Reinsurance News
Porch Group announces four strategic acquisitions
15th January 2021
Porch Group has announced four separate strategic acquisitions aimed at strengthening the company's expanding platform for home service companies and homeowners. Homeowners of America (HOA) is a Managing General Agent and insurance carrier hybrid operating in six states. Porch and HOA have executed a definitive merger agreement for Porch to acquire HOA ... Read the full article
Enstar announces key reinsurance deal with ProSight
15th January 2021
Enstar has entered an agreement with subsidiaries of ProSight Global to provide reinsurance relating to 2019 and prior year business. The transaction is subject to the closing of ProSight's acquisition by international investment management firm TowerBrook and Further Global Capital Management, a private equity firm with a focus on the financial ... Read the full article
Chubb names HSBC’s Enns as CFO as Bancroft announces retirement
15th January 2021
The Executive Vice President (EVP) and Chief Financial Officer (CFO) of Chubb Group, Philip Bancroft, is to retire from the company after 19 years of service and will be succeeded by HSBC's Peter Enns. Bancroft will retire from Chubb on July 1st, 2021 and is expected to remain with the re/insurer ... Read the full article
ProSight to be acquired by TowerBrook & Further Global in $586mn deal
15th January 2021
Specialty insurer ProSight Global, Inc. is to be acquired by affiliates of international investment management firm, TowerBrook Capital Partners L.P. and Further Global Capital Management, a private equity firm with a focus on the financial services industry. Affiliates of TowerBrook and Further Global have signed a definitive merger agreement to acquire ... Read the full article
Insurtech Bold Penguin acquired by American Family
15th January 2021
Property/casualty insurance group American Family has announced the acquisition of Bold Penguin, an insurtech firm focused on providing cover to small businesses. Bold Penguin will become a subsidiary of the American Family Insurance group but will maintain its name and business model. It's hoped Bold Penguin will be able to leverage the scale ... Read the full article
Hiscox adds $48mn to Covid-19 BI losses following Supreme Court judgement
15th January 2021
Specialist re/insurer Hiscox has said that after the Supreme Court's ruling in favour of insureds earlier today in the appeal of the business interruption (BI) insurance test case, it has added a further $48 million, net of reinsurance, to its 2020 estimate for COVID-19 BI losses. This morning, the UK ... Read the full article
L&G agrees £30mn bulk annuity deal with Marie Curie scheme
15th January 2021
Legal & General has agreed a £30 million full scheme bulk annuity transaction with the Marie Curie defined benefit pension scheme. The transaction was agreed early in January 2021 and secures the benefits of over 300 retirees and deferred pensioners. The scheme is an existing client of Legal & General Investment Management, ... Read the full article
Concirrus bolsters executive team with two hires
15th January 2021
Insurtech firm Concirrus has added Mike Davies and Oliver Miloschewsky to its executive team as part of the expansion of its commercial offering in Asia. Both hires have more than 40 years of combined experience working in the global marine insurance market and have extensive experience the marine market. Previously holding senior ... Read the full article
UK Supreme Court upholds business interruption judgement
15th January 2021
The UK Supreme Court has upheld the judgement on the Financial Conduct Authority’s (FCA) business interruption (BI) insurance test case. The financial regulator brought the case forward in May to seek legal clarity on whether insurers were obligated to pay out on BI claims related to the COVID-19 pandemic. After the UK ... Read the full article
Markel hires Tom Williams as Environmental Product Line Leader
15th January 2021
Financial holding company Markel Corporation has appointed Tom Williams as Environmental Product Line Leader, where he will lead the environmental team for the Markel Specialty division. Williams previously worked at Allianz Global Corporate & Specialty, where he was the environmental practice group leader for five years. Prior to this, he worked for ... Read the full article
Lemonade targets $544.5mn from upsized share offering
15th January 2021
Insurtech start-up Lemonade intends to offer 3,300,000 shares of its common stock for sale in an underwritten public offering, resulting in net proceeds of up to $544.5 million. The net proceeds from the offering is based on a public offering price of $165 per share, which is up on the $160.74 ... Read the full article
AXA XL names Pamela Rosado general counsel
15th January 2021
AXA XL has announced the appointment of Pamela Rosado as General Counsel, effective February 8. Rosado reports to AXA XL Chief Executive Officer (CEO), Scott Gunter and will be based in New York. She takes on the role from Anthony Recine, who served as interim General Counsel and who will now return ... Read the full article
Core Specialty, Lancer Management launches excess transportation program
15th January 2021
Core Specialty has secured a new partnership with Lancer Management Company and will now provide excess liability limits for qualified local, intermediate and long haul trucking accounts as well as general commercial and public automobile companies. The new excess facility will follow underlying commercial auto, general liability and employer's liability coverage. The ... Read the full article
Lloyd’s CFO Keese predicts strong interest in market’s ILS platform
14th January 2021
As the specialist Lloyd's of London insurance and reinsurance marketplace continues to evolve and enable additional modern ways of insurance financing, interest in the market sponsored London Bridge Risk PCC is expected to be robust, according to Burkhard Keese, Chief Financial Officer (CFO) at Lloyd's. Earlier today, Lloyd's announced that ... Read the full article
Howden Group’s HX partners with expert.ai
14th January 2021
HX, the data and analytics division of Howden Group, has announced a partnership with expert.ai to augment its data analytics services. Expert.ai's underwriting is aligned with HX’s aim to help insurers, re-insurers, corporates and brokers maximise their resources through its data insights. The platform works by automating the reading and analysis of ... Read the full article