Reinsurance News
Historic cats, large pandemic losses dent NA P/C insurers in 9M20: Fitch
2nd December 2020
The high frequency of catastrophe events experienced in the U.S. through the third-quarter of 2020, coupled with a substantial level of additional losses related to the ongoing COVID-19 pandemic, hindered the performance of North American (NA) property/casualty (P/C) re/insurers in 9M 2020, reports Fitch Ratings. Fitch's analysis looks at the 9M ... Read the full article
Fairfax to sell RiverStone Europe to CVC in $750m transaction
2nd December 2020
Fairfax Financial Holdings Limited has reached an agreement to sell all of its interests in RiverStone Europe to CVC Strategic Opportunities Fund II, a vehicle owned and operated by CVC Capital Partners, for a purchase price of USD 750 million. At the same time, it's been announced that OMERS, the pension ... Read the full article
Chubb’s John Keogh appointed President
2nd December 2020
John Keogh, Executive Vice Chairman and Chief Operating Officer (COO) of Chubb Group, has been named as the re/insurer's new President, effective immediately. As President and COO of Chubb, Keogh will continue to report to Evan Greenberg, the company's Chairman and Chief Executive Officer (CEO), and his current companywide responsibilities remain ... Read the full article
Catalina Holdings adds three Non-Exec Directors
2nd December 2020
Legacy space specialist Catalina Holdings has appointed Tony Cunningham and Chris Harris as Independent Non-Executive Directors, with Fiona Walden as RenaissanceRe’s appointed Non-Executive Director. The appointments follow the resignations from the board by Aditya Dutt and Jacques Bonneau. Cunningham is a former Partner at Lane Clark & Peacock. His previous experience includes ... Read the full article
NY chain Century 21 sells rights to pandemic BI claims
2nd December 2020
Century 21, a New York based department store chain that recently filed for bankruptcy, has reportedly sold a stake in its legal battle for owed business interruption (BI) claims related to the pandemic. According to Bloomberg law, the embattled store has sold the rights to the $175 million of COVID-19 BI ... Read the full article
Scott Davis joins Brit (BGSU) as VP, Programs Underwriting
2nd December 2020
Brit Global Specialty USA (BGSU), a division of Brit Ltd, has announced that Scott Davis has joined the firm from Pioneer Underwriters, to serve as Vice President (VP), Programs Underwriting. Davis starts his new role in December, based in Alpharetta, Georgia, and will report to Noreen Metcalfe, Executive Vice President, Reinsurance. In ... Read the full article
Markel adds MS Amlin’s Sam Pik Ying as a specialist marine underwriter
2nd December 2020
Markel International, a specialist insurer and reinsurer, has announced the addition of Sam Pik Ying as a specialist marine underwriter, based in the firm's Singapore office. In her new role, Ying will underwrite general marine and marine liabilities, including ship-owners P&I, charterers, ship repairs and marina operations, alongside energy liability business. She ... Read the full article
Conduit Re completes IPO; sees continued improvements in reinsurance
2nd December 2020
Conduit Holdings Limited, a new property and casualty (P&C) and specialty reinsurance underwriting business, led by founders Neil Eckert and Trevor Carvey, has completed its initial public offering (IPO) of 164,129,996 shares on the London Stock Exchange (LSE). Based on the offer price of 500 pence per share, the market capitalisation ... Read the full article
Lockton Re adds Senior Broker to Marine & Energy Division
2nd December 2020
Global reinsurance broker Lockton Re has announced that Steve Tritton is set to join the firm in 2021 as a Senior Broker, based in the London office, as part of its Marine & Energy division. Tritton joins Lockton Re from rival reinsurance brokerage, Guy Carpenter, where he most recently served as ... Read the full article
Reserving trends show COVID loss peak has passed: David Flandro
2nd December 2020
According to David Flandro, Managing Director at HX Analytics, current reserving trends in the re/insurance sector suggest that the industry has likely moved past the peak of losses from the COVID-19 pandemic. In a presentation given alongside the company’s third quarter earnings update, Flandro noted that the impact of the second ... Read the full article
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