Reinsurance News
AXA issues €1bn of green bonds
7th April 2021
Global insurer AXA has successfully placed €1 billion of subordinated green bonds, which will be issued under AXA Group’s newly established Sustainability Bond Framework. This first green subordinated bond issuance to institutional investors is due 2041 and the initial fixed coupon has been set at 1.375% per annum. AXA reported that investor ... Read the full article
How catastrophe events can affect elections: Q&A with PCS’s Johansmeyer
6th April 2021
So far, there hasn't been a catastrophe that has directly affected a U.S. presidential election, but as highlighted by Hurricane Zeta in October of last year, there's clearly potential for major events to impact society more broadly. In reality, not that many states in the U.S. are prone to large catastrophes ... Read the full article
Amwins acquires Worldwide Facilities
6th April 2021
Amwins Group, the independent wholesale distributor of specialty insurance products in the US, has completed the acquisition of broker Worldwide Facilities. Worldwide is set to compliment Amwins' brokerage, binding authority, underwriting and group benefits capabilities and growth strategy. The acquisition will also strengthen Amwins' casualty and professional lines capabilities, specifically around Construction, ... Read the full article
Ardonagh Global Partners launches, acquires AccuRisk
6th April 2021
Re/insurance broker The Ardonagh Group has announced the launch of Ardonagh Global Partners and its first acquisition in the US. Led by former Chief Executive Officer of Bravo Group Des O'Connor, AGP will look to invest in leading platforms operating in markets and product verticals outside of the UK and Europe ... Read the full article
Q4 reporting sees COVID-19 losses jump 21% for re/insurers: PeriStrat
6th April 2021
Overall, publicly reported COVID-19 pandemic-related losses, IBNR reserves and estimates from insurers and reinsurers now stands at just shy of $38 billion, according to data compiled by Zurich-based financial services advisory, PeriStrat LLC. With the fourth-quarter and full-year 2020 results season now complete, COVID-19 loss numbers have, unsurprisingly, continued to trend ... Read the full article
FEMA announces new NFIP rating methodology
6th April 2021
FEMA is updating the National Flood Insurance Program’s (NFIP) pricing methodology in an effort to communicate flood risk more clearly. The US government agency says Risk Rating 2.0—Equity in Action provides actuarially sound rates that are equitable and easy to understand. FEMA will now be able to equitably distribute premiums across all ... Read the full article
HDI Global SE hires new Director of Liability Underwriting
6th April 2021
Primary commercial specialist HDI Global SE, UK & Ireland has appointed Owen Digman as Director of Liability Underwriting. Digman held his previous role as Liability Manager with HDI for eight years. Prior to joining HDI, he held various senior management roles at RSA, Willis Towers Watson and Marsh. This news comes following ... Read the full article
PartnerRe’s 2020 performance validates decision to retain company, says Exor
6th April 2021
In its most recent annual letter to shareholders, Agnelli family owned holding company Exor has said that its decision not to sell PartnerRe last year was validated by the reinsurer's earnings and balance sheet resilience. In March 2020, Exor and Covéa entered into a Memorandum of Understanding (MoU) under which Read the full article
IGI adds Richard Foster to lead property, political violence & contingency lines
6th April 2021
International General Insurance has announced the appointment of Richard Foster to its London office as head of property, political violence lines of business. Foster will also be taking on the newly created contingency insurance line of business. The company is set to launch a contingency line of business to take advantage of ... Read the full article
Athora profits rebound to €700mn
6th April 2021
European life insurance and reinsurance group Athora Holding, Ltd. has reported IFRS profit of €700 million in 2020, from continuing operations before tax. This compares to a loss of €13 million in 2019, with Athora attributing the rebound primarily to the consolidation of Athora Netherlands in April 2020 and a gain ... Read the full article
AXA XL reorganises reinsurance under new entity
6th April 2021
AXA XL has moved to consolidate its reinsurance operations under the newly-formed AXA XL Re entity, in an effort to more easily bifurcate and evaluate the performance of its insurance and reinsurance business segments. AXA XL Re's business will predominantly consist of renewing reinsurance policies previously underwritten by XL Bermuda Ltd. The ... Read the full article
Aeolus names Lancashire’s Andy Richardson as a Portfolio Manager
6th April 2021
Andy Richardson, currently Head of Property Treaty at Lancashire Insurance Company Limited, has been announced as a Portfolio Manager at Aeolus Capital Management Ltd. Richardson will assume his new role following Bermuda immigration approval and after fulfilling his obligations with Lancashire. Before joining Lancashire, he served as a broker at reinsurance brokerage ... Read the full article
Aviva wraps up €453m sale of Italian life venture to UBI Banca
6th April 2021
Aviva has announced the completion of its previously announced 80% shareholding in Italian life insurance joint venture to its partner UBI Banca. Aviva received €453 million in cash consideration, a figure which includes €40 million received for the replacement of a subordinated loan provided by Aviva Italia Holding S.p.A. to Aviva ... Read the full article
Marsh (MMA) acquires Montana-based PayneWest Insurance
6th April 2021
Marsh & McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, has announced the acquisition of PayneWest Insurance, a Missoula, Montana-based independent agency. PayneWest, which was founded almost 30 years ago, provides business insurance, surety, employee benefits, and personal insurance services to firms and individuals across the Northwest through ... Read the full article
Helios syndicates improve mid-point forecasts
6th April 2021
Helios, the unique investment vehicle which acquires and consolidates private underwriting capacity at Lloyd's, has announced improved mid-point forecasts for its Lloyd’s syndicates. The current mid-point forecasts are for Helios’ portfolio of syndicate capacity for the 2018 and 2019 years of account based on fourth quarter 2020 estimates. These latest forecasts show ... Read the full article