Reinsurance News
Lancashire looks to raise $400m of new debt
12th March 2021
Specialty insurer and reinsurer Lancashire Holdings Limited is planning to raise around $400 million in a new debt offering, the company has announced. Lancashire has priced the offering of $400 million in aggregate principal amount of 5.625% fixed-rate reset junior subordinated notes due 2041. The company expects to use the majority of ... Read the full article
Pool Re adds Claudio Gienal & Alan Rubenstein to its Board
12th March 2021
UK government-backed terrorism reinsurer Pool Re has announced the additions of Claudio Gienal and Alan Rubenstein to its Board, effective March 11th, 2021. Gienal serves as the Chief Executive Officer (CEO) of AXA UK & Ireland, a member of Pool Re, while Rubenstein is the Chairman of NHBC. Both appointments will contribute ... Read the full article
Swiss Re CorSo and Coalition deepen collaboration
12th March 2021
Global reinsurer Swiss Re's commercial insurance arm, Swiss Re Corporate Solutions, has entered into a new multi-year agreement with cyber insurance and security firm, Coalition, to provide broad cyber insurance and technology errors & omissions insurance to SMEs throughout the U.S. and Canada. Coalition launched back in 2017 with backing ... Read the full article
Gosset-Grainville to succeed Denis Duverne as AXA Chairman
12th March 2021
Global insurer AXA has revealed that Denis Duverne will retire from his position as Chairman of AXA's Board of Directors in April of 2022, and will be succeeded by Antoine Gosset-Grainville. After a comprehensive succession process led by the firm's Compensation & Governance Committee over the past two years, the Board ... Read the full article
Unmodelled nat cats exposing weaknesses of soft market, says GCube
12th March 2021
A new report from GCube has underlined how recent extreme weather events that fall outside of traditionally modelled natural catastrophe definitions have exposed the weaknesses of a ‘soft’ insurance market, particularly in the US. Across both wind and solar, the average nat cat or extreme weather-related loss in the latter half ... Read the full article
AXA Partners and Ancileo renew partnership
12th March 2021
AXA’s global Business-to-Business-to-Consumer unit AXA Partners and Ancileo have announced a renewal of their partnership to further bolster their position in the travel insurance market post-pandemic. Ancileo is a digital insurance platform provider which specialises in providing insurance technology, API & insurance software solutions to insurers. The technology developed by Ancileo allows ... Read the full article
Africa Specialty Risks hires Peter Way as first Actuary
12th March 2021
Africa Specialty Risks (ASR), the Pan-African focused reinsurance group, has appointed Peter Way as an Actuary, focusing specifically on the development of in-house pricing models. Way joins as the group’s first Actuary, bringing nine years of experience working in the insurance industry, having previously held both actuarial and underwriting roles. His experience ... Read the full article
Japan’s earthquake protection gap estimated at $25bn by Swiss Re
11th March 2021
Swiss Re has estimated that the insurance protection gap for earthquake risk in Japan remains extremely high at $25 billion despite significant risk mitigation efforts and cultural preparedness. According to Swiss Re, underinsurance of seismic risk makes up the majority of Japan’s natural catastrophe protection gap, which is the second highest ... Read the full article
AIG adds Lisa Buckingham to newly created EVP role
11th March 2021
Global re/insurer AIG has appointed Lisa Buckingham to the newly created role of Executive Vice President, Global Head of AIG Enterprise Design and Life & Retirement Separation Initiatives. Buckingham, who joins in April, will be based in New York and reports to President and Chief Executive Officer Peter Zaffino. She has over ... Read the full article
Arturo enters partnership with Urban Sky
11th March 2021
Artificial intelligence (AI) and deep-learning property analytics company, Arturo, has entered into a partnership with Urban Sky to incorporate the company’s stratospheric photos into its collection of property images. The partnership is expected to enable Arturo to provide a more accurate analysis to its insurance customers in the U.S., focusing on ... Read the full article
LSM announces two U.S. & LatAm leadership changes
11th March 2021
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Manuel Moreno as Chief Underwriting Officer (CUO), US and Latin America, and Heath Merrill as Chief Operating Officer, US and Latin America. The appointments are effective immediately ... Read the full article
Cowbell Cyber raises $20mn in Series A funding round
11th March 2021
AI-powered cyber insurer Cowbell has closed a $20 Million Series A funding round as it looks to scale its offering for continuous underwriting and closed-loop risk management. Cowbell Cyber’s closed-loop approach to cyber risk bundles cybersecurity awareness training, continuous risk assessment, and pre and post-breach risk improvement services. Brewer Lane Ventures led ... Read the full article
Casualty hard market to persist in upcoming quarters: Amwins
11th March 2021
Amwins has explored the state of the casualty market in the first quarter of 2021, which it says shows similar trends to the end of 2020 with both attritional losses and nuclear verdicts continuing to drive pricing increases. National Casualty Practice Leader Tom Dillon claims that the key difference in the ... Read the full article
Fitch stable on Bermuda market as pricing improves
11th March 2021
Fitch Ratings has issued a stable outlook for the Bermuda re/insurance market for 2021 on the basis that accelerating premium rate changes are expected to offset negative factors. Collectively, the nine Bermudian re/insurers assessed by Fitch posted a combined ratio of 103.1% in 2020. Of this, 7.4 percentage points were driven by ... Read the full article
Aegon hires Will Fuller as President and CEO, Transamerica
11th March 2021
Aegon, a provider of life insurance, pensions and asset management, has appointed Will Fuller as President and Chief Executive Officer (CEO) of Transamerica and as a member of the Management Board. Fuller, formerly Executive Vice President of Lincoln Group, has just under 30 years experience in insurance, annuities, retirement plans and ... Read the full article