Reinsurance News
Thomas Parcell joins Lockton Re in Bermuda
2nd March 2021
Global reinsurance broker Lockton Re has announced the appointment of Thomas Parcell to its new Bermuda platform as Chief Broking Officer. Parcell started his career at Aon in London with experience in Financial Services, and Accident, Life & Health before moving to Aon Benfield in 2013 as a Non Marine Retrocession ... Read the full article
CoStar ups takeover bid for CoreLogic
2nd March 2021
Property information and analytics provider CoreLogic has confirmed that CoStar has increased the terms its takeover bid, after putting forward an unsolicited bid last month. CoStar has now offered to pay CoreLogic shareholders $6.00 per share in cash, in addition to its previous offer of 0.1019 shares of CoStar Group ... Read the full article
Lemonade posts $34mn Q4 net loss
2nd March 2021
Insurtech firm Lemonade has announced a fourth quarter net loss of $33.9 million, compared to $32.7 million in the prior year quarter. Meanwhile, fourth quarter total revenue was $20.5 million. Gross earned premium for the quarter was $50 million, up by $24 million against the fourth quarter of 2019, this was primarily ... Read the full article
Aon & Praedicat collaborate to address reinsurance coverage gaps in casualty
2nd March 2021
A new collaboration between re/insurance broker Aon and Praedicat, a liability emerging risk analytics company, looks to address reinsurance coverage gaps arising from emerging risks through the development of "named peril" products for insurers. The partnership will result in the development of a range of specialist liability reinsurance solutions that address ... Read the full article
Munich Re partners with Helvetia Seguros on digital life underwriting solution
2nd March 2021
Munich Re Automation Solutions, part of the global reinsurance group, has entered into a new partnership with Helvetia Seguros to implement an innovative digital underwriting solution for the Spanish life insurance market. The technology, which has been developed by Munich Re Automation Solutions, will enable Helvetia Seguros' intermediaries to offer streamlined ... Read the full article
Pressure grows for UK Gov to back event cancellation scheme
2nd March 2021
Performers, music industry bodies, and re/insurers are renewing their calls for the UK Government to underwrite cancellation costs of events such as music festivals and tours, to enable the restart of the live entertainment sector from this summer. Their calls come as a new YouGov survey shows that half of the ... Read the full article
Chinese carriers to benefit from removal of capped ownership: GlobalData
2nd March 2021
Analysis by GlobalData projects an almost 33% increase in China's gross written premiums (GWP) in 2024 from the level recorded in 2020, with growth expected to benefit domestic champions despite the country opening up. China is on course to become the largest insurance market in the world, but while attracting foreign ... Read the full article
Genworth sells shares in Australian mortgage business
2nd March 2021
Genworth Financial’s wholly owned subsidiaries Genworth Financial International Holdings and Genworth Holdings have announced that they have sold approximately 214.3 million shares in Genworth Mortgage Insurance Australia, at A$2.28 per share. This represents Genworth's entire ownership position in Genworth Australia. Settlement of the sale will occur early March. Completion of this transaction ... Read the full article
Iran approves fifth reinsurance firm for launch
2nd March 2021
Iranian regulators have approved the launch of Tehran Reinsurance Company, according to reports from The Financial Tribune. It marks the fifth reinsurance company to be established in Iran, and the third to be founded within the last 12 months. There have been question marks over the Iranian re/insurance industry since the US ... Read the full article
Industry survey reveals divided census over 2021 P&C covid losses
1st March 2021
A comprehensive survey of Reinsurance News' industry contacts has revealed a clear divide in expectation for 2021's eventual COVID-19 impact on the Property & Casualty segment, with 27% of respondents feeling the figure will fall over $100 billion. A further 27% felt the eventual loss would land between $70 billion and ... Read the full article
Enstar’s net earnings rise by 89% on $1.6bn of realised & unrealised gains
1st March 2021
Legacy acquirer Enstar Group Limited has reported a rise in net earnings for 2020 to $1.7 billion from the $902.2 million reported a year earlier, driven by net realised and unrealised gains of $1.6 billion for the year. The significant level of realised and unrealised gains includes $1.3 billion relating to ... Read the full article
HDI Global SE reshuffles leadership team
1st March 2021
Primary commercial specialist HDI Global SE (HDI) has announced plans to streamline its leadership in the UK and Ireland, bringing the two branches under the same direction whilst renewing its commitment to the Irish market. The insurer has announced that Claire McDonald has been appointed as the authorised representative for HDI ... Read the full article
Burns & Wilcox names John Tiernan as Underwriting Director
1st March 2021
Wholesale specialty insurance company and managing general agent Burns & Wilcox Limited, part of insurer H.W. Kaufman Group, has announced the appointment of John Tiernan as Underwriting Director, based out of the firm's London office. Tiernan brings more than three decades of experience in both the Lloyd's of London and Company ... Read the full article
BHSI hires Andy Barberis as SVP Claims
1st March 2021
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett's global insurance and reinsurance company, has appointed Andy Barberis as Senior Vice President, Claims. He will be working with the BHSI claims leadership team across the globe on the most catastrophic and complex casualty and healthcare claims. Barberis has over 35 ... Read the full article
Philips NA enters pension agreement with Principal & Metropolitan Tower Life
1st March 2021
Philips North America has entered into an agreement with Principal Financial Group and Metropolitan Tower Life Insurance, a subsidiary of MetLife, to transfer approximately $1.2 billion of its pension plan obligations. The agreement, which was signed in the fourth quarter of 2020, provides guaranteed retirement income solutions for approximately 11,000 retirees, ... Read the full article