News – Page 106
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NewsArch Capital Group announces catastrophe loss estimates
The initial estimates for winter storms Uri and Viola are based on a range of industry insured losses of $14 billion to $16 billion. The losses are currently expected to be split approximately 80%/20% between the Company’s reinsurance and insurance businesses, respectively.
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NewsSwiss Re publishes its 2020 Financial Condition Report
Swiss Re today published the 2020 Financial Condition Report for the Swiss Re Group and regulated re/insurance legal entities domiciled in Switzerland for the reporting period ended 31 December 2020.
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NewsCity of London Brexit hit worse than expected, says study
Over 400 financial firms in Britain have shifted activities, staff and a combined trillion pounds ($1.4 trillion) in assets to hubs in the European Union due to Brexit, with more pain to come, a study from New Financial think tank said on Friday.
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NewsBank of England tells firms to promote own ‘RegTech’ products
Britain’s financial regulator called on Friday for the regulatory technology industry to press their own case for the greater adoption of cost-saving ways to automate compliance and spot money laundering, rather than expecting it to do so.
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NewsCredit Suisse sued over risk exposure to Greensill Capital, Archegos
A pension fund filed a lawsuit against Credit Suisse Group AG on Friday in a U.S. court, accusing the Swiss bank of misleading investors and mismanaging risk exposure to high-risk clients, including Greensill Capital and Archegos Capital Management. The pension fund, City of St. Clair Shores Police & Fire Retirement ...
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NewsTokio Marine Kiln refuses ‘any future underwriting’ for Adani coal mine
Lloyd’s of London syndicate Tokio Marine Kiln (TMK) has committed no longer participate in “any future underwriting” of Adani’s Carmichael coal mine.
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NewsThe Hartford agrees to settlement with The Boy Scouts Of America and pre-announces estimated first quarter
The Hartford estimates unfavorable prior year development of approximately $225 million, before tax, in first quarter 2021 that includes, among other items, a charge to increase reserves for the BSA settlement above the amount previously reserved for this exposure.
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NewsFitch Ratings: Reinsurance Sector Poised to Post Slight Underwriting Profitability in 2021
Fitch Ratings forecasts a 2021 reinsurance combined ratio of 99.1%, reflecting 9.0pp average catastrophe losses, 1.5pp for additional coronavirus losses and 1.0pp of reserve releases.
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News‘Average’ Atlantic hurricane season to reflect more storms
Higher averages based on most recent 30-year climate record
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NewsSonja Rottiers to step down from Lloyd’s
Sonja Rottiers will be stepping down at the Lloyd’s Insurance Company (LIC) General Assembly on 1 June 2021.
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NewsNew CEO of Dubai National Insurance & Reinsurance
With more than 25 years of experience in the government and private sectors, Al Nuaimi holds an EMBA degree in Leadership & Business Management from Wharton Business School of the University of Pennsylvania.
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People & OpinionKathleen Faries is new CEO of Horseshoe
Kathleen Faries has been appointed chief executive officer of Horseshoe, the Bermudian-based leading ILS specialist and fund administrator. Ms Faries, whose appointment is effective on Thursday, succeeds Horseshoe founder and current CEO Andre Perez, who will assume the new role of executive chairman following a short transition period, the company ...
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NewsFormer PartnerRe CEO joins board of Tremor
Online reinsurance marketplace Tremor Technologies has attracted former PartnerRe president and chief executive officer Emmanuel Clarke. He has joined the board of the Boston-based company. Mr Clarke worked for Bermudian-based PartnerRe for more than 25 years. He left the company last year. Tremor said the vast majority of reinsurance capital ...
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NewsCyclone destroys homes, cuts power to 31,500 on Australia’s west coast
Officials said around 70% of the structures in the coastal town of Kalbarri, about 500 kilometres (310 miles) north of state capital Perth, had sustained damage when the category three storm made landfall late on Sunday.
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NewsAon offers concessions seeking EU nod on $30 billion Willis bid
Aon has offered concessions to gain EU antitrust approval for its $30 billion bid for rival Willis Towers Watson, a European Commission filing showed on Monday.
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NewsUnpicking the Greensill collapse
Did fintech superstardom enable the Greensill collapse and fallout and could it all have been prevented?
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NewsSuez backlog presents further disruption
Brexit, the pandemic and recent Suez Canal blockage have brought into question lean manufacturing philosophies
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NewsDigital disruption tops banks' emerging risks
Untimely adoption may drive sudden changes to information security, change management, business continuity and third-party risk exposures
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NewsEnergy sector undergoes rapid transformation
WTW report highlights the importance of using risk quantifications and analytics to conduct energy transition initiatives
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NewsWillis Re: 7% growth in global reinsurance capital, with signs of underlying combined ratio improvement
Total capital dedicated to the global reinsurance industry measured USD 658 billion at year-end 2020 reflecting 7% year-on-year growth. The rise was driven primarily by strong investment market appreciation.
