craig Johnson, who was fired from the business back in May after an alleged altercation with the police.

Wed 1 Jul 2020

News

TWIA chooses WTW to provide actuarial services

The Texas Windstorm Insurance Association (TWIA) has selected Willis Towers Watson to perform an independent study of the residual insurer’s rate adequacy and use of hurricane modelling in estimating potential losses in its rate-setting process.

Wed 1 Jul 2020

IRB revises 2018 and 2019 results down after forensic investigation

News

Legal/ Regulatory

IRB revises 2018 and 2019 results down after forensic investigation

IRB Brasil Re has had to restate its results for the 2018 and 2019 financial years after internal investigations discovered that former staff had manipulated its operating data to a “material” degree, said the reinsurer.

Wed 1 Jul 2020

Lloyd’s proposes three solutions to fast-track pandemic recovery

News

Business interruption

Lloyd’s proposes three solutions to fast-track pandemic recovery

Lloyd’s has suggested three ways that the insurance industry could fast-track global economic and societal recovery from Covid-19, two of which require government and (re)insurance industry partnerships.

Wed 1 Jul 2020

Aon shares close up 2% after salary cuts rollback

Analysis

COVID-19

Aon shares close up 2% after salary cuts rollback

There was a positive response yesterday from investors to news that Aon is ending temporary salary cuts for most of its workforce as the company’s shares closed up just over 2 percent, ahead of a moderate uptick in US-listed P&C stocks.

Tue 30 Jun 2020