Reinsurance News

The impact of the Covid-19 pandemic to insurance and reinsurance group Liberty Mutual is expected to be similar to a “moderately sized catastrophe loss” according to the firms CEO David Long.

Retrocessional reinsurance focused fund manager Markel CATCo Investment Management and tech focused hedge fund investor with a liking for reinsurance-linked returns D. E. Shaw & Co. are involved in a dispute over a release of collateral related to industry-loss triggered derivative contracts, we have learned.

Transverse Insurance Group, the program and fronting firm that aims to help reinsurance capacity providers including insurance-linked securities (ILS) funds and investors to access risk more directly, has had its second fronting carrier rated.

European windstorm exposures, as measured by insured property values, have risen to almost €60 trillion in 2019, an increase of 4.1% on the prior year according to the latest data from PERILS AG.

Ascot Group, the specialist global insurance and reinsurance underwriter, has announced the appointment of Jonathan M. Zaffino as Group President, who will join the company once he finishes his contractual obligations with current employer Everest Insurance.

London headquartered insurance-linked securities (ILS) and reinsurance related investments manger, Leadenhall Capital Partners LLP, is keeping a close eye on potential direct exposures to the Covid-19 coronavirus outbreak, with the key focus for the firm being the business interruption issue.

AXIS Capital, the Bermuda headquartered specialty insurance and reinsurance company, has revealed an expectation that the Covid-19 pandemic will drive some $235 million of losses, the majority of which will be in its property book.

Insurance and reinsurance broker Aon has revealed a raft of pay cuts affecting its staff around the globe, as well as other expense saving initiatives, all of which reflects the expectation that the broking industry may face particularly acute pain as a result of the Covid-19 economic slowdown.

The Association of British Insurers (ABI) has estimated that UK insurance companies face around £1.2 billion of losses due to the Covid-19 pandemic, but analysts said this figure is likely to rise and the number does not include losses falling to the Lloyd’s market.

While global reinsurance capital grew strongly again in 2019 the underlying results of the traditional reinsurance market remain less impressive, with the return on equity (RoE) of a subset of the market declining further and falling well below the industry’s cost of capital, broker Willis Re said today.