Moody’s has revised its outlook for the global reinsurance sector to negative, citing weakened profitability in the wake of the coronavirus pandemic, bringing it into line with other ratings agencies.
Munich Re has called for government-backed risk pools to be created to insure against the effects of future pandemics.
Munich Re expects its losses from August’s warehouse explosion in Beirut and a trio of recent North Atlantic hurricanes to both reach “low triple-digit million euro” sums.
HM Treasury is embarking on a five year review of Pool Re, it was announced today.
Capsicum Re is to rebrand as Gallagher Re from 1 October in order to align the business with Gallagher’s retail and insurance broking operations.
The combined hull, cargo and port facility insured losses from last week’s warehouse explosions in Beirut should not exceed $250m (£191m), according to an initial analysis by Guy Carpenter.
The explosion in Beirut, Lebanon at around 6pm local time on Tuesday 4 August tragically killed at least 157 people and wounded another 5000, with more than a hundred still missing as rescue efforts continue.
The warehouse explosion in the port area of Beirut on Tuesday is unlikely to lead to insured losses on the same scale as those that followed a similar incident in China in 2015, industry figures have said.
A hard market is traditionally where specialist insurers and forward-thinking capacity providers thrive. As such Floodflash co-founder Ian Bartholomew is confident new resilient insurance businesses will emerge from the post-pandemic economic downturn
Covéa will invest €1.5bn (£1.35m) with Exor and special purpose reinsurance vehicles managed by Partner Re, after its bid to buy the reinsurer fell apart earlier this year.
Hiscox swung into a loss for the first half of 2020 as it increased its Covid-19 claims hit estimate.
The new backers of Mulsanne Insurance Company had to invest £7m into the Gibraltar-based underwriter this April to meet solvency capital requirements.
Swiss Re has predicted $2.5bn (£1.96bn) of pre-tax Covid-19 losses in the first six months of 2020 will drive its half year results to a $1.1bn loss.
QBE has predicted it will deliver a $750m (£581.7m) post tax loss when its half year results for 2020 are published next month.
Munich Re was hit by €700m (£631.7m) of Covid-19 related reinsurance losses in the second quarter taking its year to date figure to €1.5bn, the reinsurer has revealed.
Capsicum Re’s new chairman Raja Balasuriya is a “force to be reckoned with,” CEO Rupert Swallow told Post as the reinsurance broker unveiled the executive committee team line-up designed to lead the business through its next phase of growth.
Tiger Risk has appointed Juan England as a partner with a mandate to help develop large, multi-regional clients in Europe and other international markets, the fourth recruit of the month for the rapidly expanding broker.
The liquidator of unrated insurer Gable has found ‘trapped funds’ in the company originally valued at CHF 85m (£71.8m) are not recoverable.
Axa XL has confirmed former Lloyd’s leader Sean McGovern as CEO for the UK and Lloyd’s market having held the role on an interim basis since April.
Arag has posted a 14.7% rise in turnover to £14.1m for the year to 31 December 2019.
Craig Thornton, general insurance and protection director for Lloyds Banking Group, succeeds former Ageas UK CEO Andy Watson as chair of the Association of British Insurers’ General Insurance Council.
Danish unrated insurer Gefion will enter solvent liquidation as the Danish regulator has chosen to withdraw its license, the insurer has said.
In the 30th episode of Post and Insurance Age’s video series we gathered together an expert panel to discuss what the future holds for managing general agents.
Markel International has stopped writing wholesale personal accident and contingency insurance as its refocuses the PACE portfolio exclusively on entertainment with immediate effect.