Reinsurance News
Progressive reports elevated cat loss on thunderstorms, hail & tornadoes
14th April 2022
Property and auto-focused insurance group Progressive has suffered a relatively heavy catastrophe loss toll in March, as the impacts of US severe convective storms and tornadoes affected the company. The impact of the severe weather across the United States in March has driven Progressive to miss analysts loss ratio targets, with ... Read the full article
Lockton launches Insights & Innovation Lab
14th April 2022
Global re/insurance broker Lockton has launched a new Insights & Innovation Lab for People Solutions, where a new team of experts will focus on helping its clients make improvements to their businesses. With healthcare and benefits complexity continuing to increase, Lockton says employers are searching for innovative solutions that help them ... Read the full article
Flood Re launches ‘Build Back Better’ scheme to help UK areas affected by flooding
14th April 2022
Flood Re has launched a new scheme in collaboration with the UK government called ‘Build Back Better’ to help those homes and areas affected by flooding. Also participating in the scheme will be Ageas, Aviva, NFU Mutual, Lloyds Banking Group, and LV= General Insurance. Under its auspices, participating home insurers will begin ... Read the full article
Aon and BNY Mellon to collaborate on ESG offerings for clients
14th April 2022
Insurance and reinsurance broker Aon and BNY Mellon are to collaborate on solutions to meet client needs with a focus on ESG. A release from the two firms said that they would be looking to explore opportunities around digital assets, data, and analytics. Throughout this new collaboration, they said they would work ... Read the full article
Athora posts robust results for 2021
14th April 2022
European life insurance and reinsurance group Athora Holding, Ltd, announced their financial results for the full year. In a press release, it states that throughout the year, the company saw continued progress against its strategic objectives. This includes securing an agreement to acquire Amissima Vita in Italy, a €7.2 billion life insurer, ... Read the full article
79% of policyholders believe cyber insurance is worth the cost: Cowbell Cyber
14th April 2022
Findings from Cowbell Cyber’s first ever cyber insurance report dedicated to small and medium sized enterprises (SMEs) – Cyber Round Up, highlighted that 79% of policyholders believe that cyber insurance is worth the cost. In January 2022, Cowbell surveyed its policyholders – SMEs with up to $250 million in revenue, to ... Read the full article
Cat losses drive downgrade for Louisiana Farm Bureau’s ratings
14th April 2022
The Louisiana Farm Bureau has seen its financial strength and long-term issuer credit ratings downgraded by AM Best. According to a release sent out by AM Best, the insurer has seen both ratings moved down from A to A-. However, the firm said that the outlook of these ratings remained stable. It ... Read the full article
Catalina reports net income of $177mn for 2021, targets entry to Lloyd’s
14th April 2022
Legacy specialist Catalina Holdings (Bermuda) has reported consolidated net income of $177 million for the year ended December 31 2021, and net operating income of $86 million. The company also announced that its total shareholders’ equity came in at $1.4 billion, with total assets of $6.66bn and total liabilities of $5.23bn. In ... Read the full article
Catastrophe losses for insurers to top $14bn for Q1 2022
14th April 2022
Losses arising from catastrophes for private and public insurers will top at least $14bn in the first-quarter of 2022, says a new report from re/insurance broker Aon. The report, the Q1 Global Catastrophe Recap, states that total economic losses in Q1 2022 were $31bn around the world, with just under half ... Read the full article
Everest deepens middle market expertise with new property insurance product
14th April 2022
Everest Insurance, part of Bermuda-based Everest Re Group, has announced the launch of a new commercial property insurance product – Middle Market Property. This new product offering from Everest is designed to serve the unique and unmet needs of middle market customers. The launch of Middle Market Property will position Everest to ... Read the full article
EvolutionIQ raises $21m in Series A funding
14th April 2022
Claims guidance platform EvolutionIQ has raised $21m in Series A funding. According to the firm, the round was led by Brewer Lane Ventures, with participation from FirstRound Capital, FirstMark Capital, Foundation Capital, Altai Ventures, and Asymmetric Ventures. Other investors included Reliance Standard Life, New York Life Ventures, Guardian Life, and Sedgwick. Tomas ... Read the full article
Swiss Re secures $1.15bn hybrid bank financing / ILS deal for group-wide losses
14th April 2022
Reinsurance giant Swiss Re has partnered with J.P. Morgan and institutional investors to complete an innovative, first of its kind hybrid transaction which combines bank financing and insurance-linked securities (ILS), securing $1.15 billion in protection for severe underwriting-related losses. For this innovative multi-year stop-loss transaction, J.P. Morgan provides $1 billion in ... Read the full article
Core Specialty names President of newly formed Equine Division
14th April 2022
Core Specialty Insurance Holdings has announced the appointment of Kevin Eagen who joins the company as President of its newly formed Equine Division. Equine Division represents Core Specialty's 11th Specialty Business Unit. In a press release, it states that Equine Division offers a variety of products, including equine mortality, loss of use, ... Read the full article
Oil & gas price surge heightens risk of underinsurance: Lockton
14th April 2022
Peter Hall, Head of Marine Cargo & Logistics at Lockton, has warned that the surge in oil and gas prices as a result of international sanctions on Russia could heighten the risk of underinsurance. Commenting on the conflict and its implications for the global re/insurance industry, Hall noted that failure to ... Read the full article
Fosun’s AmeriTrust to be acquired by AF Group
14th April 2022
Global specialty re/insurer AF Group has entered into a definitive agreement through its subsidiary, Accident Fund Insurance Company of America, to purchase AmeriTrust Group from Fosun. Investment banking and reinsurance brokerage, Stonybrook Capital acted as advisors for AF Group during the acquisition, whilst Deutsche Bank were advisors for Fosun. In a press ... Read the full article
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