Reinsurance News
CrossCover to begin writing middle market, excess and surplus property
6th August 2021
Orchid Underwriters Agency's insurance partner, CrossCover Insurance Services, has announced that it will begin writing middle market, excess and surplus property this month. CrossCover, a new MGU targeting middle-market commercial business, will offer limits up to $50,000,000 per location through a panel of A.M. Best rated carriers and reinsurers. Scott Hanson, founder ... Read the full article
Aston Lark acquires Plester Group
6th August 2021
Aston Lark, the chartered insurance broker backed by Goldman Sachs, has announced the acquisition of Plester Group. Established in 1964 and based in Kidderminster, Plester is focused on the commercial and personal insurance market. “We’re delighted to welcome Justin and his team to Aston Lark, further strengthening our presence in the Midlands,” ... Read the full article
James River improves CR despite income slump
5th August 2021
James River Group Holdings, the Bermuda-based insurance holdings company, has posted net income of $20.8 million during the second quarter of 2021, down from $35.6 million for the same period last year. However, on an adjusted basis, net operating income improved by 8% to $18.8 million, and the company’s combined ratio ... Read the full article
Liberty Mutual reports $769mn Q2 net income
5th August 2021
Liberty Mutual Holding Company and its subsidiaries have reported a second quarter net income of $769 million, against a net loss of $320 million registered in the prior year quarter. The quarter's results are said to have benefited from continued strong performance within the company’s investment portfolio, which generated $1.4 billion ... Read the full article
George Bowring joins Oneglobal as Head of Energy Casualty, Bermuda
5th August 2021
Oneglobal Broking has announced the appointment of George Bowring as Head of Energy Casualty – Bermuda. Joining from BMS Group Bermuda, he will report to Group CEO Mike Reynolds once his current contractual obligations are complete. Bowring is an experienced energy casualty broker with strong relationships with US independent broker-producers. He also has ... Read the full article
Nexus names Agatha Liberatore as Head of Trade Credit, US
5th August 2021
Independent specialty Managing General Agent Nexus Group has appointed Agatha Liberatore as Head of Trade Credit in the US. An experienced trade credit and political risk leader, Liberatore brings over 20 years of experience in the insurance sector. She joins Nexus from Aon’s Credit Solutions team where she held the role of ... Read the full article
Global Indemnity hits record premium levels, but CR slips
5th August 2021
Property and casualty insurer Global Indemnity recorded gross written premiums (GWP) of $338.8 million over the first six months of 2021, the highest level for any six-month period since the company became publicly traded. Despite the 5.8% increase in GWP, underwriting income over the H1 period totalled just $0.3 million, compared ... Read the full article
Jonathan Ritz named CEO of ProSight amid private equity takeover
5th August 2021
Jonathan Ritz has been named as Chief Executive Officer (CEO) of specialty insurer ProSight Global, following the acquisition of the company by investment management specialist TowerBrook Capital Partners and private equity firm Further Global Capital Management. TowerBrook and Further Global recently announced the completion of their takeover, having first agreed ... Read the full article
Hiscox names Aspen’s Helen Rose as CFO of Hiscox London Market & HSL
5th August 2021
Specialist insurer and reinsurer Hiscox has announced that from February of next year, Helen Rose will serve as the new Chief Financial Officer (CFO) of Hiscox London Market and Hiscox Syndicates Limited (HSL). Based in London, Rose will sit on the Hiscox London Market leadership team, acting as a strategic and ... Read the full article
Lemonade reduces quota share reinsurance program
5th August 2021
Insurtech start-up Lemonade has made a reduction in its quota share reinsurance program, lowering it from the previous 75% to 70%. Last year, Lemonade transitioned to a quota share program and agreed to cede 75% of its premium to a panel of reinsurers, with the firm retaining 25%. Following the impacts of ... Read the full article
Allstate fills reinsurance tower gap, bolsters Florida progam
5th August 2021
US primary insurer Allstate has successfully filled out a $400 million gap fill layer of protection in the per occurrence tower for its Nationwide excess catastrophe reinsurance program, while also significantly expanding its Florida coverage. The company recently disclosed that it had eroded $253 million of its 2019-1 Sanders ... Read the full article
Moody’s to acquire RMS for $2bn
5th August 2021
Moody's has entered into an agreement to acquire catastrophe risk modelling firm RMS for approximately $2.0 billion from Daily Mail and General Trust. The acquisition will increase Moody’s insurance data and analytics business to nearly $500 million in revenue and will accelerate the development of the company’s global integrated risk capabilities ... Read the full article
Arch adds Chubb’s Jamie Landsman to A&H unit as VP
5th August 2021
Arch Insurance has added Jamie Landsman as Vice President, Product Innovation and Strategy for its Accident & Health (A&H) business unit. Landsman joins with over 20 years’ experience in the A&H sector and will report to Jim Villa, Senior Vice President, Strategy and Distribution. “Jamie brings a wealth of product, distribution and ... Read the full article
BGC reports record revenues for pending-sale Corant unit
5th August 2021
Global brokerage and financial technology firm BGC Partners has reported total revenue of $512.5 million during the second quarter of 2021, helped by record revenue generation in its insurance broking unit, Corant. BGC agreed to sell its Corant unit, comprising Ed Broking Group and Besso Insurance, to The Ardonagh Group ... Read the full article
Palomar reports steady net income for Q2
5th August 2021
Specialty property insurer Palomar Holdings has reported a net income of $12.3 million for the second quarter of 2021 as compared to $12.0 million for the same prior year period. The insurer's gross written premiums have also increased by 54.4% to $129.4 million in the second quarter, compared to $83.8 million ... Read the full article
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