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NewsJapanese non-life carriers’ Covid-19 claims to slow: Fitch
Japan’s big three non-life insurance groups are expected to reserve a lower level of Covid-19 claims going forward as the carriers’ overseas subsidiaries tighten their underwriting and narrow policy wordings for event cancellation and business interruption coverage, according to Fitch Ratings.
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Insurtechs Novidea and Pier each close $15mn raises
Israeli broker platform insurtech Novidea has closed a $15mn series B funding round while Brazilian full-stack insurtech Pier has raised $14.5mn in a series A raise.
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Investors’ ILS interest to rise amid low interest rate environment: Scor’s Rossary
Investor interest and associated capital inflows in the insurance-linked securities (ILS) market are expected to increase over the coming months against the backdrop of the continued low interest rate environment, according to Scor Investment Partners’ chief investment officer Fabrice Rossary.
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Root underwhelms in first month of trading compared to Lemonade
Auto insurtech Root’s share price is down 37 percent on its initial public offering price of $27 almost a month after its debut, while shares in insurtech peer Lemonade have grown 39 percent in that time and the Dow Jones Industrial Average has broken records.
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Talanx strikes insurance partnership with Deutsche Bank
German (re)insurance holding company Talanx and Deutsche Bank have agreed to a long-term distribution partnership for insurance products.
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Charles Taylor names Gracey global head of fraud
Charles Taylor has appointed Bobby Gracey, the chairman of the Chartered Institute of Loss Adjusters’ anti-fraud committee, as global head of fraud.
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Swiss Re CorSo names Baroncini as global head E&C
Swiss Re Corporate Solutions (CorSo) has appointed Manuela Baroncini as global head engineering and construction (E C).
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Scor completes restructured 1.1 retro program with rates up, reduced agg and new tower
Scor has completed the placement of its restructured retro excess of loss (XoL) programme for 2021 which includes a reduction of aggregate limit, a new reinsurance tower and the division of its per event coverage towers into peak and non-peak zones, The Insurer can reveal.
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Tokio Marine to launch Canadian P&C insurer
Tokio Marine Holdings has announced plans to launch a P C insurance company in Canada which it says could write several hundred million dollars of premium in five years.
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Australian insurer profits fall 73% on nat cats and pandemic losses: APRA
Aggregate net profit after tax for Australian general insurers fell 73.3 percent in the year ended 30 September as natural catastrophes and the impact of Covid-19 hit earnings, according to analysis from the Australian Prudential Regulation Authority (APRA).
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Intact completes C$3.2bn capital raise ahead of RSA acquisition
Canadian insurer Intact Financial Corporation has completed its previously announced C$3.2bn ($2.4bn) capital raise to fund the acquisition of UK insurer RSA.
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Covid claims 27% of 9M industry insured cat losses: HX Analytics
The insurance industry’s cat loss bill so far in 2020 stands at $95bn, with claims stemming from the Covid-19 pandemic contributing $26bn to this, according to HX Analytics.
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R&Q acquires Bermuda-based captive
Randall Quilter Investment Holdings (R Q) has announced its wholly owned subsidiary R Q Re (Bermuda) has acquired an unnamed Bermuda-domiciled captive insurance company.
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Lloyd’s introduces Q1 business plan reviews after approving 6% growth for 2021
Lloyd’s has approved 6 percent year-on-year growth for 2021 when compared with 2020 business plans, CEO John Neal revealed to the market today.
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Gallagher names Parry-Jones to lead the Midlands
Broker Gallagher has appointed Gareth Parry-Jones as regional managing director of the Midlands.
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Government cannot continue as insurer of last resort: CII
More than half of insurance professionals have warned it is not economically sustainable for the government to continue to step in as an “insurer of last resort”, according to survey findings from the Chartered Insurance Institute (CII).
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UK insurers welcome Sunak’s spending review
UK insurers have urged the government to proceed with its “vital” review of capital requirements as the sector backed the government’s spending review unveiled earlier this week by Chancellor Rishi Sunak.
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BHSI promotes Finnis to VP role
Berkshire Hathaway Specialty Insurance (BHSI) has named Lauren Finnis as vice president of customer and broker engagement for the Central region, based in Chicago.
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FSCS to raise £92mn supplementary levy on market failures
UK insurers and intermediaries have been hit by increased fees from Britain’s financial lifeboat scheme, which has been forced to raise a £92mn ($123mn) supplementary levy following an increase in high-profile business failures driven by Covid-19.
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Gallagher Re bolsters Brazil operations with Navega hire
Gallagher’s newly consolidated reinsurance arm, Gallagher Re, has named Thiago Navega as director of its Brazilian operation.
