Reinsurance News
Former Ironshore CEO Kevin Kelley joins Aquiline
21st February 2020
Aquiline Capital Partners LLC, a private equity firm that invests in financial services and technology, has announced that Kevin Kelley has joined the firm as an Executive Advisor. Kelley previously served as Chief Executive Officer at Ironshore, prior to the company’s acquisition by Liberty Mutual Insurance. Most recently, he worked as Vice ... Read the full article
United Insurance posts $30mn loss after “tough year”
21st February 2020
United Insurance Holdings Corp (UPC Insurance) has posted a $29.9 million loss for 2019, following what President and CEO John Forney described as a “tough year” for the company. Core income also fell to a loss of $46.2 million, compared to $17.3 million in the previous year. Net income in 2018 ... Read the full article
Is Willis Towers Watson just preparing the ground for a bigger M&A deal?
21st February 2020
After insurance and reinsurance brokerage and consultancy Willis Towers Watson (WTW) confirmed yesterday that it is exploring “strategic alternatives” for its wholesale arm, Miller, it's interesting to consider how a sale of its majority stake could clear the decks for a much larger M&A deal. Willis Towers Watson (WTW) and ... Read the full article
ProAssurance set for $450mn acquisition of NORCAL Group
21st February 2020
Specialty insurer ProAssurance is set to acquire NORCAL Group in a $450 million deal following the demutualisation of NORCAL Mutual Insurance Company, NORCAL's parent. The demutualisation and the acquisition agreement are mutually contingent, and are subject to required regulatory and policyholder approvals. Based on available estimates of premium, the combination of these ... Read the full article
Reinsurance growth helps Global Indemnity return to black
21st February 2020
Specialty property and casualty re/insurer Global Indemnity returned to the black in 2019, posting net income of $70 million for the year, versus a net loss of $56.7 million in 2018. Performance was helped by a 18.9% increase in net written premiums, which totalled $562.1 million for the twelve-month period. Notably, this ... Read the full article
Allstate records $58mn cat losses for January, reverts back to threshold
21st February 2020
US primary insurer Allstate Corporation has announced an estimated $58 million in pre-tax catastrophe losses for January 2020. Allstate has also reverted back to a cat loss reporting threshold of $150 million in a calendar month. The company had previously dropped this threshold last October. This practice, Allstate says, is consistent with its ... Read the full article
ACORD launches London advisory board
21st February 2020
ACORD, the international standards-setting body for the insurance sector, has launched a London advisory board. The new board will meet on a quarterly basis and has been established to align London market initiatives with global ACORD data standards, to increase adoption and leverage of ACORD assets, and to strengthen the impact ... Read the full article
Swiss Re extends climate policy to exclude oil & gas
21st February 2020
Swiss Re has announced that it will stop providing re/insurance to, or investing in, the most carbon-intensive oil and gas companies, as part of its sustainability targets. In line with this policy, Swiss Re will gradually cut business support in underwriting and asset management to the world’s 10% most carbon-intensive oil ... Read the full article
Nexus launches US financial lines division
21st February 2020
Nexus Group, a specialty Managing General Agent, has launched a financial lines division in the US, under its newly-formed entity Nexus Specialty. Underwriting capacity for the new line is provided by Professional Solutions Insurance Company. Stacy Paquet will lead the new division, bringing over 15 years’ experience in the US Management Liability ... Read the full article
Alleghany president sees bright future for TransRe despite 2019 loss
21st February 2020
Despite a modest underwriting loss in 2019, Alleghany president Weston Hicks has praised TransRe’s “deep reservoir of underwriting expertise” and believes the end of a competitive downturn in the global property and casualty reinsurance industry will result in improved market conditions in 2020 and beyond. TransRe recorded an underwriting loss ... Read the full article
Apollo adds four to bolster casualty offering
21st February 2020
Independent specialist insurer and reinsurer, Apollo Syndicate Management, has announced four senior appointments to its Syndicate 1969 at Lloyd's of London, as it continues to bolster its casualty offering. Colm Lyons has been named Head of Casualty at Apollo Syndicate 1969, and will report to Matt Newman, Apollo Group Head of ... Read the full article
AM Best stable on Gulf Cooperation Council markets
21st February 2020
AM Best has maintained its stable outlook on the re/insurance markets of the Gulf Cooperation Council (GCC) due to the potential for premium growth and short-term opportunities, as well as extensive reinsurance support and improved regulatory sophistication. The rating agency noted that the rollout of mandatory health insurance in Oman and ... Read the full article
Willis Towers Watson considering sale of Miller
20th February 2020
Re/insurance brokerage Willis Towers Watson (WTW) has confirmed that it is exploring “strategic alternatives” for its wholesale arm, Miller, which could include a potential sale. WTW originally acquired Miller in 2015, merging its wholesale activities with the firm but keeping the trading brand. In return, Miller’s treaty reinsurance, UK Corporate client and ... Read the full article
IRB Brasil Re boosts income by 45% in 2019
20th February 2020
Brazilian reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) has announced that its net income increased 45% to 1.764 billion reais (US $400 million). Up from 1.219 billion reais in 2018, the result marks several years of consistently improving performance for the company. The fourth quarter of 2019 was by far the ... Read the full article
AXA looks to address AXA XL volatility with additional reinsurance
20th February 2020
In an effort to minimise earnings volatility within its commercial insurance and reinsurance arm, AXA XL, French insurer AXA has purchased some additional reinsurance covers. The global insurer and reinsurer today announced its results for 2019, reporting a higher net income and elevated total revenues within AXA XL. However, while AXA ... Read the full article