PartnerRe announced the appointment of Jacques Bonneau as its President and Chief Executive Officer (CEO), effective from July 28, 2020. Bonneau succeeds Emmanuel Clarke, who is leaving the Company by mutual agreement to pursue other opportunities outside the Group.
AM BEST affirmed the A+ ("Superior") Financial Strength Rating of Caisse Centrale de Reassurance (CCR) and the A ("Excellent") Financial Strength Rating of CCR Re. The outlooks of both companies remain stable.
In the first half of 2020, Qatar Insurance Company (QIC) was adversely impacted by the effects of COVID-19 pandemic on global economies and financial markets. Despite these challenging market conditions, QIC expanded its Gross Written Premium by 13%. Furthermore, QIC successfully issued a USD 300 million perpetual subordinated Tier 2 capital notes in the second quarter of 2020.
For the second quarter of 2020, PartnerRe reported a net income available to common shareholder of USD 229 million, 19.6% lower year-on-year. This figure includes net realized and unrealized investment gains of USD 238 million on fixed maturities and short-term investments, primarily due to decreases in worldwide credit spreads, and USD 35 million of net foreign exchange losses.
Guy Carpenter announced the appointment of Andrea Piatti as a Managing Director, Global Risk Solutions, effective 3 August. Mr. Piatti will be responsible for originating and driving opportunities to better serve the clients in the customized reinsurance space across Europe and MENA, including structured reinsurance treaties and capital management/solvency-related transactions.
Lloyd's, the world's leading specialist insurance and reinsurance market, announced the creation of its newest "syndicate in a box," Syndicate 1796, set up to insure the storage and transportation of a COVID-19 vaccine once developed to emerging economies.
Up to the end of June, natural disasters produced overall losses of around USD 68 billion, a slightly lower figure than the 30-year average (USD 74 billion after adjustment for inflation), informed MUNICH Re.
Global reinsurer MUNICH Re has announced COVID-19 related losses of roughly EUR 700 million in its reinsurance operations in Q2 2020.
Eurochambres has entered a Memorandum of Understanding with Generali under which they agreed to cooperate so as to promote and implement a potential 'Pandemic Risk Pool' against future pandemic risks.
Claims and reserves related to COVID-19 of USD 2.5 billion across the Swiss Re Group, resulted in a net loss of approximately USD 1.1 billion in the first half of 2020. The Group's net income, excluding COVID-19 claims and reserves, reached approx. USD 0.9 billion.
Based on data currently available, the total estimated cost of the Covid-19 pandemic booked in Q2 2020 by French reinsurer SCOR reaches a total of EUR 456 million net of retrocession, net of reinstatement premiums and before tax, fully booked in the second quarter.
Ray Sigorta, a subsidiary of Vienna Insurance Group, has signed a major deal with the Leeds-based CPP Group. CPP's Cyber Care product will deliver online security checks within Ray's new 'Cyberella' product, designed to protect customers from risks posed by identity and information fraud.
PZU is the first company in Poland implementing in cooperation with the Ministry of Digital Affairs an innovative solution for authenticating the user of the mojePZU (myPZU) platform. As a result, the use of PZU products will become even faster and more convenient.
Global reinsurance broker GUY CARPENTER part of Marsh & McLennan Companies (MMC), announced three senior appointments within its GC Fac division.
Lloyd's Insurance Company confirmed it has appointed Jose NUNEZ as its Country Manager for Spain and Portugal (effective 1 July 2020), and General Representative for Spain and Portugal (effective 3 August 2020). The appointment is subject to regulatory approval by the National Bank of Belgium.
Taking into account the current global economic situation due to pandemic, it is crucial to maintain liquidity and investment potential and preserve jobs, Ante VLAHOVIC, President of the Board of the Croatian ADRIS Grupa - CROATIA's osiguranje shareholder stated at the group's latest GM.
AVIVA confirms the completion of the sale of a 76% shareholding of Friends Provident International Limited (FPIL) to RL360 Holding Company Limited, a subsidiary of International Financial Group Limited (IFGL).
French reinsurer SCOR announced key appointments within the P&C Business Unit, effective July 1st, 2020, "to further support our clients' Global and US Casualty portfolios".
NN Romania, the life insurance market's leader, announced plans to expand the activity by entering the non-life insurance market. Earlier this year, the Dutch insurer has made the same move on the Hungarian market.
Coronavirus crisis' impact by the end of March was already higher than that registered at the end of 2008, many observers foreseeing that the pandemic might cause the most serious crisis since the 1930s, stated Carlo SCHIAVETTO, CFO at GENERALI CEE Holding for the Progetto Repubblica Ceca magazine.