Reinsurance News
Genworth & Oceanwide gain further approvals for merger
2nd December 2020
Mortgage insurer Genworth Financial and China Oceanwide Holdings Group have made further progress towards their long-delayed merger agreement after receiving confirmation of the acceptance of filing from the National Development and Reform Commission (NDRC) in China. With NDRC's re-approval, Oceanwide will now move forward with the few remaining regulatory steps required ... Read the full article
Refined AXA XL working to seize this ‘magical moment’: AXA CEO Buberl
1st December 2020
The team at AXA XL, led by Chief Executive Officer (CEO) Scott Gunter, is looking to capitalise on rising prices in the current hardening market environment, in an effort to both enhance and increase the underwriting performance of the business, according to Thomas Buberl, CEO of AXA. Today, French insurance and ... Read the full article
China, US and India have highest insurance potential: MAPFRE
1st December 2020
According to the latest Global Insurance Potential index by MAPFRE Economics, China, the US and India currently rank top of the table of countries, both in terms of life and non-life lines. MAPFRE’s index looks at 96 insurance markets around the world to measure the insurance protection gap and create a ... Read the full article
Tom Macfarlane to lead Berkshire’s (BHSI) Europe expansion
1st December 2020
Warren Buffett’s Berkshire Hathaway Specialty Insurance has named Tom Macfarlane to lead the expansion of its capabilities in Europe, by underwriting Downstream Energy Property Insurance. Macfarlane comes to Berkshire Hathaway with over 40 years of insurance experience spanning both the underwriting and broking sides of the business. He has held various leadership ... Read the full article
Monument Re closes portfolio acquisition from Zurich Life
1st December 2020
Life reinsurance and insurance holding company, Monument Re, has completed its acquisition of a portfolio from Zurich Life Assurance plc. Monument Life Insurance d.a.c, an Ireland-based life insurance subsidiary of Monument Re, completed the acquisition on November 30, 2020. The portfolio in question consisted of unit-linked International Portfolio Bond policies from Zurich ... Read the full article
Re/insurers misjudged pandemic response: Swiss Re’s Mumenthaler
1st December 2020
According to Swiss Re CEO Christian Mumenthaler, the re/insurance industry vastly underestimated the cost of a global pandemic due to its failure to account for the extent of government lockdown measures. Speaking in an interview with the Financial Times, Mumenthaler acknowledged that re/insurer models had misjudged just how far governments around ... Read the full article
Trisura hires new Chief Underwriting Officer, US Surety
1st December 2020
Trisura Group has appointed George R. James as Chief Underwriting Officer (CUO), Surety, for the organisation’s new US surety platform. This appointment will take place from January 4th, 2021 as he leads Trisura’s entry into the U.S. surety market and heads its US surety operations. James is a seasoned surety leader with ... Read the full article
AmWINS to acquire Bermuda broker ISBL
1st December 2020
AmWINS Group has announced plans to acquire International Specialty Brokers Limited (ISBL), a Bermuda-based P&C wholesale insurance and reinsurance broker. Following the takeover, ISBL will join AmWINS Brokerage and become AmWINS Bermuda from January 1, 2021. AmWINS believes the acquisition will enhance its access to the international market, while complementing the existing ... Read the full article
Singlife led consortium completes acquisition of Aviva’s Singapore business
1st December 2020
A consortium led by Singapore Life Pte. Ltd. (Singlife) has completed its previously announced transaction to combine Singlife with UK insurer Aviva's Singapore operations. With the deal now complete, a new company called Aviva Singlife Holdings Pte. Ltd. will now hold the Singlife and Aviva Singapore legal entities, which will continue ... Read the full article
AXIS Re hires David Bangs as Head of Japan
1st December 2020
AXIS Re, the reinsurance business segment of AXIS Capital Holdings Limited, has announced the appointment of David Bangs as AXIS Re Head of Japan. Bangs joins AXIS Re from Willis Re Singapore where he previously served as Executive Director. Prior to this, he held the role of Japan Representative at Willis Re ... Read the full article
Munich Re adds €1.1bn of COVID-19 losses; 2020 total hits €3.4bn
1st December 2020
Global reinsurance giant Munich Re has reported that its reinsurance operation is set to book COVID-19 related losses of €3.4 billion in 2020, while additional burdens of roughly €500 million are anticipated to come from the pandemic in 2021. For Q3 2020, the reinsurer announced a further €800 million of ... Read the full article
Toa Re America recruits new CEO from StarStone
1st December 2020
Japanese reinsurer Toa Re has announced that Richard N. Sanford has been appointed Chief Executive Officer of its US business, Toa Re America. Effective January 1, 2021, Sanford will take over from Edward J. Stanco, who has served as CEO of Toa Re America since January 2009. Sanford has 36 years’ industry ... Read the full article
AXA targets stronger underwriting performance, accelerated efficiency
1st December 2020
Global insurer AXA is targeting a stronger underwriting performance, notably at AXA XL, over the next few years as part of its strategic plan "Driving Progress 2023". Outlined this morning at the insurer's virtual Investor Day, AXA's new strategic plan and key financial targets for 2021-2023 have a focus on improved ... Read the full article
Rebranded Core Specialty completes StarStone U.S. recapitalization
1st December 2020
Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced the completion of the sale and recapitalization of StarStone U.S. Holdings, Inc., via the sale of StarStone U.S. to Core Specialty Insurance Holdings, Inc. The recapitalization was led by SkyKnight Capital, L.P., Dragoneer Investment Group, and Aquiline Capital Partners ... Read the full article
U.S. P/C industry’s underwriting income falls by 86% in 9M 2020: AM Best
1st December 2020
Analysis by ratings agency A.M Best finds that in the first nine months of 2020, the U.S. property / casualty insurance industry saw its underwriting income fall to $600 million, compared with income of $4.5 billion for the same period in 2019. Before the arrival of a global pandemic, 2020 was ... Read the full article