Outlook for reinsurers improves post-pandemic
September 8, 2021 James Langton, Investment ExecutiveDespite a recent string hurricanes, floods, wildfires and other natural disasters, the outlook for the global reinsurance sector is improving, according to rating agencies Moody’s Investors Service and Fitch Ratings. In a new report, Moody’s said the outlook for the…
A.M. Best unveils new estimate of reinsured COVID losses
September 3, 2021 by Greg MeckbachRecognized COVID-related losses are about US$40 billion for the global reinsurance industry, A.M. Best Company Inc. said in a reported released Aug. 30. Original estimates of insured COVID losses “easily exceeded” twice that US$40 billion figure, “with around half the…
How reinsurance prices could come down
June 29, 2021 by Greg MeckbachRecord-low interest rates are making insurance-linked securities attractive to some investors, and this could be good news for primary insurers. ILS includes but is not limited to catastrophe bonds, said Marcos Alvarez, Toronto-based senior vice president and head of insurance…
Second CEO in 15 months for SCOR Canada
June 3, 2021 by Greg MeckbachSCOR Canada Reinsurance Company is getting a new CEO, Olivier Gay (pictured) the Paris-based reinsurance announced Thursday. The move is effective June 11. Gay succeeds Paul Christoff, whose appointment as CEO of SCOR Canada was announced in February 2020. At…
Where insurers stand on OSFI’s reinsurance rules
April 28, 2021 by Jason ContantAlthough proposed draft reinsurance rules from the federal solvency regulator have not been finalized, the president and CEO of Insurance Bureau of Canada (IBC) is indicating that the regulator and Canadian P&C insurers may be bridging the gap. “I take…
Why you can expect your reinsurance rates to go up on renewal
April 6, 2021 by David GambrillReinsurers in Canada’s P&C industry had a rough time negotiating through COVID last year, with the sector’s overall combined ratio skyrocketing from a profitable 92.6% in 2019 to an unprofitable 103.7% in 2020. Claims costs were a major force behind…
Cat bonds starting to attract this type of investor
October 15, 2020 by Greg MeckbachCatastrophe bonds are gaining a reputation as a socially responsible investment, a CatIQ Connect speaker said Wednesday. “Investors seeking investments in the [environmental, social and governance] market are starting to classify cat bonds as a responsible investment,” said Alyson Slater,…
Guy Carpenter names new head of Canadian operations
August 5, 2020 by David GambrillPeter Askew has been named president and CEO of the Canadian business of global reinsurance specialist Guy Carpenter & Company LLC, a business of Marsh & McLennan Companies. Effective immediately, Askew will be responsible for Guy Carpenter’s reinsurance broking activities…
Aon names new president of Reinsurance Solutions in Canada
May 8, 2020 by David GambrillMatt Wolfe has been appointed the new president of Reinsurance Solutions in Canada, Aon plc announced Friday. “In his new role, Matt will lead the Canadian Reinsurance solutions team and bring unmatched analytics and insights to clients across the country,”…
What the new reinsurance rules could look like for Canada
February 27, 2020 by Greg MeckbachCanada’s federal insurance regulator will probably impose a policy limit rule, but one that will look different from a controversial rule initially proposed in 2018, a lawyer familiar with insurance solvency rules told Canadian Underwriter. “There has not really been…
This Top 5 reinsurer is replacing its CEO for Canada
February 21, 2020 by Greg MeckbachJoseph El-Sayegh has left his position as CEO of SCOR Canada to pursue other career opportunities, the Paris-based reinsurer announced Thursday. SCOR is proposing to replace El-Sayegh (pictured) with Paul Christoff, managing director and chief financial officer of the Americas…
What reinsurance renewals on Jan. 1 told us about the market
January 2, 2020 by David GambrillReinsurance renewals at Jan. 1, 2020 reflected an “asymmetrical” market, featuring a mixed bag of rate increases or decreases (depending on the specific business line or territory), as well as significant rate increases in the retrocession markets, according to Guy…