Reinsurance News
RLI announces Kliethermes as President & CEO, Klobnak as COO
11th November 2021
RLI Corp. has confirmed that its Board of Directors has appointed Craig Kliethermes as its new President and Chief Executive Officer (CEO) and Jennifer Klobnak as Chief Operating Officer (COO), effective January 1st, 2022. The leadership changes come as RLI prepares for the retirement of current company Chairman and CEO, Jonathan ... Read the full article
Radian secures additional $484mn of mortgage reinsurance
11th November 2021
Radian Guaranty, a subsidiary of US mortgage insurer Radian Group, has secured an additional $484 million of fully collateralised excess of loss reinsurance protection from Eagle Re 2021-2 Ltd. This is the second time this year that Radian has looked to the capital markets for a source of mortgage reinsurance ... Read the full article
Future systemic risks a key industry concern: Survey
10th November 2021
More than 18 months after the spread of the novel COVID-19 virus caused nations from all corners of the world to lockdown for the first time, respondents to our recent reinsurance market survey have concerns about the risk transfer industry’s ability to navigate such a challenge in the future. The ... Read the full article
Blenheim bolsters political risk with underwriters Plumptre & Fox
10th November 2021
Blenheim Underwriting has added Tamsin Plumptre and Ed Fox to its political risk underwriting team, as the firm looks to expand its presence in the sector. Plumptre joined on November 8 with over 17 years’ experience. She was most recently head of structured credit, political and security risks at the Canadian independent ... Read the full article
ICEYE partners with MIS on flood hazard analysis
10th November 2021
A new partnership between ICEYE and McKenzie Intelligence Services (MIS) seeks to combine the former's building-level flood analysis for global flood events with the latter's 'decisions-as-a-service' platform. The agreement sees ICEYE, a commercial synthetic-aperture radar (SAR) satellite operator and flood data specialist, provide flood hazard analysis throughout active flood events to ... Read the full article
White Mountains posts $373mn Q3 loss, Ark impacted by nat cat activity
10th November 2021
Financial services holding company White Mountains has announced a third quarter loss of income attributable to common shareholders of $373 million, compared to a $237 million income during the prior year quarter. Ark, which is focused on P&C re/insurance business, reported gross written premiums of $162 million, net written premiums of ... Read the full article
Venbrook bolsters E&S portfolio with acquisition of Alpharetta Underwriters
10th November 2021
Venbrook Group, LLC, a large independent insurance distribution and services firm in the U.S., has acquired Georgia-based specialty managing general agent (MGA), Alpharetta Underwriters, LLC. From its headquarters in Alpharetta, Georgia, the MGA provides tailored Excess & Surplus (E&S) solutions to the construction space. Alpharetta's team has more than 70 years of ... Read the full article
Palomar makes senior leadership changes
10th November 2021
Specialty property insurer Palomar Holdings has announced that current Chief Underwriting Officer (CUO), Jon Christianson will succeed Heath Fisher as President next year in April. The company also announced that Robert Beyerle, Palomar’s Senior Vice President of Inland Marine, will succeed Christianson as Chief Underwriting Officer, effective upon Christianson’s appointment as ... Read the full article
Global insurance premiums could hit $10 trillion by 2030: Bain & Company
10th November 2021
The evolving risk landscape suggests that global insurance premiums could reach USD 10 trillion by 2030, with climate change predicted to result in a tenfold rise in economic losses over the next 30 years, according to a new report from Bain & Company. The new report, Insurance 2030: As Risks Mount, ... Read the full article
Maiden falls to $3.1mn Q3 net loss
10th November 2021
Maiden Holdings has reported a third quarter net loss of $3.1 million, down from a $2.2 million income in the prior year quarter. The company’s net income attributable to common shareholders was boosted by a $6 million gain from a repurchase of preference shares. A Q3 underwriting loss of $3.6 million compares ... Read the full article
Arbol & SIG Re partner to deliver parametric reinsurance capacity
10th November 2021
InsurTech platform and FinTech company, Arbol Inc., has launched Arbol Underwriters Ltd. (AUL), a Bermuda-based registered insurance agent with a focus on matching reinsurance capacity with parametric insurance risks. AUL has partnered with SIG Re, a Bermuda domiciled reinsurer, to provide keystone committed capacity, with SIG Re having appointed AUL as ... Read the full article
Chaucer, parametric insurtech Yokahu partner on microinsurance product
10th November 2021
Chaucer, a global specialty re/insurance group, has teamed up with parametric insurtech Yokahu on a microinsurance product aimed at providing relief following hurricane events in the Caribbean. In the event of a hurricane, Yokahu monitors wind speed at customers' location and the atmospheric pressure at the centre of a hurricane, allowing ... Read the full article
HCI Group grows premiums by 50% in Q3
10th November 2021
Florida-based insurtech HCI Group has announced consolidated gross written premium (GWP) growth to $174.3 million for the third quarter of 2021, driven in part by the continued expansion of TypTap Insurance Company. HCI Group's GWP increased by almost 50% from the $116.5 million reported for the third quarter of 2020, primarily ... Read the full article
Premium renewal rate changes vary in October: IVANS
10th November 2021
The results of the October 2021 IVANS Index show that, month-over-month, average premium renewal rates across major commercial lines of insurance business experienced variable changes, reports IVANS. Released on a monthly basis, the IVANS Index is the insurance industry’s premium renewal rate index, which analyses more than 120 million data transactions. The ... Read the full article
MNK Re announces new UK wholesale, retail business
10th November 2021
MNK Re, a broker of specialist risks into Lloyd’s, has announced the launch of a new business focused on UK wholesale and retail. MNK Re UK Specialty will initially focus on developing wholesale and high net worth lines. Grahame Lamb, Richard Daws and Jonathan Britton are set to lead the new operation; ... Read the full article
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