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Global insurance premiums to recover in 2021 after COVID-19-induced dip: Swiss Re

9th July 2020

Global insurance premiums are expected to recover in 2021 after contracting this year on the back of a COVID-19-induced economic recession, according to the latest Swiss Re Institute sigma report. While expected to be short-lived, Swiss Re warns that this year's recession is set to be the deepest since the Great ... Read the full article

Allstate to acquire National General for $4 billion

8th July 2020

U.S. primary insurance giant, The Allstate Corporation, has reached an agreement to acquire National General Holdings Corporation for around $4 billion in cash, or $34.50 per share. The acquisition, which remains subject to regulatory approvals and other customary closing conditions, sees Allstate expand its personal lines market position. National General offers a ... Read the full article

Chubb proposes $1.15tn state-backed pandemic BI scheme

9th July 2020

Global insurer and reinsurer Chubb has put forward a proposal for a public-private partnership program to provide business interruption (BI) cover for all kinds of US business ahead of the next pandemic. The company envisions the scheme’s total capacity at around $1.15 trillion, consisting of an aggregate limit of $750 billion ... Read the full article

IRB announces $430mn capital raise

9th July 2020

Brazilian reinsurer IRB Brasil Re has announced that it plans to raise between 2.1 billion reais (US $392 million) and 2.3 billion reais ($430 million) to strengthen its capital structure and increase solvency. The company said last month that it was considering a potential capital raise, and had hired bankers ... Read the full article

Analysts forecast 18 months of reinsurance rate increases

9th July 2020

Analysts at investment banking group Jefferies have predicted that the trend of reinsurance price firming should last at least 18 months, and potentially longer. High natural catastrophe claims over the past few years, combined with underlying claims inflation in the US and the impact of low interest rates will likely sustain ... Read the full article

Ken Randall to retire from R&Q in March 2021

9th July 2020

Randall & Quilter Investment Holdings Ltd. (R&Q) has confirmed that Ken Randall, Executive Chairman and Co-Founder of the firm, has notified the Board of his intention to retire as Executive Chairman and step down as a Director with effect March 31st, 2021. It was revealed in early January 2020 that ... Read the full article

CCR Re bolsters solvency with €300mn bond issue

9th July 2020

French reinsurance firm CCR Re has completed the placement of €300 million Tier 2 subordinated bonds in its first bond issuance. The bond was quickly placed with more than 150 investors, mainly based in France, Europe and Asia. CCR Re said the issue will support the development of its Streamline business plan ... Read the full article

Munich Re Specialty Insurance launches new MPL offering

9th July 2020

Munich Re Specialty Insurance, a division of global reinsurance giant Munich Re, has launched a new Miscellaneous Professional Liability (MPL) solution for non-specialist, commercial businesses. MPL covers both liability and defense costs from claims that allege errors or omissions in the rendering of professional services, explains Munch Re Specialty Insurance. The company ... Read the full article

Clyde & Co adds Ian Birdsey to cyber team

9th July 2020

Global law firm Clyde & Co has expanded its global cyber risk offering with the appointment of Ian Birdsey as a partner in London. Birdsey joins from Pinsent Masons, where he was Global Head of Cyber and led the development of the firm's practice over eight years. He has more than a ... Read the full article

Genworth secures $300mn mortgage reinsurance from capital markets

9th July 2020

Genworth Mortgage Insurance, part of Genworth Financial, has completed an excess of loss reinsurance transaction covering a portion of the loss tier on subject loans written between 2009 and 2019 book years, effective April 1, 2020. The transaction provides reinsurance coverage in excess of the Private Mortgage Insurer Eligibility Requirements (PMIERs) capital ... Read the full article

Raja Balasuriya takes over from Grahame Chilton as Chair of Capsicum Re

9th July 2020

Specialist reinsurance brokerage Capsicum Re has announced that co-founder, Raja Balasuriya, has been appointed as Chairman, taking over from fellow Capsicum Re founder, Grahame Chilton. Balasuriya served as Capsicum Re's first ever Managing Partner from 2014 and, alongside his partners, has led and grown its UK Motor & Liability unit since ... Read the full article

Insurers confident in asset managers’ navigation of COVID-19: State Street survey

9th July 2020

New research by State Street Corporation shows that 78% of insurers are confident their asset managers can navigate the financial crisis caused by COVID-19. State Street surveyed insurers around the world on the impact of the COVID-19 pandemic and their views on how asset managers have handled the crisis. The survey also ... Read the full article

Pen Underwriting targets £1bn premium in new strategy

9th July 2020

Multi-territory managing general agent Pen Underwriting has announced a new strategy to target £1 billion in gross written premium. As part of this goal, Nick Wright will take on the newly created role of Chief Business Development Officer (CDO), with a focus on investing in M&A, talent and innovation. “Now more than ... Read the full article

NFP adds duo to specialty team

9th July 2020

Re/insurance broker NFP has announced the additions of Akhil Chopra and Elissa Doroff its specialty team. Chopra brings 20 years of cyber and professional liability experience that includes serving as cyber practice leader for Marsh. As managing director and head of NFP's cyber and network security specialty team, he will drive new ... Read the full article

ReAlign acquires National Lloyds, American Summit Insurance Companies

9th July 2020

ReAlign Insurance Holdings, a new insurance holding company formed by ReAlign Capital Strategies, has completed its acquisition of National Lloyds Insurance Company (NLIC) and American Summit Insurance Company (ASIC) from Align NL Holdings. Both are Texas-domiciled admitted insurance firms that write specialty personal property insurance including homeowners, low value dwelling, mobile and ... Read the full article

Reinsurer return on equity forecast at 0.6% for 2020 by Fitch

8th July 2020

Analysts at Fitch Ratings have forecast that losses from COVID-19 will severely limit reinsurer’s profitability in 2020, with overall return on equity forecast at just 0.6% for the year. This would be a major downturn compared with the 9.6% return on equity reported by the market last year. Instead, levels would be ... Read the full article

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