Reinsurance News
Monument Assurance to acquire AME Life Luxembourg
14th May 2021
Monument Assurance Luxembourg, a member of the Monument Re Group, is set to acquire AME Life Luxembourg (AMELL) from French Mutual Insurance Group Covéa, subject to regulatory approvals. AMELL is a Luxembourg-based life insurance company with market presence in Luxembourg, Belgium and Italy. The transaction's financial terms were not disclosed and will have ... Read the full article
Technology drives the parametric risk transfer market: Artemis Live
13th May 2021
Undoubtedly, technology continues to be the driver of growth in the parametric risk transfer sector, said David Whitehead, Co-CEO of Speedwell Weather in a recent webcast with sister publication, Artemis. Last week, the Artemis Live series of interviews and webcasts with leaders and experts from across the re/insurance and insurance-linked securities ... Read the full article
Swiss Re helps complete £3.7bn longevity swap deal for Fujitsu
13th May 2021
Global reinsurer Swiss Re has helped transfer risks associated with 9,000 members of Fujitsu's ICL Group Pension Plan, after backing a new £3.7 billion longevity swap deal. By leveraging a Guernsey captive insurance cell, not only was the risk transfer’s pricing optimised, its access to reinsurance capital became more efficient. After the ... Read the full article
Activist short seller claims Lemonade has leaked customer data
13th May 2021
Investment firm Muddy Waters Research LLC has claimed that insurtech firm Lemonade has an “unforgivably negligent security flaw” in its website that potentially exposes customer data. In a letter to Lemonade CEO Dan Schreiber, Muddy Waters asserts that major search engines have inadvertently accessed and indexed private data due to a ... Read the full article
Venerable gains approvals for $12bn annuity reinsurance agreement with Equitable
13th May 2021
Venerable Holdings has received all required regulatory approvals to reinsure $12 billion of legacy variable annuity business from Equitable Financial Life Insurance Company. As part of the transaction, which was announced in October last year, Venerable will also acquire Corporate Solutions Life Reinsurance Company, a Delaware domiciled variable annuity reinsurance ... Read the full article
Willis Re’s data & analytics capabilities take Gallagher to ‘another level’, says CEO
13th May 2021
Arthur J. Gallagher's (Gallagher) agreement to acquire the majority of reinsurance broker Willis Re will take the company's data and analytics capabilities to new heights, according to J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer (CEO). Alongside other Willis Towers Watson (WTW) assets, Gallagher is poised to purchase ... Read the full article
Insurers need to start using newer technologies: insurtech report
13th May 2021
According to a new insurtech report from Capgemini and Efma, policyholders have become more cautious when taking out insurance, resulting in the need for insurers to empower their distribution network with newer technologies. As natural disasters and emerging risks have become more severe, along with lockdowns and social distancing, digital channels ... Read the full article
Demand for life reinsurance consistent despite pandemic: RGA COO Néemeh
13th May 2021
Despite the unprecedented impacts of the COVID-19 pandemic and elevated mortality in many parts of the world, demand for life reinsurance "continues pretty much as it has," according to Alain Néemeh, Senior Executive Vice President and Chief Operating Officer (COO) at Reinsurance Group of America (RGA). Since the arrival of the ... Read the full article
Fitch maintains Aon, WTW ratings despite asset divestiture agreement
13th May 2021
Fitch Ratings views Willis Towers Watson’s recently announced divestiture agreement as neutral to the Long-Term Issuer Default Ratings (IDRs) of both itself and Aon. Willis Re and certain other corporate risk, broking and benefits services are all included as part of the companies' attempt to satisfy various regulatory requirements The deal, ... Read the full article
AXA XL hires five senior underwriters
13th May 2021
AXA XL, the property & casualty and specialty risk division of AXA, has appointed five senior underwriters to its Canadian Casualty, Professional and Property groups. The appointments have been made to match Canada's growing demand for underwriting expertise. The appointments for the Casualty team include Gladys Adams, Joseph Renton and Gary Tobin, ... Read the full article
Trean net income sinks to $6.8m, but CR improves to 89%
13th May 2021
Insurance management and reinsurance consulting company Trean Insurance Group, Inc. has posted net income of $6.79 million for the first quarter of 2021, representing a decrease of 29.3% on the same period last year. The result was mainly attributable to a 51.3% decrease in investment income, which totalled $1.59 million versus ... Read the full article
Gallagher to non-disruptively absorb WTW assets, says S&P
13th May 2021
S&P Global Ratings believes Gallagher will successfully and non-disruptively absorb the various businesses it’s set to purchase from Willis Towers Watson, prior to the latter's much-anticipated mega merger with fellow broking powerhouse Aon. The various subsidiaries, being sold to satisfy European Commission competition concerns, include Willis Re, UK specialty, as ... Read the full article
Palomar purchases $280mn of incremental reinsurance at renewal
13th May 2021
Specialty insurer Palomar Holdings has renewed certain reinsurance programs incepting at June 1st, which includes the purchase of an additional $180 million of limit for earthquakes and $100 million of incremental limit for windstorms. Its reinsurance coverage now exhausts at $1.65 billion for earthquake events and $700 million for hurricane events, ... Read the full article
Aon, Willis & Mercer join sustainable investing group
13th May 2021
Fourteen institutional investment consulting firms in the US, including Aon, Willis Towers Watson (WTW) and Mercer, have established a joint working group to advance sustainable investing. Aon Hewitt Investment Consulting, WTW, and Mercer, which forms part of broker Marsh McLennan, will aim to support clients by promoting and improving sustainable investment ... Read the full article
Conduit reports successful first quarter as premiums exceed plan
13th May 2021
Conduit Re, the newly-launched property and casualty reinsurer, has reported a successful initial quarter of trading with estimated ultimate premiums written of $199.1 million. At almost $200 million, Conduit Re's total expected ultimate premiums written came in ahead of the $160 million announced in its January trading statement. At the same ... Read the full article