Reinsurance News
Lockton Re announces addition of Simon Moore as a Senior Broker
5th March 2021
Reinsurance brokerage Lockton Re has announced that Simon Moore, former Chief Underwriting Officer (CUO) of Markel CATCO's Investment Management in Bermuda, will be joining the firm in October 2021 as a Senior Broker. Moore is set to join the company as a Senior Broker within its Non-Marine Retrocession & Property Specialty ... Read the full article
E&S outlook improves to stable: AM Best
5th March 2021
AM Best has revised its outlook for the US excess and surplus (E&S) lines market segment from negative to stable, due to its ongoing profitability and premium growth. The rating agency acknowledged that the E&S market still faces uncertainty due to the impact of COVID-19 on the US and global economies, ... Read the full article
Scott Egan to remain as RSA UK&I CEO following Intact acquisition
5th March 2021
RSA UK & International, a division of RSA Insurance Group plc, will continue to be led by Scott Egan as Chief Executive Officer (CEO) following the completion of the insurer's proposed acquisition by Intact Financial Corporation and Scandinavian insurer Tryg. After finalising a $3.2 billion capital raise ahead of its ... Read the full article
Beazley names Praesidium as provider for Safeguard policyholders
5th March 2021
Specialist insurer Beazley has named Praesidium as its provider of enhanced risk management, prevention, and response services for Beazley Safeguard policyholders. The Beazley Safeguard policy combines risk management and crisis response for primary insureds with effective insurance coverage to reduce the risk of sexual abuse occurring within organisations and to respond ... Read the full article
Crum & Forster receives Monitor Life acquisition approval
5th March 2021
Crum & Forster Accident & Health has received regulatory approval on its acquisition of Monitor Life which started at the end of last year. The acquisition of Monitor Life, previously a wholly owned subsidiary of AmFirst Insurance Company, has authority to operate in 27 states and the District of Columbia. C&F is ... Read the full article
Citizens targets $2.6bn in reinsurance as policy count swells
4th March 2021
Florida's Citizens Property Insurance Corporation is seeking approximately $2.6 billion of fresh reinsurance protection from its 2021 reinsurance renewal, as the firm prepares to accept almost 150,000 additional policyholders by the end of the year. Citizens' Chief Financial Officer (CFO), Jennifer Montero and others are entering into negotiations with both the ... Read the full article
CoreLogic asks CoStar to further increase takeover bid
4th March 2021
Property information and analytics provider CoreLogic has written to CoStar asking the company to increase the value of its acquisition offer even further, after confirming earlier this week that CoStar had upped its bid. CoStar has offered to pay CoreLogic shareholders $6.00 per share in cash, in addition to its ... Read the full article
Cytora adds Thomas Huerlimann to board of advisors
4th March 2021
UK insurtech Cytora has announced the appointment of Thomas Huerlimann to its board of advisors as the company looks to bolster its growth plans. Huerlimann brings 30 years of experience in banking, reinsurance and insurance. He joins a team of existing advisors that includes AXA XL’s former Chief Executive, Client and Country ... Read the full article
Hippo to go public following Reinvent merger
4th March 2021
California-headquartered, homeowners focused-insurtech Hippo is set to go public following a merger with Reinvent Technology Partners, a special purpose acquisition company. The transaction is expected to close in mid-2021 and will see the new company have approximately $1.2 billion in cash at closing, including up to approximately $230 million of cash ... Read the full article
Allianz to acquire the Italian P/C entity of Aviva
4th March 2021
Global insurer Allianz is set to acquire Aviva Italia S.p.A., the Italian P/C entity of Aviva Group, for €330 million. Aviva expects to use the increased capital and cash to support its previously announced capital framework of debt reduction, investment for long-term growth and return of excess capital to shareholders. The portfolio ... Read the full article
RenaissanceRe Capital Partners replaces Ventures brand
4th March 2021
Bermuda-based reinsurer RenaissanceRe Holdings has rebranded its Ventures business as “RenaissanceRe Capital Partners." Senior Vice President Chris Parry is expected to lead this business and report to Kevin O’Donnell, President and Chief Executive Officer. RenaissanceRe Capital Partners will remain focused on managing RenaissanceRe’s third-party capital relationships, joint ventures and managed funds. As part ... Read the full article
Moody’s outlines optimistic forecast for European reinsurers
4th March 2021
Analysts at Moody’s have outlined a broadly optimistic forecast for the largest European reinsurers in 2021, even as pockets of risk remain. In aggregate, Hannover Re, Munich Re, SCOR, Swiss Re suffered a 69% fall in net income over 2020 compared to the prior year period. Pandemic-related business interruption (BI) and event ... Read the full article
Heritage turns Q4 profit despite heavy cat losses
4th March 2021
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, Inc., has reported net income of $2.8 million for the fourth quarter of 2020. This was despite confirming $41.5 million of catastrophe and weather losses for the quarter, which it warned of back in January. Of the $41.5 million total, approximately ... Read the full article
LSM hires Marleen Lemmens as European COO
4th March 2021
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Marleen Lemmens to the newly created role of European Chief Operating Officer (COO). Lemmens will be based in The Netherlands and report to Kadidja Sinz, Head of Europe and Kirk Maddern, Chief Operating Officer, LSM. She takes up the role ... Read the full article
Aon names John McElroy as Head of Casualty in Bermuda
4th March 2021
Global re/insurance broker Aon has announced the appointment of John McElroy to the Bermuda operations of Reinsurance Solutions, as Head of Casualty, subject to immigration approval. In his new role, McElroy will report to Tony Fox, Chairman and Chief Executive Officer (CEO), Bermuda, Reinsurance Solutions. He brings almost three decades of industry ... Read the full article