Reinsurance News
Odyssey Investment Partners acquires SIAA
29th March 2021
Odyssey Investment Partners, a middle-market private equity firm with a successful track record in insurance services, has partnered with the management team at Strategic Insurance Agency Alliance (SIAA) to acquire the company. SIAA, part of the SAN Group, was formed in 1995 and is a leading U.S. alliance of independent insurance ... Read the full article
QBE Re targets regional expansion; names Attilio Tornetta as Head of Africa
29th March 2021
QBE Re, the reinsurance arm of the Australian insurer, has announced the expansion of its treaty hub for Africa with the addition of Attilio Tornetta as Head of Africa, based in Dubai. In this newly created role, Tornetta will be responsible for all the new treaty business incepting from the April ... Read the full article
“Large share” of Suez losses will be reinsured, warns Fitch
29th March 2021
The reinsurance market breathed a sigh of relief this morning as the Ever Given was finally dislodged from the banks of the Suez Canal, but analysts at Fitch Ratings have warned that a “large share” of industry losses stemming from the disruption will probably be reinsured. Latest reports suggest the container ... Read the full article
Chubb “disappointed” by The Hartford rejection
29th March 2021
Global re/insurer Chubb has released a statement saying it is “disappointed” by The Hartford’s decision to reject its $23.24 billion acquisition offer. The Hartford's board unanimously rejected Chubb's takover bid last week on the basis that such a transaction "would not be in the best interests of the company ... Read the full article
Allstate exits life & annuity businesses with sale of ALNY to Wilton Re
29th March 2021
The Allstate Corporation has completed its exit from the life and annuity sectors with the sale of Allstate Life Insurance Company of New York (ALNY) to Wilton Re for a sum of $220 million. Under the terms of this definitive agreement, Allstate divests ALNY and also terminates an ALIC stop-loss reinsurance ... Read the full article
US P&C reinsurer’s net premium hit $65bn in 2020: RAA
29th March 2021
Data from the Reinsurance Association of America (RAA) shows that a group of 17 U.S. property and casualty (P&C) reinsurers wrote $65 billion of net premiums during 2020, an increase from the $57.7 billion recorded in 2019. However, despite writing more premiums the combined ratio of the collective did rise from ... Read the full article
Australia’s flood loss hits $438m, IAG & SUN likely to exceed cat budget
29th March 2021
A new report from Morgan Stanley states that Australian insurers IAG and Suncorp are now likely to exceed their catastrophe budgets for 2021 by a modest amount, after it was announced that the country has so far been inflicted with flood losses of $438 million. As of this morning, 29,213 insurance ... Read the full article
Greenlight Re Innovation invests in TradeCrediTech
29th March 2021
Greenlight Re Innovations, a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has announced an investment in TradeCrediTech (Nimbla). Nimbla is a digital managing general underwriter focusing on the small and medium-sized enterprise (SME) credit insurance market. Based in London, it provides a technology-centric, highly automated MGA that ... Read the full article
Analysts downplay insurance losses as Suez cleared
29th March 2021
Analysts at Morgan Stanley believe that the insurance impact from the obstruction to the Suez Canal will be “minimal”, as efforts to free the grounded container ship have finally proved successful. Egypt’s vital trade waterway has been completely blocked since Tuesday, resulting in a backlog of 367 vessels that are currently ... Read the full article
Mosaic announces cyber underwriting team
29th March 2021
Global specialty insurance company Mosaic will begin underwriting cyber insurance globally next month through teams based in Chicago and London. Mosaic’s Cybersecurity & Privacy coverage is designed to protect diverse industry types and focus on supporting insureds’ abilities to prevent an attack and to also respond and minimise damage in the ... Read the full article
RSA UK appoints new Chair after Intact acquisition
29th March 2021
RSA UK & International, a division of RSA Insurance Group plc has announced that Mark Hodges has been appointed to the position of Chair after the completion of Intact’s acquisition. Hodges is former CEO of Aviva’s UK business and member of their Plc Board, and a former CEO of British Gas ... Read the full article
Allianz considering offer for The Hartford after Chubb rejection: reports
29th March 2021
German re/insurer Allianz is exploring an offer for The Hartford, after the U.S. property and casualty insurer rejected a recent offer from Chubb, according to Bloomberg reports. Bloomberg, citing people familiar the matter, reports that Allianz is discussing options with potential advisers and views The Hartford as one of the remaining ... Read the full article
Aon / WTW: Reports say EC remedy package in development, progressing
29th March 2021
Aon and Willis Towers Watson (WTW) are making progress in developing a remedy proposal for European Commission regulators, as the pair look to be proactive in making concessions to get the merger completed, according to reports. As we've previously written, competition related concerns are said to be rising, with the ... Read the full article
Pandemic will help insurance penetration in long run: GIC Re’s Srivastava
26th March 2021
Devesh Srivastava, Chairman-cum-Managing Director at GIC Re, believes that despite its challenges the COVID-19 pandemic has increased awareness about insurance products and will help penetration in the long run. Speaking in an interview with Reinsurance News, Srivastava discussed the impact of the coronavirus crisis over the past year, as well as ... Read the full article
Marsh makes leadership changes within US FINPRO practice
26th March 2021
Global insurance brokerage Marsh has announced new leadership appointments within its US Financial Institutions and Financial and Professional Liability (FINPRO) practices. Jacqueline Quintal, currently a Managing Director within Marsh’s US Financial Institutions Practice, has been named to the additional role of US Digital Asset Leader where she will oversee the delivery ... Read the full article