Reinsurance News
2021 Monte Carlo Rendez-Vous cancelled
19th March 2021
The annual Rendez-Vous de Septembre (RVS) in Monte Carlo has been called off for the second year in a row, due to the ongoing COVID-19 pandemic. According to an official statement from the historic conference’s organisers, the next RVS is planned to take place in 2022. However, it’s worth noting that on ... Read the full article
Chord Re bumps CUO Tom Meyer up to CEO role
19th March 2021
Newly launched generation specialty reinsurer Chord Re has announced the promotion of Chief Underwriting Officer Tom Meyer to the role of Chief Executive Officer. Meyer is set to replace Stefan Long, who will transition to Executive Director ahead of stepping down from the company in 2022. “We are thrilled to announce Tom’s ... Read the full article
Cat losses running 20% above average this year: Jefferies
19th March 2021
Analysts at Jefferies have estimated that insured catastrophe losses year-to-date are running at around 20% above the long-term average, or 34% above the 10-year average. Looking at the month of February alone, catastrophe losses are 59% above the long-term average, Jefferies says, with winter weather accounting for 97% of the insured ... Read the full article
AmWINS Program Underwriters launches alarm contractors solution
19th March 2021
AmWINS Program Underwriters, a managing general agency within the underwriting division of AmWINS, has developed a new insurance solution dedicated to alarm contractors offering clients access to ongoing service and claim support, as well as expertise across the specialty insurance space. The solution includes commercial general liability, professional liability, property and ... Read the full article
Assured Guaranty divides business between London and Paris
19th March 2021
Financial guaranty insurer Assured Guaranty is expanding its footprint in Europe by issuing new financial guarantees through its French subsidiary, Assured Guaranty (Europe) SA (AGE). Additionally, Assured Guaranty’s UK financial guarantee subsidiary has been renamed Assured Guaranty UK Limited (AGUK) from Assured Guaranty (Europe) plc to reflect the shift of European ... Read the full article
FG Financial reports $23.9mn loss for 2020
19th March 2021
Reinsurance and investment management holding company FG Financial Group has reported a $23.9 million net loss for 2020. Major items contributing to the net loss included non-cash losses associated with the change in fair value of the company’s investment in FedNat of $16.2 million. Furthermore, during the third quarter FGF realised losses ... Read the full article
Argenta hires Fidelis exec Ian Burford
19th March 2021
Ian Burford has been appointed as Active Underwriter of Argenta Syndicate Management Limited's (ASML) Syndicate 2121 and SPA 6134, and will also join the Board of ASML as its Underwriting Director. In his new roles, Burford will report to Andrew Annandale, Managing Director of ASML and Chief Executive Officer (CEO) of ... Read the full article
Tokio Marine’s reinsurance may not cover Greensill losses: reports
19th March 2021
Sources at Bloomberg believe that Tokio Marine may not be able to rely on its reinsurance program to limit exposure to the collapse of financial services company Greensill Capital. Tokio Marine reported last week that its reinsurance coverage was expected to absorb some of the costs the insurer may face ... Read the full article
Global Parametrics & Fathom partner on flood index
19th March 2021
Parametric and index-based disaster risk transfer firm Global Parametrics has partnered with UK-based flood risk modeller Fathom on a flood index that will enable new levels of parametric solutions. Global Parametrics has combined high resolution data provided by Fathom with streamflow data from the ECMWF GloFAS hydrological and monitoring system to ... Read the full article
Failings of public risk management “plain to see”: Denis Kessler
19th March 2021
SCOR's Chief Executive Officer (CEO) Denis Kessler has said that the failings of public risk management are “plain to see” in the aftermath of the COVID-19 pandemic. Kessler addressed the “havoc” that the pandemic has wreaked on the global economy, in addition to the severe public health threat that it represents. But ... Read the full article
Chubb approaches The Hartford over $23.24bn combination
19th March 2021
Global insurer and reinsurer Chubb has confirmed that it has made an approximately $23.24 billion acquisition offer for The Hartford, valuing the firm at $65 per share. Late yesterday, reports emerged that Chubb was considering the takeover of rival insurer The Hartford. Chubb has now confirmed that on March 11th, it ... Read the full article
Cyber insurer Coalition raises $175m
19th March 2021
Coalition, a cyber insurance and security company, has raised $175 million in a new funding round led by Index Ventures, with participation from General Atlantic and existing investors. The round, which valued Coalition at $1.75 billion, is expected to help the company accelerate its growth ambitions and global expansion. To date, Coalition ... Read the full article
CFC acquires Australian cyber security firm Insane Technologies
19th March 2021
Specialist insurer CFC has extended its in-house cyber incident response team with the acquisition of Insane Technologies, an Australian cyber security and incident response provider. With the addition of Insane Technologies, CFC says it has deepened its roster of in-house technical experts. “Like us, Insane have been handling cyber security incidents for ... Read the full article
Chubb eyeing acquisition of rival insurer Hartford, reports
18th March 2021
It appears as though global insurer Chubb could be eyeing a takeover bid for rival carrier Hartford Financial Services, according to reports emerging from Bloomberg. Chubb is led by Chief Executive Officer Evan Greenberg and is reported to be in the process of weighing up an acquisition for a rival currently ... Read the full article
Arch to acquire Westpac Lenders Mortgage Insurance
18th March 2021
The Global Mortgage Group of Arch Capital Group Ltd. has entered into a share purchase agreement with the Westpac Group to acquire Westpac Lenders Mortgage Insurance Limited (WLMI). WLMI is an Australian Prudential Regulation Authority (APRA) authorized captive lenders mortgage insurance (LMI) provider to Westpac. The business had shareholders’ equity of $AUD ... Read the full article