Swiss Re
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New York-based Laura Coppola becomes global head of the line of business.
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To what extent reinsurers will pick up a share of BI exposures is a thorny question. -
The “conservative” figure includes $1.2bn of new engineering cover as facilities are built as well as $9bn of commercial insurance for when they are up and running.
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The market value for grounded planes in the US is around $70bn, presenting increased natural catastrophe risk.
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Axis Capital and Argo Group shares jumped nearly 5%, while shares in Arch, Travelers and Alleghany were all up more than 3%.
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The collaboration is the latest signal of big tech’s growing interest in the insurance sector.
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The appointments come as the carrier continues to reshape its portfolio as part of ongoing remediation efforts.
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Losses from severe convective storms in the US were the highest since the first half of 2011.
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Non-life lines have fared better than life products and premium volumes may fully recover in 2021.
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The ratings agency has changed its view amid the carrier’s worse-than-expected earnings and high combined ratio.
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Swiss Re and Munich Re are both on risk for the $800mn Tokyo Olympics contingency policy.
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The move is one of several management changes under new CEO Andrade.
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