Reinsurance News
Korean regulator details new insurance framework
9th March 2021
South Korean regulator the Financial Services Commission (FSC) has announced a new policy framework for re/insurance business. The new framework includes initiatives to boost consumer confidence, improve the role of insurance as a social safety net, promote digital innovation, and improve business management practices. The FSC explained that the initiatives would “set ... Read the full article
Nat cat risk could become less insurable in future: Fitch
8th March 2021
Analysts at Fitch Ratings believe that natural catastrophe risks could become “less insurable” in future due to the effects of climate change, as well factors like insurance density and economic growth. Re/insurers will likely need to raise premiums in response to the rising severity and frequency of nat cat events, but ... Read the full article
Liberty Mutual appoints Wesley Hyatt as Chief Client Officer
8th March 2021
Liberty Mutual Insurance has appointed Wesley Hyatt as Chief Client Officer of its Global Risk Solutions (GRS) division. Hyatt will be responsible for the leadership of the Client Executive team whilst also overseeing the US Client Service team, which provides day-to-day service support for large domestic policyholders and their brokers. Hyatt has ... Read the full article
Accelerant acquires CICA from re/insurer Brit
8th March 2021
Accelerant Holdings has announced the acquisition of Commonwealth Insurance Company of America (CICA) from speciality insurer and reinsurer Brit, as well as plans to rename the business as Accelerant National Insurance Company (ANIC). The Accelerant companies form an underwriting group specialising in serving a carefully selected and managed network of members ... Read the full article
SRG to acquire CLS Risk Solutions
8th March 2021
Insurance brokerage Specialist Risk Group (SRG) has entered an agreement to acquire CLS Risk Solutions (CLS RS). CLS RS creates and provides risk solutions for real estate development projects and transactions. With a GWP in excess of £30 million in 2020, CLS RS specialises in renewables, M&A, property development and environmental ... Read the full article
Brookfield secures AM Best rating for Cayman reinsurer
8th March 2021
North End Re (Cayman), a segregated portfolio company owned by Brookfield Asset Management, has secured a Preliminary Credit Assessment (PCA) from AM Best. The PCA include a Financial Strength Assessment of A- (Excellent) and a Long-Term Issuer Credit Assessment of “a-”. AM Best says its decision reflects North End Re Cayman’s balance ... Read the full article
Apollo and Athene announce all-stock merger
8th March 2021
Apollo, the global investment manager and Athene, a retirement services company, have entered into a definitive agreement to merge in an all-stock transaction that implies a total equity value of roughly $11 billion for Athene. The merger is expected to be substantially accretive and bolster the earnings power of the combined ... Read the full article
Fortitude Re income drops in 2020
8th March 2021
Bermudian legacy reinsurance company Fortitude Re has reported a large drop in net income over 2020, partly due to much higher payment of policy holder benefits and losses incurred. Income totalled just $864 million for the year, compared with $3.64 billion in 2019. The decrease can largely be attributed to the change ... Read the full article
Aston Lark acquires Magenta Insurance
8th March 2021
Goldman Sachs backed insurance broker Aston Lark has acquired inet3 Limited, which trades as Magenta Insurance. Magenta Insurance is a Chartered Managing General Agent based in East Anglia providing specialist insurance solutions for non-standard residential property to brokers and IFAs throughout the UK. Peter Blanc, Aston Lark Group CEO, said: “We’ve been ... Read the full article
Applied Underwriters announces four leadership promotions
8th March 2021
Risk services firm Applied Underwriters has announced the promotions of four members of the company's actuarial leadership in a bid to develop actuarial resources to accommodate its growth. Justin Smith has been named Chief Underwriting Officer. He joined Applied Underwriters in 2006, having held several roles for over twenty years in ... Read the full article
The Hanover adds to board of directors
8th March 2021
The Hanover Insurance Group has strengthened its board of directors with the addition of J. Paul Condrin last month. Condrin has served in various executive leadership roles at Liberty Mutual for just under 30 years, where he most recently served as executive vice president and president of commercial insurance, from 2012 ... Read the full article
Gallagher Re adds Rothseid as Partner, Head of Legacy
8th March 2021
Gallagher Re has added Andrew Rothseid to the newly created role of Partner, Head of Legacy. Rothseid will continue to be US-based and reports into Matt FitzGerald, Managing Partner of Specialty at Gallagher Re. He brings over 25 years’ experience in the global insurance and reinsurance industries and spent the last decade ... Read the full article
DARAG acquires Bermuda-based SunPoint Holdings
8th March 2021
Legacy acquirer DARAG has announced the acquisition of SunPoint Holdings, a Bermuda-based company intended to act as a platform for further expansion. SunPoint offered reinsurance and run-off solutions to US and Bermuda insurers from 2017 to 2019. The portfolio consisted of General Liability, Construction Defect, New York Labor Law, and Workers’ Compensation ... Read the full article
Aon bolsters Offshore Wind team
8th March 2021
Insurance and reinsurance brokerage Aon has added both Ray Spreadbury and Sarah Burston to the Offshore Wind team within its Global Broking Centre (GBC), based in London. Spreadbury joins the team as Executive Director and Burston as Director, both reporting into the Power team, led by James MacNeal. Spreadbury joins from ... Read the full article
Argo facing operational challenges due to Uri, says S&P
8th March 2021
Analysts at S&P Global Ratings believe that specialty re/insurer Argo is likely facing operational challenges following Winter Storm Uri. Argo delayed the reporting its year-end 2020 audited annual financial statements, although S&P clarified that the action had no immediate impact on ratings Instead, the rating agency explained that the delay is primarily ... Read the full article