Reinsurance News
K2 announces acquisition of insurtech Loss Run Pro
1st April 2021
K2 Insurance Services has announced its acquisition of Montana-based insurtech Loss Run Pro (LRP). LRP was founded in early 2020 by Reghan Brandt and focuses on harnessing technology to solve issues across the insurance placement process. K2 considers this a quality acquisition offering growth opportunities throughout the US. Regarding the effectiveness of LRP ... Read the full article
NA reinsurers report deterioration in underwriting results: Fitch
1st April 2021
All North American reinsurers analysed by Fitch Ratings have reported deterioration in underwriting results, leading to underwriting losses. The overall segment reported a combined ratio of 105.4% in 2020, up nearly 9 percentage points from the prior year, with COVID-19 losses as the primary difference. The losses added 7.4 percentage points to ... Read the full article
Sompo International adds Goddard to distribution & development team
1st April 2021
Bermuda-based specialty P&C re/insurer Sompo International Holdings has added Maxine Goddard to its International Insurance Strategic Distribution and Development team as Senior Vice President, effective April 1, 2021. Goddard previously spent 20 years with Zurich Insurance, most recently as Director, Senior Commercial Operations Business Partner. The Business Development team at Sompo International ... Read the full article
Lockton US hires new Executive Risk Claims leader
1st April 2021
Global re/insurance broker Lockton has appointed Sarah Downey to lead Executive Risk Claims. Downey most recently served as Managing Director, U.S. D&O Product Leader and Digital Asset Risk Transfer Leader for Marsh’s FINPRO Practice. She also served as a senior claims advocate for complex claims at Marsh. Downey joined Marsh in 2014 and ... Read the full article
Zurich announces climate change targets
1st April 2021
Global insurer Zurich has announced it will be setting new targets for its investments and operations in an effort to accelerate the transition to a net-zero emission economy. It has also pledged to help finance the transition and will require companies it invests in to set targets aligned with the Paris Agreement. The group ... Read the full article
BMS hires Bruce Murdock as Managing Director
1st April 2021
BMS, the independent specialist insurance and reinsurance broker, has appointed Bruce Murdock as Managing Director at BMS Capital Advisory. Murdock will report to Romulo Braga, CEO at BMS Capital Advisory and brings over 30 years’ experience in the insurance and financial services industry. He joins BMS from Lockton Capital Markets, where he ... Read the full article
First-quarter catastrophe bond & ILS issuance robust again at $4.63bn: Report
1st April 2021
Data from Artemis' Q1 2020 catastrophe bond and insurance-linked securities (ILS) market report shows that issuance hit a huge $4.63 billion in the period, making it the second most active first quarter in the market's history. The latest quarterly report on the catastrophe bond and related ILS market, 'Upsizing ... Read the full article
Bermudian reinsurer Varney Re launches with COO Tod Austin at helm
1st April 2021
Varney Insurance Agency has announced the formation of Varney Re, a new Bermudia-based reinsurer led by Tod Austin as Chief Operating Officer. Austin was formerly president for the Atlantic Region at MEMIC Group and will now lead a specialist alternative risk transfer reinsurer as it looks to drive enhanced value for its North ... Read the full article
Palomar returns to cat bond market for $400m of earthquake reinsurance
1st April 2021
Palomar Holdings, Inc., through its wholly-owned subsidiaries Palomar Specialty Insurance Company and Palomar Excess and Surplus Insurance Company, has closed a $400 million 144A catastrophe bond transaction through Torrey Pines Re Pte. Ltd. Palomar and Torrey Pines Re, a special purpose insurer established in Singapore, entered into a multi-year reinsurance arrangement ... Read the full article
Market pricing remains firm at 4/1 despite ample capacity: Willis Re
1st April 2021
Broker Willis Re has reported that market pricing has remained firm in virtually all classes and territories at the April 1 reinsurance renewals, despite there being no shortage of capacity. According to Willis Re’s 1st View report on the April renewal period, conditions very much continued in line with what was ... Read the full article
Guy Carpenter names Sebastian Cook MD and Head of London Europe
1st April 2021
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has announced the appointment of Aon's Sebastian Cook as Managing Director and Head of London Europe, effective immediately. In his new role, Cook will lead the London-based teams focusing on European business and the newly formed European Broking Solutions Team, focused on ... Read the full article
New partnership establishes parametric solution for Nepalese farmers
1st April 2021
A new partnership co-funded by the InsuResilience Solutions Fund has been established to help protect climate-vulnerable smallholder farmers and marginalised people in Western Nepal against flood. The parametric risk transfer mechanism, managed by Frankfurt School of Finance and Management and funded by KfW Development Bank, measures flood flows and rainfall level ... Read the full article
R&Q names William Spiegel Executive Chairman as Ken Randall retires
1st April 2021
Randall & Quilter Investment Holdings Ltd. has formally announced the expected change of leadership as Ken Randall has retired as Executive Chairman and William Spiegel will replace him in the role. Randall has also stepped down as a Director of the Company today. The non-life legacy and run-off acquisition and management, programme ... Read the full article
EY praises “world-leading” UK insurance, flags fundamental ESG concerns
1st April 2021
The UK's insurance industry has been praised for its transparency and efficiency in a new EY indexing report that also describes its Environmental Social and Governance (ESG) performance lagging behind its European peers. Both the UK and Belgian insurance markets are described by EY in its global indexing report as being ... Read the full article
Post-pandemic, re/insurers must be more forward-looking: Harrison, D&B
31st March 2021
Historically characterised as stuck in its ways and slow to adjust, as the world emerges from the pandemic, the re/insurance industry has an opportunity to accelerate its transformation through investments into digital and data technologies for the benefit of both carriers and clients. This is according to James Harrison, UKI Head ... Read the full article