Reinsurance News
AmTrust Europe hires Julian Millar as Head of Claims
12th February 2021
AmTrust International, the UK and International arm of New York-based insurer AmTrust Financial Services, has appointed Julian Millar to the role of Head of Claims for AmTrust International Specialty and Chief Claims Officer for AmTrust Europe. Millar will be based in London and will report to Angel Mas, Specialty Business Unit ... Read the full article
Aon & Chubb launch digital insurance platform for SMEs in France
11th February 2021
Global insurance and reinsurance broker Aon has partnered with Chubb to provide small and medium-sized businesses in France with an efficient means to understand coverage options and purchase insurance online. The new digital Aon platform in France is powered by the broker's CoverWallet company, offers more than 10 insurance products from ... Read the full article
MAPFRE RE reports €80mn COVID hit
11th February 2021
Spanish re/insurer MAPFRE has released its results for 2020, which include an €80 million hit to its reinsurance business from COVID-19. MAPFRE RE incurred a further €68 million in losses due to earthquakes in Puerto Rico but still managed to achieve slight growth (0.2%) in net earnings over 2020, which amounted ... Read the full article
QBE launches new Custom Property product
11th February 2021
The North American division of global insurer QBE has launched its new QBE Custom Property product. The product includes a First Party Cyber coverage, which provides coverage for business interruption, data recovery and incident response service expenses, per network security event. It also has other features such as crime coverage, which covers ... Read the full article
Sidley adds Michael Homison as insurance partner in NY
11th February 2021
Law firm Sidley Austin LLP has announced that Michael Homison will join its global insurance practice as a partner based in New York. In this role, he will support clients in a wide range of domestic and international insurance and reinsurance transactions. Previously, Homison was a partner with Skadden, Arps, Slate, Meagher ... Read the full article
Arch Insurance adds Craig Cafferty to Property team in London
11th February 2021
Arch Insurance International, part of Arch Capital Group Ltd., has announced the appointment of Craig Cafferty as a Senior Underwriter, Property, effective immediately. In his new role, Cafferty will work with existing clients across the portfolio as well as exploring new opportunities, adding further drive to the firm's strong growth in ... Read the full article
Deutsche Rück hires Kummer to lead LatAm expansion
11th February 2021
German reinsurer Deutsche Rückversicherung AG (Deutsche Rück) has announced plans to start writing business in Latin America, with a focus on traditional property and casualty business. As part of this expansion, the Düsseldorf-based firm has appointed Florian Kummer as Head of Latin American Markets, effective from 1 December 2020. Kummer has 25 ... Read the full article
COVID weighs on Tokio Marine’s 9M results
11th February 2021
Japanese property and casualty insurance group Tokio Marine Holdings, Inc. has reported a 39% decrease in profits over the nine-month period ending December 31, 2020. Ordinary profit stood at 182.4 billion yen (USD 1.742 billion) for the period in 2020, versus 299.2 billion yen in the previous year. In particular, Tokio Marine ... Read the full article
Cincinnati improves CR despite higher cat losses
11th February 2021
Primary insurer Cincinnati Financial improved its property casualty combined ratio to 87.3% in the fourth quarter of 2020, despite incurring higher than average catastrophe losses. The combined ratio improved by 4.3 points from 91.6% in Q4 2019, while underwriting profit grew by 57% to $187 million over the same period. This was ... Read the full article
PERILS releases final industry loss for storm Sabine (Ciara)
11th February 2021
Catastrophe loss data aggregator PERILS has released the final industry loss footprint for extratropical storm Sabine (Ciara). The event affected a wide area from the British Isles into Western and Central Europe from 9 to 11 February 2020. The total industry event loss figure, based on detailed loss data collected from the ... Read the full article
Trisura reports annual net income of $32.4mn
11th February 2021
Trisura Group Ltd. has reported net income of $10.9 million for the fourth-quarter and income of $32.4 million for the full-year, representing growth of 162.4% and 536.9%, respectively, from the same periods in 2019. The company attributes the higher figures to strong growth and underwriting in Canada, a growing contribution to ... Read the full article
Ambac launches specialty program insurer Everspan
11th February 2021
Financial services holding company Ambac Financial Group has announced the launch of Everspan Group, a specialty, participatory fronting program insurance business. With capital in excess of $100 million, Everspan will operate as a Financial Size Category Class VII property and casualty insurer and is expected to begin writing new specialty programs ... Read the full article
Canopius names AXA XL’s Neil Robertson as Deputy CEO
11th February 2021
Specialty insurer and reinsurer Canopius Group has announced the appointment of Neil Robertson as Deputy Group Chief Executive Officer (CEO), effective May 4th, 2021. In his new role, Robertson will report to Michael Watson, Group Chairman and CEO, who is expected to continue to serve as Chairman after a suitable transition ... Read the full article
PRA review aims to tailor Solvency II for the UK market
11th February 2021
The Prudential Regulation Authority (PRA) has confirmed that a post-Brexit review of Solvency II guidelines will aim to tailor the rules specifically for the UK re/insurance market. The UK Government has committed to a review of the European Union's Solvency II regulatory requirements for re/insurance firms now that it is no ... Read the full article
Arch acquires majority stake in Coface
11th February 2021
Arch Capital Group's share purchase agreement with Natixis for a majority stake in France-based trade-credit insurance firm, Coface, has received all necessary approvals for its closing, triggering the appointment of Bernardo Sanchez Incera as Chairman of the Board of Directors. It was announced in February of last year that Bermuda headquartered ... Read the full article