Reinsurance News
Brookfield Reinsurance to acquire American National for $5.1bn
9th August 2021
Brookfield Asset Management Reinsurance Partners, which was launched by the alternative asset manager in late 2020, has entered into a definitive agreement to acquire American National Group, Inc. in an all-cash transaction valued at $5.1 billion. Brookfield's recently launched reinsurance business operates as a paired entity to Brookfield, providing shareholders ... Read the full article
Lockton Re hires Guy Carpenter’s Rob McNamara to lead NA Fac
9th August 2021
Lockton Re, the reinsurance arm of the global brokerage, has announced the appointment of Rob McNamara, previously of Guy Carpenter, as its new North American Facultative Leader. Most recently, McNamara served as a Managing Director at the reinsurance arm of Marsh McLennan, Guy Carpenter, within its Facultative practice, leading Chicago, Hartford, ... Read the full article
CNA names Global Head of Marketing, Strategy & Innovation
9th August 2021
Chicago-based insurer CNA Financial Corporation has announced that Michael Costonis will take on a new role as its Global Head of Marketing, Strategy and Innovation. Costonis, who has spent the previous three years as Chief Operations Officer will be succeeded in his old role by Gary Haase. "We are thrilled to have ... Read the full article
Suncorp sees 42% FY21 earnings boost
9th August 2021
Australian insurer Suncorp has announced a FY21 result with cash earnings of AUD $1,064 million, up 42.1% from the prior year period. Group net profit after tax increased by 13.1% to $1,033 million. The improvement in cash earnings was driven by increased Profit After Tax in Insurance Australia of 42.4% and Suncorp ... Read the full article
Blenheim approved to launch managing agency
9th August 2021
Blenheim Underwriting, a wholly owned subsidiary of White Bear Capital, has now been granted final approval and received the necessary permissions to act as a managing agency in respect of Syndicate 5886. It was revealed in March of last year that Blenheim had received 'Approval in Principle' to launch its ... Read the full article
Berkshire Hathaway’s reinsurance arm falls to Q2 loss, but P&C result improves
9th August 2021
Berkshire Hathaway has reported a dip in net underwriting profit for the second quarter of 2021, as earnings at GEICO and Berkshire Hathaway Primary Group more than offset an underwriting loss at its reinsurance division. Across the Group, underwriting income fell by more than 53%, year-on-year, from $806 million to $376 ... Read the full article
WTW links Ecological forestry to 41% fall in residential insurance premiums
9th August 2021
A new study by global conservation organisation The Nature Conservancy and re/insurance broker Willis Towers Watson has found a 41% decrease in residential insurance premiums when ecological forestry is applied to relevant areas. By modelling the impact on insurance of controlled burning and ecological thinning of overgrown forests, researchers at TNC ... Read the full article
Corvus Insurance acquires Wingman tech platform
9th August 2021
Boston-based insurtech firm Corvus Insurance has announced the acquisition of Wingman Insurance, which provides a tech platform for cyber and tech E&O coverage across the US. Wingman, which will retain its independent brand and offering following the acquisition, is expected to enable Corvus to enter the admitted coverage marketplace and increase ... Read the full article
Australian re/insurers prepared for economic downturn, says regulator
9th August 2021
After conducting a series of stress tests, Australian regulator the APRA has concluded that re/insurers in the country are “well-positioned” to withstand a very severe economic downturn. The tests looked at the 21 largest life re/insurers in Australia, including 14 direct insurers and seven reinsurers, covering 90% of the sector by ... Read the full article
Metromile bolsters board with two industry veterans
9th August 2021
Digital insurance platform and pay-per-mile auto insurer Metromile has bolstered its board of directors with the addition of two seasoned executives, including John Butler, a managing director at Cohen & Company He joins on August 4 while Sandra Clarke, CFO of Blue Shield of California, arrives on August 31. Butler is a ... Read the full article
HDI Global SE names new Principal Officer for Malaysian operation
9th August 2021
HDI Global SE Singapore has appointed current Managing Director Graham Silton to the additional role of Principal Officer for the insurer’s Malaysian operation. Silton will succeed Danh Duong, who oversaw the Malaysian operation's establishment in 2016 whilst being Regional manager. Following the appointment, Duong will focus on his new role as General ... Read the full article
Provinzial reports €761m of Bernd losses
6th August 2021
Primary German insurer Provinzial has estimated that it faces at least €761.3 million of losses following Storm Bernd, which caused catastrophic flooding in the country last month. The company had recorded a total of 33,142 claims related to the series of storms as of August 2nd. Of these, property business accounted for ... Read the full article
Athene income surges on investment result
6th August 2021
Financial services company Athene has reported net income of $1.38 billion for the second quarter of 2021, compared with $824 million for the same period last year. The company attributed the surge to higher adjusted operating income and a favorable change in the net fair value of fixed indexed annuity (FIA) ... Read the full article
White Mountains income boosted by “solid” quarter for Ark
6th August 2021
Bermuda domiciled financial services holding company White Mountains Insurance Group has reported comprehensive income of $139 million for the second quarter of 2021, up from $116 million for the same period last year. Results were boosted by a "solid" performance at Ark, which was acquired by White Mountains in January, and ... Read the full article
Cryptocurrencies & claims a focus of the seventh Lloyd’s Lab cohort
6th August 2021
Lloyd's has today unveiled the next 11 InsurTech startups joining the seventh group of the Lloyd's Lab innovation accelerator programme, which this time will focus on the development of simpler products and solutions targeting the cryptocurrency space. Lloyd's selected its next cohort of InsurTech startups from 179 applications, with each successful ... Read the full article
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