Reinsurance News
Cohen & Co’s IAC completes merger with Shift Technologies
15th October 2020
Insurance Acquisition Corp. (IAC), a subsidiary of Cohen & Company Inc., has completed its previously announced merger agreement with automotive e-commerce firm, Shift Technologies Inc. The business combination, which was approved on October 13th by INSU’s stockholders, provides Shift with approximately $300 million, net of fees and expenses. Shift is an ... Read the full article
Marsh hires new US Cyber Incident Management Leader
15th October 2020
Global insurance and reinsurance broker, Marsh, has announced the appointment of Katherine Keefe as US Cyber Incident Management Leader. In this newly created role, Keefe will be responsible for leading the broker's efforts to assist clients responding to and managing cyber events, including data breaches and ransomware attacks, whilst giving advice ... Read the full article
APCIA adds Amerisure, Travelers CEOs to board
15th October 2020
The American Property Casualty Insurance Association of America (APCIA) has added new officers to its board of directors. Greg Crabb, president and Chief Executive Officer of Amerisure Companies has been elected as APCIA’s chair while Alan Schnitzer, chairman and CEO of The Travelers Companies, joins as chair-elect. Both appointments are effective on January ... Read the full article
R&Q’s Accredited in new program partnership with Attune
15th October 2020
Accredited Surety & Casualty Company, Inc., a wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd., has entered into a program underwriting partnership with Attune Insurance. Attune is a program administrator with specific experience in commercial insurance programs, and currently manages a BOP program with more than $100 million in ... Read the full article
Lockton Re adds Guy Carpenter’s Andy Massingham as a Senior Broker
15th October 2020
Lockton Re, the reinsurance arm of global brokerage Lockton, has announced that appointment of Andy Massingham as a Senior Broker, based in the London office, as part of the firm's Marine & Energy Division. Massingham joins Lockton Re from rival brokerage Guy Carpenter, where he most recently served as a Managing ... Read the full article
Toa Re Europe adds life reinsurance to offering
15th October 2020
Tokyo-based reinsurer, The Toa Reinsurance Company, Ltd., is currently in the process of adding life reinsurance to the product offerings of its Zurich, Switzerland domiciled subsidiary, Toa Re Europe. The addition of life reinsurance to the product offering expands on the firm's property and casualty (P&C) reinsurance business, which it ... Read the full article
Munich Re partnership targets manufacturing industry
15th October 2020
Munich Re is entering into a strategic partnership with German industrial machine manufacturing group TRUMPF on a new service designed to make customers' production processes more flexible and react faster to market changes. By using a "pay-per-part model" customers are able to use a full-service laser machine without having to buy or ... Read the full article
Risk Theory launches underwriting unit for downstream energy
15th October 2020
Risk Theory, a privately held specialty lines insurance manager, has announced the launch of a new underwriting unit for downstream energy contractors. The unit, called Carbon Underwriters (not related to the Lloyd's focused underwriter of the same name), will offer products for contractors working in petrochemical plants and refineries in several ... Read the full article
SRL makes rating adjustments for Lloyd’s Syndicate 33
15th October 2020
Syndicate Research Limited (SRL) has provided rating adjustments for Hiscox Syndicates Limited-backed, Lloyd's syndicate 33. SRL has downgraded the A (Very Good), negative outlook, Continuity Opinion of Lloyd's syndicate 33 to an A- (Good) rating. The downgrade comes in light of the syndicate’s more recent performance aligning the its overall scorecard assessment ... Read the full article
ICA welcomes call for disaster mitigation funding to tackle affordability issues
15th October 2020
The Insurance Council of Australia has welcomed a call from the Australian Prudential Regulation Authority (APRA) for significant funding for investments in natural disaster mitigation. APRA executive board member Geoff Summerhayes has stated that “high, rising and volatile costs” of natural disasters is leading to declining insurance affordability and accessibility. He added ... Read the full article
A tsunami of price & condition strengthening is coming, says Peak Re CEO Hahn
14th October 2020
After a prolonged soft market state, characterised by fading margins amid low interest rates, elevated catastrophe losses and inadequate rates, the reinsurance industry can expect to see a significant amount of price and condition strengthening, according to Franz Josef Hahn, Chief Executive Officer (CEO) of Hong Kong reinsurer, Peak Re. "Everybody ... Read the full article
The Hanover estimates $66mn in Q3 cat losses
14th October 2020
The Hanover Insurance Group expects its third quarter catastrophe losses to total approximately $66 million. This pre-tax figure ($52 million after taxes) is driven primarily by hurricane Isaias and wildfires in California and Oregon. The estimate also includes roughly $10 million of favourable prior-year development on several events from recent accident years. The ... Read the full article
Brown & Brown announces two acquisitions
14th October 2020
Re/insurers, Brown & Brown Insurance has announced the acquisition of all of the assets of Bright & Associates, as well as finalising the acquisition of Vehicle Administrative Services, (VAS). Bright & Associates is an independent sales and service organisation providing F&I products and sales support to the automotive, marine, power ... Read the full article
AXIS estimates Q3 cat losses at up to $255mn
14th October 2020
Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has estimated that it will incur catastrophe losses of between $225 million and $255 million during the third quarter of 2020. This figure is pre-tax, with the loss range decreasing to $190 million to $220 million after accounting for tax. Losses primarily relate to ... Read the full article
PCS adds elemental Gulf of Mexico losses to Global Marine and Energy platform
14th October 2020
Property Claim Services (PCS), part of Verisk, has expanded its PCS Global Marine and Energy loss data service with the addition of elemental loss reporting for the Gulf of Mexico. In 2017, PCS ventured away from the property catastrophe sector for the first time with the launch of its Global ... Read the full article