Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Lloyd’s to Exit U.S. Admitted Market, Focus on U.S. Surplus Lines, Reinsurance
Jul 10 2020 // Lloyd’s announced it plans to stop accepting admitted market accounts in the U.S. in a year and focus on the U.S. reinsurance and excess and surplus (E&S) insurance market, where it is the market leader. As part...
Best: Reinsurance Pricing, Pandemic Add to Woes for Florida Property Insurers
Jul 9 2020 // The numerous issues in Florida’s property insurance market, including higher reinsurance pricing and social inflation, continue to challenge the financial strength of Florida personal property writers and impact...
Chubb Unveils Public-Private Program for Pandemic Business Interruption
Jul 9 2020 // Chubb unveiled a proposal for the insurance industry and federal government to partner on covering future pandemic-related business interruptions—and to get money to small businesses quickly—following through on an...
Coronavirus Business Interruption Claimants Lay Out Federal Plan to Reimburse Insurers
Jul 9 2020 // A U.S. lawmaker has introduced a bill that would allow insurers to voluntarily pay certain COVID-related business interruption claims and get reimbursed by the federal government, but insurance groups have rejected the...
What ‘Follow the Fortunes’ Means for COVID-19 Reinsurance Claims
Jul 8 2020 // How reinsurers will respond when cedents pay their insureds for COVID-related business interruptions remains an open question, legal and insurance professionals suggested recently, adding more wrinkles to an already...
Harkins Retiring as Reinsurance Leader at Safety National Re; King Named Successor
Jul 7 2020 // Ray Harkins will retire as executive vice president and chief underwriting officer, Reinsurance, at St. Louis, Missouri-based Safety National Re. Bob King has been tapped to succeed him as senior vice president and chief...
Obsidian Insurance Holdings Appoints Armstrong as Chief Client Officer
Jun 26 2020 // Obsidian Insurance Holdings Inc., a fronting insurance holding company, has appointed Stacy Armstrong as chief client officer. Armstrong is a senior executive with more than 25 years of insurance and reinsurance industry...
COVID-19 Could Rank Among Re/Insurance Sector’s Most Expensive Events: Carpenter
Jun 25 2020 // Although considerable uncertainty remains over its ultimate cost, the COVID-19 pandemic looks set to rank among the re/insurance sector’s most expensive events, according to a report published by reinsurance broker...
AXA XL’s Mackie Joins Liberty Mutual Re to Head U.S. Property Business
Jun 22 2020 // Two-year old Liberty Mutual Re said it has appointed Scott Mackie to the role of director of Assumed Reinsurance – Property. Mackie will be responsible for managing the underwriting of U.S. property risk and pro-rata...
Brokerslink Network Continues African Expansion with Tunisian Broker
Jun 22 2020 // Brokerslink announced a further expansion of its footprint in Africa with Tunisian brokerage Karé Kamoun becoming the latest affiliate to join the global broking business. The Tunis-based insurance and reinsurance broker,...
Moody’s Assigns First-Time A3 Rating to Fosun-Backed Peak Re
Jun 16 2020 // Moody’s Investors Service has assigned an A3 insurance financial strength rating (IFSR) to Hong Kong-based Peak Reinsurance Co. Ltd. with a stable rating outlook. Peak Re’s A3 IFSR reflects its good franchise...
Florida Cat Fund Foregoes Private Reinsurance for 2020 Hurricane Season
Jun 15 2020 // Reinsurance coverage for the Florida Hurricane Catastrophe Fund was not purchased for this year’s hurricane season after overseers of the fund evaluated the market and found a lack of private capital availability. In...
Topa Insurance in California Names Chang Vice President
Jun 12 2020 // Topa Insurance Co. in Calabasas, Calif., has named Olive Chang vice president of reinsurance. Chang has oversight of reinsurance placements for all Topa Insurance Group entities. She is also responsible for strategic...
Global Re Forum Taps PartnerRe’s Clarke as Chair, Hannover Re’s Henchoz as Vice Chair
Jun 8 2020 // The Global Reinsurance Forum (GRF) has appointed Emmanuel Clarke, president and CEO of PartnerRe for a two-year term. He succeeds Kevin J. O’Donnell, CEO of RenaissanceRe, who became chairman in 2018. Jean-Jacques...
Zaffino, AIG’s No. 2, Fights to Turn Around the House That Hank Greenberg Built
Jun 5 2020 // American International Group Inc.’s Peter Zaffino drew a clear line ahead of his jump to the insurer almost three years ago. “I didn’t want any advice,” Zaffino, AIG’s president, said in a...
Diverging Views: Is COVID a One-Off Catastrophe or Not?
Jun 5 2020 // While reinsurers are “open for business” and insurers and reinsurers are reporting the impacts of COVID-19 as a one-off catastrophe impacting earnings rather than capital, equity markets are viewing the...
UK Government Forms £10 Billion Reinsurance Backstop for Trade Credit Insurers
Jun 4 2020 // The UK government has created a £10 billion (US$12.5 billion) reinsurance scheme designed to help businesses during the COVID-19 pandemic by guaranteeing transactions insured by trade credit insurers. The Trade Credit...
How Florida’s Strained Insurance Market is Facing COVID-19, Hurricane Season
Jun 3 2020 // From the threat of insurer ratings downgrades to mounting carrier losses because of excessive litigation to increasing insurance rates, Florida’s insurance market got off to a rocky start in 2020. Then came the...
How COVID-19 Court Lockdowns May Turn the Social Inflation Tide
Jun 2 2020 // Defense attorney Ellen Greiper reported receiving more than the usual number of phone calls from plaintiffs attorneys earlier this month, suggesting that the call dynamics could be signaling a COVID-driven change in social...
Florida Cat Fund Foregoes Private Reinsurance for 2020 Hurricane Season
Jun 2 2020 // Reinsurance coverage for the Florida Hurricane Catastrophe Fund will not be purchased for the upcoming hurricane season after overseers of the fund evaluated the market and found a lack of private capital availability. In...
