Reinsurance News
Allstate results benefit from decreased cat losses
5th February 2020
The Allstate Corporation has released its full-year results for 2019, reporting consolidated revenues of $44.7 billion, up 12% on the previous year. Net income also more than doubled compared with the previous year, at $4.7 billion in 2019 versus $2.0 billion in 2018. Results were helped by a decrease in catastrophe losses, ... Read the full article
RGA introduces digital health data scoring solution
5th February 2020
Life and health reinsurer, Reinsurance Group America, has made its Digital Health Data Risk Scoring service available to US life insurers. The service evaluates structured electronic medical record and medical claims data and provides an underwriting risk score for integration within a carriers underwriting system. “Electronic medical records and claims data are ... Read the full article
AkinovA facilitates parametric cyber purchase for Asian tech firm
5th February 2020
AkinovA, the electronic marketplace for the transfer and trading of re/insurance risk, has announced that it recently facilitated the purchase of a parametric Cloud Outage product for an Asia-based technology company. Completed on January 30, 2020, this transaction will provide protection in the event that a named Cloud Service Provider (CSP) ... Read the full article
Streamlined de-risking will be the norm for smaller pension schemes: LCP
5th February 2020
Pension, insurance and investment consultancy firm, Lane Clark & Peacock LLP (LCP) believes that increasingly, it will become standard for smaller pension schemes looking to de-risk to utilise a streamlined service. To date, LCP has completed 40 transactions worth more than £1 billion for smaller pension schemes using its streamlined buy-in ... Read the full article
CAC Specialty adds two SVPs to M&A Specialty team
5th February 2020
CAC Specialty, the specialty insurance brokerage and investment banking platform, has expanded its M&A Solutions team with the additions of Ned Murphy and Dan Lehmann. Both Murphy and Lehmann join as Senior Vice Presidents (SVPs) with a focus on business development and client service. In their roles, the pair will work closely ... Read the full article
B.P. Marsh offers trading update, highlights diverse portfolio
5th February 2020
In a recent trading update, B.P. Marsh & Partners, the specialist investor in early stage financial services businesses, has revealed that as of January 31st, 2020 it had cash of £0.8 million and available cash of £3.8 million. Included in the company's unaudited trading update for its year ended 31st January, ... Read the full article
WR Berkley adds Marina Barg as SVP, claims
5th February 2020
Re/insurance holding company W. R. Berkley Corporation has appointed Marina Barg as senior vice president, claims. Barg’s appointment is effective immediately and she joins from The Navigators, where she most recently served as chief claims officer for US insurance. She brings over 15 years of experience in the property and casualty sector, ... Read the full article
TransRe partners with Allphins to launch energy reinsurance platform
5th February 2020
Global reinsurer TransRe has partnered with energy InsurTech firm, Allphins, to create a data analytics platform for offshore energy reinsurance business. Under the terms of the agreement, TransRe will leverage Allphins software to digitalise its treaty reinsurance arrangements, monitor its aggregate exposures, and identify opportunities within the marketplace. The Chief Executive Officer ... Read the full article
Marsh & JLT fully integrate Indonesian operations
5th February 2020
Another next step in the continued integration of JLT and Marsh has now completed, with PT Jardine Lloyd Thompson Indonesia now fully merged into PT Marsh Indonesia, effective February 3rd, 2020. The integration expands Marsh in the region by combining the strength and expertise of the two firms into one brokerage. ... Read the full article
RenRe falls to Q4 underwriting loss on Hagibis, but net income up
5th February 2020
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has reported net income of $33.8 million for the fourth-quarter of 2019, however, the impact of Typhoon Hagibis and 2019 Aggregate Losses pushed the firm to a Q4 underwriting loss of $65.2 million. The reinsurer's net income in Q4 2019 compares with a net loss of ... Read the full article
Thailand non-life sector to face growing profit pressures: AM Best
5th February 2020
Analysts at AM Best expect the non-life re/insurance industry in Thailand to face growing pressures on profitability due to fierce market competition and the need for improved pricing and operational sophistication. The Thailand non-life segment posted THB 232 billion (US $7.5 billion) in direct premium written (DPW) in 2018, making it ... Read the full article
Climate response requires new products & modelling techniques: Cavaciuti-Wishart, AXIS Capital
4th February 2020
A comprehensive response to the complex challenges posed by climate risk will require reinsurers to adapt business models, develop new products, and improve modelling techniques, according to Ellissa Cavaciuti-Wishart, Head of Cat Modelling – International at AXIS Capital. Faced with the unpredictability of climate-related impacts, reinsurers must develop ever more sophisticated, ... Read the full article
K2 to acquire Pioneer in first non-US transaction
4th February 2020
K2 Insurance Services LLC, a specialty insurance holdings company, is set to complete its first transaction outside of the U.S., with the acquisition of underwriting services firm, Pioneer Underwriters. According to an announcement on the deal, Pioneer is set to become the cornerstone for a new global platform of K2. Initially, this ... Read the full article
Fidelis appoints Burrows as Group MD, Burford as UK CEO
4th February 2020
Fidelis Insurance, the privately owned Bermuda-based holding company, has announced the appointment of Daniel Burrows as Group Managing Director for Fidelis Group. Burrows joined Fidelis in 2015 and previously was co-CEO of AonBenfield’s Global ReSpeciality (GRS) division. “I am delighted Dan has accepted the position of Group Managing Director,” said Richard Brindle, ... Read the full article
AXA LM acquires RenRe’s UK run-off business
4th February 2020
AXA Liabilities Managers (AXA LM), a division of AXA and an acquirer and manager of legacy re/insurance business, has announced an agreement to acquire RenaissanceRe (UK) Limited from Bermuda-based reinsurer, RenaissanceRe Holdings Ltd. RenaissanceRe (UK) Limited, a company in run-off, was formerly known as Tokio Millennium Re (UK) Limited, and ... Read the full article