Can Covid-19 reinsurance losses be aggregated?

An analysis by law firm Bryan Cave Leighton Paisner (BCLP) of the aggregation exposures from coronavirus concludes “there is potential for this issue to grip the reinsurance market in a way we have not seen for some time”.

Wed 11 Mar 2020

Asian markets fall as UK investors await budget announcement

Asia-Pacific (re)insurance stocks tumbled on Wednesday as investors continue to watch for developments around government stimulus as the coronavirus continued spreading.

Wed 11 Mar 2020

UK regulators remain silent over £185mn Markerstudy – CIS Insurance deal delay

Markerstudy’s £185mn ($339mn) proposed acquisition of CIS General Insurance Ltd remains stuck in the regulators’ inbox some fourteen months after it was agreed – leading to growing speculation about whether the deal will proceed – while a key deadline to repay up to $316mn of debt to Qatar Re fast approaches, The Insurer can reveal.

Wed 11 Mar 2020

Hannover Re P&C posts FY CR 98.2% as nat cats and Thomas Cook collapse bite

German reinsurance giant Hannover Re has reported a 2019 combined ratio of 98.2 percent, a deterioration of 1.7 points on the previous year as the carrier’s loss bill climbed to Eur956.1mn ($1.08bn).

Wed 11 Mar 2020

Greenlight Re 13% share drop bucks US (re)insurance recovery trend

In contrast to the rises recorded by major US-listed (re)insurance stocks, Greenlight Re’s share price has closed down 12.9 percent as investors reacted to a Q4 underwriting loss and uncertainty around a drawn-out strategic review.

Tue 10 Mar 2020

Former Maiden Re NA president Highet leaves TransRe

Former Maiden Re North America president Tom Highet and vice president Joe Gaito have left TransRe, 18 months after joining the Alleghany reinsurer as part of a renewal rights deal, The Insurer can reveal.

Tue 10 Mar 2020

Coronavirus not a big industry event: Rob Berkley

WR Berkley’s Robert Berkley has commented that coronavirus is not a big issue for the industry in terms of underwriting losses, while predicting increased pressure around investment income will push pricing even higher.

Tue 10 Mar 2020

Greenlight Re evaluating “other courses of action”: Einhorn

Greenlight Capital Re shares were trading down almost 14 percent today after chairman David Einhorn conceded the total return reinsurer’s strategic review is taking longer than expected and that it is looking at other options after its first choice of action did not happen.

Tue 10 Mar 2020

OdysseyRe replaces LatAm surety CUO Dickson with Marcano

Fairfax-owned OdysseyRe has appointed Alberto Marcano as senior vice president and chief underwriting officer for treaty in its Latin American unit, replacing Andrew Dickson, who has been named head of surety for Hudson Insurance Group, Odyssey Group’s US insurance division.

Tue 10 Mar 2020

UIB adds to senior leadership with energy and operations hires

UIB has appointed Carl Smith as operations director and Olivier Carriere as a senior risk engineer in the reinsurance broker’s Engineering Risk Consultants business.

Tue 10 Mar 2020

Marsh names Hanuschak Victor CEO

Marsh has appointed Brian Hanuschak to the role of CEO at its MGU Victor Insurance Holdings, after predecessor Christopher Schaper moved to head up AIG Re in July 2019.

Tue 10 Mar 2020

GC calls for more public-private partnerships to insure cat risks

MMC-owned Guy Carpenter has called for greater use of public-private partnerships to manage the strain on governments’ finances from climate-related exposures.

Tue 10 Mar 2020

How can the London Market tackle outdated and inconsistent policy language?

Tue 10 Mar 2020

Aon pegs Ciara-Sabine losses at $1.1bn; Feb US thunderstorms to cost insurers $800mm

Broking giant Aon has estimated insured losses from Winter Storm Ciara, also known as Sabine, will cost insurers “well above” Eur1bn ($1.1bn), while it pegged insured payouts for severe thunderstorms across the US in February at $800mn.

Tue 10 Mar 2020

Liberty Mutual replaces Colombia reinsurance head Ospina with Londoño

Liberty Mutual Re (LM Re) has promoted Juan Felipe Londoño to the position of general manager Colombia with immediate effect, succeeding Jose Ernesto Ospina who has left “to pursue personal endeavours”.

Tue 10 Mar 2020

Insurtech Instanda targest international growth in $19.5mn Series A fundraiser

Policy management platform Instanda has secured $19.5mn in a Series A funding round led by Assembly Capital Partners, the UK-headquartered firm looks to broaden its reach into the United States, Europe, Asia and Latin America.

Tue 10 Mar 2020