Reinsurance News
D&O focused MGA Rising Edge to launch in H1
1st March 2021
Rising Edge, a London-based Managing General Agent (MGA) writing directors’ and officers’ (D&O) insurance, has announced that it will launch during the first half of 2021. The new company will be led by Chief Executive Officer, Philippe Gouraud, a well-known industry executive in the London insurance market. He will be joined by ... Read the full article
PERILS sets final £368mn estimate for Feb 2020 UK floods
1st March 2021
Zurich-based catastrophe insurance data provider PERILS has placed a £368 million final industry loss estimate of the flooding that took place across the UK during February 2020. The floods primarily affected Wales and the Midlands and Yorkshire in England between 9 and 29 February 2020. PERILS’ estimate is based on claims data ... Read the full article
Applied Underwriters acquires Oklahoma Property & Casualty
1st March 2021
Applied Underwriters has announced that its North American Casualty Company has completed the acquisition of Oklahoma Property and Casualty Insurance Company (OP&C). The acquisition was subject to regulatory approvals from the Oklahoma Insurance Department, and will effect a number of changes with respect to OP&C as well as the Texas Insurance ... Read the full article
Fathom launches UK flood model on Nasdaq’s risk modelling, cat service
1st March 2021
Fathom, a research-led flood risk modelling specialist has launched its UK flood model on Nasdaq’s Risk Modelling for Catastrophes service. This is the second model that Fathom had launched with Nasdaq, following its US flood model. Fathom’s Chief Research Officer Oliver Wing, commenting within an official company statement, said he’s keen to ... Read the full article
Berkshire Hathaway’s reinsurance underwriting loss widens on COVID & catastrophes
27th February 2021
Berkshire Hathaway’s insurance and reinsurance business suffered the effects of the global pandemic and severe catastrophe events in 2020, driving the reinsurance underwriting loss higher to -$2.7bn for the year. A year ago, the reinsurance business of the Warren Buffett owned conglomerate, Berkshire Hathaway Reinsurance Group, fell to an underwriting loss ... Read the full article
Aon / WTW deal circled by merger arb & event driven hedge funds
26th February 2021
The Aon and Willis Towers Watson (WTW) deal, which will be the largest insurance and reinsurance broker merger or acquisition in history, is now attracting significant attention from investors in the merger arbitrage and event driven hedge fund space. Just in the last two weeks, we've heard from numerous global investment ... Read the full article
ERS reports record results, as expansion to commercial & specialty lines begins
26th February 2021
Specialist motor insurer ERS has announced record profits of £32.8 million for 2020 and an improved combined ratio of 91.9%, as the company prepares to expand its capabilities into new lines of business. Profits increased from 2019 on the back of disciplined underwriting, the realisation of technology investments and also lower ... Read the full article
Supercede founders see opportunity in overlooked reinsurance space
26th February 2021
Supercede co-founders Jerad Leigh and Ben Rose believe there is “real opportunity” for their firm to become the primary digital ecosystem in the reinsurance space, which they say has historically been overlooked by technology. The launch of Supercede, a data-driven global trading platform formerly known as Riskbook, was announced earlier ... Read the full article
Ian Thompson takes Bermuda CEO role at Ascot
26th February 2021
Global specialty insurance and reinsurance underwriter Ascot has announced the appointment of Ian Thompson as Chief Executive Officer (CEO) for Bermuda. In this role, Thompson will assume responsibility for Ascot’s business on the island, which includes specialty insurance, reinsurance and alternative capital capabilities. Thompson joined Ascot in 2017 as Head of Casualty ... Read the full article
S&P stays negative on global reinsurance as sector fails to earn cost of capital
26th February 2021
Despite an improving and hardening market environment, reinsurers were faced with a myriad of challenges throughout 2020 as catastrophes and COVID-19 added to existing adverse sector trends, leading S&P Global Ratings to maintain its negative stance on the global reinsurance industry. Back in May 2020, S&P turned negative on the ... Read the full article
Insurer and reinsurer SiriusPoint launches with $3bn+ in capital
26th February 2021
Bermuda-based SiriusPoint Ltd., the new insurer and reinsurer incepted via the combination of Third Point Re and Sirius Group, has officially launched with more than $3 billion in initial capital. Led by Chief Executive Officer (CEO) and Chairman Sid Sankaran, SiriusPoint launches as one of the first substantial players of the ... Read the full article
Capital inflows could dampen positive pricing momentum, says A.M. Best
26th February 2021
The inflow of new capital into the industry on the back of improving market conditions could have a detrimental effect on price improvements, although a number of "moving parts" could also have an influence, according to analysis by A.M. Best. The combination of heavy catastrophe loss years, the lower for longer ... Read the full article
BMS adds David Cameron as exec VP, property treaty
26th February 2021
Specialist re/insurance broker BMS has appointed David Cameron as executive vice president, property treaty, effective March 1. Cameron will join BMS’s Minnesota office and report to Pete Chandler, President and Chief Executive Officer of BMS Re. He will work with Jeff Irvan, Chief Property Officer, and Kirk Conrad, Chief Analytics Officer, to ... Read the full article
Universal reports $27m loss in Q4
26th February 2021
Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has reported that it suffered a net loss of $27.0 million in the fourth quarter of 2020. It comes after Universal warned that it was due to incur catastrophe losses of $76.0 million for the quarter. The Q4 loss did ... Read the full article
FEMA secures a further $575mn of flood reinsurance for NFIP
26th February 2021
The US Federal Emergency Management Agency (FEMA) has transferred an additional $575 million of the National Flood Insurance Program's (NFIP) flood risk to the capital markets through the sponsor of its fourth catastrophe bond transaction. FloodSmart Re Ltd. (Series 2021-1) is FEMA's fourth and largest catastrophe bond transaction, providing $575 ... Read the full article