Reinsurance News
AM Best keeps Humboldt Re under review ahead of owner change
31st August 2021
AM Best has decided to maintain its under review with negative implications status for the credit ratings of Humboldt Re Limited, ahead of a change in ownership for the reinsurer. Humboldt Re entered runoff in December 2020 alongside fellow Guernsey domiciled reinsurance vehicle Kelvin Re. Both businesses were managed and backed ... Read the full article
Argo Group agrees to sell P&C business to Mesa Underwriters
31st August 2021
Argo Group International Holdings has entered into an agreement to sell the renewal rights of its contract binding property and casualty business to Mesa Underwriters Specialty Insurance Company (MUSIC), the excess and surplus lines subsidiary of Selective Insurance Group. As a part of the transaction, the Argo contract binding team will ... Read the full article
Ascot streamlines reinsurance business with new division
31st August 2021
Bermuda-domiciled specialty re/insurer Ascot has announced the launch of a global platform designed to serve the needs of reinsurance underwriting and client focused ceded risk solutions. Under the leadership of Group Chief Underwriting Officer Mark Pepper, Ascot Re will operate as a single point of entry for all related reinsurance products and capabilities. Executive oversight ... Read the full article
OMERS takes $375m stake in Fairfax’s Brit
31st August 2021
Fairfax Financial Holdings Limited has announced the completion of an investment into its Brit Limited subsidiary by OMERS, the pension plan for Ontario’s municipal employees. First announced in February 2021, the transaction sees OMERS acquire a 14% stake in Brit for a cash sum of approximately $375 million. After closing, Fairfax will ... Read the full article
AM Best stable on global reinsurance despite ongoing uncertainties
31st August 2021
Despite improved pricing trends across most business lines, AM Best says uncertainty and abundant capital has resulted in the issuance of stable outlook for the global reinsurance segment. Further compounding this were the unprecedented events of 2020, dominated by the COVID-19 pandemic and higher frequency of medium-sized catastrophe losses. AM Best believes ... Read the full article
Ida not a capital event for Louisiana re/insurers: Fitch
31st August 2021
While Hurricane Ida is expected to generate significant economic and insured losses in Louisiana, it is likely to be an earnings event, rather than a capital event, for the re/insurance industry, according to Fitch Ratings. Fitch does not expect Ida to trigger ratings downgrades for individual P&C re/insurers operating in Louisiana, ... Read the full article
WTW reveals new global leadership team
31st August 2021
Global re/insurance broker Willis Towers Watson has unveiled a new global leadership team as the company looks to ensure future growth. “The leaders named today are highly accomplished and embody the true spirit of one Willis Towers Watson,” said John Haley, Chief Executive Officer. “This Global Leadership Team consists of voices across ... Read the full article
Zurich names Paolo Mantero Chief Strategy Officer
31st August 2021
Global insurance group Zurich has promoted its current commercial insurance Chief Financial Officer Paolo Mantero to serve as Group Chief Strategy Officer. Effective January 1, Mantero will report to Group Chief Executive Officer Mario Greco. His new role will involve oversight of all strategy resources globally and aims to strengthen coordination and ... Read the full article
Swiss Re CorSo partners with Reask on parametric windstorm cover
31st August 2021
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurer Swiss Re, has partnered with Reask, a tropical cyclone risk analytics firm, to expand its parametric windstorm solution, STORM. The firm plans to leverage Reask's technological windspeed data to provide tropical cyclone coverage to corporate and public entities exposed to the ... Read the full article
Reinsurers could suffer meaningful losses from Hurricane Ida, warns Moody’s
31st August 2021
With the U.S. Gulf Coast being a peak catastrophe zone for reinsurance companies, analysts at Moody's have warned that the impact of Hurricane Ida could drive meaningful losses for those with exposure to Louisiana and surrounding states. Hurricane Ida hit Louisiana on Sunday as a Category 4 hurricane with 150 ... Read the full article
RSIS partners with specialists to provide NatCat protection in South Africa
31st August 2021
Reinsurance Solutions Intermediary Services (RSIS), a specialist southern African reinsurance broker, has partnered with specialists in natural catastrophe risk modelling to offer its insurance clients reinsurance protection and risk management. The natural catastrophe perils covered by RSIS and its new partners include earthquake, flood, hail and cyclone, all modelled within the ... Read the full article
WTW hires Andrew Krasner as CFO
31st August 2021
Willis Towers Watson has appointed Andrew Krasner as its new Chief Financial Officer (CFO). Krasner returns to Willis Towers Watson after driving financial strategy and performance as the CFO of AssuredPartners. He succeeds Michael Burwell in this role, who will be taking on a senior role in the medical and data analytics ... Read the full article
London Market insurers well-placed for pricing tailwind: Goldman Sachs
31st August 2021
Analysts at Goldman Sachs see London Market insurers as well placed to benefit from the current tailwind to insurance pricing, after delivering attractive returns over the insurance cycle. Following an acceleration of reinsurance pricing in 2020, analysts now believe pricing is moderating at attractive levels, which should lead to above cycle ... Read the full article
Hurricane Ida losses to shift more to reinsurers, but not expected to move rates
31st August 2021
Analysts have said that losses from Hurricane Ida could shift more to reinsurance as the heavy catastrophe load in the first half of 2021 saw primary insurers erode a significant amount of their catastrophe budgets. However, analysts don't expect the storm to have a meaningful impact on rates ahead of ... Read the full article
Crawford acquires contents valuation service edjuster
31st August 2021
Crawford & Company, a provider of claims management and outsourcing solutions to carriers, brokers and corporations, has announced the acquisition of edjuster, a technology-driven field and desktop contents claims handling solutions company. edjuster operates on a proprietary contents management platform that offers contents inventory and valuation solutions for both high severity ... Read the full article
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