Reinsurance News
Senator & Cannae accuse CoreLogic of ignoring shareholders
8th July 2020
Senator Investment Group LP and Cannae Holdings Inc. have accused CoreLogic of ignoring its shareholders, after the property information and analytics provider said yesterday that it had rejected an unsolicited acquisition offer from the investment firms. CoreLogic’s Board unanimously rejected an offer to acquire all of its outstanding common shares ... Read the full article
UBS UK pension scheme secures £1.4bn longevity swap with Zurich
8th July 2020
The UBS (UK) Pension and Life Assurance Scheme has entered into a longevity swap transaction with Zurich that covers roughly £1.4 billion of its defined benefit (DB) pensioner liabilities. The longevity swap covers the majority of the Scheme’s DB pensioners and will protect the Scheme against the risk of the covered ... Read the full article
AXA XL names Sean McGovern as CEO UK & Lloyd’s on a permanent basis
8th July 2020
AXA XL, the property & casualty and specialty risk division of AXA, has announced that Sean McGovern has been appointed as Chief Executive Officer (CEO) UK & Lloyd's market on a permanent basis, subject to regulatory approval. McGovern had been operating in this role in an Interim basis for a ... Read the full article
Allstate to acquire National General for $4 billion
8th July 2020
U.S. primary insurance giant, The Allstate Corporation, has reached an agreement to acquire National General Holdings Corporation for around $4 billion in cash, or $34.50 per share. The acquisition, which remains subject to regulatory approvals and other customary closing conditions, sees Allstate expand its personal lines market position. National General offers a ... Read the full article
Turkey’s Eximbank provides $79mn reinsurance support to UKEF
8th July 2020
Türk Eximbank, Turkey's official export credit agency, is set to provide $79.2 million of reinsurance backing to the UK Export Finance Agency (UKEF) for its energy projects in Iraq. A statement from Trade Minister Ruhsar Pekcan says the amount to be provided to UKEF is proportionate to the value of Turkish ... Read the full article
COVID-19 to compound Florida property insurers’ woes: AM Best
7th July 2020
The numerous headwinds in Florida's property insurance market have become more complex amid the COVID-19 pandemic, according to a new report by AM Best. Challenges such as higher reinsurance pricing and social inflation continue to challenge the financial strength of Florida's personal property writers and impact coverage availability and affordability in the ... Read the full article
Former T-Mobile CFO Braxton Carter joins Assurant’s Board of Directors
7th July 2020
J. Braxton Carter, former Executive Vice President (EVP) and Chief Financial Officer (CFO) for T-Mobile US, Inc., has joined Assurant, Inc.'s Board of Directors, serving on the Board's Audit Committee. While at T-Mobile, Carter led the financial organisation for almost a decade, until his retirement from the firm on July 1st, ... Read the full article
CoreLogic rejects takeover offer from Senator & Cannae
7th July 2020
Property information and analytics provider CoreLogic has turned down an unsolicited acquisition offer from Senator Investment Group LP and Cannae Holdings Inc. Following consultation with independent financial and legal advisors, CoreLogic’s Board unanimously rejected the offer to acquire all of its outstanding common shares for $65.00 per share in cash. The Board ... Read the full article
RGA agrees to sell its Dutch life insurer to De Goudse
7th July 2020
Life reinsurer, Reinsurance Group of America, Incorporated (RGA) has reached an agreement to sell its Dutch life insurance firm, Leidsche Verzekering Maatschappij N.V. (Leidsche), to De Goudse N.V., an all-round insurer. Terms of the transaction have not been disclosed and the deal remains subject to approval of the Competition Authority, De ... Read the full article
AXA XL Reinsurance closes alternative capital deal with Bluefire
7th July 2020
AXA XL Reinsurance in Bermuda has completed an alternative capital reinsurance transaction with Bluefire Insurance, a Texas based managing general agency (MGA). Under the terms of the agreement, Bluefire will assume risk from its personal auto portfolio through a collateralized reinsurance agreement with AXA XL. The transaction represents Bluefire's first risk taking ... Read the full article
Flood Re calls for improved resilience after record loss year
7th July 2020
Flood Re, the UK’s government-backed reinsurance scheme, has urged the country to “build back better” following record flood losses in 2019/20. Flood Re incurred claims at a gross cost of £160 million last year, which was ten times higher than the previous year. After three relatively dry years, 2019/20 saw the first ... Read the full article
Beazley sets up booking system for online broker meetings
7th July 2020
Specialist insurer Beazley has launched an online booking system to help brokers arrange virtual appointments and share documentation with underwriters. Built in collaboration with Microsoft and IT consultancy Redspire, Beazley Booking uses Microsoft’s Power Platform to create a web application that brokers can access securely. The booking system will enable brokers to ... Read the full article
Safety National Re’s Ray Harkins to Retire as EVP, CUO of reinsurance
7th July 2020
Safety National Re has announced the retirement of Ray Harkins as Executive Vice President and Chief Underwriting Officer, Reinsurance. Bob King has been appointed to succeed him as Senior Vice President and Chief Underwriting Officer Reinsurance. Harkins retires following a 44-year career in reinsurance and insurance. At Safety National, he provided leadership ... Read the full article
Juan England joins TigerRisk as Partner from Willis Re
7th July 2020
Insurance and reinsurance brokerage TigerRisk Partners has named Juan England, formerly of Willis Re, as Partner with a mandate to help develop large, multi-regional clients in Europe and beyond. England brings extensive experience in analytics and modeling non-US catastrophe exposures to the firm, most recently serving as Managing Director, Willis Re ... Read the full article
Kingstone reports improved net income; higher reinsurance costs in 2020
7th July 2020
Property and casualty (P&C) insurer Kingstone Companies, Inc. has reported net income of $0.6 million for the first six months of the year, while the firm purchased a lower level of catastrophe reinsurance at a higher cost than the previous year as rate rises continued for reinsurers. At $0.6 million, the ... Read the full article