Reinsurance News
Duck Creek partners with motor startup Adiona
4th January 2022
Duck Creek Technologies has partnered with newly launched UK insurtech motor insurer, Adiona. The partnership was created to offer insurance policies with premiums built on data and telematics, artificial intelligence and machine learning that provide pricing based on the driving habits of each insured customer. Having launched in September, Adiona is a ... Read the full article
Core Specialty completes merger combination with Lancer
3rd January 2022
Specialty property and casualty (P&C) insurers Core Specialty has now completed its previously announced merger combination with commercial auto specialist Lancer Insurance Group, growing its business into one holding pro forma capital of over $1.1 billion. The merger was announced back in April 2021, with Lancer expected to operate as ... Read the full article
January renewals reflect “healthy but bifurcated” reinsurance market: Guy Carpenter
3rd January 2022
The January 1st 2022 reinsurance renewal season saw conditions that reflect a "healthy but bifurcated" reinsurance market, according to global broking firm Guy Carpenter. The reinsurance market is evolving, Guy Carpenter says, evidenced by reinsurers adjusting their risk appetites and pricing thresholds for certain sectors, as they respond to ongoing and ... Read the full article
Apollo completes merger with Athene, lifting market cap to $43bn
3rd January 2022
Apollo has now completed its merger with life and retirement reinsurance company Athene Holding Ltd., creating a company with an implied market capitalisation of around $43 billion. Apollo now considers itself a "high-growth alternative asset manager with asset management and retirement services capabilities", with two subsidiaries, Apollo Asset Management (formerly known ... Read the full article
Ryan Specialty completes acquisition of Keystone Risk Partners
3rd January 2022
International specialty insurance firm, Ryan Specialty Group, has now completed its acquisition of certain assets of the Media, PA based insurance operation Keystone Risk Partners, LLC. The acquisition was previously announced last month. Keystone Risk Partners offers a range of alternative risk products and services, including captive consulting and management, as ... Read the full article
Markerstudy to acquire BGL’s insurance arm for £400m: Report
3rd January 2022
UK motor insurance specialist Markerstudy is reported to be acquiring the insurance operations of BGL Group, which also owns price comparison giant Comparethemarket, in a deal worth £400 million. Sky News reported yesterday that Markerstudy is buying the BGL insurance operation with the support of a capital injection from its private ... Read the full article
Zurich frees $1.2bn of capital with sale of $9.5bn Italian life & pensions back book
3rd January 2022
Global insurer Zurich Insurance Group announced this morning that it is freeing up roughly US $1.2 billion of capital through the sale of its legacy Italian life and pensions book of policies. Zurich said that its subsidiary Zurich Investments Life S.p.A. is selling its life and pension back book, which includes ... Read the full article
AXA completes €690mn sale of Belgian banking operations
31st December 2021
French insurance giant AXA has sold 100% of its Belgian banking operations to cooperative bank Crelan for a total consideration of €690 million. The deal consists of €610 million in cash and the transfer to AXA Belgium of Crelan Insurance, the insurance company of Crelan valued at €80 million. In addition, AXA ... Read the full article
Post-pandemic GDP levels comparable to Great Depression: SCOR
31st December 2021
According to a new report from SCOR, the COVID-19 pandemic caused a sudden quasi-global economic standstill and consequently led to a significant drop in global GDP, at levels comparable to those observed during the Great Depression of the 1930s. The anticipation of such a massive drop in global GDP over a ... Read the full article
Lighthouse to grow insurance business using $65m capital raise
31st December 2021
Lighthouse Management, LLC has announced that it has successfully completed a $65,000,000 senior note issuance in a private placement. The capital from this transaction will be used to refinance existing debt at the firm's MGA and infuse growth capital into Lighthouse’s affiliated insurance carrier, Lighthouse Property Insurance Corporation, It will also be ... Read the full article
IRDAI views state-owned reinsurer GIC Re as “too important to fail”
31st December 2021
The Insurance Regulatory and Development Authority of India (IRDAI) has said that General Insurance Corporation of India (GIC Re), alongside Life Insurance Corporation of India (LIC) and New India Assurance Co. Ltd., continue to be identified as Domestic Systemically Important Insurers (D-SIIs). D-SIIs are re/insurers that are believed to be "too ... Read the full article
DARAG Bermuda in second novation agreement with Cayman reinsurer
31st December 2021
Legacy acquirer DARAG has concluded the second novation agreement with a Cayman reinsurer to provide finality for its US liability books. The transaction has been written into DARAG Bermuda and is the second completed novation with this Cayman based reinsurer for newer years. The first agreement was announced in September last ... Read the full article
HSBC approved to take full ownership of HSBC Life China
31st December 2021
HSBC Holdings plc has underscored its commitment to expanding in China after its indirect wholly-owned subsidiary, HSBC Insurance (Asia) Limited, received approval from the Shanghai office of the China Banking and Insurance Regulatory Commission to acquire the remaining 50% stake in HSBC Life Insurance Company Limited (HSBC Life China). The approval ... Read the full article
Pandemic triggers 12% contraction in LatAm market, MAPFRE finds
31st December 2021
The Latin American insurance market registered an 11.9% decrease in premiums during the year of the pandemic, to $134.4 billion, according to new data from MAPFRE. Of the total premium figure, 57% came from non-life insurance and the remaining 43% from life insurance, MAPFRE reported. The sector’s contraction was caused mainly by ... Read the full article
European insurers able to meet promises to customers: EIOPA
31st December 2021
The European Insurance and Occupational Pensions Authority (EIOPA) has conducted a stress test, results of which confirm the European insurance industry’s ability to meet promises to customers even under extreme 1 in 1000-year events. Olav Jones, deputy director general of Insurance Europe, noted that the results of this exercise clearly demonstrate ... Read the full article
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