Reinsurance News
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
Aston Lark acquires North County Brokers
18th March 2021
Goldman Sachs backed insurance broker Aston Lark has announced its acquisition of North County Brokers. North County Brokers offers independent advice to businesses across a broad range of insurance and risk management services. Initially, the firm will be brought into the Aston Lark Group under Robertson Low as a temporary measure, as ... Read the full article
Zurich creates new Resilience Solutions services unit
18th March 2021
Global insurer Zurich has created a new unit designed to help meet the demand from businesses for risk prevention and mitigation services. Zurich Resilience Solutions, will provide services aimed at enhancing the overall resilience of a customer’s business and complement traditional insurance products. Its offering combines risk advisory services and insights with ... Read the full article
Tom Clark named CEO of RSG Underwriting Managers
18th March 2021
International specialty insurer, Ryan Specialty Group, has appointed Tom Clark as Chief Executive Officer (CEO) of RSG Underwriting Managers. His appointment comes after RSG hired Clark as executive vice president in January. Clark has over 33 years’ of industry experience, having recently served as president of Nationwide E&S / Specialty. RSG is ... Read the full article
Constellation appoints Crawford as President and CEO
18th March 2021
New York-based insurance consolidator platform, Constellation has appointed Ryan Crawford as president and chief executive officer. Crawford currently serves as Constellation’s senior vice president of insurance operations, and will succeed Bill McDonough when his position comes into place in June. Crawford has also been elected to Constellation’s board of director. McDonough commented: “I ... Read the full article
Buckle hires Everest Re’s Camerino as Head of Strategic Partnerships
18th March 2021
Insurtech company for the ride-share industry, Buckle has appointed James Camerino as Head of Strategic Partnerships. He joins from Everest Re where he most recently served as Chief Operating Officer. Previously, he was Senior Vice President at Munich Reinsurance America where he held claim, legal, and underwriting leadership positions. Prior to his COO ... Read the full article
Hannover Re in £3bn longevity swap with AXA UK Pension Scheme
18th March 2021
Hannover Re has entered into a longevity swap transaction with the AXA UK Group Pension Scheme, which will protect £3 billion of mostly deferred pension liabilities held in the Scheme’s Defined Benefit plan. The swap, which closed on 27 February 2021, will form part of the Scheme’s investment portfolio, building upon ... Read the full article
Allstate taps aggregate reinsurance cover as Feb losses hit $577m
18th March 2021
US primary insurer Allstate Corporation has announced that its estimated catastrophe losses for the month of February of $577 million, pre-tax ($456 million, after-tax). At this level, Allstate has now surpassed the retention level of its nationwide aggregate reinsurance cover, with the annual risk period ending March 31, 2021. Catastrophe losses in ... Read the full article
Integral ILS partners with Amwins & Core Specialty on new US property program
18th March 2021
Independent insurance-linked securities (ILS) fund manager, Integral ILS Ltd., has launched a new U.S. property insurance program with risks underwritten by Amwins and policies issued via subsidiaries of Core Specialty Insurance Holdings, Inc. Integral is set to assume U.S. catastrophe risk originated from Amwins' MGAs, including Amwins Access, Seacoast Brokers, Special ... Read the full article
Canada Life Reinsurance strikes €4.7bn longevity deal with Athora Netherlands
18th March 2021
Canada Life Reinsurance, a provider of reinsurance solutions for life and health, annuity, and property & casualty business, has entered into a long-term longevity reinsurance transaction with Athora Netherlands, part of Amstelveen, Netherlands headquartered Athora Holding Ltd. The agreement, which highlights Canada Life Reinsurance's strength as a partner for longevity reinsurance ... Read the full article