Reinsurance News
15th March 2021
Blink Parametric, an Irish InsurTech firm, has opted to expand its flight disruption insurance platform in Central & Latin America via a new partnership with one of the leading travel assistance providers across the regions, Terrawind Global Protection. The new collaboration will deliver a bespoke flight disruption travel solution to clients, ... Read the full article
15th March 2021
Arch Insurance International, part of Arch Capital Group Ltd., has hired Argo Group's Steve O'Gorman to lead its newly launched transport and logistics insurance unit, effective immediately. The insurer's new division provides a range of specialist marine and P&C insurance solutions for the logistics and cargo segments, on a global basis. Additionally, ... Read the full article
15th March 2021
Talanx, the parent of major European reinsurance company Hannover Re, has reported an underwriting loss of €2.8 billion for 2020 amid total large losses of a significant €2.1 billion, driven mostly by the coronavirus pandemic. The company's underwriting performance deteriorated further from the €1.8 billion loss reported in 2019, as the ... Read the full article
12th March 2021
The use of a more diverse set of risk models by the catastrophe re/insurance industry would reduce the level of uninsured risks by 50%, significantly raise the volume of available capital and, importantly, prevent a potential insurance industry "bankruptcy cascade", according to a new Oxford study. The study, authored by Professor ... Read the full article
12th March 2021
With the exception of Workers' Compensation, all lines of commercial insurance business experienced an increase in average premium renewal rate during February 2021, when compared with the previous year, according to the latest results of the IVANS Index. IVANS, a division of Applied Systems, reports that month over month, premium renewal ... Read the full article
12th March 2021
International General Insurance Holdings Ltd. (IGI) has reported profit of $10.9 million and $31.6 million for the fourth-quarter and full-year 2020, respectively, as well as an improved underwriting performance for both periods. For Q4 2020, profit more than doubled from the $4.3 million posted in 2019, as full-year profit spiked by ... Read the full article
12th March 2021
HCI Group, Inc. has reported a slight increase in net income for the full-year 2020 to $27.6 million, despite a significant dip in income for the fourth-quarter to just $2.7 million. Year-on-year, Q4 2020 net income fell by almost 58% from the $6.4 million reported in 2019, as adjusted net income ... Read the full article
12th March 2021
UK government-backed terrorism reinsurer Pool Re has announced the additions of Claudio Gienal and Alan Rubenstein to its Board, effective March 11th, 2021. Gienal serves as the Chief Executive Officer (CEO) of AXA UK & Ireland, a member of Pool Re, while Rubenstein is the Chairman of NHBC. Both appointments will contribute ... Read the full article
12th March 2021
Global reinsurer Swiss Re's commercial insurance arm, Swiss Re Corporate Solutions, has entered into a new multi-year agreement with cyber insurance and security firm, Coalition, to provide broad cyber insurance and technology errors & omissions insurance to SMEs throughout the U.S. and Canada. Coalition launched back in 2017 with backing ... Read the full article
12th March 2021
Global insurer AXA has revealed that Denis Duverne will retire from his position as Chairman of AXA's Board of Directors in April of 2022, and will be succeeded by Antoine Gosset-Grainville. After a comprehensive succession process led by the firm's Compensation & Governance Committee over the past two years, the Board ... Read the full article
11th March 2021
Hedge fund-backed reinsurer Greenlight Re has reported net income of $42 million for the fourth-quarter of 2020 and income of $3.9 million for the year, as the company's underwriting performance improved year-on-year. Q4 2020 income of $42 million is a significant improvement on the $30.3 million net loss reported by the ... Read the full article
11th March 2021
Global reinsurer Hannover Re has outperformed its Group profit guidance of more than €800 million for 2020 despite the significant impacts of the COVID-19 pandemic, which, alongside other large losses pushed the firm's property and casualty (P&C) combined ratio into unprofitable territory. Group net income declined from the €1.3 billion posted ... Read the full article
10th March 2021
Despite the pandemic, U.S. property / casualty (P/C) insurers have broadly maintained capital strength, but although the performance of the sector in the year ahead is expected to improve, the business interruption (BI) issue lingers, says Fitch Ratings. On the back of substantial commercial lines premium rate increases and lower COVID-19-related ... Read the full article
10th March 2021
ManhattanLife Assurance Company of America has bolstered its presence in the self-funded medical stop loss market through the acquisition of Western Skies MGU, a national wholesaler and Program Manager of self-funded medical stop-loss health plans. Western Skies MGU was established in 2019 and is headquartered in Las Vegas. The company has ... Read the full article
10th March 2021
Legacy acquirer DARAG Group Limited has announced the signing of a retrospective quota share reinsurance agreement with Protector Forsikring ASA. DARAG Deutschland AG (DAG), DARAG's German risk carrier, will be the vehicle for the transaction and assume booked reserves in excess of €180 million. Once the deal completes, DARAG will provide Protector, ... Read the full article
