Reinsurance News
Aon / WTW believe DOJ leadership unlikely to challenge merger: reports
3rd June 2021
Specialist antitrust and mergers and acquisitions (M&A) publisher, CTFN, has reported that Aon and Willis Towers Watson (WTW) believe that leadership at the US Department of Justice (DOJ) is unlikely to challenge their proposed combination. Reports emerged recently that the DOJ has adopted a dual-track strategy for its review of ... Read the full article
Allstate to acquire SafeAuto for $300m
3rd June 2021
US primary insurer Allstate Corporation has agreed to acquire SafeAuto, a non-standard auto insurance carrier focused on providing state-minimum private-passenger auto insurance. Total consideration includes a $270 million cash purchase price plus approximately $30 million in pre-close dividends of certain non-insurance assets. Headquartered in Columbus, Ohio, SafeAuto is expected to add capabilities ... Read the full article
DBRS Morningstar notes growing momentum of sustainable insurance investments
3rd June 2021
Analysts at DBRS Morningstar have pointed to the “growing momentum of sustainable investment among insurers” which it says should support a transition towards a low-carbon economy globally, and help to mitigate the effects of climate change. With Environment, Social, and Governance (ESG) awareness on the rise, the firm noted that many ... Read the full article
Enstar announces $520mn LPT for Hiscox
3rd June 2021
A wholly owned subsidiary of Enstar Group Limited has reinsured a diversified portfolio of legacy insurance underwritten by Hiscox Syndicate 3624. The Loss Portfolio Transfer (LPT) between Enstar's Syndicate 2008 and Hiscox includes the majority of Hiscox USA's surplus lines broker business. Through the arrangement, Hiscox has ceded net insurance reserves of ... Read the full article
WTW launches Sports & Entertainment Industry Group
3rd June 2021
Willis Towers Watson (WTW) has launched a new Sports & Entertainment Industry Group which will support the WTW global network with Sports & Entertainment (S&E) organisations, to identify, mitigate and transfer risks associated with the sector. Ian Tomlin, who is the Head of Accident and Heath, will lead the new group ... Read the full article
China consulting on changes to reinsurance regulatory regime
3rd June 2021
The China Banking and Insurance Regulatory Commission (CBIRC) has proposed a number of revisions to its reinsurance regulatory regime, which aim to strengthen risk management functions, improve risk prevention and control, and promote the further development of the market. A spokesperson for the regulator explained that there will be eight main ... Read the full article
Corvus receives additional $15m through series C extension round
3rd June 2021
Boston-based insurtech firm Corvus Insurance has announced that after raising a total of $100 million through its Series C funding round, it secured an additional $15 million through an extension. The round was led by venture capital firms FinTLV and Aquiline Technology Growth (ATG), and brings the firm's overall funding to ... Read the full article
Hurricane season threatens 8 million US homes with storm surge: CoreLogic
2nd June 2021
Catastrophe risk modeller CoreLogic has estimated that nearly 8 million US homes with more than $1.9 trillion in combined reconstruction value (RCV) are at risk of storm surge during the 2021 hurricane season. The analysis includes both single and multifamily residences along the Gulf and Atlantic coasts, and also shows that more ... Read the full article
Former AXA XL duo to launch Specialty Insurance Cell
2nd June 2021
Former AXA XL Executive Jonathan Beck and Underwriter Richard Spurrier are set to launch a new Specialty Insurance Cell focused on land-based and maritime Kidnap and Ransom, Fine Art, Jewellery and Classic Car risks. The Cell, named ANT Exceptional Risks, launches alongside Special Purpose ILS vehicle ANT Insure. Ant Insure has been ... Read the full article
Amwins Global Risks adds senior brokers to London, Amsterdam offices
2nd June 2021
Specialist re/insurance broking and risk management firm Amwins Global has announced the appointment of senior brokers Phil Johnson and Mark Ritson to its London office and Ewoud Dekker within its Amsterdam team. Johnson joins from Miller Insurance Services, where he served as head of international casualty. In his new role, Johnson will ... Read the full article
AF Group partners with Waypoint to enter assumed reinsurance market
2nd June 2021
Specialty insurer AF Group has entered into the assumed reinsurance marketplace through a new partnership with Waypoint Underwriting Management. Waypoint will begin underwriting property, workers' compensation and casualty treaty reinsurance for and on behalf of AF Group at the beginning on July. The assumed reinsurance product is part of AF Group's AF ... Read the full article
Industry veterans team up on new fronting company, Concert
2nd June 2021
A newly-formed business dedicated to insurance fronting has launched today, after securing the required capital from its founders. Concert Group Holdings has been established by Strategic Risk Solutions’ Brady Young, Southern Insurance Underwriters’ Wes Duesenberg and Christopher Collins from Corinthian Re. Concert has been formed in partnership with Century Equity Partners and ... Read the full article
Progressive completes takeover of Protective Insurance
2nd June 2021
Property and auto-focused insurance group Progressive has announced the completion of its acquisition of Protective Insurance Corporation for approximately $338 million. First announced in February 2021, the transaction saw Protective shareholders receive $23.30 per share in cash, without interest, for their Class A and Class B common shares. The per share ... Read the full article
“Significant traction” for parametric solutions to pandemic: Artemis Live
2nd June 2021
Industry experts, speaking as part of the latest Artemis Live webcast, have said they believe there is "significant traction" for re/insurance solutions to leverage technology and hedge pandemic risk using parametric triggers. Last week's webcast, entitled “Hedging the Next Pandemic with Parametric Capital ... Read the full article
TigerRisk hires Bonner to lead Trade Credit, Surety, and Political Risk business
2nd June 2021
TigerRisk Partners has appointed Phil Bonner to lead its newly created global Trade Credit, Surety, and Political Risk business. Bonner will be based in London reporting to James Few, TigerRisk International's Chief Executive Officer. He will take up his appointment in June next year. Bringing over 30 years’ experience, he joins from ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
