Reinsurance News
Palomar braced for $38mn Q3 nat cat hit
6th October 2020
California-based insurance holding company Palomar has estimated between $34 million and $38 million in pretax catastrophe losses for the third quarter of 2020. These estimates are net of reinsurance and include the impacts of hurricanes Hanna, Isaias, Laura and Sally. Palomar’s loss estimates are subject to change due to the complexity of ... Read the full article
Aon partners with Athenium on new claims platform
6th October 2020
Re/insurance broker Aon plc has announced it is collaborating with Athenium Analytics to develop a claims quality platform to enable insurers to identify high-risk claims. The new platform is expected to attain an estimated 4-6% improvement in claims indemnity and expenses, according to Aon analysis. There is an immense pressure which carriers ... Read the full article
Everest Re looks to raise $1bn via debt issue
6th October 2020
Bermuda-based reinsurer, Everest Re Group, Ltd. has announced that its wholly-owned subsidiary, Everest Reinsurance Holdings, Inc., is set to raise $1 billion of additional capital through a debt issue. Everest Re has priced a registered public offering of $1 billion aggregate principal amount of 3.500% Senior Notes due 2050. The company expects ... Read the full article
Insurtech Integrity Life secures $43mn in series B round
6th October 2020
Australian insurtech startup Integrity Life has announced a $43 million series B round of funding, raised before and during the COVID-19 pandemic. The majority of the capital came from institutional funds managed by Schroder Investment Management (Switzerland) AG, with support from existing institutional shareholders Leadenhall Capital Partners and Daido Life, and ... Read the full article
Beirut port explosion economic loss seen at $7.5bn
6th October 2020
The Association of Insurance Companies in Lebanon (ACAL) has put the economic losses from the Beirut port explosion at $7.5 billion, according to Elie Tarabay, President of the ACAL and Vice President of the General Arab Insurance Federation (GAIF). UPDATE: It’s now become clear that the $7.5bn figure has been wrongly ... Read the full article
Swiss Re CorSo partners with Hitachi on digital risk solutions
6th October 2020
Swiss Re Corporate Solutions, the commercial insurance division of reinsurance giant Swiss Re, has announced a new partnership with Hitachi Europe Ltd. to launch an insurance-based offering to help corporations manage digital risks. Hitachi Europe is a subsidiary of the Japanese multinational conglomerate company Hitachi Group, which is well-known for building ... Read the full article
Hamilton to use current climate as growth opportunity
6th October 2020
Global re/insurer, Hamilton Group has confirmed in a recent webinar that they are using the current financial climate as an opportunity to grow, despite the ongoing uncertainty surrounding another year of difficult markets. Reinsurance News recently hosted a webinar partnered with sister company, Artemis and in association with our partners Kroll ... Read the full article
Ascot adds Nick Greggains as CEO of Ethos Specialty
6th October 2020
Ascot Group has announced the addition of Nick Greggains, formerly of Pioneer Underwriters, as the new Chief Executive Officer (CEO) of its wholly owned Managing General Underwriter (MGU), Ethos Specialty. Following its launch in 2017, Ethos has developed eight niche programs across Property, Casualty, and Transaction Liability Insurance. In his new ... Read the full article
AM Best reports mixed credit rating changes over H1
6th October 2020
Analysts at AM Best say credit rating activity was mixed over the first half of 2020 with upgrades mostly outnumbering downgrades. Nevertheless, the rating agency found that the percentage of upgrades for US P&C carriers’ Issuer Credit Ratings through mid-year 2020 were down modestly, to 5.1% of rating actions, compared with ... Read the full article
EC3 Brokers announce award for DIFC Master Health Insurance Scheme
6th October 2020
Reinsurance broker, EC3 Brokers MEA recently announced that Abu Dhabi National Insurance Company has been awarded the DIFC Master Health Insurance Scheme. The scheme is in partnership with the Dubai International Financial Centre Authority (DIFCA) and becomes effective on 1st October.The purpose of it is to provide cost-effective health insurance ... Read the full article
Premia to acquire Navigators Holdings (Europe) from The Hartford
5th October 2020
Bermuda domiciled reinsurance run-off group, Premia Holdings Ltd., has reached an agreement to acquire Navigators Holdings (Europe) NV and its associated companies from The Hartford, subject to regulatory approvals. The associated companies included in the acquisition are Assurances Continentales - Continentale Verzekeringen NV of Belgium and Canal Re S.A. of Luxembourg, ... Read the full article
Crawford & Company acquires Chilean loss adjustor Crawford Carvallo
5th October 2020
Crawford & Company, a provider of claims management solutions, has announced the acquisition of Crawford Carvallo and its individual business units. Business units include Graham Miller, Crawford Marine & Transportation, Crawford Affinity Chile, Crawford Affinity Colombia, Legaltec, and Quality Surs. Crawford Carvallo provides loss adjusting, claims management solutions and legal services in Chile ... Read the full article
Beazley launches global broker portal for digital health sector
5th October 2020
Specialist insurer Beazley has announced the global launch of an online portal that provides insight and support to brokers and their clients in the digital health sector. Beazley’s Virtual Care portal aims to help its broking partners mitigate key areas of risk affecting tech-led healthcare and wellness services. The risk solution integrates ... Read the full article
Hyperion’s DUAL adds underwriter Paul Collinson to private client team
5th October 2020
DUAL, the underwriting arm of Hyperion Insurance Group, has added Paul Collinson as Senior Portfolio Underwriter within its Aurum private client team. Collinson brings 13 years of insurance experience in underwriting roles across the industry. His most recent role was at Chubb as Senior Development underwriter. “I am delighted that Paul will be joining ... Read the full article
Liberty Mutual to provide cover for Lyft
5th October 2020
Global insurer, Liberty Mutual Insurance has announced that it has been selected by rideshare provider, Lyft, to provide cover for its drivers using its rideshare platforms, effective today. Under the program, Liberty Mutual provides specific coverages for drivers in Arizona, Michigan, New Mexico, Texas and Utah, and will cover from the ... Read the full article